Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36706 | |
Entity Registrant Name | CB FINANCIAL SERVICES, INC. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 51-0534721 | |
Entity Address, Address Line One | 100 N. Market Street | |
Entity Address, City or Town | Carmichaels | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15320 | |
City Area Code | 724 | |
Local Phone Number | 966-5041 | |
Title of 12(b) Security | Common stock, par value $0.4167 per share | |
Trading Symbol | CBFV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,152,409 | |
Entity Central Index Key | 0001605301 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and Due From Banks: | ||
Interest Bearing | $ 55,233 | $ 63,968 |
Non-Interest Bearing | 68,355 | 55,706 |
Total Cash and Due From Banks | 123,588 | 119,674 |
Securities: | ||
Available-for-Sale Debt Securities, at Fair Value | 228,238 | 222,108 |
Equity Securities, at Fair Value | 2,859 | 2,866 |
Total Securities | 231,097 | 224,974 |
Loans, Net of Allowance for Loan Losses of $11,595 and $11,582 at March 31, 2022 and December 31, 2021, Respectively | 1,009,047 | 1,009,214 |
Premises and Equipment, Net | 18,349 | 18,399 |
Bank-Owned Life Insurance | 25,468 | 25,332 |
Goodwill | 9,732 | 9,732 |
Intangible Assets, Net | 4,850 | 5,295 |
Accrued Interest Receivable and Other Assets | 16,539 | 12,859 |
TOTAL ASSETS | 1,438,670 | 1,425,479 |
Deposits: | ||
Non-Interest Bearing Demand Deposits | 400,105 | 385,775 |
NOW Accounts | 280,455 | 272,518 |
Money Market Accounts | 192,929 | 192,125 |
Savings Accounts | 247,589 | 239,482 |
Time Deposits | 129,235 | 136,713 |
Total Deposits | 1,250,313 | 1,226,613 |
Short-Term Borrowings | 39,219 | 39,266 |
Other Borrowings | 17,607 | 17,601 |
Accrued Interest Payable and Other Liabilities | 9,375 | 8,875 |
TOTAL LIABILITIES | 1,316,514 | 1,292,355 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, $0.4167 Par Value; 35,000,000 Shares Authorized, 5,701,758 Shares Issued and 5,156,897 and 5,260,672 Shares Outstanding at March 31, 2022 and December 31, 2021, Respectively | 2,376 | 2,367 |
Capital Surplus | 83,422 | 83,294 |
Retained Earnings | 59,343 | 57,534 |
Treasury Stock, at Cost (544,861 and 420,321 Shares at March 31, 2022 and December 31, 2021, Respectively) | (12,367) | (9,144) |
Accumulated Other Comprehensive Loss | (10,618) | (927) |
TOTAL STOCKHOLDERS' EQUITY | 122,156 | 133,124 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,438,670 | $ 1,425,479 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for Loan Losses | $ 11,595 | $ 11,582 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Common Stock, Par Value (in dollars per share) | $ 0.4167 | $ 0.4167 |
Common Stock, Shares Authorized (in shares) | 35,000,000 | 35,000,000 |
Common Stock, Shares Issued (in shares) | 5,701,758 | 5,701,758 |
Common Stock, Shares Outstanding (in shares) | 5,156,897 | 5,260,672 |
Treasury Stock, at Cost (in shares) | 544,861 | 420,321 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
INTEREST AND DIVIDEND INCOME | ||
Loans, Including Fees | $ 9,551 | $ 10,146 |
Investment Securities: | ||
Taxable | 905 | 646 |
Tax-Exempt | 66 | 78 |
Dividends | 22 | 20 |
Other Interest and Dividend Income | 72 | 98 |
TOTAL INTEREST AND DIVIDEND INCOME | 10,616 | 10,988 |
INTEREST EXPENSE | ||
Deposits | 530 | 947 |
Short-Term Borrowings | 19 | 23 |
Other Borrowings | 174 | 41 |
TOTAL INTEREST EXPENSE | 723 | 1,011 |
NET INTEREST AND DIVIDEND INCOME | 9,893 | 9,977 |
Provision For Loan Losses | 0 | 0 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 9,893 | 9,977 |
NONINTEREST INCOME | ||
Net Gain on Sales of Loans | 0 | 86 |
Net (Loss) Gain on Securities | (7) | 447 |
Net Gain on Purchased Tax Credits | 14 | 18 |
Net Loss on Disposal of Fixed Assets | (8) | 0 |
Income from Bank-Owned Life Insurance | 136 | 137 |
Other Income | 65 | 180 |
TOTAL NONINTEREST INCOME | 2,613 | 3,174 |
NONINTEREST EXPENSE | ||
Salaries and Employee Benefits | 4,565 | 4,894 |
Occupancy | 686 | 710 |
Equipment | 210 | 266 |
Data Processing | 485 | 518 |
FDIC Assessment | 209 | 250 |
PA Shares Tax | 240 | 265 |
Contracted Services | 587 | 687 |
Legal and Professional Fees | 152 | 189 |
Advertising | 116 | 140 |
Other Real Estate Owned (Income) | (38) | (38) |
Amortization of Intangible Assets | 445 | 532 |
Other Expense | 999 | 982 |
TOTAL NONINTEREST EXPENSE | 8,656 | 9,395 |
Income Before Income Tax Expense | 3,850 | 3,756 |
Income Tax Expense | 803 | 911 |
NET INCOME | $ 3,047 | $ 2,845 |
EARNINGS PER SHARE | ||
Basic (in dollars per share) | $ 0.59 | $ 0.52 |
Diluted (in dollars per share) | $ 0.58 | $ 0.52 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ||
Basic (in shares) | 5,198,194 | 5,434,374 |
Diluted (in shares) | 5,220,887 | 5,436,881 |
Service Fees | ||
NONINTEREST INCOME | ||
Revenue from contract with customer, excluding assessed tax | $ 526 | $ 546 |
Insurance Commissions | ||
NONINTEREST INCOME | ||
Revenue from contract with customer, excluding assessed tax | 1,798 | 1,595 |
Other Commissions | ||
NONINTEREST INCOME | ||
Revenue from contract with customer, excluding assessed tax | $ 89 | $ 165 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 3,047 | $ 2,845 | |
Other Comprehensive (Loss) Income: | |||
Change in Unrealized (Loss) on Investment Securities Available-for-Sale | (12,351) | (2,851) | |
Income Tax Effect | 2,660 | 612 | |
Reclassification Adjustment for Gain on Sale of Debt Securities Included in Net Income | [1] | 0 | (225) |
Income Tax Effect | [2] | 0 | 48 |
Other Comprehensive (Loss), Net of Income Tax Effect | (9,691) | (2,416) | |
Total Comprehensive (Loss) Income | $ (6,644) | $ 429 | |
[1] | Reported in Net (Loss) Gain on Securities on the Consolidated Statements of Income. | ||
[2] | Reported in Income Tax Expense on the Consolidated Statements of Income. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2020 | 5,680,993 | |||||
Beginning balance at Dec. 31, 2020 | $ 134,530 | $ 2,367 | $ 82,723 | $ 51,132 | $ (5,094) | $ 3,402 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 2,845 | 2,845 | ||||
Other Comprehensive Loss | (2,416) | (2,416) | ||||
Stock-Based Compensation Expense | 121 | 121 | ||||
Dividends Paid | (1,304) | (1,304) | ||||
Ending balance (in shares) at Mar. 31, 2021 | 5,680,993 | |||||
Ending balance at Mar. 31, 2021 | 133,776 | $ 2,367 | 82,844 | 52,673 | (5,094) | 986 |
Beginning balance (in shares) at Dec. 31, 2021 | 5,680,993 | |||||
Beginning balance at Dec. 31, 2021 | 133,124 | $ 2,367 | 83,294 | 57,534 | (9,144) | (927) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 3,047 | 3,047 | ||||
Other Comprehensive Loss | (9,691) | (9,691) | ||||
Restricted Stock Awards Granted (in shares) | 20,765 | |||||
Restricted Stock Awards Granted | $ 9 | (9) | ||||
Restricted Stock Awards Forfeited | 4 | (4) | ||||
Stock-Based Compensation Expense | 130 | 130 | ||||
Exercise of Stock Options | 167 | 3 | 164 | |||
Treasury stock purchased, at cost | (3,383) | (3,383) | ||||
Dividends Paid | (1,238) | (1,238) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 5,701,758 | |||||
Ending balance at Mar. 31, 2022 | $ 122,156 | $ 2,376 | $ 83,422 | $ 59,343 | $ (12,367) | $ (10,618) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Purchase of common stock (in shares) | 131,840 | |
Dividends paid, per share (in dollars per share) | $ 0.24 | $ 0.24 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net Income | $ 3,047 | $ 2,845 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities | ||
Net Amortization on Securities | 17 | 31 |
Depreciation and Amortization | 637 | 562 |
Loss (Gain) on Securities | 7 | (447) |
Gain on Purchased Tax Credits | (14) | (18) |
Income from Bank-Owned Life Insurance | (136) | (137) |
Proceeds From Mortgage Loans Sold | 0 | 2,251 |
Originations of Mortgage Loans for Sale | 0 | (2,165) |
Gain on Sale of Loans | 0 | (86) |
Gain on Sale of Other Real Estate Owned and Repossessed Assets | (1) | 0 |
Noncash Expense for Stock-Based Compensation | 130 | 121 |
Decrease in Accrued Interest Receivable | 94 | 134 |
Net Loss on Disposal of Fixed Assets | 8 | 0 |
Increase in Taxes Payable | 956 | 893 |
Payments on Operating Leases | 0 | (88) |
Decrease in Accrued Interest Payable | 60 | (141) |
Other, Net | (1,640) | 714 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 3,165 | 4,469 |
Investment Securities Available for Sale: | ||
Proceeds From Principal Repayments and Maturities | 8,328 | 10,953 |
Purchases of Securities | (26,826) | (22,299) |
Proceeds from Sale of Securities | 0 | 11,930 |
Net Decrease in Loans | 223 | 3,148 |
Purchase of Premises and Equipment | (186) | (199) |
Proceeds From Sale of Other Real Estate Owned | 37 | 0 |
(Increase) Decrease in Restricted Equity Securities | (26) | 200 |
NET CASH (USED) PROVIDED BY INVESTING ACTIVITIES | (18,450) | 3,733 |
FINANCING ACTIVITIES | ||
Net Increase in Deposits | 23,700 | 59,894 |
Net (Decrease) Increase in Short-Term Borrowings | (47) | 4,297 |
Principal Payments on Other Borrowed Funds | 0 | (2,000) |
Cash Dividends Paid | (1,238) | (1,304) |
Treasury Stock, Purchases at Cost | (3,383) | 0 |
Exercise of Stock Options | 167 | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 19,199 | 60,887 |
INCREASE IN CASH AND CASH EQUIVALENTS | 3,914 | 69,089 |
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR | 119,674 | 160,911 |
CASH AND DUE FROM BANKS AT END OF PERIOD | 123,588 | 230,000 |
Cash Paid For: | ||
Interest on Deposits and Borrowings (Including Interest Credited to Deposits of $450 and $1,084, Respectively) | 486 | 1,153 |
SUPPLEMENTAL NONCASH DISCLOSURE: | ||
Right of Use Asset Recognized | 1,175 | 0 |
Lease Liability Recognized | $ 1,175 | $ 0 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
Interest credit to deposit accounts | $ 450 | $ 1,084 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of CB Financial Services, Inc. (“CB Financial”) and its wholly owned subsidiary, Community Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, Exchange Underwriters, Inc. (“Exchange Underwriters”). CB Financial, the Bank and Exchange Underwriters are collectively referred to as the “Company”. All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with general practice within the banking industry. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading in any material respect. In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statements of Financial Condition and income and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for losses on loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, other-than-temporary impairment evaluations of securities, goodwill and intangible assets impairment, and the valuation of deferred tax assets. In the opinion of management, the accompanying unaudited interim financial statements include all adjustments considered necessary for a fair presentation of the Company’s financial position and results of operations at the dates and for the periods presented. All these adjustments are of a normal, recurring nature, and they are the only adjustments included in the accompanying unaudited interim financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Interim results are not necessarily indicative of results for a full year. The Company evaluated subsequent events through the date the consolidated financial statements were filed with the SEC and incorporated into the consolidated financial statements the effect of all material known events determined by Accounting Standards Codification ("ASC") 855, Subsequent Events , to be recognizable events. Nature of Operations The Company derives substantially all its income from banking and bank-related services which include interest income on commercial, commercial mortgage, residential real estate and consumer loan financing, as well as interest and dividend income on securities, insurance commissions, and fees generated from deposit services to its customers. The Company provides banking services through its subsidiary, Community Bank, a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank is a community-oriented institution offering residential and commercial real estate loans, commercial and industrial loans, and consumer loans as well as a variety of deposit products for individuals and businesses in its market area. After the consolidation of six branches and the sale of two branches in 2021 and the consolidation of two branches in 2020, the Bank operates 11 branches in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania, and three branches in Marshall and Ohio Counties in West Virginia. Property and casualty, commercial liability, surety and other insurance products are offered through Exchange Underwriters, a full-service, independent insurance agency. Critical Accounting Policies; Use of Critical Accounting Estimates There were no material changes in our critical accounting policies during the three months ended March 31, 2022. See Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC, for additional information regarding our critical accounting policies. Recent Accounting Standards In September 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current GAAP; and instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, this ASU requires that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects companies holding financial assets and net investment in leases that are not accounted for at |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share There are no convertible securities which would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statements of Income is used as the numerator. The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation. Three Months Ended 2022 2021 (Dollars in thousands, except share and per share data) Net Income $ 3,047 $ 2,845 Weighted-Average Basic Common Shares Outstanding 5,198,194 5,434,374 Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock) 22,693 2,507 Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding 5,220,887 5,436,881 Earnings Per Share: Basic $ 0.59 $ 0.52 Diluted 0.58 0.52 The dilutive effect on weighted average diluted common shares outstanding is the result of outstanding stock options and nonvested restricted stock. The following table presents for the periods indicated (a) options to purchase shares of common stock that were outstanding but not included in the computation of earnings per share because the options’ exercise price was greater than the average market price of the common shares for the period, and (b) shares of restricted stock awards that were not included in the computation of diluted earnings per share because the hypothetical repurchase of shares under the treasury stock method exceeded the weighted average nonvested restricted awards, therefore the effects would be anti-dilutive. Three Months Ended 2022 2021 Stock Options 155,138 201,662 Restricted Stock 37,865 33,610 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following table presents the amortized cost and fair value of securities available-for-sale at the dates indicated: March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-Sale Debt Securities: U.S. Government Agencies $ 