Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | RIVER FINANCIAL CORPORATION | |
Entity Central Index Key | 0001641601 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 6,634,027 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 333-205986 | |
Entity Tax Identification Number | 46-1422125 | |
Entity Address, Address Line One | 2611 Legends Drive | |
Entity Address, City or Town | Prattville | |
Entity Address, State or Province | AL | |
Entity Interactive Data Current | Yes | |
Entity Address, Postal Zip Code | 36066 | |
City Area Code | 334 | |
Local Phone Number | 290-1012 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | AL |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 33,721 | $ 15,756 |
Interest-bearing deposits in banks | 53,358 | 36,706 |
Federal funds sold | 9,500 | |
Cash and cash equivalents | 87,079 | 61,962 |
Certificates of deposit in banks | 3,412 | 3,412 |
Securities held-to-maturity, at amortized cost | 139,592 | 50,182 |
Securities available-for-sale, at fair value | 765,547 | 876,759 |
Loans held for sale | 8,212 | 15,501 |
Loans, net of unearned income and discounts | 1,336,352 | 1,266,665 |
Less allowance for loan losses | (20,894) | (20,922) |
Net loans | 1,315,458 | 1,245,743 |
Premises and equipment, net | 37,879 | 36,702 |
Accrued interest receivable | 7,094 | 7,031 |
Bank owned life insurance | 45,464 | 45,161 |
Foreclosed assets | 342 | 256 |
Deferred income taxes, net | 15,891 | 6,253 |
Core deposit intangible | 2,749 | 2,985 |
Goodwill | 27,817 | 27,817 |
Restricted equity securities | 1,748 | 1,482 |
Other assets | 12,775 | 14,434 |
Total assets | 2,471,059 | 2,395,680 |
Liabilities and Shareholders' Equity | ||
Noninterest-bearing deposits | 644,800 | 610,002 |
Interest-bearing deposits | 1,608,786 | 1,541,175 |
Total deposits | 2,253,586 | 2,151,177 |
Securities sold under agreements to repurchase | 9,920 | 9,754 |
Subordinated debentures, net of loan costs | 39,362 | 39,344 |
Accrued interest payable and other liabilities | 10,337 | 12,727 |
Total liabilities | 2,313,205 | 2,213,002 |
Common stock related to 401(k) Employee Stock Ownership Plan | 3,116 | 3,116 |
Stockholders' Equity | ||
Common stock ($1 par value; 10,000,000 shares authorized; 6,634,135 and 6,570,385 shares issued; 6,634,027 and 6,568,285 shares outstanding, respectively) | 6,634 | 6,570 |
Additional paid-in capital | 103,272 | 101,583 |
Retained earnings | 80,651 | 75,815 |
Accumulated other comprehensive loss | (31,346) | (1,222) |
Unvested restricted stock | (1,353) | |
Treasury stock at cost (108 and 2,100 shares, respectively) | (4) | (68) |
Common stock related to 401(k) Employee Stock Ownership Plan | (3,116) | (3,116) |
Total stockholders' equity | 154,738 | 179,562 |
Total equity | 157,854 | 182,678 |
Total liabilities and stockholders' equity | $ 2,471,059 | $ 2,395,680 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 6,634,135 | 6,570,385 |
Common stock, shares outstanding | 6,634,027 | 6,568,285 |
Treasury stock, shares | 108 | 2,100 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Loans, including fees | $ 15,471 | $ 15,553 |
Taxable securities | 3,173 | 1,363 |
Nontaxable securities | 502 | 536 |
Federal funds sold | 2 | 7 |
Other interest income | 25 | 29 |
Total interest income | 19,173 | 17,488 |
Interest expense: | ||
Deposits | 815 | 1,119 |
Short-term borrowings | 4 | 3 |
Subordinated debentures | 419 | 102 |
Note payable | 246 | |
Total interest expense | 1,238 | 1,470 |
Net interest income | 17,935 | 16,018 |
Provision for loan losses | 1,186 | |
Net interest income after provision for loan losses | 17,935 | 14,832 |
Noninterest income: | ||
Service charges and fees | 1,603 | 1,342 |
Investment brokerage revenue | 143 | 63 |
Mortgage operations | 1,899 | 1,848 |
Bank owned life insurance income | 303 | 269 |
Net (loss) gain on sales of investment securities | (588) | 7 |
Other noninterest income | 147 | 131 |
Total noninterest income | 3,507 | 3,660 |
Noninterest expense: | ||
Salaries and employee benefits | 7,007 | 5,915 |
Occupancy expenses | 645 | 574 |
Equipment rentals, depreciation, and maintenance | 316 | 275 |
Telephone and communications | 86 | 177 |
Advertising and business development | 151 | 136 |
Data processing | 849 | 664 |
Foreclosed assets, net | (2) | 41 |
Federal deposit insurance and other regulatory assessments | 365 | 293 |
Legal and other professional services | 311 | 279 |
Other operating expenses | 1,674 | 1,440 |
Total noninterest expense | 11,402 | 9,794 |
Income before income taxes | 10,040 | 8,698 |
Provision for income taxes | 2,286 | 1,911 |
Net income | $ 7,754 | $ 6,787 |
Basic net earnings per common share | $ 1.17 | $ 1.04 |
