Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 07, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 $0.4167 per share | |
Trading Symbol | CBFV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,092,204 | |
Entity Central Index Key | 0001605301 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Due From Banks: | ||
Interest Bearing | $ 99,949 | $ 63,968 |
Non-Interest Bearing | 22,852 | 55,706 |
Total Cash and Due From Banks | 122,801 | 119,674 |
Securities: | ||
Available-for-Sale Debt Securities, at Fair Value | 191,232 | 222,108 |
Equity Securities, at Fair Value | 2,614 | 2,866 |
Total Securities | 193,846 | 224,974 |
Loans, Net of Allowance for Loan Losses of $12,854 and $11,582 at September 30, 2022 and December 31, 2021, Respectively | 1,030,088 | 1,009,214 |
Premises and Equipment, Net | 18,064 | 18,399 |
Bank-Owned Life Insurance | 25,750 | 25,332 |
Goodwill | 9,732 | 9,732 |
Intangible Assets, Net | 3,959 | 5,295 |
Accrued Interest Receivable and Other Assets | 21,680 | 12,859 |
TOTAL ASSETS | 1,425,920 | 1,425,479 |
Deposits: | ||
Non-Interest Bearing Demand Deposits | 407,107 | 385,775 |
NOW Accounts | 298,755 | 272,518 |
Money Market Accounts | 198,715 | 192,125 |
Savings Accounts | 250,378 | 239,482 |
Time Deposits | 120,879 | 136,713 |
Total Deposits | 1,275,834 | 1,226,613 |
Short-Term Borrowings | 18,108 | 39,266 |
Other Borrowings | 17,627 | 17,601 |
Accrued Interest Payable and Other Liabilities | 7,645 | 8,875 |
TOTAL LIABILITIES | 1,319,214 | 1,292,355 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock, No Par Value; 5,000,000 Shares Authorized | 0 | 0 |
Common Stock, $0.4167 Par Value; 35,000,000 Shares Authorized, 5,702,433 Shares Issued and 5,096,672 Shares Outstanding at September 30, 2022, with 5,680,993 and 5,260,672 Shares Issued and Outstanding at December 31, 2021. | 2,376 | 2,367 |
Capital Surplus | 83,793 | 83,294 |
Retained Earnings | 60,930 | 57,534 |
Treasury Stock, at Cost (605,761 and 420,321 Shares at September 30, 2022 and December 31, 2021, Respectively) | (13,745) | (9,144) |
Accumulated Other Comprehensive Loss | (26,648) | (927) |
TOTAL STOCKHOLDERS' EQUITY | 106,706 | 133,124 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,425,920 | $ 1,425,479 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for Loan Losses | $ 12,854 | $ 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) | 5,702,433 | 5,680,993 |
Common Stock, Shares Outstanding (in shares) | 5,096,672 | 5,260,672 |
Treasury Stock, at Cost (in shares) | 605,761 | 420,321 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans, Including Fees | $ 10,815 | $ 9,718 | $ 30,098 | $ 29,800 |
Investment Securities: | ||||
Taxable | 985 | 843 | 2,878 | 2,124 |
Tax-Exempt | 49 | 71 | 172 | 223 |
Dividends | 21 | 19 | 64 | 63 |
Other Interest and Dividend Income | 417 | 135 | 649 | 384 |
TOTAL INTEREST AND DIVIDEND INCOME | 12,287 | 10,786 | 33,861 | 32,594 |
INTEREST EXPENSE | ||||
Deposits | 1,079 | 715 | 2,214 | 2,489 |
Short-Term Borrowings | 19 | 25 | 56 | 72 |
Other Borrowings | 174 | 36 | 522 | 112 |
TOTAL INTEREST EXPENSE | 1,272 | 776 | 2,792 | 2,673 |
NET INTEREST AND DIVIDEND INCOME | 11,015 | 10,010 | 31,069 | 29,921 |
Provision (Recovery) | 0 | 0 | 3,784 | (1,200) |
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR LOAN LOSSES | 11,015 | 10,010 | 27,285 | 31,121 |
NONINTEREST INCOME | ||||
Net Gain on Sales of Loans | 0 | 49 | 0 | 166 |
Net (Loss) Gain on Securities | (46) | 24 | (252) | 482 |
Net Gain on Purchased Tax Credits | 14 | 18 | 43 | 53 |
Net Gain (Loss) on Disposal of Fixed Assets | 439 | 0 | 431 | (3) |
Income from Bank-Owned Life Insurance | 140 | 138 | 418 | 411 |
Other Income | 36 | 80 | 143 | 291 |
TOTAL NONINTEREST INCOME | 2,739 | 2,198 | 7,459 | 7,591 |
NONINTEREST EXPENSE | ||||
Salaries and Employee Benefits | 4,739 | 4,787 | 13,843 | 14,757 |
Occupancy | 768 | 615 | 2,230 | 2,349 |
Equipment | 170 | 205 | 561 | 782 |
Data Processing | 540 | 541 | 1,471 | 1,666 |
FDIC Assessment | 147 | 293 | 484 | 792 |
PA Shares Tax | 240 | 224 | 721 | 714 |
Contracted Services | 288 | 1,441 | 1,223 | 2,878 |
Legal and Professional Fees | 334 | 180 | 876 | 788 |
Advertising | 131 | 225 | 362 | 558 |
Other Real Estate Owned (Income) | (38) | (89) | (113) | (153) |
Amortization of Intangible Assets | 445 | 446 | 1,336 | 1,481 |
Intangible Assets Impairment | 0 | 0 | 0 | 1,178 |
Writedown of Fixed Assets | 0 | 2 | 0 | 2,270 |
Other Expense | 1,063 | 903 | 2,899 | 2,830 |
TOTAL NONINTEREST EXPENSE | 8,827 | 9,773 | 25,893 | 32,890 |
Income Before Income Tax Expense | 4,927 | 2,435 | 8,851 | 5,822 |
Income Tax Expense | 998 | 452 | 1,757 | 1,217 |
NET INCOME | $ 3,929 | $ 1,983 | $ 7,094 | $ 4,605 |
EARNINGS PER SHARE | ||||
Basic (in dollars per share) | $ 0.77 | $ 0.37 | $ 1.38 | $ 0.85 |
Diluted (in dollars per share) | $ 0.77 | $ 0.37 | $ 1.37 | $ 0.85 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||
Basic (in shares) | 5,106,861 | 5,373,032 | 5,150,632 | 5,412,989 |
Diluted (in shares) | 5,118,627 | 5,390,128 | 5,165,376 | 5,420,792 |
Service Fees | ||||
NONINTEREST INCOME | ||||
Revenue from contract with customer, excluding assessed tax | $ 544 | $ 602 | $ 1,629 | $ 1,762 |
Insurance Commissions | ||||
NONINTEREST INCOME | ||||
Revenue from contract with customer, excluding assessed tax | 1,368 | 1,194 | 4,535 | 3,998 |
Other Commissions | ||||
NONINTEREST INCOME | ||||
Revenue from contract with customer, excluding assessed tax | $ 244 | $ 93 | $ 512 | $ 431 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net Income | $ 3,929 | $ 1,983 | $ 7,094 | $ 4,605 | |
Other Comprehensive (Loss) Income: | |||||
Change in Unrealized (Loss) Income on Investment Securities Available-for-Sale | (11,753) | (733) | (32,785) | (2,662) | |
Income Tax Effect | 2,533 | 158 | 7,064 | 571 | |
Reclassification Adjustment for Gain on Sale of Debt Securities Included in Net Income | [1] | 0 | 0 | 0 | (225) |
Income Tax Effect | [2] | 0 | 0 | 0 | 48 |
Other Comprehensive (Loss), Net of Income Tax Effect | (9,220) | (575) | (25,721) | (2,268) | |
Total Comprehensive (Loss) Income | $ (5,291) | $ 1,408 | $ (18,627) | $ 2,337 | |
[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 (Loss) | 4,605 | 4,605 | ||||
Other Comprehensive Income (Loss) | (2,268) | (2,268) | ||||
Stock-Based Compensation Expense | 415 | 415 | ||||
Exercise of Stock Options | 54 | (8) | 62 | |||
Treasury stock purchased, at cost | (2,451) | (2,451) | ||||
Dividends Paid | (3,898) | (3,898) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 5,680,993 | |||||
Ending balance at Sep. 30, 2021 | 130,987 | $ 2,367 | 83,130 | 51,839 | (7,483) | 1,134 |
Beginning balance (in shares) at Jun. 30, 2021 | 5,680,993 | |||||
Beginning balance at Jun. 30, 2021 | 132,536 | $ 2,367 | 82,969 | 51,146 | (5,655) | 1,709 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 1,983 | 1,983 | ||||
Other Comprehensive Income (Loss) | (575) | (575) | ||||
Stock-Based Compensation Expense | 169 | 169 | ||||
Exercise of Stock Options | 54 | (8) | 62 | |||
Treasury stock purchased, at cost | (1,890) | (1,890) | ||||
Dividends Paid | (1,290) | (1,290) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 5,680,993 | |||||
Ending balance at Sep. 30, 2021 | 130,987 | $ 2,367 | 83,130 | 51,839 | (7,483) | 1,134 |
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 (Loss) | 7,094 | 7,094 | ||||
Other Comprehensive Income (Loss) | (25,721) | (25,721) | ||||
Restricted Stock Awards Granted (in shares) | 21,765 | |||||
Restricted Stock Awards Granted | $ 0 | $ 9 | (9) | |||
Restricted Stock Awards Forfeited (in shares) | (325) | |||||
Restricted Stock Awards Forfeited | $ 0 | 81 | (81) | |||
Stock-Based Compensation Expense | 424 | 424 | ||||
Exercise of Stock Options | 165 | 3 | 162 | |||
Treasury stock purchased, at cost | (4,682) | (4,682) | ||||
Dividends Paid | (3,698) | (3,698) | ||||
Ending balance (in shares) at Sep. 30, 2022 | 5,702,433 | |||||
Ending balance at Sep. 30, 2022 | 106,706 | $ 2,376 | 83,793 | 60,930 | (13,745) | (26,648) |
Beginning balance (in shares) at Jun. 30, 2022 | 5,702,433 | |||||
Beginning balance at Jun. 30, 2022 | 113,772 | $ 2,376 | 83,614 | 58,225 | (13,015) | (17,428) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 3,929 | 3,929 | ||||
Other Comprehensive Income (Loss) | (9,220) | (9,220) | ||||
Restricted Stock Awards Forfeited | 34 | (34) | ||||
Stock-Based Compensation Expense | 145 | 145 | ||||
Exercise of Stock Options | (2) | (2) | ||||
Treasury stock purchased, at cost | (694) | (694) | ||||
Dividends Paid | (1,224) | (1,224) | ||||
Ending balance (in shares) at Sep. 30, 2022 | 5,702,433 | |||||
Ending balance at Sep. 30, 2022 | $ 106,706 | $ 2,376 | $ 83,793 | $ 60,930 | $ (13,745) | $ (26,648) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Purchase of common stock (in shares) | 30,271 | 81,676 | 189,550 | 106,973 |
Dividends paid, per share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.72 | $ 0.72 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES | ||
Net Income | $ 7,094 | $ 4,605 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities | ||
Net Amortization on Securities | 48 | 38 |
Depreciation and Amortization | 1,997 | 1,810 |
Provision (Recovery) | 3,784 | (1,200) |
Intangible Asset Impairment | 0 | 1,178 |
Writedown of Fixed Assets | 0 | 2,270 |
Lease Impairment | 0 | 227 |
Loss (Gain) on Securities | 252 | (482) |
Gain on Purchased Tax Credits | (43) | (53) |
Income from Bank-Owned Life Insurance | (418) | (411) |
Proceeds From Mortgage Loans Sold | 0 | 8,182 |
Originations of Mortgage Loans for Sale | 0 | (15,289) |
Gain on Sale of Loans | 0 | (166) |
Gain on Sale of Other Real Estate Owned and Repossessed Assets | (1) | (76) |
Noncash Expense for Stock-Based Compensation | 424 | 415 |
(Increase) Decrease in Accrued Interest Receivable | (59) | 517 |
Net (Gain) Loss on Disposal of Fixed Assets | (431) | 3 |
(Increase) Decrease in Taxes Payable | (947) | 295 |
Increase (Decrease) in Accrued Interest Payable | 29 | (277) |
Refund of Federal and State Income Taxes | 0 | 1,311 |
Other, Net | (2,679) | (319) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 9,050 | 2,578 |
Investment Securities Available for Sale: | ||
Proceeds From Principal Repayments and Maturities | 24,869 | 29,563 |
Purchases of Securities | (26,826) | (119,924) |
Proceeds from Sale of Securities | 0 | 11,967 |
Net (Increase) Decrease in Loans | (24,480) | 33,378 |
Purchase of Premises and Equipment | (470) | (2,275) |
Proceeds from Disposal of Premises and Equipment | 480 | 0 |
Proceeds From Sale of Other Real Estate Owned | 37 | 285 |
Decrease in Restricted Equity Securities | 619 | 533 |
NET CASH USED IN INVESTING ACTIVITIES | (25,771) | (46,473) |
FINANCING ACTIVITIES | ||
Net Increase in Deposits | 49,221 | 52,542 |
Net (Decrease) Increase in Short-Term Borrowings | (21,158) | 12,260 |
Principal Payments on Other Borrowed Funds | 0 | (2,000) |
Cash Dividends Paid | (3,698) | (3,898) |
Treasury Stock, Purchases at Cost | (4,682) | (2,451) |
Exercise of Stock Options | 165 | 54 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 19,848 | 56,507 |
INCREASE IN CASH AND CASH EQUIVALENTS | 3,127 | 12,612 |
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR | 119,674 | 160,911 |
CASH AND DUE FROM BANKS AT END OF PERIOD | 122,801 | 173,523 |
Cash Paid For: | ||