53,992 $ — $ (4,781) $ 49,211 Obligations of States and Political Subdivisions 17,946 448 (1) 18,393 Mortgage-Backed Securities - Government-Sponsored Enterprises 52,505 177 (2,063) 50,619 Collateralized Mortgage Obligations - Government Sponsored Enterprises 107,848 2 (7,042) 100,808 Corporate Debt 9,480 — (273) 9,207 Total Available-for-Sale Debt Securities 241,771 627 (14,160) 228,238 Equity Securities: Mutual Funds 944 Other 1,915 Total Equity Securities 2,859 Total Securities $ 231,097 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-Sale Debt Securities: U.S. Government Agencies $ 53,992 $ 2 $ (1,433) $ 52,561 Obligations of States and Political Subdivisions 17,951 1,004 — 18,955 Mortgage-Backed Securities - Government-Sponsored Enterprises 55,373 1,468 (282) 56,559 Collateralized Mortgage Obligations - Government Sponsored Enterprises 88,493 164 (2,074) 86,583 Corporate Debt 7,481 — (31) 7,450 Total Available-for-Sale Debt Securities 223,290 2,638 (3,820) 222,108 Equity Securities: Mutual Funds 990 Other 1,876 Total Equity Securities 2,866 Total Securities $ 224,974 The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at the dates indicated: March 31, 2022 Less than 12 months 12 Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) U.S. Government Agencies 3 $ 11,226 $ (771) 10 $ 37,985 $ (4,010) 13 $ 49,211 $ (4,781) Obligations of States and Political Subdivisions 2 1,070 (1) — — — 2 1,070 (1) Mortgage Backed Securities- Government Sponsored Enterprises 17 29,175 (1,745) 1 3,395 (318) 18 32,570 (2,063) Collateralized Mortgage Obligations - Government Sponsored Enterprises 20 100,559 (7,042) — — — 20 100,559 (7,042) Corporate Debt 3 9,208 (273) — — — 3 9,208 (273) Total 45 $ 151,238 $ (9,832) 11 $ 41,380 $ (4,328) 56 $ 192,618 $ (14,160) December 31, 2021 Less than 12 months 12 Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) U.S. Government Agencies 5 $ 17,729 $ (269) 7 $ 31,830 $ (1,164) 12 $ 49,559 $ (1,433) Obligations of States and Political Subdivisions — — — — — — — — — Mortgage Backed Securities- Government Sponsored Enterprises 8 28,772 (282) — — — 8 28,772 (282) Collateralized Mortgage Obligations - Government Sponsored Enterprises 10 77,560 (2,074) — — — 10 77,560 (2,074) Corporate Debt 2 7,450 (31) — — — 2 7,450 (31) Total 25 $ 131,511 $ (2,656) 7 $ 31,830 $ (1,164) 32 $ 163,341 $ (3,820) For debt securities, the Company does not believe that any individual unrealized loss as of March 31, 2022 or December 31, 2021, represents an other-than-temporary impairment. The Company performs a review of the entire securities portfolio on a quarterly basis to identify securities that may indicate an other-than-temporary impairment. The Company’s management considers the length of time and the extent to which the fair value has been less than cost, and the financial condition of the issuer. The securities that are temporarily impaired at March 31, 2022 and December 31, 2021 relate principally to changes in market interest rates subsequent to the acquisition of the specific securities. The Company does not intend to sell, and it is not more likely than not that it will be required to sell any of the securities in an unrealized loss position before recovery of its amortized cost or maturity of the security. Securities available-for-sale with a fair value of $147.4 million and $121.0 million at March 31, 2022 and December 31, 2021, respectively, are pledged to secure public deposits, short-term borrowings and for other purposes as required or permitted by law. The following table presents the scheduled maturities of debt securities as of the date indicated: March 31, 2022 Amortized Cost Fair Value (Dollars in thousands) Due in One Year or Less $ 2,576 $ 2,584 Due after One Year through Five Years 4,900 4,690 Due after Five Years through Ten Years 78,948 74,332 Due after Ten Years 155,347 146,632 Total $ 241,771 $ 228,238 The following table presents the gross realized gain and loss on sales of debt securities, as well as gain and loss on equity securities from both sales and market adjustments for the periods indicated. All gains and losses presented in the table below are reported in Net (Loss) Gain on Securities on the Consolidated Statements of Income. Three Months Ended 2022 2021 (Dollars in thousands) Debt Securities Gross Realized Gain $ — $ 225 Gross Realized Loss — — Net Gain on Debt Securities $ — $ 225 Equity Securities Net Unrealized (Loss) Gain Recognized on Securities Held $ (7) $ 222 Net Realized Gain Recognized on Securities Sold — — Net (Loss) Gain on Equity Securities $ (7) $ 222 Net (Loss) Gain on Securities $ (7) $ 447 As of March 31, 2022 and December 31, 2021, securities available to be pledged have a fair value of $219.0 million and $214.7 million, respectively,and are inclusive of collateral currently pledged for public funds and sweep deposits. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses The Company’s loan portfolio is segmented to enable management to monitor risk and performance. Real estate loans are further segregated into three classes. Residential mortgages include those secured by residential properties and include home equity loans, while commercial mortgages consist of loans to commercial borrowers secured by commercial real estate. Construction loans typically consist of loans to build commercial buildings and acquire and develop residential real estate. The commercial and industrial segment consists of loans to finance the activities of commercial customers. The consumer segment consists primarily of indirect auto loans as well as personal installment loans and personal or overdraft lines of credit. Residential mortgage loans are typically longer-term loans and, therefore, generally present greater interest rate risk than the consumer and commercial loans. Under certain economic conditions, housing values may decline, which may increase the risk that the collateral values are not sufficient. Commercial real estate loans generally present a higher level of credit risk than loans secured by residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income-producing properties, and the increased difficulty in evaluating and monitoring these types of loans. Furthermore, the repayment of commercial real estate loans is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower’s ability to repay the loan may be impaired. Construction loans are originated to individuals to finance the construction of residential dwellings and are also originated for the construction of commercial properties, including hotels, apartment buildings, housing developments, and owner-occupied properties used for businesses. Construction loans generally provide for the payment of interest only during the construction phase, which is usually 12 to 18 months. At the end of the construction phase, the loan generally converts to a permanent residential or commercial mortgage loan. Construction loan risks include overfunding in comparison to the plans, untimely completion of work, and leasing and stabilization after project completion. Commercial and industrial loans are generally secured by business assets, inventories, accounts receivable, etc., which present collateral risk. Consumer loans generally have higher interest rates and shorter terms than residential mortgage loans; however, they have additional credit risk due to the type of collateral securing the loan. The following table presents the classifications of loans as of the dates indicated. March 31, 2022 December 31, 2021 Amount Percent Amount Percent (Dollars in thousands) Real Estate: Residential $ 317,254 31.1 % $ 320,798 31.4 % Commercial 427,227 41.9 392,124 38.5 Construction 54,227 5.3 85,028 8.3 Commercial and Industrial 67,843 6.6 89,010 8.7 Consumer 143,422 14.1 122,152 12.0 Other 10,669 1.0 11,684 1.1 Total Loans 1,020,642 100.0 % 1,020,796 100.0 % Allowance for Loan Losses (11,595) (11,582) Loans, Net $ 1,009,047 $ 1,009,214 The Small Business Administration reopened the Payroll Protection Program ("PPP") the week of January 11, 2021 accepting applications for both First Draw and Second Draw PPP Loans. PPP loans decreased $16.3 million to $8.2 million at March 31, 2022 compared to $24.5 million at December 31, 2021. Net unamortized PPP loan origination fees as of March 31, 2022 and December 31, 2021 were $274,000 and $678,000 , respectively. Net PPP loan origination fees earned were $404,000 and $535,000for the three months ended March 31, 2022 and March 31, 2021, respectively. All PPP loans are classified as commercial and industrial loans held for investment. No allowance for loan loss was allocated to the PPP loan portfolio due to the Bank complying with the lender obligations that ensure SBA guarantee. Total unamortized net deferred loan fees were $1.6 million and $1.9 million at March 31, 2022 and December 31, 2021, respectively. The following table presents loans summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of the dates indicated. At March 31, 2022 and December 31, 2021, there were no loans in the criticized category of Loss within the internal risk rating system. March 31, 2022 Pass Special Mention Substandard Doubtful Total (Dollars in Thousands) Real Estate: Residential $ 314,174 $ 839 $ 2,241 $ — $ 317,254 Commercial 390,395 28,217 8,615 — 427,227 Construction 38,724 12,971 2,532 — 54,227 Commercial and Industrial 54,085 11,774 1,400 584 67,843 Consumer 143,326 — 96 — 143,422 Other 10,603 66 — — 10,669 Total Loans $ 951,307 $ 53,867 $ 14,884 $ 584 $ 1,020,642 December 31, 2021 Pass Special Mention Substandard Doubtful Total (Dollars in Thousands) Real Estate: Residential $ 317,964 $ 845 $ 1,989 $ — $ 320,798 Commercial 355,895 27,168 9,061 — 392,124 Construction 69,441 13,035 2,552 — 85,028 Commercial and Industrial 72,584 14,463 1,451 512 89,010 Consumer 122,136 — 16 — 122,152 Other 11,616 68 — — 11,684 Total Loans $ 949,636 $ 55,579 $ 15,069 $ 512 $ 1,020,796 The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of the dates indicated. March 31, 2022 Loans Current 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Non- Accrual Total Loans (Dollars in Thousands) Real Estate: Residential $ 313,306 $ 2,106 $ 191 $ — $ 2,297 $ 1,651 $ 317,254 Commercial 425,202 — — — — 2,025 427,227 Construction 54,227 — — — — — 54,227 Commercial and Industrial 66,202 101 — — 101 1,540 67,843 Consumer 142,931 338 57 — 395 96 143,422 Other 10,669 — — — — — 10,669 Total Loans $ 1,012,537 $ 2,545 $ 248 $ — $ 2,793 $ 5,312 $ 1,020,642 December 31, 2021 Loans Current 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Non- Accrual Total Loans (Dollars in Thousands) Real Estate: Residential $ 317,583 $ 1,805 $ 17 $ — $ 1,822 $ 1,393 $ 320,798 Commercial 389,522 544 — — 544 2,058 392,124 Construction 85,028 — — — — — 85,028 Commercial and Industrial 87,407 107 — — 107 1,496 89,010 Consumer 121,636 419 81 — 500 16 122,152 Other 11,684 — — — — — 11,684 Total Loans $ 1,012,860 $ 2,875 $ 98 $ — $ 2,973 $ 4,963 $ 1,020,796 Additional interest income that would have been recorded if the loans that were nonaccrual at March 31, 2022 were current was $79,000 for the three months ended March 31, 2022, and $61,000 for the three months ended March 31, 2021. The following table sets forth the amounts and categories of nonperforming assets at the dates indicated. Included in nonperforming loans and assets are troubled debt restructurings (“TDRs”), which are loans whose contractual terms have been restructured in a manner which grants a concession to a borrower experiencing financial difficulties. Nonaccrual TDRs are included in their specific loan category in the nonaccrual loans section. Nonperforming loans do not include loans modified under Section 4013 of the CARES Act and interagency guidance as further explained below. March 31, December 31, (Dollars in Thousands) Nonaccrual Loans: Real Estate: Residential $ 1,651 $ 1,393 Commercial 2,025 2,058 Construction — — Commercial and Industrial 1,540 1,496 Consumer 96 16 Total Nonaccrual Loans 5,312 4,963 Accruing Loans Past Due 90 Days or More: Consumer — — Total Accruing Loans Past Due 90 Days or More — — Total Nonaccrual Loans and Accruing Loans Past Due 90 Days or More 5,312 4,963 Troubled Debt Restructurings, Accruing: Real Estate Residential 603 613 Commercial 1,371 1,674 Commercial and Industrial 12 16 Total Troubled Debt Restructurings, Accruing 1,986 2,303 Total Nonperforming Loans 7,298 7,266 Other Real Estate Owned: Residential — 36 Commercial — — Total Other Real Estate Owned — 36 Total Nonperforming Assets $ 7,298 $ 7,302 Nonperforming Loans to Total Loans 0.72 % 0.71 % Nonperforming Assets to Total Assets 0.51 0.51 The recorded investment of residential real estate loans for which formal foreclosure proceedings were in process according to applicable requirements of the local jurisdiction was $945,000 and $571,000 at March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 , the Company had one TDR loan in forbearance that totaled $128,000. There were no modifications to troubled debt restructurings during the three months ended March 31, 2022. As of December 31, 2021, there were no loans in forbearance. The following table presents a summary of the loans considered to be impaired as of the dates indicated. March 31, 2022 Recorded Investment Related Allowance Unpaid Principal Balance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With No Related Allowance Recorded: Real Estate: Residential $ 1,118 $ 1,123 $ 1,124 $ 11 Commercial 9,525 9,609 9,626 73 Construction 540 540 540 4 Commercial and Industrial 1,900 2,227 1,942 5 Total With No Related Allowance Recorded $ 13,083 $ — $ 13,499 $ 13,232 $ 93 With A Related Allowance Recorded: Real Estate: Residential $ — $ — $ — $ — $ — Commercial — — — — — Construction 1,992 84 1,992 2,001 22 Commercial and Industrial 96 96 96 146 2 Total With A Related Allowance Recorded $ 2,088 $ 180 $ 2,088 $ 2,147 $ 24 Total Impaired Loans: Real Estate: Residential $ 1,118 $ — $ 1,123 $ 1,124 $ 11 Commercial 9,525 — 9,609 9,626 73 Construction 2,532 84 2,532 2,541 26 Commercial and Industrial 1,996 96 2,323 2,088 7 Total Impaired Loans $ 15,171 $ 180 $ 15,587 $ 15,379 $ 117 December 31, 2021 Recorded Investment Related Allowance Unpaid Principal Balance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With No Related Allowance Recorded: Real Estate: Residential $ 1,133 $ 1,137 $ 1,158 $ 46 Commercial 9,733 9,787 27,207 927 Construction 540 540 887 34 Commercial and Industrial 1,979 2,286 3,230 49 Total With No Related Allowance Recorded $ 13,385 $ — $ 13,750 $ 32,482 $ 1,056 With A Related Allowance Recorded: Real Estate: Residential $ — $ — $ — $ — $ — Commercial 266 195 266 421 19 Construction 2,013 104 2,013 169 7 Commercial and Industrial — — — 1,316 29 Total With A Related Allowance Recorded $ 2,279 $ 299 $ 2,279 $ 1,906 $ 55 Total Impaired Loans Real Estate: Residential $ 1,133 $ — $ 1,137 $ 1,158 $ 46 Commercial 9,999 195 10,053 27,628 946 Construction 2,553 104 2,553 1,056 41 Commercial and Industrial 1,979 — 2,286 4,546 78 Total Impaired Loans $ 15,664 $ 299 $ 16,029 $ 34,388 $ 1,111 The recorded investment of loans evaluated for impairment decreased $493,000 at March 31, 2022 compared to December 31, 2021 and was primarily related to commercial real estate loans. The following tables present the activity in the allowance for loan losses summarized by primary segments and segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for potential impairment at the dates and for the periods indicated. Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) December 31, 2021 $ 1,420 $ 5,960 $ 1,249 $ 1,151 $ 1,050 $ — $ 752 $ 11,582 Charge-offs (17) — — — (20) — — (37) Recoveries 2 — — 11 37 — — 50 Provision (Recovery) (20) (5,449) (448) 3,406 921 — 1,590 — March 31, 2022 $ 1,385 $ 511 $ 801 $ 4,568 $ 1,988 $ — $ 2,342 $ 11,595 March 31, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ — $ 84 $ 96 $ — $ — $ — $ 180 Collectively Evaluated for Potential Impairment $ 1,385 $ 511 $ 717 $ 4,472 $ 1,988 $ — $ 2,342 $ 11,415 December 31, 2021 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 195 $ 104 $ — $ — $ — $ — $ 299 Collectively Evaluated for Potential Impairment $ 1,420 $ 5,765 $ 1,145 $ 1,151 $ 1,050 $ — $ 752 $ 11,283 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) December 31, 2020 $ 2,249 $ 6,010 $ 889 $ 1,423 $ 1,283 $ — $ 917 $ 12,771 Charge-offs — — — — (95) — — (95) Recoveries 9 — — 12 28 — — 49 Provision (Recovery) (283) (93) 50 108 (113) — 331 — March 31, 2021 $ 1,975 $ 5,917 $ 939 $ 1,543 $ 1,103 $ — $ 1,248 $ 12,725 March 31, 2021 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 269 $ — $ 502 $ — $ — $ — $ 771 Collectively Evaluated for Potential Impairment $ 1,975 $ 5,648 $ 939 $ 1,041 $ 1,103 $ — $ 1,248 $ 11,954 impairment. No allowance for loan loss was allocated to the PPP loan portfolio due to the Bank complying with the lender obligations that ensure SBA guarantee. March 31, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Total (Dollars in thousands) Individually Evaluated for Impairment $ 1,118 $ 9,525 $ 2,532 $ 1,996 $ — $ — $ 15,171 Collectively Evaluated for Potential Impairment 316,136 417,702 51,695 65,847 143,422 10,669 1,005,471 Total Loans $ 317,254 $ 427,227 $ 54,227 $ 67,843 $ 143,422 $ 10,669 $ 1,020,642 December 31, 2021 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Total (Dollars in thousands) Individually Evaluated for Impairment $ 1,133 $ 9,999 $ 2,553 $ 1,979 $ — $ — $ 15,664 Collectively Evaluated for Potential Impairment 319,665 382,125 82,475 87,031 122,152 11,684 1,005,132 Total Loans $ 320,798 $ 392,124 $ 85,028 $ 89,010 $ 122,152 $ 11,684 $ 1,020,796 The following table presents changes in the accretable discount on the loans acquired at fair value at the dates indicated. Accretable Discount (Dollars in Thousands) December 31, 2021 $ 726 Accretable Yield (56) March 31, 2022 $ 670 |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Short-Term BorrowingsBorrowings with original maturities of one year or less are classified as short-term and may consist of borrowings with the Federal Home Loan Bank ("FHLB"), securities sold under agreements to repurchase or borrowings on revolving lines of credit with the Federal Reserve Bank or other correspondent banks. Securities sold under repurchase agreements are comprised of customer repurchase agreements, which are overnight sweep accounts with next-day maturities utilized by commercial customers to earn interest on their funds. Securities are pledged as collateral under these agreements in an amount at least equal to the outstanding balance and the collateral pledging requirements are monitored on a daily basis. The following table sets forth the components of short-term borrowings as of the dates indicated. March 31, 2022 December 31, 2021 Amount Weighted Amount Weighted (Dollars in thousands) Securities Sold Under Agreements to Repurchase: Balance at Period End $ 39,219 0.17 % $ 39,266 0.17 % Average Balance Outstanding During the Period 37,884 0.20 43,988 0.22 Maximum Amount Outstanding at any Month End 39,219 52,777 Securities Collaterizing the Agreements at Period-End: Carrying Value 58,757 59,867 Market Value 54,703 59,339 |
Fair Value Disclosure
Fair Value Disclosure | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure | Fair Value Disclosure FASB ASC 820 “Fair Value Measurement” defines fair value and provides the framework for measuring fair value and required disclosures about fair value measurements. Fair value is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability at the transaction date. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used in valuation methods to determine fair value. The three levels of fair value hierarchy are as follows: Level 1 – Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets. These generally provide the most reliable evidence and are used to measure fair value whenever available. Level 2 – Fair value is based on significant inputs, other than Level 1 inputs, that are observable either directly or indirectly for substantially the full term of the asset through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets, quoted market prices in markets that are not active for identical or similar assets, and other observable inputs. Level 3 – Fair value is based on significant unobservable inputs. Examples of valuation methodologies that would result in Level 3 classification include option pricing models, discounted cash flows, and other similar techniques. This hierarchy requires the use of observable market data when available. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The following table presents the financial assets measured at fair value on a recurring basis and reported on the Consolidated Statements of Financial Condition as of the dates indicated, by level within the fair value hierarchy. The majority of the Company’s securities are included in Level 2 of the fair value hierarchy. Fair values for Level 2 securities were primarily determined by a third-party pricing service using both quoted prices for similar assets, when available, and model-based valuation techniques that derive fair value based on market-corroborated data, such as instruments with similar prepayment speeds and default interest rates. The standard inputs that are normally used include benchmark yields of like securities, reportable trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. There were no transfers into or out of Level 3 during the three months ended March 31, 2022 or year ended December 31, 2021. Fair Value Hierarchy March 31 December 31 (Dollars in thousands) Securities: Available-for-Sale Debt Securities U.S. Government Agencies Level 2 $ 49,211 $ 52,561 Obligations of States and Political Subdivisions Level 2 18,393 18,955 Mortgage-Backed Securities - Government-Sponsored Enterprises Level 2 50,619 56,559 Collateralized Mortgage Obligations - Government Sponsored Enterprises Level 2 100,808 86,583 Corporate Debt Level 2 9,207 7,450 Total Available-for-Sale Debt Securities 228,238 222,108 Equity Securities Mutual Funds Level 1 944 990 Other Level 1 1,915 1,876 Total Equity Securities 2,859 2,866 Total Securities $ 231,097 $ 224,974 The following table presents the financial assets on the Consolidated Statements of Financial Condition measured at fair value on a nonrecurring basis as of the dates indicated by level within the fair value hierarchy for only those nonrecurring assets that had a fair value below the carrying amount. The table also presents the significant unobservable inputs used in the fair value measurements. Financial Asset Fair Value Hierarchy March 31, Valuation Significant Unobservable Inputs Range Weighted Average (Dollars in thousands) Impaired Loans Individually Assessed Level 3 $ 1,908 Appraisal of Collateral (1) Appraisal Adjustments (2) 0 % to 50 % 15.8% Mortgage Servicing Rights Level 3 178 Discounted Cash Flow Discount Rate 9 % to 11 % 10.3% Prepayment Speed 9 % to 16 % 10.8% Financial Asset Fair Value Hierarchy December 31, Valuation Significant Unobservable Inputs Range Weighted Average (Dollars in thousands) Impaired Loans Individually Assessed Level 3 $ 1,980 Appraisal of Collateral (1) Appraisal Adjustments (2) 0 % to 50 % 15.8% Mortgage Servicing Rights Level 3 141 Discounted Cash Flow Discount Rate 9 % to 11 % 10.2% Prepayment Speed 12 % to 27 % 16.0% OREO Level 3 36 Appraisal of Collateral (1) Liquidation Expenses (2) 10 % to 30 % 26.6% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include various Level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal. Impaired loans are evaluated when a loan is identified as impaired and valued at the lower of cost or fair value at that time. Impaired loans that are collateral dependent are written down to fair value through the establishment of specific reserves. Fair value is measured based on the value of the collateral securing these loans and is classified as Level 3 in the fair value hierarchy. At March 31, 2022 and December 31, 2021, the fair value of impaired loans consists of the loan balances of $2.1 and $2.3 million, respectively, less their specific valuation allowances of $180,000 and $299,000, respectively. The fair value of mortgage servicing rights ("MSRs") is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. Since the valuation model includes significant unobservable inputs as listed above, MSRs are classified as Level 3. MSRs are reported in Other Assets in the Consolidated Statements of Financial Condition and are amortized into mortgage servicing income in Other Income in the Consolidated Statements of Income. OREO properties are evaluated at the time of acquisition and recorded at fair value, less estimated selling costs. After acquisition, OREO is recorded at the lower of cost or fair value, less estimated selling costs. The fair value of an OREO property is determined from a qualified independent appraisal and is classified as Level 3 in the fair value hierarchy. Financial instruments are defined as cash, evidence of an ownership in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from/to a second entity on potentially favorable or unfavorable terms. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If no readily available market exists, the fair value estimates for financial instruments should be based upon management’s judgment regarding current economic conditions, interest rate risk, expected cash flows, future estimated losses and other factors, as determined through various option pricing formulas or simulation modeling. As many of these assumptions result from judgments made by management based upon estimates which are inherently uncertain, the resulting estimated fair values may not be indicative of the amount realizable in the sale of a particular financial instrument. In addition, changes in the assumptions on which the estimated fair values are based may have significant impact on the resulting estimated fair values. As certain assets such as deferred tax assets and premises and equipment are not considered financial instruments, the estimated fair value of financial instruments would not represent the full value of the Company. The following table presents the estimated fair values of the Company’s financial instruments at the dates indicated. March 31, 2022 December 31, 2021 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Financial Assets: Cash and Due From Banks: Interest Bearing Level 1 $ 55,233 $ 55,233 $ 63,968 $ 63,968 Non-Interest Bearing Level 1 68,355 68,355 55,706 55,706 Securities See Above 231,097 231,097 224,974 224,974 Loans, Net Level 3 1,009,047 1,014,050 1,009,214 1,039,980 Restricted Stock Level 2 3,428 3,428 3,403 3,403 Mortgage Servicing Rights Level 3 716 892 730 773 Accrued Interest Receivable Level 2 3,256 3,256 3,350 3,350 Financial Liabilities: Deposits Level 2 1,250,313 1,249,804 1,226,613 1,227,653 Short-Term Borrowings Level 2 39,219 39,219 39,266 39,266 Other Borrowed Funds FHLB Borrowings Level 2 3,000 3,000 3,000 3,000 Subordinated Debt Level 2 14,607 14,749 14,601 15,000 Accrued Interest Payable Level 2 546 546 486 486 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business primarily to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and performance letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and performance letters of credit written is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Commitments and conditional obligations are evaluated the same as on-balance-sheet instruments but do not have a corresponding reserve recorded. The Company’s opinion on not implementing a corresponding reserve for off-balance-sheet instruments is supported by historical factors of no losses recorded due to these items. The Company is continually evaluating these items for credit quality and any future need for the corresponding reserve. The following table presents the unused and available credit balances of financial instruments whose contracts represent credit risk at the dates indicated. March 31, December 31, (Dollars in thousands) Standby Letters of Credit $ 110 $ 110 Performance Letters of Credit 1,918 2,873 Construction Mortgages 49,823 55,597 Personal Lines of Credit 7,090 7,055 Overdraft Protection Lines 5,596 5,709 Home Equity Lines of Credit 22,171 21,187 Commercial Lines of Credit 74,665 83,316 Total Commitments $ 161,373 $ 175,847 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. Performance letters of credit represent conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These instruments are issued primarily to support bid or performance-related contracts. The coverage period for these instruments is typically a one-year period with an annual renewal option subject to prior approval by management. Fees earned from the issuance of these letters are recognized upon expiration of the letter. For secured letters of credit, the collateral is typically Company deposit instruments or customer business assets. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | LeasesThe Company evaluates contracts at commencement to determine if a lease is present. The Company’s lease contracts are all classified as operating leases and create operating right-of-use (“ROU”) assets and corresponding lease liabilities on the Consolidated Statements of Financial Condition. The leases are primarily ROU assets of land and building for branch and loan production locations. ROU assets are reported in Accrued Interest Receivable and Other Assets and the related lease liabilities in Accrued Interest Payable and Other Liabilities on the Consolidated Statements of Financial Condition. The following tables present the lease expense, ROU assets, weighted average term, discount rate and maturity analysis of lease liabilities for operating leases for the periods and dates indicated. Three Months Ended 2022 2021 (Dollars in thousands) Operating Lease Expense $ 82 $ 95 Short-Term Lease Expense — 8 Variable Lease Expense 7 8 Total Lease Expense $ 89 $ 111 March 31, December 31, (Dollars in thousands) Operating Leases: ROU Assets $ 1,776 $ 674 Weighted Average Lease Term in Years 9.02 7.33 Weighted Average Discount Rate 2.47 % 2.51 % March 31, (Dollars in thousands) Maturity Analysis: Due in One Year $ 325 Due After One Year to Two Years 268 Due After Two Years to Three Years 228 Due After Three Years to Four Years 201 Due After Four to Five Years 169 Due After Five Years 1,050 Total $ 2,241 Less: Present Value Discount 265 Lease Liabilities $ 1,976 |