Diluted net earnings per common share | 1.15 | 1.03 |
Dividends per common share | $ 0.44 | $ 0.40 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 7,754 | $ 6,787 |
Investment securities available-for-sale: | ||
Net unrealized losses | (40,813) | (6,387) |
Income tax effect | 10,249 | 1,604 |
Reclassification adjustments for net losses (gains) realized in net income | 588 | (7) |
Income tax effect | (148) | 2 |
Other comprehensive loss, net of tax | (30,124) | (4,788) |
Comprehensive (loss) income | $ (22,370) | $ 1,999 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Changes in Shareholders' Equity - 3 months ended Mar. 31, 2022 - USD ($) $ in Thousands | Total | Unvested Restricted Stock | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Common Stock Related to KSOP |
Balance at Dec. 31, 2021 | $ 179,562 | $ 6,570 | $ 101,583 | $ 75,815 | $ (1,222) | $ (68) | $ (3,116) | |
Net income | 7,754 | 7,754 | ||||||
Other comprehensive loss, net of tax | (30,124) | (30,124) | ||||||
Exercise of stock options | 298 | 18 | 280 | |||||
Purchase of treasury stock | (102) | (102) | ||||||
Restricted stock grants | $ (1,428) | 46 | 1,382 | |||||
Sale of treasury shares | 155 | (11) | 166 | |||||
Dividends declared | (2,918) | (2,918) | ||||||
Stock-based compensation expense | 113 | 75 | 38 | |||||
Balance at Mar. 31, 2022 | $ 154,738 | $ (1,353) | $ 6,634 | $ 103,272 | $ 80,651 | $ (31,346) | $ (4) | $ (3,116) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Statement Of Stockholders Equity [Abstract] | |
Exercise of stock options, shares | 18,000 |
Purchase of treasury stock, shares | 3,000 |
Restricted stock grants, shares | 45,750 |
Sale of treasury shares | 4,992 |
Dividends declared, per share | $ / shares | $ 0.44 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows From Operating Activities: | ||
Net income | $ 7,754 | $ 6,787 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for loan losses | 1,186 | |
Provision for losses on foreclosed assets | 30 | |
Amortization of securities | 1,173 | 1,705 |
Accretion of securities | (128) | (41) |
Realized net loss (gain) on securities available-for-sale | 588 | (7) |
Accretion of discount on acquired loans | (3) | (43) |
Accretion of deferred loan fees / costs | (910) | (684) |
Amortization of core deposit intangible asset | 236 | 286 |
Amortization of debt issuance costs | 18 | |
Stock-based compensation expense | 113 | 46 |
Bank owned life insurance income | (303) | (269) |
Depreciation and amortization of premises and equipment | 408 | 368 |
Gain on sales of foreclosed assets | (15) | (10) |
Deferred income tax expense (benefit) | 463 | (657) |
(Increase) decrease in operating assets and (decrease) increase in operating liabilities: | ||
Loans held-for-sale | 7,289 | 10,650 |
Accrued interest receivable | (63) | 244 |
Other assets | 1,659 | 1,199 |
Accrued interest payable and other liabilities | (2,390) | 220 |
Net cash from operating activities | 15,889 | 21,010 |
Activity in securities available-for-sale: | ||
Sales of securities available-for-sale | 119,950 | 4,383 |
Maturities, payments, calls of securities available-for-sale | 22,599 | 32,919 |
Purchases of securities available-for-sale | (151,184) | (196,006) |
Activity in securities held-to-maturity: | ||
Maturities, payments, calls of securities held-to-maturity | 1,343 | |
Purchases of securities held-to-maturity | (12,764) | |
Loan principal originations, net | (69,012) | (25,003) |
Proceeds from sale of foreclosed assets | 139 | 84 |
Purchases of premises and equipment | (1,585) | (1,237) |
(Purchase) sale of restricted equity securities, net | (266) | 295 |
Purchase of bank owned life insurance | (11,000) | |
Net cash used for investing activities | (90,780) | (195,565) |
Cash Flows From Financing Activities: | ||
Net increase in deposits | 102,409 | 175,099 |
Net increase (decrease) in securities sold under agreements to repurchase | 166 | (202) |
Proceeds from issuance of subordinated debt, net of loan costs | 39,298 | |
Repayment of note payable | (20,392) | |
Proceeds from exercise of common stock options and warrants | 298 | 59 |
Purchase of treasury stock | (102) | |
Sale of treasury stock | 155 | 762 |
Cash dividends | (2,918) | (2,612) |
Net cash from financing activities | 100,008 | 192,012 |
Net Change In Cash And Cash Equivalents | 25,117 | 17,457 |
Cash and Cash Equivalents At Beginning Of Period | 61,962 | 60,268 |
Cash and Cash Equivalents At End Of Period | 87,079 | 77,725 |
Cash Payments For: | ||
Interest paid to depositors | 842 | 1,158 |
Interest paid on borrowings | 347 | 463 |
Non-cash investing and financing activities: | ||