Interest on Deposits and Borrowings (Including Interest Credited to Deposits of $2,322 and $2,761, Respectively) | 2,764 | 2,951 |
Income Taxes | 3,247 | 1,524 |
SUPPLEMENTAL NONCASH DISCLOSURE: | ||
Transfer of Loans to Loans Held for Sale | 0 | 10,056 |
Transfer of Premises and Equipment to Premises and Equipment Held for Sale and Other Assets | 0 | 1,075 |
Transfer of Deposits to Deposits Held for Sale | 0 | 102,647 |
Other Real Estate Acquired in Settlement of Loans | 0 | 37 |
Right of Use Asset Recognized | 1,284 | 0 |
Lease Liability Recognized | $ 1,284 | $ 0 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Interest credit to deposit accounts | $ 2,322 | $ 2,761 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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, 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 nine months ended September 30, 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 The FASB issued ASU 2022-22, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2022 2021 2022 2021 (Dollars in thousands, except share and per share data) Net Income $ 3,929 $ 1,983 $ 7,094 $ 4,605 Weighted-Average Basic Common Shares Outstanding 5,106,861 5,373,032 5,150,632 5,412,989 Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock) 11,766 17,096 14,744 7,803 Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding 5,118,627 5,390,128 5,165,376 5,420,792 Earnings Per Share: Basic $ 0.77 $ 0.37 $ 1.38 $ 0.85 Diluted 0.77 0.37 1.37 0.85 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 Nine Months Ended 2022 2021 2022 2021 Stock Options 149,367 71,741 149,367 199,641 Restricted Stock 36,490 23,000 37,490 32,360 |
Securities
Securities | 9 Months Ended |
Sep. 30, 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: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-Sale Debt Securities: U.S. Government Agencies $ 53,993 $ — $ (9,646) $ 44,347 Obligations of States and Political Subdivisions 14,053 — (920) 13,133 Mortgage-Backed Securities - Government-Sponsored Enterprises 48,045 — (5,559) 42,486 Collateralized Mortgage Obligations - Government Sponsored Enterprises 99,623 — (16,807) 82,816 Corporate Debt 9,485 — (1,035) 8,450 Total Available-for-Sale Debt Securities 225,199 — (33,967) 191,232 Equity Securities: Mutual Funds 873 Other 1,741 Total Equity Securities 2,614 Total Securities $ 193,846 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: September 30, 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 1 $ 2,576 $ (424) 12 $ 41,771 $ (9,222) 13 $ 44,347 $ (9,646) Obligations of States and Political Subdivisions 34 13,133 (920) — — — 34 13,133 (920) Mortgage Backed Securities- Government Sponsored Enterprises 38 29,578 (3,166) 4 12,908 (2,393) 42 42,486 (5,559) Collateralized Mortgage Obligations - Government Sponsored Enterprises 16 46,959 (9,451) 6 35,857 (7,356) 22 82,816 (16,807) Corporate Debt 2 3,850 (675) 1 4,600 (360) 3 8,450 (1,035) Total 91 $ 96,096 $ (14,636) 23 $ 95,136 $ (19,331) 114 $ 191,232 $ (33,967) 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 September 30, 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 September 30, 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 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 $179.6 million and $121.0 million at September 30, 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. Total securities available to be pledged have a fair value of $182.8 million at September 30, 2022 and $214.7 million at December 31, 2021. The following table presents the scheduled maturities of debt securities as of the date indicated: September 30, 2022 Amortized Cost Fair Value (Dollars in thousands) Due in One Year or Less $ 245 $ 244 Due after One Year through Five Years 10,477 9,211 Due after Five Years through Ten Years 72,745 62,072 Due after Ten Years 141,732 119,705 Total $ 225,199 $ 191,232 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 Nine Months Ended 2022 2021 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 $ (46) $ 18 $ (252) $ 251 Net Realized Gain Recognized on Securities Sold — 6 — 6 Net (Loss) Gain on Equity Securities $ (46) $ 24 $ (252) $ 257 Net (Loss) Gain on Securities $ (46) $ 24 $ (252) $ 482 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 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. September 30, 2022 December 31, 2021 Amount Percent Amount Percent (Dollars in thousands) Real Estate: Residential $ 328,248 31.5 % $ 320,798 31.4 % Commercial 432,516 41.5 392,124 38.5 Construction 49,502 4.7 85,028 8.3 Commercial and Industrial 62,196 6.0 89,010 8.7 Consumer 150,615 14.4 122,152 12.0 Other 19,865 1.9 11,684 1.1 Total Loans 1,042,942 100.0 % 1,020,796 100.0 % Allowance for Loan Losses (12,854) (11,582) Loans, Net $ 1,030,088 $ 1,009,214 Payroll Protection Program ("PPP") loans decreased $23.8 million to $768,000 at September 30, 2022 compared to $24.5 million at December 31, 2021. Net unamortized PPP loan origination fees as of September 30, 2022 and December 31, 2021 were $27,000 and $678,000, respectively. Additionally, $117,000 and $651,000 of net PPP loan origination fees were earned for the three and nine months ended September 30, 2022, respectively, compared to $380,000 and $1.4 million for the three and nine months ended September 30, 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 $1.3 million and $1.9 million at September 30, 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 September 30, 2022 and December 31, 2021, there were no loans in the criticized category of Loss within the internal risk rating system. September 30, 2022 Pass Special Mention Substandard Doubtful Total (Dollars in Thousands) Real Estate: Residential $ 325,702 $ 344 $ 2,202 $ — $ 328,248 Commercial 386,294 34,743 11,479 — 432,516 Construction 48,065 1,109 328 — 49,502 Commercial and Industrial 52,765 8,897 95 439 62,196 Consumer 150,502 — 113 — 150,615 Other 19,805 60 — — 19,865 Total Loans $ 983,133 $ 45,153 $ 14,217 $ 439 $ 1,042,942 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. September 30, 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 $ 326,527 $ 99 $ — $ — $ 99 $ 1,622 $ 328,248 Commercial 430,569 91 — — 91 1,856 432,516 Construction 49,502 — — — — — 49,502 Commercial and Industrial 61,599 19 139 — 158 439 62,196 Consumer 150,071 365 66 — 431 113 150,615 Other 19,865 — — — — — 19,865 Total Loans $ 1,038,133 $ 574 $ 205 $ — $ 779 $ 4,030 $ 1,042,942 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 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. September 30, December 31, (Dollars in Thousands) Nonaccrual Loans: Real Estate: Residential $ 1,622 $ 1,393 Commercial 1,856 2,058 Commercial and Industrial 439 1,496 Consumer 113 16 Total Nonaccrual Loans 4,030 4,963 Accruing Loans Past Due 90 Days or More: Total Accruing Loans Past Due 90 Days or More — — Total Nonaccrual Loans and Accruing Loans Past Due 90 Days or More 4,030 4,963 Troubled Debt Restructurings, Accruing: Real Estate Residential 544 613 Commercial 1,297 1,674 Commercial and Industrial 9 16 Total Troubled Debt Restructurings, Accruing 1,850 2,303 Total Nonperforming Loans 5,880 7,266 Other Real Estate Owned: Residential — 36 Total Other Real Estate Owned — 36 Total Nonperforming Assets $ 5,880 $ 7,302 Nonperforming Loans to Total Loans 0.56 % 0.71 % Nonperforming Assets to Total Assets 0.41 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 $944,456 and $571,000 at September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, the Company had no TDR loans in forbearance. There were no modifications to troubled debt restructurings during the three months ended September 30, 2022. As of December 31, 2021, there was no TDR loan in forbearance. The following table presents a summary of the loans considered to be impaired as of the dates indicated. September 30, 2022 Quarter Ended Year to Date Recorded Investment Related Allowance Unpaid Principal Balance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) With No Related Allowance Recorded: Real Estate: Residential $ 1,053 $ 1,058 $ 1,057 $ 14 $ 1,110 $ 37 Commercial 11,140 11,255 11,254 121 10,681 289 Construction 328 328 331 5 430 13 Commercial and Industrial 104 104 115 2 906 47 Total With No Related Allowance Recorded $ 12,625 $ — $ 12,745 $ 12,757 $ 142 $ 13,127 $ 386 With A Related Allowance Recorded: Real Estate: Residential $ — $ — $ — $ — $ — $ — $ — Commercial 1,636 68 1,636 1,644 35 733 47 Construction — 146 — — — 1,106 36 Commercial and Industrial 439 — 703 447 — 242 1 Total With A Related Allowance Recorded $ 2,075 $ 214 $ 2,339 $ 2,091 $ 35 $ 2,081 $ 84 Total Impaired Loans: Real Estate: Residential $ 1,053 $ — $ 1,058 $ 1,057 $ 14 $ 1,110 $ 37 Commercial 12,776 68 12,891 12,898 156 11,414 336 Construction 328 146 328 331 5 1,536 49 Commercial and Industrial 543 — 807 562 2 1,148 48 Total Impaired Loans $ 14,700 $ 214 $ 15,084 $ 14,848 $ 177 $ 15,208 $ 470 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 $964,000 at September 30, 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) June 30, 2022 $ 1,654 $ 6,023 $ 471 $ 2,349 $ 1,502 $ — $ 834 $ 12,833 Charge-offs — — — — (46) — — (46) Recoveries 16 — — 38 13 — — 67 Provision (Recovery) 148 (24) 94 (211) 89 — (96) — September 30, 2022 $ 1,818 $ 5,999 $ 565 $ 2,176 $ 1,558 $ — $ 738 $ 12,854 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 (33) — — (2,712) (85) — — (2,830) Recoveries 143 — — 106 69 — — 318 Provision (Recovery) 288 39 (684) 3,631 524 — (14) 3,784 September 30, 2022 $ 1,818 $ 5,999 $ 565 $ 2,176 $ 1,558 $ — $ 738 $ 12,854 September 30, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 68 $ 146 $ — $ — $ — $ — $ 214 Collectively Evaluated for Potential Impairment $ 1,818 $ 5,931 $ 419 $ 2,176 $ 1,558 $ — $ 738 $ 12,640 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) June 30, 2021 $ 1,588 $ 5,582 $ 1,136 $ 1,152 $ 941 $ — $ 1,145 $ 11,544 Charge-offs — — — — (19) — — (19) Recoveries 2 — — 11 43 — — 56 (Recovery) Provision (98) 347 (71) (21) (12) — (145) — September 30, 2021 $ 1,492 $ 5,929 $ 1,065 $ 1,142 $ 953 $ — $ 1,000 $ 11,581 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 — — — — (139) — — (139) Recoveries 15 — — 33 101 — — 149 (Recovery) Provision (772) (81) 176 (314) (292) — 83 (1,200) September 30, 2021 $ 1,492 $ 5,929 $ 1,065 $ 1,142 $ 953 $ — $ 1,000 $ 11,581 September 30, 2021 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 199 $ — $ — $ — $ — $ — $ 199 Collectively Evaluated for Potential Impairment $ 1,492 $ 5,730 $ 1,065 $ 1,142 $ 953 $ — $ 1,000 $ 11,382 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 September 30, 2022 and December 31, 2021, commercial and industrial loans include $768,000 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. September 30, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Total (Dollars in thousands) Individually Evaluated for Impairment $ 1,053 $ 12,776 $ 328 $ 543 $ — $ — $ 14,700 Collectively Evaluated for Potential Impairment 327,195 419,740 49,174 61,653 150,615 19,865 1,028,242 Total Loans $ 328,248 $ 432,516 $ 49,502 $ 62,196 $ 150,615 $ 19,865 $ 1,042,942 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 (178) September 30, 2022 $ 548 |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 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. September 30, 2022 December 31, 2021 Amount Weighted Amount Weighted (Dollars in thousands) Securities Sold Under Agreements to Repurchase: Balance at Period End $ 18,108 0.57 % $ 39,266 0.17 % Average Balance Outstanding During the Period 33,581 0.22 43,988 0.22 Maximum Amount Outstanding at any Month End 39,219 52,777 Securities Collaterizing the Agreements at Period-End: Carrying Value 39,280 59,867 Market Value 33,584 59,339 |