Other Noninterest Expense
Other Noninterest Expense | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Noninterest Expense | Other Noninterest Expense The details of other noninterest expense for the Company’s Consolidated Statements of (Loss) Income for the periods indicated are as follows: Three Months Ended 2022 2021 (Dollars in thousands) Non-Employee Compensation $ 131 $ 148 Printing and Supplies 80 99 Postage 103 63 Telephone 139 188 Charitable Contributions 42 15 Dues and Subscriptions 58 50 Loan Expenses 127 92 Meals and Entertainment 30 34 Travel 39 22 Training 18 17 Bank Assessment 47 44 Insurance 62 60 Miscellaneous 123 150 Total Other Noninterest Expense $ 999 $ 982 |
Segment and Related Information
Segment and Related Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Segment and Related InformationAt March 31, 2022, the Company’s business activities were comprised of two operating segments, which are community banking and insurance brokerage services. CB Financial is the parent company of the Bank and Exchange Underwriters, a wholly owned subsidiary of the Bank. Exchange Underwriters has an independent board of directors from the Company and is managed separately from the banking and related financial services that the Company offers. Exchange Underwriters is an independent insurance agency that offers property, casualty, commercial liability, surety and other insurance products. The following is a table of selected financial data for the Company’s subsidiaries and consolidated results at the dates and for the periods indicated. Community Bank Exchange Underwriters, Inc. CB Financial Services, Inc. Net Eliminations Consolidated (Dollars in thousands) March 31, 2022 Assets $ 1,439,251 $ 5,584 $ 136,994 $ (143,159) $ 1,438,670 Liabilities 1,320,826 1,645 14,838 (20,795) 1,316,514 Stockholders' Equity 118,425 3,939 122,156 (122,364) 122,156 December 31, 2021 Assets $ 1,425,588 $ 5,110 $ 147,829 $ (153,048) $ 1,425,479 Liabilities 1,299,325 1,731 14,705 (23,406) 1,292,355 Stockholders' Equity 126,263 3,379 133,124 (129,642) 133,124 Three Months Ended March 31, 2022 Interest and Dividend Income $ 10,596 $ 1 $ 1,279 $ (1,260) $ 10,616 Interest Expense 567 — 156 — 723 Net Interest and Dividend Income 10,029 1 1,123 (1,260) 9,893 Provision for Loan Losses — — — — — Net Interest and Dividend Income After Provision for Loan Losses 10,029 1 1,123 (1,260) 9,893 Noninterest Income 777 1,797 39 — 2,613 Noninterest Expense 7,645 1,007 4 — 8,656 Undistributed Net Income of Subsidiary 561 — 1,852 (2,413) — Income Before Income Tax Expense (Benefit) 3,722 791 3,010 (3,673) 3,850 Income Tax Expense (Benefit) 610 230 (37) — 803 Net Income $ 3,112 $ 561 $ 3,047 $ (3,673) $ 3,047 Three Months Ended March 31, 2021 Interest and Dividend Income $ 10,971 $ 1 $ 1,320 $ (1,304) $ 10,988 Interest Expense 1,011 — — — 1,011 Net Interest and Dividend Income 9,960 1 1,320 (1,304) 9,977 Provision for Loan Losses — — — — — Net Interest and Dividend Income After Provision for Loan Losses 9,960 1 1,320 (1,304) 9,977 Noninterest Income 1,343 1,591 240 — 3,174 Noninterest Expense 8,390 1,001 4 — 9,395 Undistributed Net Income of Subsidiary 407 — 1,301 (1,708) — Income Before Income Tax Expense 3,320 591 2,857 (3,012) 3,756 Income Tax Expense 715 184 12 — 911 Net Income $ 2,605 $ 407 $ 2,845 $ (3,012) $ 2,845 |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation The following table presents stock option information for the periods indicated. Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Outstanding Options at December 31, 2021 207,641 $ 24.01 4.8 Granted 85,465 25.95 Exercised (7,500) 22.25 Forfeited (68) 30.75 Outstanding Options at March 31, 2022 285,538 $ 24.64 6.1 Exercisable Options at March 31, 2022 179,515 $ 24.25 4.2 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Nonvested Options March 31, 2022 106,023 $ 25.30 9.4 Summary of Significant Assumptions for Newly Issued Stock Options Expected Term in Years 6.5 Expected Volatility 28.7 % Expected Dividends $ 0.96 Risk Free Rate of Return 1.57 % Weighted Average Grant Date Fair Value (per share) $ 4.90 The following table presents restricted stock award information for the periods indicated Number of Shares Weighted Average Grant Date Fair Value Price Weighted Average Remaining Service Period in Years Nonvested Restricted Stock at December 31, 2021 56,140 $ 23.90 5.3 Granted 20,765 26.25 Vested — — Forfeited (200) 20.38 Nonvested Restricted Stock at March 31, 2022 76,705 $ 24.55 5.0 The Company recognizes expense over a five-year vesting period for the restricted stock awards and stock options. Stock-based compensation expense related to restricted stock awards and stock options was $130,000 and $121,000 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, total unrecognized compensation expense was $456,000 and $65,000, respectively, related to stock options, and $1.7 million and $1.3 million, respectively, related to restricted stock awards. Intrinsic value represents the amount by which the fair value of the underlying stock at March 31, 2022 and December 31, 2021 exceeds the exercise price of the stock options. The intrinsic value of stock options was $273,000 and $296,000 at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022 and December 31, 2021, respectively, there were 362,622 and 500,000 shares available under the Plan to be issued in connection with the exercise of stock options, and 145,049 and 200,000 shares that may be issued as restricted stock awards or units. Restricted stock awards or units may be issued above this amount provided that the number of shares reserved for stock options is reduced by two and one-half shares for each restricted stock award or unit share granted. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Stock Repurchase Program On April 21, 2022, the Company announced a program to repurchase up to $10 million of the Company’s outstanding shares of common stock. Based on the Company’s closing stock price on April 19, 2022, the repurchase program, if fully completed, would encompass 433,463 shares, or approximately 8.4% the shares currently outstanding. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of CB Financial Services, Inc. (“CB Financial”) and its wholly owned subsidiary, Community Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, Exchange Underwriters, Inc. (“Exchange Underwriters”). CB Financial, the Bank and Exchange Underwriters are collectively referred to as the “Company”. All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with general practice within the banking industry. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading in any material respect. In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statements of Financial Condition and income and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for losses on loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, other-than-temporary impairment evaluations of securities, goodwill and intangible assets impairment, and the valuation of deferred tax assets. In the opinion of management, the accompanying unaudited interim financial statements include all adjustments considered necessary for a fair presentation of the Company’s financial position and results of operations at the dates and for the periods presented. All these adjustments are of a normal, recurring nature, and they are the only adjustments included in the accompanying unaudited interim financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Interim results are not necessarily indicative of results for a full year. The Company evaluated subsequent events through the date the consolidated financial statements were filed with the SEC and incorporated into the consolidated financial statements the effect of all material known events determined by Accounting Standards Codification ("ASC") 855, Subsequent Events , to be recognizable events. |
Nature of Operations | Nature of Operations The Company derives substantially all its income from banking and bank-related services which include interest income on commercial, commercial mortgage, residential real estate and consumer loan financing, as well as interest and dividend income on securities, insurance commissions, and fees generated from deposit services to its customers. The Company provides banking services through its subsidiary, Community Bank, a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank is a community-oriented institution offering residential and commercial real estate loans, commercial and industrial loans, and consumer loans as well as a variety of deposit products for individuals and businesses in its market area. After the consolidation of six branches and the sale of two branches in 2021 and the consolidation of two branches in 2020, the Bank operates 11 branches in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania, and three branches in Marshall and Ohio Counties in West Virginia. Property and casualty, commercial liability, surety and other insurance products are offered through Exchange Underwriters, a full-service, independent insurance agency. |
Recent Accounting Standards | Recent Accounting Standards In September 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current GAAP; and instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, this ASU requires that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects companies holding financial assets and net investment in leases that are not accounted for at |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation. Three Months Ended 2022 2021 (Dollars in thousands, except share and per share data) Net Income $ 3,047 $ 2,845 Weighted-Average Basic Common Shares Outstanding 5,198,194 5,434,374 Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock) 22,693 2,507 Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding 5,220,887 5,436,881 Earnings Per Share: Basic $ 0.59 $ 0.52 Diluted 0.58 0.52 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share | The following table presents for the periods indicated (a) options to purchase shares of common stock that were outstanding but not included in the computation of earnings per share because the options’ exercise price was greater than the average market price of the common shares for the period, and (b) shares of restricted stock awards that were not included in the computation of diluted earnings per share because the hypothetical repurchase of shares under the treasury stock method exceeded the weighted average nonvested restricted awards, therefore the effects would be anti-dilutive. Three Months Ended 2022 2021 Stock Options 155,138 201,662 Restricted Stock 37,865 33,610 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-sale | The following table presents the amortized cost and fair value of securities available-for-sale at the dates indicated: March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-Sale Debt Securities: U.S. Government Agencies $ 53,992 $ — $ (4,781) $ 49,211 Obligations of States and Political Subdivisions 17,946 448 (1) 18,393 Mortgage-Backed Securities - Government-Sponsored Enterprises 52,505 177 (2,063) 50,619 Collateralized Mortgage Obligations - Government Sponsored Enterprises 107,848 2 (7,042) 100,808 Corporate Debt 9,480 — (273) 9,207 Total Available-for-Sale Debt Securities 241,771 627 (14,160) 228,238 Equity Securities: Mutual Funds 944 Other 1,915 Total Equity Securities 2,859 Total Securities $ 231,097 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-Sale Debt Securities: U.S. Government Agencies $ 53,992 $ 2 $ (1,433) $ 52,561 Obligations of States and Political Subdivisions 17,951 1,004 — 18,955 Mortgage-Backed Securities - Government-Sponsored Enterprises 55,373 1,468 (282) 56,559 Collateralized Mortgage Obligations - Government Sponsored Enterprises 88,493 164 (2,074) 86,583 Corporate Debt 7,481 — (31) 7,450 Total Available-for-Sale Debt Securities 223,290 2,638 (3,820) 222,108 Equity Securities: Mutual Funds 990 Other 1,876 Total Equity Securities 2,866 Total Securities $ 224,974 |
Schedule of Unrealized Loss on Investments | The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at the dates indicated: March 31, 2022 Less than 12 months 12 Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) U.S. Government Agencies 3 $ 11,226 $ (771) 10 $ 37,985 $ (4,010) 13 $ 49,211 $ (4,781) Obligations of States and Political Subdivisions 2 1,070 (1) — — — 2 1,070 (1) Mortgage Backed Securities- Government Sponsored Enterprises 17 29,175 (1,745) 1 3,395 (318) 18 32,570 (2,063) Collateralized Mortgage Obligations - Government Sponsored Enterprises 20 100,559 (7,042) — — — 20 100,559 (7,042) Corporate Debt 3 9,208 (273) — — — 3 9,208 (273) Total 45 $ 151,238 $ (9,832) 11 $ 41,380 $ (4,328) 56 $ 192,618 $ (14,160) December 31, 2021 Less than 12 months 12 Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) U.S. Government Agencies 5 $ 17,729 $ (269) 7 $ 31,830 $ (1,164) 12 $ 49,559 $ (1,433) Obligations of States and Political Subdivisions — — — — — — — — — Mortgage Backed Securities- Government Sponsored Enterprises 8 28,772 (282) — — — 8 28,772 (282) Collateralized Mortgage Obligations - Government Sponsored Enterprises 10 77,560 (2,074) — — — 10 77,560 (2,074) Corporate Debt 2 7,450 (31) — — — 2 7,450 (31) Total 25 $ 131,511 $ (2,656) 7 $ 31,830 $ (1,164) 32 $ 163,341 $ (3,820) |
Investments Classified by Contractual Maturity Date | The following table presents the scheduled maturities of debt securities as of the date indicated: March 31, 2022 Amortized Cost Fair Value (Dollars in thousands) Due in One Year or Less $ 2,576 $ 2,584 Due after One Year through Five Years 4,900 4,690 Due after Five Years through Ten Years 78,948 74,332 Due after Ten Years 155,347 146,632 Total $ 241,771 $ 228,238 |
Schedule of Realized Gain (Loss) | The following table presents the gross realized gain and loss on sales of debt securities, as well as gain and loss on equity securities from both sales and market adjustments for the periods indicated. All gains and losses presented in the table below are reported in Net (Loss) Gain on Securities on the Consolidated Statements of Income. Three Months Ended 2022 2021 (Dollars in thousands) Debt Securities Gross Realized Gain $ — $ 225 Gross Realized Loss — — Net Gain on Debt Securities $ — $ 225 Equity Securities Net Unrealized (Loss) Gain Recognized on Securities Held $ (7) $ 222 Net Realized Gain Recognized on Securities Sold — — Net (Loss) Gain on Equity Securities $ (7) $ 222 Net (Loss) Gain on Securities $ (7) $ 447 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the classifications of loans as of the dates indicated. March 31, 2022 December 31, 2021 Amount Percent Amount Percent (Dollars in thousands) Real Estate: Residential $ 317,254 31.1 % $ 320,798 31.4 % Commercial 427,227 41.9 392,124 38.5 Construction 54,227 5.3 85,028 8.3 Commercial and Industrial 67,843 6.6 89,010 8.7 Consumer 143,422 14.1 122,152 12.0 Other 10,669 1.0 11,684 1.1 Total Loans 1,020,642 100.0 % 1,020,796 100.0 % Allowance for Loan Losses (11,595) (11,582) Loans, Net $ 1,009,047 $ 1,009,214 |