Transfer of loans to foreclosed assets | 210 | $ 41 |
Transfer of securities from available-for-sale to held-to-maturity | 78,047 | |
Restricted stock grant | $ 1,428 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation General The unaudited consolidated financial statements include the accounts of River Financial Corporation (“River” or the “Company”) and its wholly owned subsidiary, River Bank & Trust (“Bank”). The Bank provides a full range of commercial and consumer banking services primarily in the Montgomery, Alabama metropolitan area, Autauga, Baldwin, Chilton, Coffee, Elmore, Etowah, Houston, Lee, Madison, Mobile, Morgan and Tallapoosa counties and surrounding counties in Alabama. The Bank is primarily regulated by the Federal Deposit Insurance Corporation (FDIC) and undergoes periodic examinations by this regulatory agency and the Alabama Banking Department. The Company is regulated by the Federal Reserve Bank (FRB) and is also subject to periodic examinations. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly River Financial Corporation’s consolidated statements of financial condition, statements of income, statements of comprehensive income, statements of changes in stockholders’ equity and statements of cash flows for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year. These interim consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and note disclosures normally presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been omitted or abbreviated. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes as of December 31, 2021, which are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, the allowance for loan losses, foreclosed asset valuations, useful lives for depreciation and amortization, fair value of financial instruments, deferred taxes, and contingencies. Estimates that are particularly susceptible to significant change for the Company include the determination of the allowance for loan losses, investment securities impairment, and assessment of deferred tax assets and liabilities, and therefore are critical accounting policies. Management does not anticipate any material changes to estimates in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, economic conditions in our markets, and changes in applicable banking regulations. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period presented. |
Reclassifications
Reclassifications | 3 Months Ended |
Mar. 31, 2022 | |
Reclassifications [Abstract] | |
Reclassifications | Note 2 – Reclassifications Certain prior period amounts have been reclassified to conform to the presentation used in 2022. These reclassifications had no material effect on the operations, financial condition or cash flows of the Company. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3 – Earnings Per Share Basic earnings per common share are computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share are computed by dividing net income by the effect of the issuance of potential common shares that are dilutive and by the sum of the weighted-average number of shares of common stock outstanding. All shares owned by the Company’s 401(k) Employee Stock Ownership Plan (ESOP) are included in the earnings per share calculations. The reconciliation of the components of the basic and diluted earnings per share is as follows (amounts in thousands): For the Three Months Ended March 31, 2022 2021 Net earnings available to common shareholders $ 7,754 $ 6,787 Weighted average common shares outstanding 6,625,463 6,519,747 Dilutive effect of stock options 90,137 67,716 Diluted common shares 6,715,600 6,587,463 Basic earnings per common share $ 1.17 $ 1.04 Diluted earnings per common share $ 1.15 $ 1.03 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 4 – Investment Securities The following tables summarize the amortized cost and fair value of securities available-for-sale and securities held-to-maturity and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss at March 31, 2022 and December 31, 2021 (amounts in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2022: Securities available-for-sale: Residential mortgage-backed $ 463,920 $ 3 $ (27,198 ) $ 436,725 U.S. treasury securities 151,257 - (8,749 ) 142,508 U.S. govt. sponsored enterprises 91,326 182 (2,438 ) 89,070 State, county, and municipal 82,948 300 (3,314 ) 79,934 Corporate debt obligations 17,924 28 (642 ) 17,310 Total available-for-sale $ 807,375 $ 513 $ (42,341 ) $ 765,547 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2022: Securities held-to-maturity: Residential mortgage-backed $ 76,660 $ - $ (7,069 ) $ 69,591 State, county, and municipal 62,932 - (5,999 ) 56,933 Total held-to-maturity $ 139,592 $ - $ (13,068 ) $ 126,524 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021: Securities available-for-sale: Residential mortgage-backed $ 562,109 $ 1,512 $ (6,063 ) $ 557,558 U.S. treasury securities 151,331 - (1,803 ) 149,528 U.S. govt. sponsored enterprises 54,005 555 (65 ) 54,495 State, county, and municipal 94,976 4,405 (127 ) 99,254 Corporate debt obligations 15,942 49 (67 ) 15,924 Total available-for-sale $ 878,363 $ 6,521 $ (8,125 ) $ 876,759 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021: Securities held-to-maturity: State, county, and municipal $ 50,182 $ 139 $ (156 ) $ 50,165 Total held-to-maturity $ 50,182 $ 139 $ (156 ) $ 50,165 Management evaluates securities for other-than-temporary impairment on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The following tables summarize securities with unrealized and unrecognized losses as of March 31, 2022 and December 31, 2021 aggregated by major security type and length of time in a continuous unrealized or unrecognized loss position (amounts in thousands): Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2022: Securities available-for-sale: Residential mortgage-backed $ 399,520 $ 24,289 $ 30,992 $ 2,909 $ 430,512 $ 27,198 U.S. treasury securities 142,508 8,749 - - 142,508 8,749 U.S. govt. sponsored enterprises 68,351 2,438 - - 68,351 2,438 State, county & municipal 57,143 2,980 2,941 334 60,084 3,314 Corporate debt obligations 15,353 642 - - 15,353 642 Total available-for-sale $ 682,875 $ 39,098 $ 33,933 $ 3,243 $ 716,808 $ 42,341 Securities held-to-maturity: Residential mortgage-backed $ 9,285 $ 635 $ 60,306 $ 6,434 $ 69,591 $ 7,069 State, county & municipal 51,589 5,999 - - 51,589 5,999 Total held-to-maturity $ 60,874 $ 6,634 $ 60,306 $ 6,434 $ 121,180 $ 13,068 December 31, 2021: Securities available-for-sale: Residential mortgage-backed $ 442,210 $ 5,075 $ 33,032 $ 988 $ 475,242 $ 6,063 U.S. treasury securities 149,528 1,803 - - 149,528 1,803 U.S. govt. sponsored enterprises 27,377 65 - - 27,377 65 State, county & municipal 6,775 110 618 17 7,393 127 Corporate debt obligations 9,948 67 - - 9,948 67 Total available-for-sale $ 635,838 $ 7,120 $ 33,650 $ 1,005 $ 669,488 $ 8,125 Securities held-to-maturity: State, county & municipal $ 17,775 $ 156 $ - $ - $ 17,775 $ 156 Total held-to-maturity $ 17,775 $ 156 $ - $ - $ 17,775 $ 156 As of March 31, 2022, management does not consider securities with unrealized losses to be other-than-temporarily impaired. The unrealized losses in each category have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase. The Company has the ability and intent to hold its securities for a period of time sufficient to allow for a recovery in fair value. There were no other-than-temporary impairments charged to earnings during the three months ended March 31, 2022 or 2021. The Company owned a total of 313 securities with unrealized losses of $55.4 million at March 31, 2022. As of March 31, 2022 and December 31, 2021, securities with a carrying value of approximately $215.1 million and $205.3 million, respectively, were pledged to secure public deposits as required by law. At March 31, 2022 and December 31, 2021, the carrying value of securities pledged to secure repurchase agreements was approximately $17.0 million and $17.9 million, respectively. During the three months ended March 31, 2022, the Company sold investment securities for proceeds of $120.0 million and realized losses of $588 thousand. During the three months ended March 31, 2021, the Company sold investment securities for proceeds of $4.4 million and realized gains of $7 thousand. The amortized cost and estimated fair value of debt securities at March 31, 2022 and December 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities for residential mortgage backed securities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. These securities are therefore not presented by maturity classification. March 31, 2022 December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value (In Thousands) (In Thousands) Securities available-for-sale Less than 1 year $ 9,501 $ 9,576 $ 11,573 $ 11,682 1 to 5 years 157,437 149,248 158,678 157,799 5 to 10 years 91,989 88,244 70,856 70,959 After 10 years 84,528 81,754 75,147 78,761 343,455 328,822 316,254 319,201 Residential mortgage-backed securities 463,920 436,725 562,109 557,558 Total available-for-sale $ 807,375 $ 765,547 $ 878,363 $ 876,759 March 31, 2022 December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value (In Thousands) (In Thousands) Securities held-to-maturity 5 to 10 years $ 5,150 $ 4,756 $ 1,132 $ 1,132 After 10 years 57,782 52,177 49,050 49,033 62,932 56,933 50,182 50,165 Residential mortgage-backed securities 76,660 69,591 - - Total held-to-maturity $ 139,592 $ 126,524 $ 50,182 $ 50,165 |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Credit Quality | 3 Months Ended |