Fair Value Disclosure
Fair Value Disclosure | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure | Fair Value DisclosureFASB 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 nine months ended September 30, 2022 or year ended December 31, 2021. Fair Value Hierarchy September 30 December 31 (Dollars in thousands) Securities: Available-for-Sale Debt Securities U.S. Government Agencies Level 2 $ 44,347 $ 52,561 Obligations of States and Political Subdivisions Level 2 13,133 18,955 Mortgage-Backed Securities - Government-Sponsored Enterprises Level 2 42,486 56,559 Collateralized Mortgage Obligations - Government Sponsored Enterprises Level 2 82,816 86,583 Corporate Debt Level 2 8,450 7,450 Total Available-for-Sale Debt Securities 191,232 222,108 Equity Securities Mutual Funds Level 1 873 990 Other Level 1 1,741 1,876 Total Equity Securities 2,614 2,866 Total Securities $ 193,846 $ 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 September 30, Valuation Significant Unobservable Inputs Range Weighted Average (Dollars in thousands) Impaired Loans Individually Assessed Level 3 $ 1,861 Appraisal of Collateral (1) Appraisal Adjustments (2) 0 % to 50 % 13.3% 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 % 10.1% Prepayment Speed 6 % to 36 % 7.5% 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 September 30, 2022 and December 31, 2021, the fair value of impaired loans consists of the loan balances of $2.1 million and $2.3 million, respectively, less their specific valuation allowances of $214,000 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. September 30, 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 $ 99,949 $ 99,949 $ 63,968 $ 63,968 Non-Interest Bearing Level 1 22,852 22,852 55,706 55,706 Securities See Above 193,846 193,846 224,974 224,974 Loans, Net Level 3 1,030,088 1,002,426 1,009,214 1,039,980 Restricted Stock Level 2 2,784 2,784 3,403 3,403 Mortgage Servicing Rights Level 3 658 1,019 730 773 Accrued Interest Receivable Level 2 3,409 3,409 3,350 3,350 Financial Liabilities: Deposits Level 2 1,275,834 1,272,403 1,226,613 1,227,653 Short-Term Borrowings Level 2 18,108 18,099 39,266 39,266 Other Borrowed Funds FHLB Borrowings Level 2 3,000 3,000 3,000 3,000 Subordinated Debt Level 2 14,627 13,490 14,601 15,000 Accrued Interest Payable Level 2 515 515 486 486 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 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. September 30, December 31, (Dollars in thousands) Standby Letters of Credit $ 110 $ 110 Performance Letters of Credit 1,657 2,873 Construction Mortgages 39,631 55,597 Personal Lines of Credit 6,992 7,055 Overdraft Protection Lines 5,402 5,709 Home Equity Lines of Credit 23,526 21,187 Commercial Lines of Credit 65,443 83,316 Total Commitments $ 142,761 $ 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 | 9 Months Ended |
Sep. 30, 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 lease liabilities 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 Nine Months Ended 2022 2021 2022 2021 (Dollars in thousands) Operating Lease Expense $ 89 $ 74 $ 261 $ 257 Short-Term Lease Expense — 8 — 25 Variable Lease Expense 7 8 21 24 Total Lease Expense $ 96 $ 90 $ 282 $ 306 September 30, December 31, (Dollars in thousands) Operating Leases: ROU Assets $ 1,730 $ 674 Weighted Average Lease Term in Years 8.71 7.33 Weighted Average Discount Rate 2.58 % 2.51 % September 30, (Dollars in thousands) Maturity Analysis: Due in One Year $ 328 Due After One Year to Two Years 263 Due After Two Years to Three Years 240 Due After Three Years to Four Years 195 Due After Four to Five Years 198 Due After Five Years 915 Total $ 2,139 Less: Present Value Discount 234 Lease Liabilities $ 1,905 During the nine months ended September 30, 2022, the Company entered into a new lease agreement for the McMurray, PA branch, for a 10-year term ending March 31, 2032, as well as a new lease agreement for the Waynesburg branch, for a 5-year term ending July 31, 2027. The increase to the operating Right of Use Asset and corresponding lease liability is approximately $1.3 million. |
Other Noninterest Expense
Other Noninterest Expense | 9 Months Ended |
Sep. 30, 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 Income for the periods indicated are as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (Dollars in thousands) Non-Employee Compensation $ 139 $ 184 $ 410 $ 473 Printing and Supplies 63 55 190 218 Postage 163 86 300 265 Telephone 132 145 390 472 Charitable Contributions 39 45 120 80 Dues and Subscriptions 24 33 121 121 Loan Expenses 209 86 459 288 Meals and Entertainment 33 31 101 91 Travel 43 27 116 77 Training 10 5 41 29 Bank Assessment 47 46 141 134 Insurance 70 54 201 173 Miscellaneous 91 106 309 409 Total Other Noninterest Expense $ 1,063 $ 903 $ 2,899 $ 2,830 |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Segment and Related InformationAt September 30, 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) September 30, 2022 Assets $ 1,425,905 $ 5,173 $ 121,522 $ (126,680) $ 1,425,920 Liabilities 1,321,603 1,835 14,815 (19,039) 1,319,214 Stockholders' Equity 104,302 3,338 106,707 (107,641) 106,706 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 September 30, 2022 Interest and Dividend Income $ 12,267 $ 1 $ 1,246 $ (1,227) $ 12,287 Interest Expense 1,117 — 155 — 1,272 Net Interest and Dividend Income 11,150 1 1,091 (1,227) 11,015 Provision for Loan Losses — — — — — Net Interest and Dividend Income After Provision for Loan Losses 11,150 1 1,091 (1,227) 11,015 Noninterest Income (Loss) 1,343 1,406 (10) — 2,739 Noninterest Expense 7,741 1,082 4 — 8,827 Undistributed Net Income (Loss) of Subsidiary 230 — 2,807 (3,037) — Income Before Income Tax Expense (Benefit) 4,982 325 3,884 (4,264) 4,927 Income Tax Expense (Benefit) 948 95 (45) — 998 Net Income $ 4,034 $ 230 $ 3,929 $ (4,264) $ 3,929 Nine Months Ended September 30, 2022 Interest and Dividend Income $ 33,802 $ 4 $ 3,779 $ (3,724) $ 33,861 Interest Expense 2,325 — 467 — 2,792 Net Interest and Dividend Income 31,477 4 3,312 (3,724) 31,069 Provision for Loan Losses 3,784 — — — 3,784 Net Interest and Dividend Income After Provision for Loan Losses 27,693 4 3,312 (3,724) 27,285 Noninterest Income (Loss) 3,023 4,572 (136) — 7,459 Noninterest Expense 22,806 3,074 13 — 25,893 Undistributed Net Income of Subsidiary 1,064 — 3,762 (4,826) — Income Before Income Tax Expense (Benefit) 8,974 1,502 6,925 (8,550) 8,851 Income Tax Expense (Benefit) 1,488 438 (169) — 1,757 Net Income $ 7,486 $ 1,064 $ 7,094 $ (8,550) $ 7,094 Community Bank Exchange Underwriters, Inc. CB Financial Services, Inc. Net Eliminations Consolidated (Dollars in thousands) Three Months Ended September 30, 2021 Interest and Dividend Income $ 10,768 $ 1 $ 1,311 $ (1,294) $ 10,786 Interest Expense 776 — — — 776 Net Interest and Dividend Income 9,992 1 1,311 (1,294) 10,010 Provision for Loan Losses — — — — — Net Interest and Dividend Income After Provision for Loan Losses 9,992 1 1,311 (1,294) 10,010 Noninterest Income 975 1,195 28 — 2,198 Noninterest Expense 8,750 1,020 3 — 9,773 Undistributed Net Income of Subsidiary 124 — 654 (778) — Income Before Income Tax Expense 2,341 176 1,990 (2,072) 2,435 Income Tax Expense 393 52 7 — 452 Net Income $ 1,948 $ 124 $ 1,983 $ (2,072) $ 1,983 Nine Months Ended September 30, 2021 Interest and Dividend Income $ 32,536 $ 4 $ 8,456 $ (8,402) $ 32,594 Interest Expense 2,673 — — — 2,673 Net Interest and Dividend Income 29,863 4 8,456 (8,402) 29,921 (Recovery) for Loan Losses (1,200) — — — (1,200) Net Interest and Dividend Income After (Recovery) for Loan Losses 31,063 4 8,456 (8,402) 31,121 Noninterest Income 3,319 3,995 277 — 7,591 Noninterest Expense 29,898 2,983 9 — 32,890 Undistributed Net Income (Loss) of Subsidiary 710 — (4,096) 3,386 — Income Before Income Tax Expense 5,194 1,016 4,628 (5,016) 5,822 Income Tax Expense 888 306 23 — 1,217 Net Income $ 4,306 $ 710 $ 4,605 $ (5,016) $ 4,605 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation The following table presents stock option information for the period 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 89,465 25.79 Exercised (12,500) 22.25 Forfeited (12,858) 26.43 Outstanding Options at September 30, 2022 271,748 $ 24.56 5.4 Exercisable Options at September 30, 2022 177,683 $ 24.32 3.6 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Nonvested Options at September 30, 2022 94,065 $ 25.02 9.0 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 1.60 % Weighted Average Grant Date Fair Value (per share) $ 4.86 The following table presents restricted stock award information for the period 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 21,765 26.07 Vested (1,120) 19.14 Forfeited (3,715) 24.01 Nonvested Restricted Stock at September 30, 2022 73,070 $ 24.61 4.2 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 $145,000 and $169,000 for the three months ended September 30, 2022 and 2021, and $424,000 and $415,000 for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, total unrecognized compensation expense was $386,945 and $65,000, respectively, related to stock options, and $1.4 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 September 30, 2022 and December 31, 2021 exceeds the exercise price of the stock options. The intrinsic value of stock options was $32,280 and $296,000 at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, respectively, there were 362,175 and 500,000 shares available under the Plan to be issued in connection with the exercise of stock options, and 144,870 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 | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events 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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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, 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 The FASB issued ASU 2022-22, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2022 2021 2022 2021 (Dollars in thousands, except share and per share data) Net Income $ 3,929 $ 1,983 $ 7,094 $ 4,605 Weighted-Average Basic Common Shares Outstanding 5,106,861 5,373,032 5,150,632 5,412,989 Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock) 11,766 17,096 14,744 7,803 Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding 5,118,627 5,390,128 5,165,376 5,420,792 Earnings Per Share: Basic $ 0.77 $ 0.37 $ 1.38 $ 0.85 Diluted 0.77 0.37 1.37 0.85 |