Financing Receivable Credit Quality Indicators | The following table presents loans summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of the dates indicated. At March 31, 2022 and December 31, 2021, there were no loans in the criticized category of Loss within the internal risk rating system. March 31, 2022 Pass Special Mention Substandard Doubtful Total (Dollars in Thousands) Real Estate: Residential $ 314,174 $ 839 $ 2,241 $ — $ 317,254 Commercial 390,395 28,217 8,615 — 427,227 Construction 38,724 12,971 2,532 — 54,227 Commercial and Industrial 54,085 11,774 1,400 584 67,843 Consumer 143,326 — 96 — 143,422 Other 10,603 66 — — 10,669 Total Loans $ 951,307 $ 53,867 $ 14,884 $ 584 $ 1,020,642 December 31, 2021 Pass Special Mention Substandard Doubtful Total (Dollars in Thousands) Real Estate: Residential $ 317,964 $ 845 $ 1,989 $ — $ 320,798 Commercial 355,895 27,168 9,061 — 392,124 Construction 69,441 13,035 2,552 — 85,028 Commercial and Industrial 72,584 14,463 1,451 512 89,010 Consumer 122,136 — 16 — 122,152 Other 11,616 68 — — 11,684 Total Loans $ 949,636 $ 55,579 $ 15,069 $ 512 $ 1,020,796 |
Financing Receivable, Past Due | The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of the dates indicated. March 31, 2022 Loans Current 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Non- Accrual Total Loans (Dollars in Thousands) Real Estate: Residential $ 313,306 $ 2,106 $ 191 $ — $ 2,297 $ 1,651 $ 317,254 Commercial 425,202 — — — — 2,025 427,227 Construction 54,227 — — — — — 54,227 Commercial and Industrial 66,202 101 — — 101 1,540 67,843 Consumer 142,931 338 57 — 395 96 143,422 Other 10,669 — — — — — 10,669 Total Loans $ 1,012,537 $ 2,545 $ 248 $ — $ 2,793 $ 5,312 $ 1,020,642 December 31, 2021 Loans Current 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Non- Accrual Total Loans (Dollars in Thousands) Real Estate: Residential $ 317,583 $ 1,805 $ 17 $ — $ 1,822 $ 1,393 $ 320,798 Commercial 389,522 544 — — 544 2,058 392,124 Construction 85,028 — — — — — 85,028 Commercial and Industrial 87,407 107 — — 107 1,496 89,010 Consumer 121,636 419 81 — 500 16 122,152 Other 11,684 — — — — — 11,684 Total Loans $ 1,012,860 $ 2,875 $ 98 $ — $ 2,973 $ 4,963 $ 1,020,796 |
Financing Receivable, Nonaccrual | The following table sets forth the amounts and categories of nonperforming assets at the dates indicated. Included in nonperforming loans and assets are troubled debt restructurings (“TDRs”), which are loans whose contractual terms have been restructured in a manner which grants a concession to a borrower experiencing financial difficulties. Nonaccrual TDRs are included in their specific loan category in the nonaccrual loans section. Nonperforming loans do not include loans modified under Section 4013 of the CARES Act and interagency guidance as further explained below. March 31, December 31, (Dollars in Thousands) Nonaccrual Loans: Real Estate: Residential $ 1,651 $ 1,393 Commercial 2,025 2,058 Construction — — Commercial and Industrial 1,540 1,496 Consumer 96 16 Total Nonaccrual Loans 5,312 4,963 Accruing Loans Past Due 90 Days or More: Consumer — — Total Accruing Loans Past Due 90 Days or More — — Total Nonaccrual Loans and Accruing Loans Past Due 90 Days or More 5,312 4,963 Troubled Debt Restructurings, Accruing: Real Estate Residential 603 613 Commercial 1,371 1,674 Commercial and Industrial 12 16 Total Troubled Debt Restructurings, Accruing 1,986 2,303 Total Nonperforming Loans 7,298 7,266 Other Real Estate Owned: Residential — 36 Commercial — — Total Other Real Estate Owned — 36 Total Nonperforming Assets $ 7,298 $ 7,302 Nonperforming Loans to Total Loans 0.72 % 0.71 % Nonperforming Assets to Total Assets 0.51 0.51 |
Impaired Financing Receivables | The following table presents a summary of the loans considered to be impaired as of the dates indicated. March 31, 2022 Recorded Investment Related Allowance Unpaid Principal Balance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With No Related Allowance Recorded: Real Estate: Residential $ 1,118 $ 1,123 $ 1,124 $ 11 Commercial 9,525 9,609 9,626 73 Construction 540 540 540 4 Commercial and Industrial 1,900 2,227 1,942 5 Total With No Related Allowance Recorded $ 13,083 $ — $ 13,499 $ 13,232 $ 93 With A Related Allowance Recorded: Real Estate: Residential $ — $ — $ — $ — $ — Commercial — — — — — Construction 1,992 84 1,992 2,001 22 Commercial and Industrial 96 96 96 146 2 Total With A Related Allowance Recorded $ 2,088 $ 180 $ 2,088 $ 2,147 $ 24 Total Impaired Loans: Real Estate: Residential $ 1,118 $ — $ 1,123 $ 1,124 $ 11 Commercial 9,525 — 9,609 9,626 73 Construction 2,532 84 2,532 2,541 26 Commercial and Industrial 1,996 96 2,323 2,088 7 Total Impaired Loans $ 15,171 $ 180 $ 15,587 $ 15,379 $ 117 December 31, 2021 Recorded Investment Related Allowance Unpaid Principal Balance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With No Related Allowance Recorded: Real Estate: Residential $ 1,133 $ 1,137 $ 1,158 $ 46 Commercial 9,733 9,787 27,207 927 Construction 540 540 887 34 Commercial and Industrial 1,979 2,286 3,230 49 Total With No Related Allowance Recorded $ 13,385 $ — $ 13,750 $ 32,482 $ 1,056 With A Related Allowance Recorded: Real Estate: Residential $ — $ — $ — $ — $ — Commercial 266 195 266 421 19 Construction 2,013 104 2,013 169 7 Commercial and Industrial — — — 1,316 29 Total With A Related Allowance Recorded $ 2,279 $ 299 $ 2,279 $ 1,906 $ 55 Total Impaired Loans Real Estate: Residential $ 1,133 $ — $ 1,137 $ 1,158 $ 46 Commercial 9,999 195 10,053 27,628 946 Construction 2,553 104 2,553 1,056 41 Commercial and Industrial 1,979 — 2,286 4,546 78 Total Impaired Loans $ 15,664 $ 299 $ 16,029 $ 34,388 $ 1,111 |
Financing Receivable, Allowance for Credit Loss | The following tables present the activity in the allowance for loan losses summarized by primary segments and segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for potential impairment at the dates and for the periods indicated. Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) December 31, 2021 $ 1,420 $ 5,960 $ 1,249 $ 1,151 $ 1,050 $ — $ 752 $ 11,582 Charge-offs (17) — — — (20) — — (37) Recoveries 2 — — 11 37 — — 50 Provision (Recovery) (20) (5,449) (448) 3,406 921 — 1,590 — March 31, 2022 $ 1,385 $ 511 $ 801 $ 4,568 $ 1,988 $ — $ 2,342 $ 11,595 March 31, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ — $ 84 $ 96 $ — $ — $ — $ 180 Collectively Evaluated for Potential Impairment $ 1,385 $ 511 $ 717 $ 4,472 $ 1,988 $ — $ 2,342 $ 11,415 December 31, 2021 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 195 $ 104 $ — $ — $ — $ — $ 299 Collectively Evaluated for Potential Impairment $ 1,420 $ 5,765 $ 1,145 $ 1,151 $ 1,050 $ — $ 752 $ 11,283 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) December 31, 2020 $ 2,249 $ 6,010 $ 889 $ 1,423 $ 1,283 $ — $ 917 $ 12,771 Charge-offs — — — — (95) — — (95) Recoveries 9 — — 12 28 — — 49 Provision (Recovery) (283) (93) 50 108 (113) — 331 — March 31, 2021 $ 1,975 $ 5,917 $ 939 $ 1,543 $ 1,103 $ — $ 1,248 $ 12,725 March 31, 2021 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 269 $ — $ 502 $ — $ — $ — $ 771 Collectively Evaluated for Potential Impairment $ 1,975 $ 5,648 $ 939 $ 1,041 $ 1,103 $ — $ 1,248 $ 11,954 |
Allowance for Credit Loss Individually Collectively Evaluated for Impairment | The following table presents the major classifications of loans summarized by individually evaluated for impairment and collectively evaluated for potential impairment as of the dates indicated. At March 31, 2022 and December 31, 2021, commercial and industrial loans include $8.2 million and $24.5 million, respectively, of PPP loans collectively evaluated for potential impairment. No allowance for loan loss was allocated to the PPP loan portfolio due to the Bank complying with the lender obligations that ensure SBA guarantee. March 31, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Total (Dollars in thousands) Individually Evaluated for Impairment $ 1,118 $ 9,525 $ 2,532 $ 1,996 $ — $ — $ 15,171 Collectively Evaluated for Potential Impairment 316,136 417,702 51,695 65,847 143,422 10,669 1,005,471 Total Loans $ 317,254 $ 427,227 $ 54,227 $ 67,843 $ 143,422 $ 10,669 $ 1,020,642 December 31, 2021 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Total (Dollars in thousands) Individually Evaluated for Impairment $ 1,133 $ 9,999 $ 2,553 $ 1,979 $ — $ — $ 15,664 Collectively Evaluated for Potential Impairment 319,665 382,125 82,475 87,031 122,152 11,684 1,005,132 Total Loans $ 320,798 $ 392,124 $ 85,028 $ 89,010 $ 122,152 $ 11,684 $ 1,020,796 |
Schedule of Accretable Discount on Loans Acquired at Fair Value | The following table presents changes in the accretable discount on the loans acquired at fair value at the dates indicated. Accretable Discount (Dollars in Thousands) December 31, 2021 $ 726 Accretable Yield (56) March 31, 2022 $ 670 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table sets forth the components of short-term borrowings as of the dates indicated. March 31, 2022 December 31, 2021 Amount Weighted Amount Weighted (Dollars in thousands) Securities Sold Under Agreements to Repurchase: Balance at Period End $ 39,219 0.17 % $ 39,266 0.17 % Average Balance Outstanding During the Period 37,884 0.20 43,988 0.22 Maximum Amount Outstanding at any Month End 39,219 52,777 Securities Collaterizing the Agreements at Period-End: Carrying Value 58,757 59,867 Market Value 54,703 59,339 |
Fair Value Disclosure (Tables)
Fair Value Disclosure (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the financial assets measured at fair value on a recurring basis and reported on the Consolidated Statements of Financial Condition as of the dates indicated, by level within the fair value hierarchy. The majority of the Company’s securities are included in Level 2 of the fair value hierarchy. Fair values for Level 2 securities were primarily determined by a third-party pricing service using both quoted prices for similar assets, when available, and model-based valuation techniques that derive fair value based on market-corroborated data, such as instruments with similar prepayment speeds and default interest rates. The standard inputs that are normally used include benchmark yields of like securities, reportable trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. There were no transfers into or out of Level 3 during the three months ended March 31, 2022 or year ended December 31, 2021. Fair Value Hierarchy March 31 December 31 (Dollars in thousands) Securities: Available-for-Sale Debt Securities U.S. Government Agencies Level 2 $ 49,211 $ 52,561 Obligations of States and Political Subdivisions Level 2 18,393 18,955 Mortgage-Backed Securities - Government-Sponsored Enterprises Level 2 50,619 56,559 Collateralized Mortgage Obligations - Government Sponsored Enterprises Level 2 100,808 86,583 Corporate Debt Level 2 9,207 7,450 Total Available-for-Sale Debt Securities 228,238 222,108 Equity Securities Mutual Funds Level 1 944 990 Other Level 1 1,915 1,876 Total Equity Securities 2,859 2,866 Total Securities $ 231,097 $ 224,974 |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the financial assets on the Consolidated Statements of Financial Condition measured at fair value on a nonrecurring basis as of the dates indicated by level within the fair value hierarchy for only those nonrecurring assets that had a fair value below the carrying amount. The table also presents the significant unobservable inputs used in the fair value measurements. Financial Asset Fair Value Hierarchy March 31, Valuation Significant Unobservable Inputs Range Weighted Average (Dollars in thousands) Impaired Loans Individually Assessed Level 3 $ 1,908 Appraisal of Collateral (1) Appraisal Adjustments (2) 0 % to 50 % 15.8% Mortgage Servicing Rights Level 3 178 Discounted Cash Flow Discount Rate 9 % to 11 % 10.3% Prepayment Speed 9 % to 16 % 10.8% Financial Asset Fair Value Hierarchy December 31, Valuation Significant Unobservable Inputs Range Weighted Average (Dollars in thousands) Impaired Loans Individually Assessed Level 3 $ 1,980 Appraisal of Collateral (1) Appraisal Adjustments (2) 0 % to 50 % 15.8% Mortgage Servicing Rights Level 3 141 Discounted Cash Flow Discount Rate 9 % to 11 % 10.2% Prepayment Speed 12 % to 27 % 16.0% OREO Level 3 36 Appraisal of Collateral (1) Liquidation Expenses (2) 10 % to 30 % 26.6% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include various Level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal. |
Fair Value, by Balance Sheet Grouping | The following table presents the estimated fair values of the Company’s financial instruments at the dates indicated. March 31, 2022 December 31, 2021 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Financial Assets: Cash and Due From Banks: Interest Bearing Level 1 $ 55,233 $ 55,233 $ 63,968 $ 63,968 Non-Interest Bearing Level 1 68,355 68,355 55,706 55,706 Securities See Above 231,097 231,097 224,974 224,974 Loans, Net Level 3 1,009,047 1,014,050 1,009,214 1,039,980 Restricted Stock Level 2 3,428 3,428 3,403 3,403 Mortgage Servicing Rights Level 3 716 892 730 773 Accrued Interest Receivable Level 2 3,256 3,256 3,350 3,350 Financial Liabilities: Deposits Level 2 1,250,313 1,249,804 1,226,613 1,227,653 Short-Term Borrowings Level 2 39,219 39,219 39,266 39,266 Other Borrowed Funds FHLB Borrowings Level 2 3,000 3,000 3,000 3,000 Subordinated Debt Level 2 14,607 14,749 14,601 15,000 Accrued Interest Payable Level 2 546 546 486 486 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks | The following table presents the unused and available credit balances of financial instruments whose contracts represent credit risk at the dates indicated. March 31, December 31, (Dollars in thousands) Standby Letters of Credit $ 110 $ 110 Performance Letters of Credit 1,918 2,873 Construction Mortgages 49,823 55,597 Personal Lines of Credit 7,090 7,055 Overdraft Protection Lines 5,596 5,709 Home Equity Lines of Credit 22,171 21,187 Commercial Lines of Credit 74,665 83,316 Total Commitments $ 161,373 $ 175,847 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost | The following tables present the lease expense, ROU assets, weighted average term, discount rate and maturity analysis of lease liabilities for operating leases for the periods and dates indicated. Three Months Ended 2022 2021 (Dollars in thousands) Operating Lease Expense $ 82 $ 95 Short-Term Lease Expense — 8 Variable Lease Expense 7 8 Total Lease Expense $ 89 $ 111 March 31, December 31, (Dollars in thousands) Operating Leases: ROU Assets $ 1,776 $ 674 Weighted Average Lease Term in Years 9.02 7.33 Weighted Average Discount Rate 2.47 % 2.51 % |