Mar. 31, 2022 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
Loans, Allowance for Loan Losses and Credit Quality | Note 5 – Loans, Allowance for Loan Losses and Credit Quality Major classifications of loans at March 31, 2022 and December 31, 2021 are summarized as follows (amounts in thousands): March 31, 2022 December 31, 2021 Amount % of Total Amount % of Total Residential real estate: Closed-end 1-4 family - first lien $ 342,343 26.0 % $ 317,754 25.5 % Closed-end 1-4 family - junior lien 5,541 0.4 % 5,434 0.4 % Multi-family 10,027 0.8 % 9,981 0.8 % Total residential real estate 357,911 27.2 % 333,169 26.7 % Commercial real estate: Nonfarm nonresidential 386,501 29.4 % 350,373 28.1 % Farmland 45,828 3.5 % 38,808 3.1 % Total commercial real estate 432,329 32.9 % 389,181 31.2 % Construction and land development: Residential 101,909 7.7 % 90,924 7.3 % Other 106,548 8.1 % 105,192 8.4 % Total construction and land development 208,457 15.8 % 196,116 15.7 % Home equity lines of credit 51,764 3.9 % 49,569 4.0 % Commercial loans: Other commercial loans 189,932 14.4 % 201,922 16.2 % Agricultural 35,037 2.7 % 36,063 2.9 % State, county, and municipal loans 23,467 1.8 % 23,939 2.0 % Total commercial loans 248,436 18.9 % 261,924 21.1 % Consumer loans 43,058 3.3 % 43,080 3.5 % Total gross loans 1,341,955 102.0 % 1,273,039 102.2 % Allowance for loan losses (20,894 ) -1.6 % (20,922 ) -1.7 % Net discounts (363 ) 0.0 % (400 ) 0.0 % Net deferred loan fees (5,240 ) -0.4 % (5,974 ) -0.5 % Net loans $ 1,315,458 100.0 % $ 1,245,743 100.0 % The Bank grants loans and extensions of credit to individuals and a variety of businesses and corporations located in its general trade area. Although the Bank has a diversified loan portfolio, a substantial portion of the loan portfolio is collateralized by improved and unimproved real estate and is dependent upon the real estate market. Relevant risk characteristics for these portfolio segments generally include debt service coverage, loan-to-value ratios and financial performance on non-consumer loans and credit scores, debt-to-income, collateral type and loan-to-value ratios for consumer loans. For purposes of the disclosures required pursuant to ASC 310, the loan portfolio was disaggregated into segments and then further disaggregated into classes for certain disclosures. A portfolio segment is defined as the level at which an entity develops and documents a systematic method for determining its allowance for loan losses. There are three primary loan portfolio segments that include real estate, commercial, and consumer. A class is generally determined based on the initial measurement attribute, risk characteristic of the loan, and the Company’s method for monitoring and assessing credit risk. Classes within the real estate portfolio segment include residential real estate, commercial real estate, construction and land development and home equity lines of credit. The portfolio segments of non-real estate commercial loans and consumer loans have not been further segregated by class. The following describe risk characteristics relevant to each of the portfolio segments: Real estate - As discussed below, the Company offers various types of real estate loan products. All loans within this portfolio segment are particularly sensitive to the valuation of real estate: Residential real estate and home equity lines of credit are repaid by various means such as through a borrower’s income, sale of the property, or rental income derived from the property. Commercial real estate loans include both owner-occupied commercial real estate loans and other commercial real estate loans secured by income producing properties. Owner-occupied commercial real estate loans to operating businesses are long-term financing of land and buildings. These loans are repaid by cash flow generated from the business operation. Real estate loans for income-producing properties such as office and industrial buildings and retail shopping centers are repaid from rent income derived from the properties. are repaid by various means such as through a borrower’s income, sale of the property, or rental income derived from the property. Construction and land development loans are repaid through cash flow related to the operations, sale or refinance of the underlying property. This portfolio class includes extensions of credit to real estate developers or