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 Nine Months Ended 2022 2021 2022 2021 Stock Options 149,367 71,741 149,367 199,641 Restricted Stock 36,490 23,000 37,490 32,360 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-Sale Debt Securities: U.S. Government Agencies $ 53,993 $ — $ (9,646) $ 44,347 Obligations of States and Political Subdivisions 14,053 — (920) 13,133 Mortgage-Backed Securities - Government-Sponsored Enterprises 48,045 — (5,559) 42,486 Collateralized Mortgage Obligations - Government Sponsored Enterprises 99,623 — (16,807) 82,816 Corporate Debt 9,485 — (1,035) 8,450 Total Available-for-Sale Debt Securities 225,199 — (33,967) 191,232 Equity Securities: Mutual Funds 873 Other 1,741 Total Equity Securities 2,614 Total Securities $ 193,846 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: September 30, 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 1 $ 2,576 $ (424) 12 $ 41,771 $ (9,222) 13 $ 44,347 $ (9,646) Obligations of States and Political Subdivisions 34 13,133 (920) — — — 34 13,133 (920) Mortgage Backed Securities- Government Sponsored Enterprises 38 29,578 (3,166) 4 12,908 (2,393) 42 42,486 (5,559) Collateralized Mortgage Obligations - Government Sponsored Enterprises 16 46,959 (9,451) 6 35,857 (7,356) 22 82,816 (16,807) Corporate Debt 2 3,850 (675) 1 4,600 (360) 3 8,450 (1,035) Total 91 $ 96,096 $ (14,636) 23 $ 95,136 $ (19,331) 114 $ 191,232 $ (33,967) 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: September 30, 2022 Amortized Cost Fair Value (Dollars in thousands) Due in One Year or Less $ 245 $ 244 Due after One Year through Five Years 10,477 9,211 Due after Five Years through Ten Years 72,745 62,072 Due after Ten Years 141,732 119,705 Total $ 225,199 $ 191,232 |
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 Nine Months Ended 2022 2021 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 $ (46) $ 18 $ (252) $ 251 Net Realized Gain Recognized on Securities Sold — 6 — 6 Net (Loss) Gain on Equity Securities $ (46) $ 24 $ (252) $ 257 Net (Loss) Gain on Securities $ (46) $ 24 $ (252) $ 482 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the classifications of loans as of the dates indicated. September 30, 2022 December 31, 2021 Amount Percent Amount Percent (Dollars in thousands) Real Estate: Residential $ 328,248 31.5 % $ 320,798 31.4 % Commercial 432,516 41.5 392,124 38.5 Construction 49,502 4.7 85,028 8.3 Commercial and Industrial 62,196 6.0 89,010 8.7 Consumer 150,615 14.4 122,152 12.0 Other 19,865 1.9 11,684 1.1 Total Loans 1,042,942 100.0 % 1,020,796 100.0 % Allowance for Loan Losses (12,854) (11,582) Loans, Net $ 1,030,088 $ 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 September 30, 2022 and December 31, 2021, there were no loans in the criticized category of Loss within the internal risk rating system. September 30, 2022 Pass Special Mention Substandard Doubtful Total (Dollars in Thousands) Real Estate: Residential $ 325,702 $ 344 $ 2,202 $ — $ 328,248 Commercial 386,294 34,743 11,479 — 432,516 Construction 48,065 1,109 328 — 49,502 Commercial and Industrial 52,765 8,897 95 439 62,196 Consumer 150,502 — 113 — 150,615 Other 19,805 60 — — 19,865 Total Loans $ 983,133 $ 45,153 $ 14,217 $ 439 $ 1,042,942 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. September 30, 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 $ 326,527 $ 99 $ — $ — $ 99 $ 1,622 $ 328,248 Commercial 430,569 91 — — 91 1,856 432,516 Construction 49,502 — — — — — 49,502 Commercial and Industrial 61,599 19 139 — 158 439 62,196 Consumer 150,071 365 66 — 431 113 150,615 Other 19,865 — — — — — 19,865 Total Loans $ 1,038,133 $ 574 $ 205 $ — $ 779 $ 4,030 $ 1,042,942 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. September 30, December 31, (Dollars in Thousands) Nonaccrual Loans: Real Estate: Residential $ 1,622 $ 1,393 Commercial 1,856 2,058 Commercial and Industrial 439 1,496 Consumer 113 16 Total Nonaccrual Loans 4,030 4,963 Accruing Loans Past Due 90 Days or More: Total Accruing Loans Past Due 90 Days or More — — Total Nonaccrual Loans and Accruing Loans Past Due 90 Days or More 4,030 4,963 Troubled Debt Restructurings, Accruing: Real Estate Residential 544 613 Commercial 1,297 1,674 Commercial and Industrial 9 16 Total Troubled Debt Restructurings, Accruing 1,850 2,303 Total Nonperforming Loans 5,880 7,266 Other Real Estate Owned: Residential — 36 Total Other Real Estate Owned — 36 Total Nonperforming Assets $ 5,880 $ 7,302 Nonperforming Loans to Total Loans 0.56 % 0.71 % Nonperforming Assets to Total Assets 0.41 0.51 |
Impaired Financing Receivables | The following table presents a summary of the loans considered to be impaired as of the dates indicated. September 30, 2022 Quarter Ended Year to Date Recorded Investment Related Allowance Unpaid Principal Balance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) With No Related Allowance Recorded: Real Estate: Residential $ 1,053 $ 1,058 $ 1,057 $ 14 $ 1,110 $ 37 Commercial 11,140 11,255 11,254 121 10,681 289 Construction 328 328 331 5 430 13 Commercial and Industrial 104 104 115 2 906 47 Total With No Related Allowance Recorded $ 12,625 $ — $ 12,745 $ 12,757 $ 142 $ 13,127 $ 386 With A Related Allowance Recorded: Real Estate: Residential $ — $ — $ — $ — $ — $ — $ — Commercial 1,636 68 1,636 1,644 35 733 47 Construction — 146 — — — 1,106 36 Commercial and Industrial 439 — 703 447 — 242 1 Total With A Related Allowance Recorded $ 2,075 $ 214 $ 2,339 $ 2,091 $ 35 $ 2,081 $ 84 Total Impaired Loans: Real Estate: Residential $ 1,053 $ — $ 1,058 $ 1,057 $ 14 $ 1,110 $ 37 Commercial 12,776 68 12,891 12,898 156 11,414 336 Construction 328 146 328 331 5 1,536 49 Commercial and Industrial 543 — 807 562 2 1,148 48 Total Impaired Loans $ 14,700 $ 214 $ 15,084 $ 14,848 $ 177 $ 15,208 $ 470 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) June 30, 2022 $ 1,654 $ 6,023 $ 471 $ 2,349 $ 1,502 $ — $ 834 $ 12,833 Charge-offs — — — — (46) — — (46) Recoveries 16 — — 38 13 — — 67 Provision (Recovery) 148 (24) 94 (211) 89 — (96) — September 30, 2022 $ 1,818 $ 5,999 $ 565 $ 2,176 $ 1,558 $ — $ 738 $ 12,854 September 30, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 68 $ 146 $ — $ — $ — $ — $ 214 Collectively Evaluated for Potential Impairment $ 1,818 $ 5,931 $ 419 $ 2,176 $ 1,558 $ — $ 738 $ 12,640 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) June 30, 2021 $ 1,588 $ 5,582 $ 1,136 $ 1,152 $ 941 $ — $ 1,145 $ 11,544 Charge-offs — — — — (19) — — (19) Recoveries 2 — — 11 43 — — 56 (Recovery) Provision (98) 347 (71) (21) (12) — (145) — September 30, 2021 $ 1,492 $ 5,929 $ 1,065 $ 1,142 $ 953 $ — $ 1,000 $ 11,581 September 30, 2021 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 199 $ — $ — $ — $ — $ — $ 199 Collectively Evaluated for Potential Impairment $ 1,492 $ 5,730 $ 1,065 $ 1,142 $ 953 $ — $ 1,000 $ 11,382 |
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 September 30, 2022 and December 31, 2021, commercial and industrial loans include $768,000 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. September 30, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Total (Dollars in thousands) Individually Evaluated for Impairment $ 1,053 $ 12,776 $ 328 $ 543 $ — $ — $ 14,700 Collectively Evaluated for Potential Impairment 327,195 419,740 49,174 61,653 150,615 19,865 1,028,242 Total Loans $ 328,248 $ 432,516 $ 49,502 $ 62,196 $ 150,615 $ 19,865 $ 1,042,942 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 (178) September 30, 2022 $ 548 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table sets forth the components of short-term borrowings as of the dates indicated. September 30, 2022 December 31, 2021 Amount Weighted Amount Weighted (Dollars in thousands) Securities Sold Under Agreements to Repurchase: Balance at Period End $ 18,108 0.57 % $ 39,266 0.17 % Average Balance Outstanding During the Period 33,581 0.22 43,988 0.22 Maximum Amount Outstanding at any Month End 39,219 52,777 Securities Collaterizing the Agreements at Period-End: Carrying Value 39,280 59,867 Market Value 33,584 59,339 |
Fair Value Disclosure (Tables)
Fair Value Disclosure (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2022 or year ended December 31, 2021. Fair Value Hierarchy September 30 December 31 (Dollars in thousands) Securities: Available-for-Sale Debt Securities U.S. Government Agencies Level 2 $ 44,347 $ 52,561 Obligations of States and Political Subdivisions Level 2 13,133 18,955 Mortgage-Backed Securities - Government-Sponsored Enterprises Level 2 42,486 56,559 Collateralized Mortgage Obligations - Government Sponsored Enterprises Level 2 82,816 86,583 Corporate Debt Level 2 8,450 7,450 Total Available-for-Sale Debt Securities 191,232 222,108 Equity Securities Mutual Funds Level 1 873 990 Other Level 1 1,741 1,876 Total Equity Securities 2,614 2,866 Total Securities $ 193,846 $ 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 September 30, Valuation Significant Unobservable Inputs Range Weighted Average (Dollars in thousands) Impaired Loans Individually Assessed Level 3 $ 1,861 Appraisal of Collateral (1) Appraisal Adjustments (2) 0 % to 50 % 13.3% 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 % 10.1% Prepayment Speed 6 % to 36 % 7.5% 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. September 30, 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 $ 99,949 $ 99,949 $ 63,968 $ 63,968 Non-Interest Bearing Level 1 22,852 22,852 55,706 55,706 Securities See Above 193,846 193,846 224,974 224,974 Loans, Net Level 3 1,030,088 1,002,426 1,009,214 1,039,980 Restricted Stock Level 2 2,784 2,784 3,403 3,403 Mortgage Servicing Rights Level 3 658 1,019 730 773 Accrued Interest Receivable Level 2 3,409 3,409 3,350 3,350 Financial Liabilities: Deposits Level 2 1,275,834 1,272,403 1,226,613 1,227,653 Short-Term Borrowings Level 2 18,108 18,099 39,266 39,266 Other Borrowed Funds FHLB Borrowings Level 2 3,000 3,000 3,000 3,000 Subordinated Debt Level 2 14,627 13,490 14,601 15,000 Accrued Interest Payable Level 2 515 515 486 486 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 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. September 30, December 31, (Dollars in thousands) Standby Letters of Credit $ 110 $ 110 Performance Letters of Credit 1,657 2,873 Construction Mortgages 39,631 55,597 Personal Lines of Credit 6,992 7,055 Overdraft Protection Lines 5,402 5,709 Home Equity Lines of Credit 23,526 21,187 Commercial Lines of Credit 65,443 83,316 Total Commitments $ 142,761 $ 175,847 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2022 2021 2022 2021 (Dollars in thousands) Operating Lease Expense $ 89 $ 74 $ 261 $ 257 Short-Term Lease Expense — 8 — 25 Variable Lease Expense 7 8 21 24 Total Lease Expense $ 96 $ 90 $ 282 $ 306 September 30, December 31, (Dollars in thousands) Operating Leases: ROU Assets $ 1,730 $ 674 Weighted Average Lease Term in Years 8.71 7.33 Weighted Average Discount Rate 2.58 % 2.51 % |
Lessee, Operating Lease, Liability, Maturity | September 30, (Dollars in thousands) Maturity Analysis: Due in One Year $ 328 Due After One Year to Two Years 263 Due After Two Years to Three Years 240 Due After Three Years to Four Years 195 Due After Four to Five Years 198 Due After Five Years 915 Total $ 2,139 Less: Present Value Discount 234 Lease Liabilities $ 1,905 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 9 Months Ended |
Sep. 30, 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 Income for the periods indicated are as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (Dollars in thousands) Non-Employee Compensation $ 139 $ 184 $ 410 $ 473 Printing and Supplies 63 55 190 218 Postage 163 86 300 265 Telephone 132 145 390 472 Charitable Contributions 39 45 120 80 Dues and Subscriptions 24 33 121 121 Loan Expenses 209 86 459 288 Meals and Entertainment 33 31 101 91 Travel 43 27 116 77 Training 10 5 41 29 Bank Assessment 47 46 141 134 Insurance 70 54 201 173 Miscellaneous 91 106 309 409 Total Other Noninterest Expense $ 1,063 $ 903 $ 2,899 $ 2,830 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 9 Months Ended |