Lessee, Operating Lease, Liability, Maturity | March 31, (Dollars in thousands) Maturity Analysis: Due in One Year $ 325 Due After One Year to Two Years 268 Due After Two Years to Three Years 228 Due After Three Years to Four Years 201 Due After Four to Five Years 169 Due After Five Years 1,050 Total $ 2,241 Less: Present Value Discount 265 Lease Liabilities $ 1,976 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | The details of other noninterest expense for the Company’s Consolidated Statements of (Loss) Income for the periods indicated are as follows: Three Months Ended 2022 2021 (Dollars in thousands) Non-Employee Compensation $ 131 $ 148 Printing and Supplies 80 99 Postage 103 63 Telephone 139 188 Charitable Contributions 42 15 Dues and Subscriptions 58 50 Loan Expenses 127 92 Meals and Entertainment 30 34 Travel 39 22 Training 18 17 Bank Assessment 47 44 Insurance 62 60 Miscellaneous 123 150 Total Other Noninterest Expense $ 999 $ 982 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following is a table of selected financial data for the Company’s subsidiaries and consolidated results at the dates and for the periods indicated. Community Bank Exchange Underwriters, Inc. CB Financial Services, Inc. Net Eliminations Consolidated (Dollars in thousands) March 31, 2022 Assets $ 1,439,251 $ 5,584 $ 136,994 $ (143,159) $ 1,438,670 Liabilities 1,320,826 1,645 14,838 (20,795) 1,316,514 Stockholders' Equity 118,425 3,939 122,156 (122,364) 122,156 December 31, 2021 Assets $ 1,425,588 $ 5,110 $ 147,829 $ (153,048) $ 1,425,479 Liabilities 1,299,325 1,731 14,705 (23,406) 1,292,355 Stockholders' Equity 126,263 3,379 133,124 (129,642) 133,124 Three Months Ended March 31, 2022 Interest and Dividend Income $ 10,596 $ 1 $ 1,279 $ (1,260) $ 10,616 Interest Expense 567 — 156 — 723 Net Interest and Dividend Income 10,029 1 1,123 (1,260) 9,893 Provision for Loan Losses — — — — — Net Interest and Dividend Income After Provision for Loan Losses 10,029 1 1,123 (1,260) 9,893 Noninterest Income 777 1,797 39 — 2,613 Noninterest Expense 7,645 1,007 4 — 8,656 Undistributed Net Income of Subsidiary 561 — 1,852 (2,413) — Income Before Income Tax Expense (Benefit) 3,722 791 3,010 (3,673) 3,850 Income Tax Expense (Benefit) 610 230 (37) — 803 Net Income $ 3,112 $ 561 $ 3,047 $ (3,673) $ 3,047 Three Months Ended March 31, 2021 Interest and Dividend Income $ 10,971 $ 1 $ 1,320 $ (1,304) $ 10,988 Interest Expense 1,011 — — — 1,011 Net Interest and Dividend Income 9,960 1 1,320 (1,304) 9,977 Provision for Loan Losses — — — — — Net Interest and Dividend Income After Provision for Loan Losses 9,960 1 1,320 (1,304) 9,977 Noninterest Income 1,343 1,591 240 — 3,174 Noninterest Expense 8,390 1,001 4 — 9,395 Undistributed Net Income of Subsidiary 407 — 1,301 (1,708) — Income Before Income Tax Expense 3,320 591 2,857 (3,012) 3,756 Income Tax Expense 715 184 12 — 911 Net Income $ 2,605 $ 407 $ 2,845 $ (3,012) $ 2,845 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Options Roll Forward | The following table presents stock option information for the periods indicated. Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Outstanding Options at December 31, 2021 207,641 $ 24.01 4.8 Granted 85,465 25.95 Exercised (7,500) 22.25 Forfeited (68) 30.75 Outstanding Options at March 31, 2022 285,538 $ 24.64 6.1 Exercisable Options at March 31, 2022 179,515 $ 24.25 4.2 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Nonvested Options March 31, 2022 106,023 $ 25.30 9.4 Summary of Significant Assumptions for Newly Issued Stock Options Expected Term in Years 6.5 Expected Volatility 28.7 % Expected Dividends $ 0.96 Risk Free Rate of Return 1.57 % Weighted Average Grant Date Fair Value (per share) $ 4.90 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table presents stock option information for the periods indicated. Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Outstanding Options at December 31, 2021 207,641 $ 24.01 4.8 Granted 85,465 25.95 Exercised (7,500) 22.25 Forfeited (68) 30.75 Outstanding Options at March 31, 2022 285,538 $ 24.64 6.1 Exercisable Options at March 31, 2022 179,515 $ 24.25 4.2 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Nonvested Options March 31, 2022 106,023 $ 25.30 9.4 Summary of Significant Assumptions for Newly Issued Stock Options Expected Term in Years 6.5 Expected Volatility 28.7 % Expected Dividends $ 0.96 Risk Free Rate of Return 1.57 % Weighted Average Grant Date Fair Value (per share) $ 4.90 |
Nonvested Restricted Stock Shares Activity | The following table presents restricted stock award information for the periods indicated Number of Shares Weighted Average Grant Date Fair Value Price Weighted Average Remaining Service Period in Years Nonvested Restricted Stock at December 31, 2021 56,140 $ 23.90 5.3 Granted 20,765 26.25 Vested — — Forfeited (200) 20.38 Nonvested Restricted Stock at March 31, 2022 76,705 $ 24.55 5.0 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - branch | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2020 | |
Real Estate Properties [Line Items] | |||
Number of branches consolidated | 6 | 2 | |
Number of branches sold | 2 | ||
Pennsylvania | |||
Real Estate Properties [Line Items] | |||
Number of branches | 11 | ||
West Virginia | |||
Real Estate Properties [Line Items] | |||
Number of branches | 3 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Incremental common shares attributable to dilutive effect of conversion of debt securities (in shares) | 0 | 0 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net Income | $ 3,047 | $ 2,845 |
Weighted-Average Basic Common Shares Outstanding (in shares) | 5,198,194 | 5,434,374 |
Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock) (in shares) | 22,693 | 2,507 |
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding (in shares) | 5,220,887 | 5,436,881 |
Earnings Per Share: | ||
Basic (in dollars per share) | $ 0.59 | $ 0.52 |
Diluted (in dollars per share) | $ 0.58 | $ 0.52 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Diluted Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 155,138 | 201,662 |
Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 37,865 | 33,610 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Investment Securities Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-Sale Debt Securities: | ||
Total | $ 241,771 | $ 223,290 |
Gross Unrealized Gains | 627 | 2,638 |
Gross Unrealized Losses | (14,160) | (3,820) |
Fair Value | 228,238 | 222,108 |
Equity Securities: | ||
Total Equity Securities | 2,859 | 2,866 |
Total Securities | 231,097 | 224,974 |
U.S. Government Agencies | ||
Available-for-Sale Debt Securities: | ||
Total | 53,992 | 53,992 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (4,781) | (1,433) |
Fair Value | 49,211 | 52,561 |
Obligations of States and Political Subdivisions | ||
Available-for-Sale Debt Securities: | ||
Total | 17,946 | 17,951 |
Gross Unrealized Gains | 448 | 1,004 |
Gross Unrealized Losses | (1) | 0 |
Fair Value | 18,393 | 18,955 |
Mortgage-Backed Securities - Government-Sponsored Enterprises | ||
Available-for-Sale Debt Securities: | ||
Total | 52,505 | 55,373 |
Gross Unrealized Gains | 177 | 1,468 |
Gross Unrealized Losses | (2,063) | (282) |
Fair Value | 50,619 | 56,559 |
Collateralized Mortgage Obligations - Government Sponsored Enterprises | ||
Available-for-Sale Debt Securities: | ||
Total | 107,848 | 88,493 |
Gross Unrealized Gains | 2 | 164 |
Gross Unrealized Losses | (7,042) | (2,074) |
Fair Value | 100,808 | 86,583 |
Corporate Debt | ||
Available-for-Sale Debt Securities: | ||
Total | 9,480 | 7,481 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (273) | (31) |
Fair Value | 9,207 | 7,450 |
Mutual Funds | ||
Equity Securities: | ||
Total Equity Securities | 944 | 990 |
Other | ||
Equity Securities: | ||
Total Equity Securities | $ 1,915 | $ 1,876 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value by Investment Category and Continuous Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2022USD ($)security | Dec. 31, 2021USD ($)security |
Less than 12 months | ||
Number of Securities | security | 45 | 25 |
Fair Value | $ 151,238 | $ 131,511 |
Gross Unrealized Losses | $ (9,832) | $ (2,656) |
12 Months or Greater | ||
Number of Securities | security | 11 | 7 |
Fair Value | $ 41,380 | $ 31,830 |
Gross Unrealized Losses | $ (4,328) | $ (1,164) |
Total | ||
Number of Securities | security | 56 | 32 |
Fair Value | $ 192,618 | $ 163,341 |
Gross Unrealized Losses | $ (14,160) | $ (3,820) |
U.S. Government Agencies | ||
Less than 12 months | ||
Number of Securities | security | 3 | 5 |
Fair Value | $ 11,226 | $ 17,729 |
Gross Unrealized Losses | $ (771) | $ (269) |
12 Months or Greater | ||
Number of Securities | security | 10 | 7 |
Fair Value | $ 37,985 | $ 31,830 |
Gross Unrealized Losses | $ (4,010) | $ (1,164) |
Total | ||
Number of Securities | security | 13 | 12 |
Fair Value | $ 49,211 | $ 49,559 |
Gross Unrealized Losses | $ (4,781) | $ (1,433) |
Obligations of States and Political Subdivisions | ||
Less than 12 months | ||
Number of Securities | security | 2 | 0 |
Fair Value | $ 1,070 | $ 0 |
Gross Unrealized Losses | $ (1) | $ 0 |
12 Months or Greater | ||
Number of Securities | security | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Gross Unrealized Losses | $ 0 | $ 0 |
Total | ||
Number of Securities | security | 2 | 0 |
Fair Value | $ 1,070 | $ 0 |
Gross Unrealized Losses | $ (1) | $ 0 |
Mortgage-Backed Securities - Government-Sponsored Enterprises | ||
Less than 12 months | ||
Number of Securities | security | 17 | 8 |
Fair Value | $ 29,175 | $ 28,772 |
Gross Unrealized Losses | $ (1,745) | $ (282) |
12 Months or Greater | ||
Number of Securities | security | 1 | 0 |
Fair Value | $ 3,395 | $ 0 |
Gross Unrealized Losses | $ (318) | $ 0 |
Total | ||
Number of Securities | security | 18 | 8 |
Fair Value | $ 32,570 | $ 28,772 |
Gross Unrealized Losses | $ (2,063) | $ (282) |
Collateralized Mortgage Obligations - Government Sponsored Enterprises | ||
Less than 12 months | ||
Number of Securities | security | 20 | 10 |
Fair Value | $ 100,559 | $ 77,560 |
Gross Unrealized Losses | $ (7,042) | $ (2,074) |
12 Months or Greater | ||
Number of Securities | security | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Gross Unrealized Losses | $ 0 | $ 0 |
Total | ||
Number of Securities | security | 20 | 10 |
Fair Value | $ 100,559 | $ 77,560 |
Gross Unrealized Losses | $ (7,042) | $ (2,074) |
Corporate Debt | ||
Less than 12 months | ||
Number of Securities | security | 3 | 2 |
Fair Value | $ 9,208 | $ 7,450 |
Gross Unrealized Losses | $ (273) | $ (31) |
12 Months or Greater | ||
Number of Securities | security | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Gross Unrealized Losses | $ 0 | $ 0 |
Total | ||
Number of Securities | security | 3 | 2 |
Fair Value | $ 9,208 | $ 7,450 |
Gross Unrealized Losses | $ (273) | $ (31) |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Public Deposits, Short Term Borrowings and Other | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Investment securities, available-for-sale, pledged | $ 147.4 | $ 121 |
Public Funds and Sweep Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Investment securities, available-for-sale, pledged | $ 219 | $ 214.7 |
Securities - Maturities of Inve
Securities - Maturities of Investment Securities Available-for-sale and Held-to-maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in One Year or Less | $ 2,576 | |
Due after One Year through Five Years | 4,900 | |
Due after Five Years through Ten Years | 78,948 | |
Due after Ten Years | 155,347 | |
Total | 241,771 | $ 223,290 |
Fair Value | ||
Due in One Year or Less | 2,584 | |
Due after One Year through Five Years | 4,690 | |
Due after Five Years through Ten Years | 74,332 | |
Due after Ten Years | 146,632 | |
Total | $ 228,238 | $ 222,108 |
Securities - Gains (Losses) of
Securities - Gains (Losses) of Sales of Available-for-sale Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Securities | ||
Gross Realized Gain | $ 0 | $ 225 |
Gross Realized Loss | 0 | 0 |
Net Gain on Debt Securities | 0 | 225 |
Equity Securities | ||
Net Unrealized (Loss) Gain Recognized on Securities Held | (7) | 222 |
Net Realized Gain Recognized on Securities Sold | 0 | 0 |
Net (Loss) Gain on Equity Securities | (7) | 222 |
Net (Loss) Gain on Securities | $ (7) | $ 447 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Classification of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 1,020,642 | $ 1,020,796 | ||
Allowance for Loan Losses | (11,595) | (11,582) | $ (12,725) | $ (12,771) |
Loans, Net | $ 1,009,047 | $ 1,009,214 | ||
Percent | 100.00% | 100.00% | ||
Real Estate | Residential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 317,254 | $ 320,798 | ||
Allowance for Loan Losses | $ (1,385) | $ (1,420) | (1,975) | (2,249) |
Percent | 31.10% | 31.40% | ||
Real Estate | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 427,227 | $ 392,124 | ||
Allowance for Loan Losses | $ (511) | $ (5,960) | (5,917) | (6,010) |
Percent | 41.90% | 38.50% | ||
Real Estate | Construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 54,227 | $ 85,028 | ||
Allowance for Loan Losses | $ (801) | $ (1,249) | (939) | (889) |
Percent | 5.30% | 8.30% | ||
Commercial and Industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 67,843 | $ 89,010 | ||
Allowance for Loan Losses | $ (4,568) | $ (1,151) | (1,543) | (1,423) |
Percent | 6.60% | 8.70% | ||
Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 143,422 | $ 122,152 | ||
Allowance for Loan Losses | $ (1,988) | $ (1,050) | (1,103) | (1,283) |
Percent | 14.10% | 12.00% | ||
Other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 10,669 | $ 11,684 | ||
Allowance for Loan Losses | $ 0 | $ 0 | $ 0 | $ 0 |
Percent | 1.00% | 1.10% |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2022USD ($)loan | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)loan | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Financing receivable, before allowance for credit loss | $ 1,020,642,000 | $ 1,020,796,000 | |
Total unamortized net deferred loan fees | 1,600,000 | 1,900,000 | |
Financing receivable, nonaccrual, interest income | 79,000 | $ 61,000 | |
Mortgage loans in process of foreclosure, amount | 945,000 | $ 571,000 | |
Increase (decrease) in impaired financing receivable, recorded investment | $ (493,000) | ||
Non-TDR Loan Modifications, CARES Act | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of loans in forbearance | loan | 1 | 0 | |
Financing receivable, before allowance for credit loss, in forbearance | $ 128,000 | ||
Unlikely to be Collected Financing Receivable | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Financing receivable, before allowance for credit loss | 0 | $ 0 | |
Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Financing receivable, before allowance for credit loss | 67,843,000 | 89,010,000 | |
Commercial | Paycheck Protection Program, CARES Act | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Financing receivable, before allowance for credits loss, period increase (decrease) | (16,300,000) | ||
Financing receivable, before allowance for credit loss | 8,200,000 | 24,500,000 | |
Financing receivable, unamortized loan fee | 274,000 | $ 678,000 | |
Amortization of deferred loan origination fees, net | $ 404,000 | $ 535,000 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Internal Risk Rating System (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 1,020,642 | $ 1,020,796 |
Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 951,307 | 949,636 |
Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 53,867 | 55,579 |
Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 14,884 | 15,069 |
Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 584 | 512 |
Real Estate | Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 317,254 | 320,798 |
Real Estate | Residential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 314,174 | 317,964 |
Real Estate | Residential | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 839 | 845 |
Real Estate | Residential | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,241 | 1,989 |
Real Estate | Residential | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 427,227 | 392,124 |
Real Estate | Commercial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 390,395 | 355,895 |
Real Estate | Commercial | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 28,217 | 27,168 |
Real Estate | Commercial | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 8,615 | 9,061 |
Real Estate | Commercial | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 54,227 | 85,028 |
Real Estate | Construction | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 38,724 | 69,441 |
Real Estate | Construction | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 12,971 | 13,035 |
Real Estate | Construction | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,532 | 2,552 |
Real Estate | Construction | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Commercial and Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 67,843 | 89,010 |
Commercial and Industrial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 54,085 | 72,584 |
Commercial and Industrial | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 11,774 | 14,463 |
Commercial and Industrial | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,400 | 1,451 |
Commercial and Industrial | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 584 | 512 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 143,422 | 122,152 |
Consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 143,326 | 122,136 |
Consumer | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Consumer | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 96 | 16 |
Consumer | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 10,669 | 11,684 |
Other | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 10,603 | 11,616 |
Other | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 66 | 68 |
Other | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Other | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Loans by Aging Categories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 1,020,642 | $ 1,020,796 |
Non- Accrual | 5,312 | 4,963 |
Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,012,537 | 1,012,860 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,793 | 2,973 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,545 | 2,875 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 248 | 98 |
90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 317,254 | 320,798 |
Non- Accrual | 1,651 | 1,393 |
Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 427,227 | 392,124 |
Non- Accrual | 2,025 | 2,058 |
Real Estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 54,227 | 85,028 |
Non- Accrual | 0 | 0 |
Real Estate | Loans Current | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 313,306 | 317,583 |
Real Estate | Loans Current | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 425,202 | 389,522 |
Real Estate | Loans Current | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 54,227 | 85,028 |
Real Estate | Total Past Due | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,297 | 1,822 |
Real Estate | Total Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 544 |
Real Estate | Total Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 30-59 Days Past Due | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,106 | 1,805 |
Real Estate | 30-59 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 544 |
Real Estate | 30-59 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 60-89 Days Past Due | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 191 | 17 |
Real Estate | 60-89 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 60-89 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 90 Days Or More Past Due | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 90 Days Or More Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 90 Days Or More Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 67,843 | 89,010 |
Non- Accrual | 1,540 | 1,496 |
Commercial and Industrial | Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 66,202 | 87,407 |
Commercial and Industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 101 | 107 |
Commercial and Industrial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 101 | 107 |
Commercial and Industrial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and Industrial | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 143,422 | 122,152 |
Non- Accrual | 96 | 16 |
Consumer | Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 142,931 | 121,636 |
Consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 395 | 500 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 338 | 419 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 57 | 81 |
Consumer | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,669 | 11,684 |
Non- Accrual | 0 | 0 |
Other | Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,669 | 11,684 |
Other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Other | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Nonaccrual TDRs (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | $ 5,312 | $ 4,963 |
Total Loans | 1,020,642 | 1,020,796 |
TOTAL ASSETS | $ 1,438,670 | $ 1,425,479 |
Nonperforming Loans to Total Loans | 0.72% | 0.71% |
Nonperforming Assets to Total Assets | 0.51% | 0.51% |
Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | $ 5,312 | $ 4,963 |
Total Accruing Loans Past Due 90 Days or More | 0 | 0 |
Total Nonaccrual Loans and Accruing Loans Past Due 90 Days or More | 5,312 | 4,963 |
Total Troubled Debt Restructurings, Accruing | 1,986 | 2,303 |
Total Loans | 7,298 | 7,266 |
Total Other Real Estate Owned | 0 | 36 |
TOTAL ASSETS | 7,298 | 7,302 |
Real Estate | Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 1,651 | 1,393 |
Total Loans | 317,254 | 320,798 |
Real Estate | Residential | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 1,651 | 1,393 |
Total Troubled Debt Restructurings, Accruing | 603 | 613 |
Total Other Real Estate Owned | 0 | 36 |
Real Estate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 2,025 | 2,058 |
Total Loans | 427,227 | 392,124 |
Real Estate | Commercial | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 2,025 | 2,058 |
Total Troubled Debt Restructurings, Accruing | 1,371 | 1,674 |
Total Other Real Estate Owned | 0 | 0 |
Real Estate | Construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 0 | 0 |
Total Loans | 54,227 | 85,028 |
Real Estate | Construction | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 0 | 0 |
Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 1,540 | 1,496 |
Total Loans | 67,843 | 89,010 |
Commercial and Industrial | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 1,540 | 1,496 |
Total Troubled Debt Restructurings, Accruing | 12 | 16 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 96 | 16 |
Total Loans | 143,422 | 122,152 |
Consumer | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 96 | 16 |
Total Accruing Loans Past Due 90 Days or More | $ 0 | $ 0 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
With No Related Allowance Recorded: | ||
Recorded Investment | $ 13,083 | $ 13,385 |
Unpaid Principal Balance | 13,499 | 13,750 |
Average Recorded Investment | 13,232 | 32,482 |
Interest Income Recognized | 93 | 1,056 |
With A Related Allowance Recorded: | ||
Recorded Investment | 2,088 | 2,279 |
Related Allowance | 180 | 299 |
Unpaid Principal Balance | 2,088 | 2,279 |
Average Recorded Investment | 2,147 | 1,906 |
Interest Income Recognized | 24 | 55 |
Total Impaired Loans: | ||
Recorded Investment | 15,171 | 15,664 |
Unpaid Principal Balance | 15,587 | 16,029 |
Average Recorded Investment | 15,379 | 34,388 |
Interest Income Recognized | 117 | 1,111 |
Real Estate | Residential | ||
With No Related Allowance Recorded: | ||
Recorded Investment | 1,118 | 1,133 |
Unpaid Principal Balance | 1,123 | 1,137 |
Average Recorded Investment | 1,124 | 1,158 |
Interest Income Recognized | 11 | 46 |
With A Related Allowance Recorded: | ||
Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans: | ||
Recorded Investment | 1,118 | 1,133 |
Unpaid Principal Balance | 1,123 | 1,137 |
Average Recorded Investment | 1,124 | 1,158 |
Interest Income Recognized | 11 | 46 |
Real Estate | Commercial | ||
With No Related Allowance Recorded: | ||
Recorded Investment | 9,525 | 9,733 |
Unpaid Principal Balance | 9,609 | 9,787 |
Average Recorded Investment | 9,626 | 27,207 |
Interest Income Recognized | 73 | 927 |
With A Related Allowance Recorded: | ||
Recorded Investment | 0 | 266 |
Related Allowance | 0 | 195 |
Unpaid Principal Balance | 0 | 266 |
Average Recorded Investment | 0 | 421 |
Interest Income Recognized | 0 | 19 |
Total Impaired Loans: | ||
Recorded Investment | 9,525 | 9,999 |
Unpaid Principal Balance | 9,609 | 10,053 |
Average Recorded Investment | 9,626 | 27,628 |
Interest Income Recognized | 73 | 946 |
Real Estate | Construction | ||
With No Related Allowance Recorded: | ||
Recorded Investment | 540 | 540 |
Unpaid Principal Balance | 540 | 540 |
Average Recorded Investment | 540 | 887 |
Interest Income Recognized | 4 | 34 |
With A Related Allowance Recorded: | ||
Recorded Investment | 1,992 | 2,013 |
Related Allowance | 84 | 104 |
Unpaid Principal Balance | 1,992 | 2,013 |
Average Recorded Investment | 2,001 | 169 |
Interest Income Recognized | 22 | 7 |
Total Impaired Loans: | ||
Recorded Investment | 2,532 | 2,553 |
Unpaid Principal Balance | 2,532 | 2,553 |
Average Recorded Investment | 2,541 | 1,056 |
Interest Income Recognized | 26 | 41 |
Commercial and Industrial | ||
With No Related Allowance Recorded: | ||
Recorded Investment | 1,900 | 1,979 |
Unpaid Principal Balance | 2,227 | 2,286 |
Average Recorded Investment | 1,942 | 3,230 |
Interest Income Recognized | 5 | 49 |
With A Related Allowance Recorded: | ||
Recorded Investment | 96 | 0 |
Related Allowance | 96 | 0 |
Unpaid Principal Balance | 96 | 0 |
Average Recorded Investment | 146 | 1,316 |
Interest Income Recognized | 2 | 29 |
Total Impaired Loans: | ||
Recorded Investment | 1,996 | 1,979 |
Unpaid Principal Balance | 2,323 | 2,286 |
Average Recorded Investment | 2,088 | 4,546 |
Interest Income Recognized | $ 7 | $ 78 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 11,582 | $ 12,771 | |
Charge-offs | (37) | (95) | |
Recoveries | 50 | 49 | |
Provision For Loan Losses | 0 | 0 | |
Ending balance | 11,595 | 12,725 | |
Individually Evaluated for Impairment | 180 | 771 | $ 299 |
Collectively Evaluated for Potential Impairment | 11,415 | 11,954 | 11,283 |
Real Estate | Residential | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,420 | 2,249 | |
Charge-offs | (17) | 0 | |
Recoveries | 2 | 9 | |
Provision For Loan Losses | (20) | (283) | |
Ending balance | 1,385 | 1,975 | |
Individually Evaluated for Impairment | 0 | 0 | 0 |
Collectively Evaluated for Potential Impairment | 1,385 | 1,975 | 1,420 |
Real Estate | Commercial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 5,960 | 6,010 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision For Loan Losses | (5,449) | (93) | |
Ending balance | 511 | 5,917 | |
Individually Evaluated for Impairment | 0 | 269 | 195 |
Collectively Evaluated for Potential Impairment | 511 | 5,648 | 5,765 |
Real Estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,249 | 889 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision For Loan Losses | (448) | 50 | |
Ending balance | 801 | 939 | |
Individually Evaluated for Impairment | 84 | 0 | 104 |
Collectively Evaluated for Potential Impairment | 717 | 939 | 1,145 |
Commercial and Industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,151 | 1,423 | |
Charge-offs | 0 | 0 | |
Recoveries | 11 | 12 | |
Provision For Loan Losses | 3,406 | 108 | |
Ending balance | 4,568 | 1,543 | |
Individually Evaluated for Impairment | 96 | 502 | 0 |
Collectively Evaluated for Potential Impairment | 4,472 | 1,041 | 1,151 |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,050 | 1,283 | |
Charge-offs | (20) | (95) | |
Recoveries | 37 | 28 | |
Provision For Loan Losses | 921 | (113) | |
Ending balance | 1,988 | 1,103 | |
Individually Evaluated for Impairment | 0 | 0 | 0 |
Collectively Evaluated for Potential Impairment | 1,988 | 1,103 | 1,050 |
Other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision For Loan Losses | 0 | 0 | |
Ending balance | 0 | 0 | |
Individually Evaluated for Impairment | 0 | 0 | 0 |
Collectively Evaluated for Potential Impairment | 0 | 0 | 0 |
Unallocated | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 752 | 917 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision For Loan Losses | 1,590 | 331 | |
Ending balance | 2,342 | 1,248 | |
Individually Evaluated for Impairment | 0 | 0 | 0 |
Collectively Evaluated for Potential Impairment | $ 2,342 | $ 1,248 | $ 752 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Loans Summarized by Individually Evaluated for Impairment and Collectively Evaluated for Potential Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | $ 15,171 | $ 15,664 |
Collectively Evaluated for Potential Impairment | 1,005,471 | 1,005,132 |
Total Loans | 1,020,642 | 1,020,796 |
Real Estate | Residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 1,118 | 1,133 |
Collectively Evaluated for Potential Impairment | 316,136 | 319,665 |
Total Loans | 317,254 | 320,798 |
Real Estate | Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 9,525 | 9,999 |
Collectively Evaluated for Potential Impairment | 417,702 | 382,125 |
Total Loans | 427,227 | 392,124 |
Real Estate | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 2,532 | 2,553 |
Collectively Evaluated for Potential Impairment | 51,695 | 82,475 |
Total Loans | 54,227 | 85,028 |
Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 1,996 | 1,979 |
Collectively Evaluated for Potential Impairment | 65,847 | 87,031 |
Total Loans | 67,843 | 89,010 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Potential Impairment | 143,422 | 122,152 |
Total Loans | 143,422 | 122,152 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Potential Impairment | 10,669 | 11,684 |
Total Loans | $ 10,669 | $ 11,684 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Accretable Discount on Loans Acquired at Fair Value (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Beginning balance | $ 726 |
Accretable Yield | (56) |
Ending balance | $ 670 |
Short-Term Borrowings - Federal
Short-Term Borrowings - Federal Funds Purchased and Short-term Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Amount | ||
Balance at Period End | $ 39,219 | $ 39,266 |
Securities Sold under Agreements to Repurchase | ||
Amount | ||