investors where repayment is dependent on the sale of the real estate or income generated from the real estate collateral. Commercial loans - The commercial loan portfolio segment includes commercial and industrial loans, agricultural loans and loans to states and municipalities. These loans include those loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases, or expansion projects. Loans are repaid by business cash flows or tax revenues. Collection risk in this portfolio is driven by the creditworthiness of the underlying borrower, particularly by cash flows from the customers’ business operations. Consumer loans - The consumer loan portfolio segment includes direct consumer installment loans, overdrafts and other revolving credit loans. Loans in this portfolio are sensitive to unemployment and other key consumer economic measures. The following tables present the balance in the allowance for loan losses by portfolio segment. It also includes the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method for the periods indicated below (amounts in thousands). The acquired loans are not included in the allowance for loan losses calculation, as these loans are recorded at fair value and there has been no further indication of credit deterioration that would require an additional provision. Real Estate Mortgage Loans Construction Home Equity and Land Lines Allowance for Loan Losses Residential Commercial Development Of Credit Commercial Consumer Total Balance - December 31, 2021 $ 2,596 $ 8,038 $ 2,992 $ 396 $ 6,486 $ 414 $ 20,922 Provision (credit) for loan losses 112 251 (28 ) 17 (354 ) 2 - Loan charge-offs - - - - (62 ) - (62 ) Loan recoveries - 5 4 - 16 9 34 Balance - March 31, 2022 $ 2,708 $ 8,294 $ 2,968 $ 413 $ 6,086 $ 425 $ 20,894 Ending balance: Individually evaluated for impairment $ 42 $ - $ 115 $ - $ 48 $ 105 $ 310 Collectively evaluated for impairment 2,666 8,294 2,853 413 6,038 320 20,584 Total $ 2,708 $ 8,294 $ 2,968 $ 413 $ 6,086 $ 425 $ 20,894 Loans: Individually evaluated for impairment $ 1,928 $ 5,780 $ 408 $ 102 $ 270 $ 106 $ 8,594 Collectively evaluated for impairment 355,972 426,549 208,042 51,662 248,166 42,952 1,333,343 Acquired loans with deteriorated credit quality 11 - 7 - - - 18 Total $ 357,911 $ 432,329 $ 208,457 $ 51,764 $ 248,436 $ 43,058 $ 1,341,955 Real Estate Mortgage Loans Construction Home Equity and Land Lines Allowance for Loan Losses Residential Commercial Development Of Credit Commercial Consumer Total Balance - December 31, 2020 $ 1,676 $ 6,807 $ 1,749 $ 268 $ 5,897 $ 406 $ 16,803 Provision (credit) for loan losses 124 787 132 (13 ) 194 (38 ) 1,186 Loan charge-offs - - - - (40 ) (5 ) (45 ) Loan recoveries - 31 - - 38 15 84 Balance - March 31, 2021 $ 1,800 $ 7,625 $ 1,881 $ 255 $ 6,089 $ 378 $ 18,028 Ending balance: Individually evaluated for impairment $ 81 $ - $ - $ - $ 191 $ 77 $ 349 Collectively evaluated for impairment 1,719 7,625 1,881 255 5,898 301 17,679 Total $ 1,800 $ 7,625 $ 1,881 $ 255 $ 6,089 $ 378 $ 18,028 Loans: Individually evaluated for impairment $ 957 $ 2,622 $ 267 $ 407 $ 291 $ 77 $ 4,621 Collectively evaluated for impairment 276,315 351,778 161,239 41,268 341,263 43,042 1,214,905 Acquired loans with deteriorated credit quality 259 843 18 - - 4 1,124 Total $ 277,531 $ 355,243 $ 161,524 $ 41,675 $ 341,554 $ 43,123 $ 1,220,650 The Bank individually evaluates for impairment all loans that are on nonaccrual status. Additionally, all troubled debt restructurings are individually evaluated for impairment. A loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due according to the contractual terms of the loan will not be collected. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, at the loan’s observable market price, or the fair value of the collateral if the loan is collateral-dependent. Management may also elect to apply an additional collective reserve to groups of impaired loans based on current economic or market factors. Impaired loans are generally placed on nonaccrual status and therefore interest payments received on impaired loans are generally applied as a reduction of the outstanding principal balance. All other loans are deemed to be unimpaired and are grouped into various homogeneous risk pools utilizing regulatory reporting classifications. The Bank’s historical loss factors are calculated for each of these risk pools based on the net losses experienced as a percentage of the average loans outstanding. The time periods utilized in these historical loss factor calculations are subjective and vary according to management’s estimate of the impact of current economic cycles. As every loan has a risk of loss, minimum loss