Sep. 30, 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) September 30, 2022 Assets $ 1,425,905 $ 5,173 $ 121,522 $ (126,680) $ 1,425,920 Liabilities 1,321,603 1,835 14,815 (19,039) 1,319,214 Stockholders' Equity 104,302 3,338 106,707 (107,641) 106,706 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 September 30, 2022 Interest and Dividend Income $ 12,267 $ 1 $ 1,246 $ (1,227) $ 12,287 Interest Expense 1,117 — 155 — 1,272 Net Interest and Dividend Income 11,150 1 1,091 (1,227) 11,015 Provision for Loan Losses — — — — — Net Interest and Dividend Income After Provision for Loan Losses 11,150 1 1,091 (1,227) 11,015 Noninterest Income (Loss) 1,343 1,406 (10) — 2,739 Noninterest Expense 7,741 1,082 4 — 8,827 Undistributed Net Income (Loss) of Subsidiary 230 — 2,807 (3,037) — Income Before Income Tax Expense (Benefit) 4,982 325 3,884 (4,264) 4,927 Income Tax Expense (Benefit) 948 95 (45) — 998 Net Income $ 4,034 $ 230 $ 3,929 $ (4,264) $ 3,929 Nine Months Ended September 30, 2022 Interest and Dividend Income $ 33,802 $ 4 $ 3,779 $ (3,724) $ 33,861 Interest Expense 2,325 — 467 — 2,792 Net Interest and Dividend Income 31,477 4 3,312 (3,724) 31,069 Provision for Loan Losses 3,784 — — — 3,784 Net Interest and Dividend Income After Provision for Loan Losses 27,693 4 3,312 (3,724) 27,285 Noninterest Income (Loss) 3,023 4,572 (136) — 7,459 Noninterest Expense 22,806 3,074 13 — 25,893 Undistributed Net Income of Subsidiary 1,064 — 3,762 (4,826) — Income Before Income Tax Expense (Benefit) 8,974 1,502 6,925 (8,550) 8,851 Income Tax Expense (Benefit) 1,488 438 (169) — 1,757 Net Income $ 7,486 $ 1,064 $ 7,094 $ (8,550) $ 7,094 Community Bank Exchange Underwriters, Inc. CB Financial Services, Inc. Net Eliminations Consolidated (Dollars in thousands) Three Months Ended September 30, 2021 Interest and Dividend Income $ 10,768 $ 1 $ 1,311 $ (1,294) $ 10,786 Interest Expense 776 — — — 776 Net Interest and Dividend Income 9,992 1 1,311 (1,294) 10,010 Provision for Loan Losses — — — — — Net Interest and Dividend Income After Provision for Loan Losses 9,992 1 1,311 (1,294) 10,010 Noninterest Income 975 1,195 28 — 2,198 Noninterest Expense 8,750 1,020 3 — 9,773 Undistributed Net Income of Subsidiary 124 — 654 (778) — Income Before Income Tax Expense 2,341 176 1,990 (2,072) 2,435 Income Tax Expense 393 52 7 — 452 Net Income $ 1,948 $ 124 $ 1,983 $ (2,072) $ 1,983 Nine Months Ended September 30, 2021 Interest and Dividend Income $ 32,536 $ 4 $ 8,456 $ (8,402) $ 32,594 Interest Expense 2,673 — — — 2,673 Net Interest and Dividend Income 29,863 4 8,456 (8,402) 29,921 (Recovery) for Loan Losses (1,200) — — — (1,200) Net Interest and Dividend Income After (Recovery) for Loan Losses 31,063 4 8,456 (8,402) 31,121 Noninterest Income 3,319 3,995 277 — 7,591 Noninterest Expense 29,898 2,983 9 — 32,890 Undistributed Net Income (Loss) of Subsidiary 710 — (4,096) 3,386 — Income Before Income Tax Expense 5,194 1,016 4,628 (5,016) 5,822 Income Tax Expense 888 306 23 — 1,217 Net Income $ 4,306 $ 710 $ 4,605 $ (5,016) $ 4,605 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Options Roll Forward | The following table presents stock option information for the period 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 89,465 25.79 Exercised (12,500) 22.25 Forfeited (12,858) 26.43 Outstanding Options at September 30, 2022 271,748 $ 24.56 5.4 Exercisable Options at September 30, 2022 177,683 $ 24.32 3.6 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Nonvested Options at September 30, 2022 94,065 $ 25.02 9.0 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 1.60 % Weighted Average Grant Date Fair Value (per share) $ 4.86 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table presents stock option information for the period 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 89,465 25.79 Exercised (12,500) 22.25 Forfeited (12,858) 26.43 Outstanding Options at September 30, 2022 271,748 $ 24.56 5.4 Exercisable Options at September 30, 2022 177,683 $ 24.32 3.6 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Nonvested Options at September 30, 2022 94,065 $ 25.02 9.0 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 1.60 % Weighted Average Grant Date Fair Value (per share) $ 4.86 |
Nonvested Restricted Stock Shares Activity | The following table presents restricted stock award information for the period 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 21,765 26.07 Vested (1,120) 19.14 Forfeited (3,715) 24.01 Nonvested Restricted Stock at September 30, 2022 73,070 $ 24.61 4.2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - branch | 12 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2022 | |
Real Estate Properties [Line Items] | ||
Number of branches consolidated | 6 | |
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 | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net Income | $ 3,929 | $ 1,983 | $ 7,094 | $ 4,605 |
Weighted-Average Basic Common Shares Outstanding (in shares) | 5,106,861 | 5,373,032 | 5,150,632 | 5,412,989 |
Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock) (in shares) | 11,766 | 17,096 | 14,744 | 7,803 |
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding (in shares) | 5,118,627 | 5,390,128 | 5,165,376 | 5,420,792 |
Earnings Per Share: | ||||
Basic (in dollars per share) | $ 0.77 | $ 0.37 | $ 1.38 | $ 0.85 |
Diluted (in dollars per share) | $ 0.77 | $ 0.37 | $ 1.37 | $ 0.85 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Diluted Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 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) | 149,367 | 71,741 | 149,367 | 199,641 |
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) | 36,490 | 23,000 | 37,490 | 32,360 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Investment Securities Available-for-sale (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available-for-Sale Debt Securities: | ||
Amortized Cost | $ 225,199 | $ 223,290 |
Gross Unrealized Gains | 0 | 2,638 |
Gross Unrealized Losses | (33,967) | (3,820) |
Fair Value | 191,232 | 222,108 |
Equity Securities: | ||
Total Equity Securities | 2,614 | 2,866 |
Total Securities | 193,846 | 224,974 |
U.S. Government Agencies | ||
Available-for-Sale Debt Securities: | ||
Amortized Cost | 53,993 | 53,992 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (9,646) | (1,433) |
Fair Value | 44,347 | 52,561 |
Obligations of States and Political Subdivisions | ||
Available-for-Sale Debt Securities: | ||
Amortized Cost | 14,053 | 17,951 |
Gross Unrealized Gains | 0 | 1,004 |
Gross Unrealized Losses | (920) | 0 |
Fair Value | 13,133 | 18,955 |
Mortgage-Backed Securities - Government-Sponsored Enterprises | ||
Available-for-Sale Debt Securities: | ||
Amortized Cost | 48,045 | 55,373 |
Gross Unrealized Gains | 0 | 1,468 |
Gross Unrealized Losses | (5,559) | (282) |
Fair Value | 42,486 | 56,559 |
Collateralized Mortgage Obligations - Government Sponsored Enterprises | ||
Available-for-Sale Debt Securities: | ||
Amortized Cost | 99,623 | 88,493 |
Gross Unrealized Gains | 0 | 164 |
Gross Unrealized Losses | (16,807) | (2,074) |
Fair Value | 82,816 | 86,583 |
Corporate Debt | ||
Available-for-Sale Debt Securities: | ||
Amortized Cost | 9,485 | 7,481 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,035) | (31) |
Fair Value | 8,450 | 7,450 |
Mutual Funds | ||
Equity Securities: | ||
Total Equity Securities | 873 | 990 |
Other | ||
Equity Securities: | ||
Total Equity Securities | $ 1,741 | $ 1,876 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value by Investment Category and Continuous Unrealized Loss Position (Details) $ in Thousands | Sep. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Less than 12 months | ||
Number of Securities | security | 91 | 25 |
Fair Value | $ 96,096 | $ 131,511 |
Gross Unrealized Losses | $ (14,636) | $ (2,656) |
12 Months or Greater | ||
Number of Securities | security | 23 | 7 |
Fair Value | $ 95,136 | $ 31,830 |
Gross Unrealized Losses | $ (19,331) | $ (1,164) |
Total | ||
Number of Securities | security | 114 | 32 |
Fair Value | $ 191,232 | $ 163,341 |
Gross Unrealized Losses | $ (33,967) | $ (3,820) |
U.S. Government Agencies | ||
Less than 12 months | ||
Number of Securities | security | 1 | 5 |
Fair Value | $ 2,576 | $ 17,729 |
Gross Unrealized Losses | $ (424) | $ (269) |
12 Months or Greater | ||
Number of Securities | security | 12 | 7 |
Fair Value | $ 41,771 | $ 31,830 |
Gross Unrealized Losses | $ (9,222) | $ (1,164) |
Total | ||
Number of Securities | security | 13 | 12 |
Fair Value | $ 44,347 | $ 49,559 |
Gross Unrealized Losses | $ (9,646) | $ (1,433) |
Obligations of States and Political Subdivisions | ||
Less than 12 months | ||
Number of Securities | security | 34 | 0 |
Fair Value | $ 13,133 | $ 0 |
Gross Unrealized Losses | $ (920) | $ 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 | 34 | 0 |
Fair Value | $ 13,133 | $ 0 |
Gross Unrealized Losses | $ (920) | $ 0 |
Mortgage-Backed Securities - Government-Sponsored Enterprises | ||
Less than 12 months | ||
Number of Securities | security | 38 | 8 |
Fair Value | $ 29,578 | $ 28,772 |
Gross Unrealized Losses | $ (3,166) | $ (282) |
12 Months or Greater | ||
Number of Securities | security | 4 | 0 |
Fair Value | $ 12,908 | $ 0 |
Gross Unrealized Losses | $ (2,393) | $ 0 |
Total | ||
Number of Securities | security | 42 | 8 |
Fair Value | $ 42,486 | $ 28,772 |
Gross Unrealized Losses | $ (5,559) | $ (282) |
Collateralized Mortgage Obligations - Government Sponsored Enterprises | ||
Less than 12 months | ||
Number of Securities | security | 16 | 10 |
Fair Value | $ 46,959 | $ 77,560 |
Gross Unrealized Losses | $ (9,451) | $ (2,074) |
12 Months or Greater | ||
Number of Securities | security | 6 | 0 |
Fair Value | $ 35,857 | $ 0 |
Gross Unrealized Losses | $ (7,356) | $ 0 |
Total | ||
Number of Securities | security | 22 | 10 |
Fair Value | $ 82,816 | $ 77,560 |
Gross Unrealized Losses | $ (16,807) | $ (2,074) |
Corporate Debt | ||
Less than 12 months | ||
Number of Securities | security | 2 | 2 |
Fair Value | $ 3,850 | $ 7,450 |
Gross Unrealized Losses | $ (675) | $ (31) |
12 Months or Greater | ||
Number of Securities | security | 1 | 0 |
Fair Value | $ 4,600 | $ 0 |
Gross Unrealized Losses | $ (360) | $ 0 |
Total | ||
Number of Securities | security | 3 | 2 |
Fair Value | $ 8,450 | $ 7,450 |
Gross Unrealized Losses | $ (1,035) | $ (31) |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 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 | $ 179.6 | $ 121 |
Public Funds and Sweep Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Investment securities, available-for-sale, pledged | $ 182.8 | $ 214.7 |
Securities - Maturities of Inve
Securities - Maturities of Investment Securities Available-for-sale and Held-to-maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in One Year or Less | $ 245 | |
Due after One Year through Five Years | 10,477 | |
Due after Five Years through Ten Years | 72,745 | |
Due after Ten Years | 141,732 | |
Amortized Cost | 225,199 | $ 223,290 |
Fair Value | ||
Due in One Year or Less | 244 | |
Due after One Year through Five Years | 9,211 | |
Due after Five Years through Ten Years | 62,072 | |
Due after Ten Years | 119,705 | |
Total | $ 191,232 | $ 222,108 |
Securities - Gains (Losses) of
Securities - Gains (Losses) of Sales of Available-for-sale Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Securities | ||||