Balance at Period End | 39,219 | 39,266 |
Average Balance Outstanding During the Period | 37,884 | 43,988 |
Maximum Amount Outstanding at any Month End | $ 39,219 | $ 52,777 |
Weighted Average Rate | ||
Balance at Period End | 0.17% | 0.17% |
Average Balance Outstanding During the Period | 0.20% | 0.22% |
Securities Collaterizing the Agreements at Period-End: | ||
Carrying Value | $ 58,757 | $ 59,867 |
Market Value | $ 54,703 | $ 59,339 |
Fair Value Disclosure - Assets
Fair Value Disclosure - Assets and Liabilities Reported Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | $ 228,238 | $ 222,108 |
Total Equity Securities | 2,859 | 2,866 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | 228,238 | 222,108 |
Total Equity Securities | 2,859 | 2,866 |
Total Securities | 231,097 | 224,974 |
U.S. Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | 49,211 | 52,561 |
Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | 18,393 | 18,955 |
Mortgage-Backed Securities - Government-Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | 50,619 | 56,559 |
Collateralized Mortgage Obligations - Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | 100,808 | 86,583 |
Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | 9,207 | 7,450 |
Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Equity Securities | 944 | 990 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Equity Securities | 1,915 | 1,876 |
Level 2 | U.S. Government Agencies | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | 49,211 | 52,561 |
Level 2 | Obligations of States and Political Subdivisions | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | 18,393 | 18,955 |
Level 2 | Mortgage-Backed Securities - Government-Sponsored Enterprises | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | 50,619 | 56,559 |
Level 2 | Collateralized Mortgage Obligations - Government Sponsored Enterprises | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | 100,808 | 86,583 |
Level 2 | Corporate Debt | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities | 9,207 | 7,450 |
Level 1 | Mutual Funds | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Equity Securities | 944 | 990 |
Level 1 | Other | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Equity Securities | $ 1,915 | $ 1,876 |
Fair Value Disclosure - Signifi
Fair Value Disclosure - Significant Unobservable Inputs Used in the Fair Value Measurements (Details) - Level 3 - Fair Value, Nonrecurring $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Financial Assets: | ||
Impaired Loans Individually Assessed | $ 1,908 | $ 1,980 |
Mortgage Servicing Rights | $ 178 | 141 |
OREO | $ 36 | |
Measurement Input, Comparability Adjustment | Weighted Average | ||
Range | ||
Impaired Loans Individually Assessed | 0.158 | 15.8 |
Discount Rate | Weighted Average | ||
Range | ||
Mortgage Servicing Rights | 0.103 | 0.102 |
Prepayment Speed | Weighted Average | ||
Range | ||
Mortgage Servicing Rights | 0.108 | 0.160 |
Measurement Input, Cost to Sell | Weighted Average | ||
Range | ||
OREO | 26.6 | |
Appraisal of Collateral | Appraisal Adjustments | Minimum | ||
Range | ||
Impaired Loans Individually Assessed | 0 | 0 |
OREO | 0.10 | |
Appraisal of Collateral | Appraisal Adjustments | Maximum | ||
Range | ||
Impaired Loans Individually Assessed | 0.50 | 0.50 |
OREO | 0.30 | |
Discounted Cash Flow | Discount Rate | Minimum | ||
Range | ||
Mortgage Servicing Rights | 0.09 | 0.09 |
Discounted Cash Flow | Discount Rate | Maximum | ||
Range | ||
Mortgage Servicing Rights | 0.11 | 0.11 |
Discounted Cash Flow | Prepayment Speed | Minimum | ||
Range | ||
Mortgage Servicing Rights | 0.09 | 0.12 |
Discounted Cash Flow | Prepayment Speed | Maximum | ||
Range | ||
Mortgage Servicing Rights | 0.16 | 0.27 |
Fair Value Disclosure - Narrati
Fair Value Disclosure - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Recorded Investment | $ 2,088 | $ 2,279 |
Related Allowance | $ 180 | $ 299 |
Fair Value Disclosure - Estimat
Fair Value Disclosure - Estimated Fair Value of the Company's Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Total Securities | $ 228,238 | $ 222,108 |
Carrying Value | ||
Financial Assets: | ||
Total Securities | 231,097 | 224,974 |
Fair Value | ||
Financial Assets: | ||
Total Securities | 231,097 | 224,974 |
Level 1 | Carrying Value | ||
Financial Assets: | ||
Interest Bearing | 55,233 | 63,968 |
Non-Interest Bearing | 68,355 | 55,706 |
Level 1 | Fair Value | ||
Financial Assets: | ||
Interest Bearing | 55,233 | 63,968 |
Non-Interest Bearing | 68,355 | 55,706 |
Level 2 | Carrying Value | ||
Financial Assets: | ||
Restricted Stock | 3,428 | 3,403 |
Accrued Interest Receivable | 3,256 | 3,350 |
Financial Liabilities: | ||
Deposits | 1,250,313 | 1,226,613 |
Short-Term Borrowings | 39,219 | 39,266 |
Other Borrowed Funds | ||
FHLB Borrowings | 3,000 | 3,000 |
Subordinated Debt | 14,607 | 14,601 |
Accrued Interest Payable | 546 | 486 |
Level 2 | Fair Value | ||
Financial Assets: | ||
Restricted Stock | 3,428 | 3,403 |
Accrued Interest Receivable | 3,256 | 3,350 |
Financial Liabilities: | ||
Deposits | 1,249,804 | 1,227,653 |
Short-Term Borrowings | 39,219 | 39,266 |
Other Borrowed Funds | ||
FHLB Borrowings | 3,000 | 3,000 |
Subordinated Debt | 14,749 | 15,000 |
Accrued Interest Payable | 546 | 486 |
Level 3 | Carrying Value | ||
Financial Assets: | ||
Loans, Net | 1,009,047 | 1,009,214 |
Mortgage Servicing Rights | 716 | 730 |
Level 3 | Fair Value | ||
Financial Assets: | ||
Loans, Net | 1,014,050 | 1,039,980 |
Mortgage Servicing Rights | $ 892 | $ 773 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Unused and Available Credit Balances of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Total Commitments | $ 161,373 | $ 175,847 |
Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 110 | 110 |
Performance Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 1,918 | 2,873 |
Construction Mortgages | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 49,823 | 55,597 |
Personal Lines of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 7,090 | 7,055 |
Overdraft Protection Lines | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 5,596 | 5,709 |
Home Equity Lines of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 22,171 | 21,187 |
Commercial Lines of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | $ 74,665 | $ 83,316 |
Leases - Operating Leases (Deta
Leases - Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating Lease Expense | $ 82 | $ 95 | |
Short-Term Lease Expense | 0 | 8 | |
Variable Lease Expense | 7 | 8 | |
Total Lease Expense | 89 | $ 111 | |
Operating Leases: | |||
ROU Assets | $ 1,776 | $ 674 | |
Weighted Average Lease Term in Years | 9 years 7 days | 7 years 3 months 29 days | |
Weighted Average Discount Rate | 2.47% | 2.51% |
Leases - Maturity of Operating
Leases - Maturity of Operating Lease (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
Due in One Year | $ 325 |
Due After One Year to Two Years | 268 |
Due After Two Years to Three Years | 228 |
Due After Three Years to Four Years | 201 |
Due After Four to Five Years | 169 |
Due After Five Years | 1,050 |
Total | 2,241 |
Less: Present Value Discount | 265 |
Lease Liabilities | $ 1,976 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Lease term | 10 years | |
Right of Use Asset Recognized | $ 1,175 | $ 0 |
Lease Liability Recognized | $ 1,175 | $ 0 |
Other Noninterest Expense - Com
Other Noninterest Expense - Components of Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | ||
Non-Employee Compensation | $ 131 | $ 148 |
Printing and Supplies | 80 | 99 |
Postage | 103 | 63 |
Telephone | 139 | 188 |
Charitable Contributions | 42 | 15 |
Dues and Subscriptions | 58 | 50 |
Loan Expenses | 127 | 92 |
Meals and Entertainment | 30 | 34 |
Travel | 39 | 22 |
Training | 18 | 17 |
Bank Assessment | 47 | 44 |
Insurance | 62 | 60 |
Miscellaneous | 123 | 150 |
Total Other Noninterest Expense | $ 999 | $ 982 |
Segment and Related Informati_3
Segment and Related Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment and Related Informati_4
Segment and Related Information - Reconciliation of Financial Data from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Assets | $ 1,438,670 | $ 1,425,479 | ||
Liabilities | 1,316,514 | 1,292,355 | ||
Stockholders' Equity | 122,156 | $ 133,776 | 133,124 | $ 134,530 |
Interest and Dividend Income | 10,616 | 10,988 | ||
Interest Expense | 723 | 1,011 | ||
NET INTEREST AND DIVIDEND INCOME | 9,893 | 9,977 | ||
(Recovery) Provision for Loan Losses | 0 | 0 | ||
Net Interest and Dividend Income After Provision for Loan Losses | 9,893 | 9,977 | ||
Noninterest Income | 2,613 | 3,174 | ||
Noninterest Expense | 8,656 | 9,395 | ||
Undistributed Net Income of Subsidiary | 0 | 0 | ||
Income Before Income Tax Expense | 3,850 | 3,756 | ||
Income Tax Expense (Benefit) | 803 | 911 | ||
Net Income | 3,047 | 2,845 | ||
Operating Segments | CB Financial Services, Inc. | ||||
Segment Reporting Information [Line Items] | ||||
Undistributed Net Income of Subsidiary | 1,852 | 1,301 | ||
Operating Segments | Community Bank | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,439,251 | 1,425,588 | ||
Liabilities | 1,320,826 | 1,299,325 | ||
Stockholders' Equity | 118,425 | 126,263 | ||
Interest and Dividend Income | 10,596 | 10,971 | ||
Interest Expense | 567 | 1,011 | ||
NET INTEREST AND DIVIDEND INCOME | 10,029 | 9,960 | ||
(Recovery) Provision for Loan Losses | 0 | 0 | ||
Net Interest and Dividend Income After Provision for Loan Losses | 10,029 | 9,960 | ||
Noninterest Income | 777 | 1,343 | ||
Noninterest Expense | 7,645 | 8,390 | ||
Undistributed Net Income of Subsidiary | 561 | 407 | ||
Income Before Income Tax Expense | 3,722 | 3,320 | ||
Income Tax Expense (Benefit) | 610 | 715 | ||
Net Income | 3,112 | 2,605 | ||
Operating Segments | Insurance Brokerage Services Segment | Exchange Underwriters, Inc. | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 5,584 | 5,110 | ||
Liabilities | 1,645 | 1,731 | ||
Stockholders' Equity | 3,939 | 3,379 | ||
Interest and Dividend Income | 1 | 1 | ||
Interest Expense | 0 | 0 | ||
NET INTEREST AND DIVIDEND INCOME | 1 | 1 | ||
(Recovery) Provision for Loan Losses | 0 | 0 | ||
Net Interest and Dividend Income After Provision for Loan Losses | 1 | 1 | ||
Noninterest Income | 1,797 | 1,591 | ||
Noninterest Expense | 1,007 | 1,001 | ||
Undistributed Net Income of Subsidiary | 0 | 0 | ||
Income Before Income Tax Expense | 791 | 591 | ||
Income Tax Expense (Benefit) | 230 | 184 | ||
Net Income | 561 | 407 | ||
Operating Segments | Insurance Brokerage Services Segment | CB Financial Services, Inc. | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 136,994 | 147,829 | ||
Liabilities | 14,838 | 14,705 | ||
Stockholders' Equity | 122,156 | 133,124 | ||
Interest and Dividend Income | 1,279 | 1,320 | ||
Interest Expense | 156 | 0 | ||
NET INTEREST AND DIVIDEND INCOME | 1,123 | 1,320 | ||
(Recovery) Provision for Loan Losses | 0 | 0 | ||
Net Interest and Dividend Income After Provision for Loan Losses | 1,123 | 1,320 | ||
Noninterest Income | 39 | 240 | ||
Noninterest Expense | 4 | 4 | ||
Income Before Income Tax Expense | 3,010 | 2,857 | ||
Income Tax Expense (Benefit) | (37) | 12 | ||
Net Income | 3,047 | 2,845 | ||
Net Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Assets | (143,159) | (153,048) | ||
Liabilities | (20,795) | (23,406) | ||
Stockholders' Equity | (122,364) | $ (129,642) | ||
Interest and Dividend Income | (1,260) | (1,304) | ||
Interest Expense | 0 | 0 | ||
NET INTEREST AND DIVIDEND INCOME | (1,260) | (1,304) | ||
(Recovery) Provision for Loan Losses | 0 | 0 | ||
Net Interest and Dividend Income After Provision for Loan Losses | (1,260) | (1,304) | ||
Noninterest Income | 0 | 0 | ||
Noninterest Expense | 0 | 0 | ||
Undistributed Net Income of Subsidiary | (2,413) | (1,708) | ||
Income Before Income Tax Expense | (3,673) | (3,012) | ||
Income Tax Expense (Benefit) | 0 | 0 | ||
Net Income | $ (3,673) | $ (3,012) |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | ||
Beginning balance (in shares) | 207,641 | |
Granted (in shares) | 85,465 | |
Exercised (in shares) | (7,500) | |
Forfeited (in shares) | (68) | |
Ending balance (in shares) | 285,538 | 207,641 |
Exercisable (in shares) | 179,515 | |
Weighted Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 24.01 | |
Granted (in dollars per share) | 25.95 | |
Exercised (in dollars per share) | 22.25 | |
Forfeited (in dollars per share) | 30.75 | |
Ending balance (in dollars per share) | 24.64 | $ 24.01 |
Exercisable (in dollars per share) | $ 24.25 | |
Weighted Average Remaining Contractual Life in Years | ||
Outstanding | 6 years 1 month 6 days | 4 years 9 months 18 days |
Exercisable | 4 years 2 months 12 days |
Stock Based Compensation - Nonv
Stock Based Compensation - Nonvested Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Number of Shares | |
Nonvested (in shares) | shares | 106,023 |
Weighted Average Exercise Price | |
Nonvested (in dollars per share) | $ / shares | $ 25.30 |
Weighted Average Remaining Contractual Life in Years | |
Nonvested (in years) | 9 years 4 months 24 days |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Significant Assumptions for Newly Issued Stock Options (Details) - Stock Options | 3 Months Ended |
Mar. 31, 2022USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected Term in Years | 6 years 6 months |
Expected Volatility | 28.70% |
Expected Dividends | $ | $ 0.96 |
Risk Free Rate of Return | 1.57% |
Weighted Average Grant Date Fair Value (per share) | $ / shares | $ 4.90 |
Share Based Compensation - Rest
Share Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | ||
Beginning balance (in shares) | 56,140 | |
Granted (in shares) | 20,765 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | (200) | |
Ending balance (in shares) | 76,705 | 56,140 |
Weighted Average Grant Date Fair Value Price | ||
Beginning balance (in dollars per share) | $ 23.90 | |
Granted (in dollars per share) | 26.25 | |
Vested (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 20.38 | |
Ending balance (in dollars per share) | $ 24.55 | $ 23.90 |
Weighted Average Remaining Contractual Life in Years | ||
Nonvested | 5 years | 5 years 3 months 18 days |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount | $ 456 | $ 65 | |
Share-based Payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | 1,700 | 1,300 | |
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value | $ 273 | $ 296 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 5 years | ||
Stock-based compensation expense | $ 130 | $ 121 | |
Number of shares authorized (in shares) | 362,622 | 500,000 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 5 years | ||
Stock-based compensation expense | $ 130 | $ 121 | |
Number of shares authorized (in shares) | 145,049 | 200,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions | Apr. 21, 2022 | Apr. 19, 2022 |
Subsequent Event [Line Items] | ||
Share repurchase program, authorized amount | $ 10 | |
Share repurchase program, authorized shares at current stock price (in shares) | 433,463 | |
Share repurchase program, if completed at current stock price, percentage of shares currently outstanding | 8.40% |