factors are estimated based on long term trends for the Bank, the banking industry, and the economy. The greater of the calculated historical loss factors or the minimum loss factors are applied to the unimpaired loan amounts currently outstanding for the risk pool and included in the analysis of the allowance for loan losses. In addition, certain qualitative adjustments may be included by management as additional loss factors applied to the unimpaired loan risk pools. These adjustments may include, among other things, changes in loan policy, loan administration, loan, geographic, or industry concentrations, loan growth rates, and experience levels of our lending officers. The loss allocations for specifically impaired loans, smaller impaired loans not specifically measured for impairment, and unimpaired loans are totaled to determine the total required allowance for loan losses. This total is compared to the current allowance on the Bank’s books and adjustments made accordingly by a charge or credit to the provision for loan losses. Treatment of Pandemic-related Loan Modifications Pursuant to the CARES Act and Interagency Statement Section 4013 of the CARES Act, enacted on March 27, 2020, provides that, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 pandemic declared by the President of the United States under the National Emergencies Act terminates (the “applicable period”), we may elect to suspend GAAP for loan modifications related to the pandemic that would otherwise be categorized as troubled debt restructurings (TDR) and suspend any determination of a loan modified as a result of the effects of the pandemic as being a TDR, including impairment for accounting purposes. The suspension is applicable for the term of the loan modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019. The suspension is not applicable to any adverse impact on the credit of a borrower that is not related to the pandemic. In addition, our banking regulators and other financial regulators, on March 22, 2020 and revised April 7, 2020, issued a joint interagency statement titled the “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus” that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of the COVID-19 pandemic. Pursuant to the interagency statement, loan modifications that do not meet the conditions of Section 4013 of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. Specifically, the agencies confirmed with the staff of the Financial Accounting Standards Board that short-term modifications made in good faith in response to the pandemic to borrowers who were current prior to any relief are not TDRs under GAAP. This includes short-term (e.g. six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. Appropriate allowances for loan and lease losses are expected to be maintained. With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to the pandemic as past due because of the deferral. The interagency statement also states that during short-term pandemic-related loan modifications, these loans generally should not be reported as nonaccrual. We have received requests from our borrowers for loan and lease deferrals and modifications including the deferral of principal payments or the deferral of principal and interest payments for terms generally around 90-180 days. Requests are evaluated individually and approved modifications are based on the unique circumstances of each borrower. In total, the Bank placed approximately $167 million of loans on a loan deferral plan as part of COVID-19 modifications. As of March 31, 2022, approximately $270 thousand of these loans remain on deferral. In accordance with Section 4013 of the CARES Act and the interagency statement, we have not accounted for such loans as TDRs, nor have we designated them as past due or nonaccrual. The risk ratings for these loans are evaluated regularly and evaluated for impairment if deemed necessary. The following table presents impaired loans by class of loans as of March 31, 2022 (amounts in thousands). Purchased credit-impaired loans are not included in these tables because they are carried at fair value and accordingly have no related associated allowance. Nonaccruing Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 1,143 $ 1,143 $ 1,040 $ 103 $ 33 Commercial real estate 1,115 1,115 1,115 - - Construction and land development - - - - - Total mortgage loans on real estate 2,258 2,258 2,155 103 33 Home equity lines of credit - - - - - Commercial loans - - - - - Consumer loans 55 55 - 55 55 Total Loans $ 2,313 $ 2,313 $ 2,155 $ 158 $ 88 Accruing Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 785 $ 785 $ 728 $ 57 $ 9 