Gross Realized Gain | $ 0 | $ 0 | $ 0 | $ 225 |
Gross Realized Loss | 0 | 0 | 0 | 0 |
Net Gain on Debt Securities | 0 | 0 | 0 | 225 |
Equity Securities | ||||
Net Unrealized (Loss) Gain Recognized on Securities Held | (46) | 18 | (252) | 251 |
Net Realized Gain Recognized on Securities Sold | 0 | 6 | 0 | 6 |
Net (Loss) Gain on Equity Securities | (46) | 24 | (252) | 257 |
Net (Loss) Gain on Securities | $ (46) | $ 24 | $ (252) | $ 482 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Classification of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | $ 1,042,942 | $ 1,020,796 | ||||
Allowance for Loan Losses | (12,854) | $ (12,833) | (11,582) | $ (11,581) | $ (11,544) | $ (12,771) |
Loans, Net | $ 1,030,088 | $ 1,009,214 | ||||
Percent | 100% | 100% | ||||
Real Estate | Residential | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | $ 328,248 | $ 320,798 | ||||
Allowance for Loan Losses | $ (1,818) | (1,654) | $ (1,420) | (1,492) | (1,588) | (2,249) |
Percent | 31.50% | 31.40% | ||||
Real Estate | Commercial | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | $ 432,516 | $ 392,124 | ||||
Allowance for Loan Losses | $ (5,999) | (6,023) | $ (5,960) | (5,929) | (5,582) | (6,010) |
Percent | 41.50% | 38.50% | ||||
Real Estate | Construction | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | $ 49,502 | $ 85,028 | ||||
Allowance for Loan Losses | $ (565) | (471) | $ (1,249) | (1,065) | (1,136) | (889) |
Percent | 4.70% | 8.30% | ||||
Commercial and Industrial | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | $ 62,196 | $ 89,010 | ||||
Allowance for Loan Losses | $ (2,176) | (2,349) | $ (1,151) | (1,142) | (1,152) | (1,423) |
Percent | 6% | 8.70% | ||||
Consumer | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | $ 150,615 | $ 122,152 | ||||
Allowance for Loan Losses | $ (1,558) | (1,502) | $ (1,050) | (953) | (941) | (1,283) |
Percent | 14.40% | 12% | ||||
Other | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | $ 19,865 | $ 11,684 | ||||
Allowance for Loan Losses | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Percent | 1.90% | 1.10% |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) loan | |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ (1,042,942,000) | $ (1,042,942,000) | $ (1,020,796,000) | ||
Total unamortized net deferred loan fees | 1,300,000 | 1,300,000 | 1,900,000 | ||
Financing receivable, nonaccrual, interest income | 56,000 | $ 33,000 | 142,000 | $ 136,000 | |
Mortgage loans in process of foreclosure, amount | $ 944,456 | 944,456 | $ 571,000 | ||
Increase (decrease) in impaired financing receivable, recorded investment | $ (964,000) | ||||
Non-TDR Loan Modifications, CARES Act | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Number of loans in forbearance | loan | 0 | 0 | 0 | ||
Unlikely to be Collected Financing Receivable | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 0 | $ 0 | $ 0 | ||
Commercial | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | (62,196,000) | (62,196,000) | (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) | (23,800,000) | ||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | (768,000) | (768,000) | (24,500,000) | ||
Financing receivable, unamortized loan fee | 27,000 | 27,000 | $ 678,000 | ||
Amortization of deferred loan origination fees, net | $ 117,000 | $ 380,000 | $ 651,000 | $ 1,400,000 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Internal Risk Rating System (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 1,042,942 | $ 1,020,796 |
Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 983,133 | 949,636 |
Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 45,153 | 55,579 |
Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 14,217 | 15,069 |
Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 439 | 512 |
Real Estate | Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 328,248 | 320,798 |
Real Estate | Residential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 325,702 | 317,964 |
Real Estate | Residential | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 344 | 845 |
Real Estate | Residential | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,202 | 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 | 432,516 | 392,124 |
Real Estate | Commercial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 386,294 | 355,895 |
Real Estate | Commercial | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 34,743 | 27,168 |
Real Estate | Commercial | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 11,479 | 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 | 49,502 | 85,028 |
Real Estate | Construction | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 48,065 | 69,441 |
Real Estate | Construction | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,109 | 13,035 |
Real Estate | Construction | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 328 | 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 | 62,196 | 89,010 |
Commercial and Industrial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 52,765 | 72,584 |
Commercial and Industrial | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 8,897 | 14,463 |
Commercial and Industrial | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 95 | 1,451 |
Commercial and Industrial | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 439 | 512 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 150,615 | 122,152 |
Consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 150,502 | 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 | 113 | 16 |
Consumer | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 19,865 | 11,684 |
Other | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 19,805 | 11,616 |
Other | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 60 | 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 1,042,942 | $ 1,020,796 |
Non- Accrual | 4,030 | 4,963 |
Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,038,133 | 1,012,860 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 779 | 2,973 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 574 | 2,875 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 205 | 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 | 328,248 | 320,798 |
Non- Accrual | 1,622 | 1,393 |
Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 432,516 | 392,124 |
Non- Accrual | 1,856 | 2,058 |
Real Estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 49,502 | 85,028 |
Non- Accrual | 0 | 0 |
Real Estate | Loans Current | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 326,527 | 317,583 |
Real Estate | Loans Current | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 430,569 | 389,522 |
Real Estate | Loans Current | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 49,502 | 85,028 |
Real Estate | Total Past Due | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 99 | 1,822 |
Real Estate | Total Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 91 | 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 | 99 | 1,805 |
Real Estate | 30-59 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 91 | 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 | 0 | 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 | 62,196 | 89,010 |
Non- Accrual | 439 | 1,496 |
Commercial and Industrial | Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 61,599 | 87,407 |
Commercial and Industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 158 | 107 |
Commercial and Industrial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 19 | 107 |
Commercial and Industrial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 139 | 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 | 150,615 | 122,152 |
Non- Accrual | 113 | 16 |
Consumer | Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 150,071 | 121,636 |
Consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 431 | 500 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 365 | 419 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 66 | 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 | 19,865 | 11,684 |
Non- Accrual | 0 | 0 |
Other | Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 19,865 | 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | $ 4,030 | $ 4,963 |
Total Loans | 1,042,942 | 1,020,796 |
TOTAL ASSETS | $ 1,425,920 | $ 1,425,479 |
Nonperforming Loans to Total Loans | 0.56% | 0.71% |
Nonperforming Assets to Total Assets | 0.41% | 0.51% |
Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | $ 4,030 | $ 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 | 4,030 | 4,963 |
Total Troubled Debt Restructurings, Accruing | 1,850 | 2,303 |
Total Loans | 5,880 | 7,266 |
Total Other Real Estate Owned | 0 | 36 |
TOTAL ASSETS | 5,880 | 7,302 |
Real Estate | Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 1,622 | 1,393 |
Total Loans | 328,248 | 320,798 |
Real Estate | Residential | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 1,622 | 1,393 |
Total Troubled Debt Restructurings, Accruing | 544 | 613 |
Total Other Real Estate Owned | 0 | 36 |
Real Estate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 1,856 | 2,058 |
Total Loans | 432,516 | 392,124 |
Real Estate | Commercial | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 1,856 | 2,058 |
Total Troubled Debt Restructurings, Accruing | 1,297 | 1,674 |
Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 439 | 1,496 |
Total Loans | 62,196 | 89,010 |
Commercial and Industrial | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 439 | 1,496 |
Total Troubled Debt Restructurings, Accruing | 9 | 16 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | 113 | 16 |
Total Loans | 150,615 | 122,152 |
Consumer | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Non- Accrual | $ 113 | $ 16 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
With No Related Allowance Recorded: | |||
Recorded Investment | $ 12,625 | $ 12,625 | $ 13,385 |
Unpaid Principal Balance | 12,745 | 12,745 | 13,750 |
Average Recorded Investment | 12,757 | 13,127 | 32,482 |
Interest Income Recognized | 142 | 386 | 1,056 |
With A Related Allowance Recorded: | |||
Recorded Investment | 2,075 | 2,075 | 2,279 |
Related Allowance | 214 | 214 | 299 |
Unpaid Principal Balance | 2,339 | 2,339 | 2,279 |
Average Recorded Investment | 2,091 | 2,081 | 1,906 |
Interest Income Recognized | 35 | 84 | 55 |
Total Impaired Loans: | |||
Recorded Investment | 14,700 | 14,700 | 15,664 |
Unpaid Principal Balance | 15,084 | 15,084 | 16,029 |
Average Recorded Investment | 14,848 | 15,208 | 34,388 |
Interest Income Recognized | 177 | 470 | 1,111 |
Real Estate | Residential | |||
With No Related Allowance Recorded: | |||
Recorded Investment | 1,053 | 1,053 | 1,133 |
Unpaid Principal Balance | 1,058 | 1,058 | 1,137 |
Average Recorded Investment | 1,057 | 1,110 | 1,158 |
Interest Income Recognized | 14 | 37 | 46 |
With A Related Allowance Recorded: | |||
Recorded Investment | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Total Impaired Loans: | |||
Recorded Investment | 1,053 | 1,053 | 1,133 |
Unpaid Principal Balance | 1,058 | 1,058 | 1,137 |
Average Recorded Investment | 1,057 | 1,110 | 1,158 |
Interest Income Recognized | 14 | 37 | 46 |
Real Estate | Commercial | |||
With No Related Allowance Recorded: | |||
Recorded Investment | 11,140 | 11,140 | 9,733 |
Unpaid Principal Balance | 11,255 | 11,255 | 9,787 |
Average Recorded Investment | 11,254 | 10,681 | 27,207 |
Interest Income Recognized | 121 | 289 | 927 |
With A Related Allowance Recorded: | |||
Recorded Investment | 1,636 | 1,636 | 266 |
Related Allowance | 68 | 68 | 195 |
Unpaid Principal Balance | 1,636 | 1,636 | 266 |
Average Recorded Investment | 1,644 | 733 | 421 |
Interest Income Recognized | 35 | 47 | 19 |
Total Impaired Loans: | |||
Recorded Investment | 12,776 | 12,776 | 9,999 |
Unpaid Principal Balance | 12,891 | 12,891 | 10,053 |
Average Recorded Investment | 12,898 | 11,414 | 27,628 |
Interest Income Recognized | 156 | 336 | 946 |
Real Estate | Construction | |||
With No Related Allowance Recorded: | |||
Recorded Investment | 328 | 328 | 540 |
Unpaid Principal Balance | 328 | 328 | 540 |
Average Recorded Investment | 331 | 430 | 887 |
Interest Income Recognized | 5 | 13 | 34 |
With A Related Allowance Recorded: | |||
Recorded Investment | 0 | 0 | 2,013 |
Related Allowance | 146 | 146 | 104 |
Unpaid Principal Balance | 0 | 0 | 2,013 |
Average Recorded Investment | 0 | 1,106 | 169 |
Interest Income Recognized | 0 | 36 | 7 |
Total Impaired Loans: | |||
Recorded Investment | 328 | 328 | 2,553 |
Unpaid Principal Balance | 328 | 328 | 2,553 |
Average Recorded Investment | 331 | 1,536 | 1,056 |
Interest Income Recognized | 5 | 49 | 41 |
Commercial and Industrial | |||
With No Related Allowance Recorded: | |||
Recorded Investment | 104 | 104 | 1,979 |
Unpaid Principal Balance | 104 | 104 | 2,286 |
Average Recorded Investment | 115 | 906 | 3,230 |
Interest Income Recognized | 2 | 47 | 49 |
With A Related Allowance Recorded: | |||
Recorded Investment | 439 | 439 | 0 |
Related Allowance | 0 | 0 | 0 |
Unpaid Principal Balance | 703 | 703 | 0 |
Average Recorded Investment | 447 | 242 | 1,316 |
Interest Income Recognized | 0 | 1 | 29 |
Total Impaired Loans: | |||
Recorded Investment | 543 | 543 | 1,979 |
Unpaid Principal Balance | 807 | 807 | 2,286 |
Average Recorded Investment | 562 | 1,148 | 4,546 |
Interest Income Recognized | $ 2 | $ 48 | $ 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 | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | $ 12,833 | $ 11,544 | $ 11,582 | $ 12,771 | |
Charge-offs | (46) | (19) | (2,830) | (139) | |
Recoveries | 67 | 56 | 318 | 149 | |
Provision (Recovery) | 0 | 0 | 3,784 | (1,200) | |
Ending balance | 12,854 | 11,581 | 12,854 | 11,581 | |
Individually Evaluated for Impairment | 214 | 199 | 214 | 199 | $ 299 |
Collectively Evaluated for Potential Impairment | 12,640 | 11,382 | 12,640 | 11,382 | 11,283 |
Real Estate | Residential | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 1,654 | 1,588 | 1,420 | 2,249 | |
Charge-offs | 0 | 0 | (33) | 0 | |
Recoveries | 16 | 2 | 143 | 15 | |
Provision (Recovery) | 148 | (98) | 288 | (772) | |
Ending balance | 1,818 | 1,492 | 1,818 | 1,492 | |
Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | 0 |
Collectively Evaluated for Potential Impairment | 1,818 | 1,492 | 1,818 | 1,492 | 1,420 |
Real Estate | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 6,023 | 5,582 | 5,960 | 6,010 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (Recovery) | (24) | 347 | 39 | (81) | |
Ending balance | 5,999 | 5,929 | 5,999 | 5,929 | |
Individually Evaluated for Impairment | 68 | 199 | 68 | 199 | 195 |
Collectively Evaluated for Potential Impairment | 5,931 | 5,730 | 5,931 | 5,730 | 5,765 |
Real Estate | Construction | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 471 | 1,136 | 1,249 | 889 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (Recovery) | 94 | (71) | (684) | 176 | |
Ending balance | 565 | 1,065 | 565 | 1,065 | |
Individually Evaluated for Impairment | 146 | 0 | 146 | 0 | 104 |
Collectively Evaluated for Potential Impairment | 419 | 1,065 | 419 | 1,065 | 1,145 |
Commercial and Industrial | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 2,349 | 1,152 | 1,151 | 1,423 | |
Charge-offs | 0 | 0 | (2,712) | 0 | |
Recoveries | 38 | 11 | 106 | 33 | |
Provision (Recovery) | (211) | (21) | 3,631 | (314) | |
Ending balance | 2,176 | 1,142 | 2,176 | 1,142 | |
Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | 0 |
Collectively Evaluated for Potential Impairment | 2,176 | 1,142 | 2,176 | 1,142 | 1,151 |
Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 1,502 | 941 | 1,050 | 1,283 | |
Charge-offs | (46) | (19) | (85) | (139) | |
Recoveries | 13 | 43 | 69 | 101 | |
Provision (Recovery) | 89 | (12) | 524 | (292) | |
Ending balance | 1,558 | 953 | 1,558 | 953 | |
Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | 0 |
Collectively Evaluated for Potential Impairment | 1,558 | 953 | 1,558 | 953 | 1,050 |
Other | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 0 | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (Recovery) | 0 | 0 | 0 | 0 | |
Ending balance | 0 | 0 | 0 | 0 | |
Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | 0 |
Collectively Evaluated for Potential Impairment | 0 | 0 | 0 | 0 | 0 |
Unallocated | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 834 | 1,145 | 752 | 917 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (Recovery) | (96) | (145) | (14) | 83 | |
Ending balance | 738 | 1,000 | 738 | 1,000 | |
Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | 0 |
Collectively Evaluated for Potential Impairment | $ 738 | $ 1,000 | $ 738 | $ 1,000 | $ 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | $ 14,700 | $ 15,664 |
Collectively Evaluated for Potential Impairment | 1,028,242 | 1,005,132 |
Total Loans | 1,042,942 | 1,020,796 |
Real Estate | Residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 1,053 | 1,133 |
Collectively Evaluated for Potential Impairment | 327,195 | 319,665 |
Total Loans | 328,248 | 320,798 |
Real Estate | Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 12,776 | 9,999 |
Collectively Evaluated for Potential Impairment | 419,740 | 382,125 |
Total Loans | 432,516 | 392,124 |
Real Estate | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 328 | 2,553 |
Collectively Evaluated for Potential Impairment | 49,174 | 82,475 |
Total Loans | 49,502 | 85,028 |
Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 543 | 1,979 |
Collectively Evaluated for Potential Impairment | 61,653 | 87,031 |
Total Loans | 62,196 | 89,010 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Potential Impairment | 150,615 | 122,152 |
Total Loans | 150,615 | 122,152 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Potential Impairment | 19,865 | 11,684 |
Total Loans | $ 19,865 | $ 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 | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Beginning balance | $ 726 |
Accretable Yield | (178) |
Ending balance | $ 548 |
Short-Term Borrowings - Federal
Short-Term Borrowings - Federal Funds Purchased and Short-term Borrowings (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Amount | ||
Balance at Period End | $ 18,108 | $ 39,266 |
Securities Sold under Agreements to Repurchase | ||
Amount | ||
Balance at Period End | 18,108 | 39,266 |
Average Balance Outstanding During the Period | 33,581 | 43,988 |
Maximum Amount Outstanding at any Month End | $ 39,219 | $ 52,777 |
Weighted Average Rate | ||
Balance at Period End | 0.57% | 0.17% |
Average Balance Outstanding During the Period | 0.22% | 0.22% |
Securities Collaterizing the Agreements at Period-End: | ||
Carrying Value | $ 39,280 | $ 59,867 |
Market Value | $ 33,584 | $ 59,339 |
Fair Value Disclosure - Assets
Fair Value Disclosure - Assets and Liabilities Reported Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 191,232 | $ 222,108 |
Total Equity Securities | 2,614 | 2,866 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 191,232 | 222,108 |
Total Equity Securities | 2,614 | 2,866 |
Total Securities | 193,846 | 224,974 |
U.S. Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 44,347 | 52,561 |
Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 13,133 | 18,955 |
Mortgage-Backed Securities - Government-Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 42,486 | 56,559 |
Collateralized Mortgage Obligations - Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 82,816 | 86,583 |
Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 8,450 | 7,450 |
Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Equity Securities | 873 | 990 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Equity Securities | 1,741 | 1,876 |
Level 2 | U.S. Government Agencies | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 44,347 | 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] | ||
Fair Value | 13,133 | 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] | ||
Fair Value | 42,486 | 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] | ||
Fair Value | 82,816 | 86,583 |
Level 2 | Corporate Debt | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 8,450 | 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 | 873 | 990 |
Level 1 | Other | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Equity Securities | $ 1,741 | $ 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 | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Financial Assets: | ||
Impaired Loans Individually Assessed | $ 1,861 | $ 1,980 |
Mortgage Servicing Rights | 141 | |
OREO | $ 36 | |
Measurement Input, Comparability Adjustment | Weighted Average | ||
Range | ||
Impaired Loans Individually Assessed | 0.133 | 15.8 |
Discount Rate | Weighted Average | ||
Range | ||
Mortgage Servicing Rights | 0.101 | |
Prepayment Speed | Weighted Average | ||
Range | ||
Mortgage Servicing Rights | 0.075 | |
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 | |
Discounted Cash Flow | Discount Rate | Maximum | ||
Range | ||
Mortgage Servicing Rights | 0.11 | |
Discounted Cash Flow | Prepayment Speed | Minimum | ||
Range | ||
Mortgage Servicing Rights | 0.06 | |
Discounted Cash Flow | Prepayment Speed | Maximum | ||
Range | ||
Mortgage Servicing Rights | 0.36 |
Fair Value Disclosure - Narrati
Fair Value Disclosure - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Recorded Investment | $ 2,075 | $ 2,279 |
Related Allowance | $ 214 | $ 299 |
Fair Value Disclosure - Estimat
Fair Value Disclosure - Estimated Fair Value of the Company's Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Fair Value | $ 191,232 | $ 222,108 |
Carrying Value | ||
Financial Assets: | ||
Fair Value | 193,846 | 224,974 |
Fair Value | ||
Financial Assets: | ||
Fair Value | 193,846 | 224,974 |
Level 1 | Carrying Value | ||
Financial Assets: | ||
Interest Bearing | 99,949 | 63,968 |
Non-Interest Bearing | 22,852 | 55,706 |
Level 1 | Fair Value | ||
Financial Assets: | ||
Interest Bearing | 99,949 | 63,968 |
Non-Interest Bearing | 22,852 | 55,706 |
Level 2 | Carrying Value | ||
Financial Assets: | ||
Restricted Stock | 2,784 | 3,403 |
Accrued Interest Receivable | 3,409 | 3,350 |
Financial Liabilities: | ||
Deposits | 1,275,834 | 1,226,613 |
Short-Term Borrowings | 18,108 | 39,266 |
Other Borrowed Funds | ||
FHLB Borrowings | 3,000 | 3,000 |
Subordinated Debt | 14,627 | 14,601 |
Accrued Interest Payable | 515 | 486 |
Level 2 | Fair Value | ||
Financial Assets: | ||
Restricted Stock | 2,784 | 3,403 |
Accrued Interest Receivable | 3,409 | 3,350 |
Financial Liabilities: | ||
Deposits | 1,272,403 | 1,227,653 |
Short-Term Borrowings | 18,099 | 39,266 |
Other Borrowed Funds | ||
FHLB Borrowings | 3,000 | 3,000 |
Subordinated Debt | 13,490 | 15,000 |
Accrued Interest Payable | 515 | 486 |
Level 3 | Carrying Value | ||
Financial Assets: | ||
Loans, Net | 1,030,088 | 1,009,214 |
Mortgage Servicing Rights | 658 | 730 |
Level 3 | Fair Value | ||
Financial Assets: | ||
Loans, Net | 1,002,426 | 1,039,980 |
Mortgage Servicing Rights | $ 1,019 | $ 773 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Unused and Available Credit Balances of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Total Commitments | $ 142,761 | $ 175,847 |
Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 110 | 110 |
Performance Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 1,657 | 2,873 |
Construction Mortgages | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 39,631 | 55,597 |
Personal Lines of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 6,992 | 7,055 |
Overdraft Protection Lines | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 5,402 | 5,709 |
Home Equity Lines of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 23,526 | 21,187 |
Commercial Lines of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | $ 65,443 | $ 83,316 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Accrued Interest Receivable and Other Assets | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Interest Payable and Other Liabilities | |
Right of Use Asset Recognized | $ 1,284 | $ 0 |
Lease Liability Recognized | $ 1,284 | $ 0 |
McMurray, PA | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 10 years | |
Waynesburg | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 5 years |
Leases - Operating Leases (Deta
Leases - Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Leases [Abstract] | |||||
Operating Lease Expense | $ 89 | $ 74 | $ 261 | $ 257 | |
Short-Term Lease Expense | 0 | 8 | 0 | 25 | |
Variable Lease Expense | 7 | 8 | 21 | 24 | |
Total Lease Expense | 96 | $ 90 | 282 | $ 306 | |
Operating Leases: | |||||
ROU Assets | $ 1,730 | $ 1,730 | $ 674 | ||
Weighted Average Lease Term in Years | 8 years 8 months 15 days | 8 years 8 months 15 days | 7 years 3 months 29 days | ||
Weighted Average Discount Rate | 2.58% | 2.58% | 2.51% |
Leases - Maturity of Operating
Leases - Maturity of Operating Lease (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
Due in One Year | $ 328 |
Due After One Year to Two Years | 263 |
Due After Two Years to Three Years | 240 |
Due After Three Years to Four Years | 195 |
Due After Four to Five Years | 198 |
Due After Five Years | 915 |
Total | 2,139 |
Less: Present Value Discount | 234 |
Lease Liabilities | $ 1,905 |
Other Noninterest Expense - Com
Other Noninterest Expense - Components of Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Non-Employee Compensation | $ 139 | $ 184 | $ 410 | $ 473 |
Printing and Supplies | 63 | 55 | 190 | 218 |
Postage | 163 | 86 | 300 | 265 |
Telephone | 132 | 145 | 390 | 472 |
Charitable Contributions | 39 | 45 | 120 | 80 |
Dues and Subscriptions | 24 | 33 | 121 | 121 |
Loan Expenses | 209 | 86 | 459 | 288 |
Meals and Entertainment | 33 | 31 | 101 | 91 |
Travel | 43 | 27 | 116 | 77 |
Training | 10 | 5 | 41 | 29 |
Bank Assessment | 47 | 46 | 141 | 134 |
Insurance | 70 | 54 | 201 | 173 |
Miscellaneous | 91 | 106 | 309 | 409 |
Total Other Noninterest Expense | $ 1,063 | $ 903 | $ 2,899 | $ 2,830 |
Segment and Related Informati_3
Segment and Related Information - Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 segment | |
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 | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||||||
Assets | $ 1,425,920 | $ 1,425,920 | $ 1,425,479 | |||||
Liabilities | 1,319,214 | 1,319,214 | 1,292,355 | |||||
Stockholders' Equity | 106,706 | $ 130,987 | 106,706 | $ 130,987 | $ 113,772 | 133,124 | $ 132,536 | $ 134,530 |
Interest and Dividend Income | 12,287 | 10,786 | 33,861 | 32,594 | ||||
Interest Expense | 1,272 | 776 | 2,792 | 2,673 | ||||
NET INTEREST AND DIVIDEND INCOME | 11,015 | 10,010 | 31,069 | 29,921 | ||||
Provision (Recovery) | 0 | 0 | 3,784 | (1,200) | ||||
Net Interest and Dividend Income After Provision for Loan Losses | 11,015 | 10,010 | 27,285 | 31,121 | ||||
Noninterest Income (Loss) | 2,739 | 2,198 | 7,459 | 7,591 | ||||
Noninterest Expense | 8,827 | 9,773 | 25,893 | 32,890 | ||||
Undistributed Net Income (Loss) of Subsidiary | 0 | 0 | 0 | 0 | ||||
Income Before Income Tax Expense | 4,927 | 2,435 | 8,851 | 5,822 | ||||
Income Tax Expense (Benefit) | 998 | 452 | 1,757 | 1,217 | ||||
Net Income | 3,929 | 1,983 | 7,094 | 4,605 | ||||
Operating Segments | CB Financial Services, Inc. | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Undistributed Net Income (Loss) of Subsidiary | 2,807 | 654 | 3,762 | |||||
Operating Segments | Community Bank | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 1,425,905 | 1,425,905 | 1,425,588 | |||||
Liabilities | 1,321,603 | 1,321,603 | 1,299,325 | |||||
Stockholders' Equity | 104,302 | 104,302 | 126,263 | |||||
Interest and Dividend Income | 12,267 | 10,768 | 33,802 | 32,536 | ||||
Interest Expense | 1,117 | 776 | 2,325 | 2,673 | ||||
NET INTEREST AND DIVIDEND INCOME | 11,150 | 9,992 | 31,477 | 29,863 | ||||
Provision (Recovery) | 0 | 0 | 3,784 | (1,200) | ||||
Net Interest and Dividend Income After Provision for Loan Losses | 11,150 | 9,992 | 27,693 | 31,063 | ||||
Noninterest Income (Loss) | 1,343 | 975 | 3,023 | 3,319 | ||||
Noninterest Expense | 7,741 | 8,750 | 22,806 | 29,898 | ||||
Undistributed Net Income (Loss) of Subsidiary | 230 | 124 | 1,064 | 710 | ||||
Income Before Income Tax Expense | 4,982 | 2,341 | 8,974 | 5,194 | ||||
Income Tax Expense (Benefit) | 948 | 393 | 1,488 | 888 | ||||
Net Income | 4,034 | 1,948 | 7,486 | 4,306 | ||||
Operating Segments | Insurance Brokerage Services Segment | Exchange Underwriters, Inc. | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 5,173 | 5,173 | 5,110 | |||||
Liabilities | 1,835 | 1,835 | 1,731 | |||||
Stockholders' Equity | 3,338 | 3,338 | 3,379 | |||||
Interest and Dividend Income | 1 | 1 | 4 | 4 | ||||
Interest Expense | 0 | 0 | 0 | 0 | ||||
NET INTEREST AND DIVIDEND INCOME | 1 | 1 | 4 | 4 | ||||
Provision (Recovery) | 0 | 0 | 0 | 0 | ||||
Net Interest and Dividend Income After Provision for Loan Losses | 1 | 1 | 4 | 4 | ||||
Noninterest Income (Loss) | 1,406 | 1,195 | 4,572 | 3,995 | ||||
Noninterest Expense | 1,082 | 1,020 | 3,074 | 2,983 | ||||
Undistributed Net Income (Loss) of Subsidiary | 0 | 0 | 0 | 0 | ||||
Income Before Income Tax Expense | 325 | 176 | 1,502 | 1,016 | ||||
Income Tax Expense (Benefit) | 95 | 52 | 438 | 306 | ||||
Net Income | 230 | 124 | 1,064 | 710 | ||||
Operating Segments | Insurance Brokerage Services Segment | CB Financial Services, Inc. | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 121,522 | 121,522 | 147,829 | |||||
Liabilities | 14,815 | 14,815 | 14,705 | |||||
Stockholders' Equity | 106,707 | 106,707 | 133,124 | |||||
Interest and Dividend Income | 1,246 | 1,311 | 3,779 | 8,456 | ||||
Interest Expense | 155 | 0 | 467 | 0 | ||||
NET INTEREST AND DIVIDEND INCOME | 1,091 | 1,311 | 3,312 | 8,456 | ||||
Provision (Recovery) | 0 | 0 | 0 | 0 | ||||
Net Interest and Dividend Income After Provision for Loan Losses | 1,091 | 1,311 | 3,312 | 8,456 | ||||
Noninterest Income (Loss) | (10) | 28 | (136) | 277 | ||||
Noninterest Expense | 4 | 3 | 13 | 9 | ||||
Undistributed Net Income (Loss) of Subsidiary | (4,096) | |||||||
Income Before Income Tax Expense | 3,884 | 1,990 | 6,925 | 4,628 | ||||
Income Tax Expense (Benefit) | (45) | 7 | (169) | 23 | ||||
Net Income | 3,929 | 1,983 | 7,094 | 4,605 | ||||
Net Eliminations | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | (126,680) | (126,680) | (153,048) | |||||
Liabilities | (19,039) | (19,039) | (23,406) | |||||
Stockholders' Equity | (107,641) | (107,641) | $ (129,642) | |||||
Interest and Dividend Income | (1,227) | (1,294) | (3,724) | (8,402) | ||||
Interest Expense | 0 | 0 | 0 | 0 | ||||
NET INTEREST AND DIVIDEND INCOME | (1,227) | (1,294) | (3,724) | (8,402) | ||||
Provision (Recovery) | 0 | 0 | 0 | 0 | ||||
Net Interest and Dividend Income After Provision for Loan Losses | (1,227) | (1,294) | (3,724) | (8,402) | ||||
Noninterest Income (Loss) | 0 | 0 | 0 | 0 | ||||
Noninterest Expense | 0 | 0 | 0 | 0 | ||||
Undistributed Net Income (Loss) of Subsidiary | (3,037) | (778) | (4,826) | 3,386 | ||||
Income Before Income Tax Expense | (4,264) | (2,072) | (8,550) | (5,016) | ||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||||
Net Income | $ (4,264) | $ (2,072) | $ (8,550) | $ (5,016) |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Number of Shares | ||
Beginning balance (in shares) | 207,641 | |
Granted (in shares) | 89,465 | |
Exercised (in shares) | (12,500) | |
Forfeited (in shares) | (12,858) | |
Ending balance (in shares) | 271,748 | 207,641 |
Exercisable (in shares) | 177,683 | |
Weighted Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 24.01 | |
Granted (in dollars per share) | 25.79 | |
Exercised (in dollars per share) | 22.25 | |
Forfeited (in dollars per share) | 26.43 | |
Ending balance (in dollars per share) | 24.56 | $ 24.01 |
Exercisable (in dollars per share) | $ 24.32 | |
Weighted Average Remaining Contractual Life in Years | ||
Outstanding | 5 years 4 months 24 days | 4 years 9 months 18 days |
Exercisable | 3 years 7 months 6 days |
Stock Based Compensation - Nonv
Stock Based Compensation - Nonvested Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Number of Shares | |
Nonvested (in shares) | shares | 94,065 |
Weighted Average Exercise Price | |
Nonvested (in dollars per share) | $ / shares | $ 25.02 |
Weighted Average Remaining Contractual Life in Years | |
Nonvested (in years) | 9 years |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Significant Assumptions for Newly Issued Stock Options (Details) - Stock Options | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / 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 | 1.60% |
Weighted Average Grant Date Fair Value (per share) | $ / shares | $ 4.86 |
Share Based Compensation - Rest
Share Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Number of Shares | ||
Beginning balance (in shares) | 56,140 | |
Granted (in shares) | 21,765 | |
Vested (in shares) | (1,120) | |
Forfeited (in shares) | (3,715) | |
Ending balance (in shares) | 73,070 | 56,140 |
Weighted Average Grant Date Fair Value Price | ||
Beginning balance (in dollars per share) | $ 23.90 | |
Granted (in dollars per share) | 26.07 | |
Vested (in dollars per share) | 19.14 | |
Forfeited (in dollars per share) | 24.01 | |
Ending balance (in dollars per share) | $ 24.61 | $ 23.90 |
Weighted Average Remaining Contractual Life in Years | ||
Nonvested | 4 years 2 months 12 days | 5 years 3 months 18 days |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 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 | $ 386,945 | $ 386,945 | $ 65,000 | ||
Share-based Payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | 1,400,000 | 1,400,000 | 1,300,000 | ||
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value | 32,280 | $ 32,280 | $ 296,000 | ||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 5 years | ||||
Stock-based compensation expense | $ 145,000 | $ 169,000 | $ 424,000 | $ 415,000 | |
Number of shares authorized (in shares) | 362,175 | 362,175 | 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 | $ 145,000 | $ 169,000 | $ 424,000 | $ 415,000 | |
Number of shares authorized (in shares) | 144,870 | 144,870 | 200,000 | ||
Reduction of shares over threshold (in shares) | 2.5 | 2.5 |