Commercial real estate 4,665 4,665 4,665 - - Construction and land development 408 408 - 408 115 Total mortgage loans on real estate 5,858 5,858 5,393 465 124 Home equity lines of credit 102 102 102 - - Commercial loans 270 270 222 48 48 Consumer loans 51 51 - 51 50 Total Loans $ 6,281 $ 6,281 $ 5,717 $ 564 $ 222 Total Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 1,928 $ 1,928 $ 1,768 $ 160 $ 42 Commercial real estate 5,780 5,780 5,780 - - Construction and land development 408 408 - 408 115 Total mortgage loans on real estate 8,116 8,116 7,548 568 157 Home equity lines of credit 102 102 102 - - Commercial loans 270 270 222 48 48 Consumer loans 106 106 - 106 105 Total Loans $ 8,594 $ 8,594 $ 7,872 $ 722 $ 310 The following table presents impaired loans by class of loans as of December 31, 2021 (amounts in thousands). Purchased credit-impaired loans are not included in these tables because they are carried at fair value and accordingly have no related associated allowance. Nonaccruing Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 707 $ 707 $ 609 $ 98 $ 54 Commercial real estate 885 885 885 - - Construction and land development - - - - - Total mortgage loans on real estate 1,592 1,592 1,494 98 54 Home equity lines of credit 201 201 201 - - Commercial loans - - - - - Consumer loans 65 65 - 65 64 Total Loans $ 1,858 $ 1,858 $ 1,695 $ 163 $ 118 Accruing Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 290 $ 290 $ - $ 290 $ 32 Commercial real estate 5,040 5,040 5,040 - - Construction and land development 469 469 61 408 104 Total mortgage loans on real estate 5,799 5,799 5,101 698 136 Home equity lines of credit 102 102 102 - - Commercial loans 345 345 231 114 116 Consumer loans 54 54 - 54 54 Total Loans $ 6,300 $ 6,300 $ 5,434 $ 866 $ 306 Total Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 997 $ 997 $ 609 $ 388 $ 86 Commercial real estate 5,925 5,925 5,925 - - Construction and land development 469 469 61 408 104 Total mortgage loans on real estate 7,391 7,391 6,595 796 190 Home equity lines of credit 303 303 303 - - Commercial loans 345 345 231 114 116 Consumer loans 119 119 - 119 118 Total Loans $ 8,158 $ 8,158 $ 7,129 $ 1,029 $ 424 The following table presents the average recorded investment in impaired loans and the interest income recognized on impaired loans in the three months ended March 31, 2022 and 2021 by loan category (amounts in thousands). Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 Average Ending Average Ending Recorded Recorded Interest Recorded Recorded Interest Investment Investment Income Investment Investment Income Mortgage loans on real estate: Residential real estate $ 1,462 $ 1,928 $ 5 $ 878 $ 957 $ 3 Commercial real estate 5,853 5,780 130 2,854 2,622 23 Construction and land development 439 408 5 349 267 - Total mortgage loans on real estate 7,754 8,116 140 4,081 3,846 26 Home equity lines of credit 202 102 1 407 407 2 Commercial loans 307 270 4 293 291 2 Consumer loans 113 106 1 79 77 - Total Loans $ 8,376 $ 8,594 $ 146 $ 4,860 $ 4,621 $ 30 The following tables present the aging of loans and non-accrual loans as of March 31, 2022 and December 31, 2021, by class of loans (amounts in thousands). Accruing Loans As of March 31, 2022 Current 30-89 Days Past Due 90+ Days Past Due Nonaccrual Loans Total Loans Mortgage loans on real estate: Residential real estate $ 355,570 $ 901 $ - $ 1,440 $ 357,911 Commercial real estate 430,977 237 - 1,115 432,329 Construction and land development 208,046 401 - 10 208,457 Total mortgage loans on real estate 994,593 1,539 - 2,565 998,697 Home equity lines of credit 51,614 84 - 66 51,764 Commercial loans 248,156 265 - 15 248,436 Consumer loans 42,719 236 - 103 43,058 Total Loans $ 1,337,082 $ 2,124 $ - $ 2,749 $ 1,341,955 Accruing Loans As of December 31, 2021 Current 30-89 Days Past Due 90+ Days Past Due Nonaccrual Loans Total Loans Mortgage loans on real estate: Residential real estate $ 330,718 $ 1,439 $ - $ 1,012 $ 333,169 Commercial real estate 387,103 1,193 - 885 389,181 Construction and land development 195,778 327 - 11 196,116 Total mortgage loans on real estate 913,599 2,959 - 1,908 918,466 Home equity lines of credit 49,229 88 - 252 49,569 Commercial loans 261,620 304 - - 261,924 Consumer loans 42,767 201 - 112 43,080 Total Loans $ 1,267,215 $ 3,552 $ - $ 2,272 $ 1,273,039 The Bank categorizes loans in risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continuous basis. The Bank uses the following definitions for its risk ratings: Special Mention - Weakness exists that could cause future impairment, including the deterioration of financial ratios, past due status and questionable management capabilities. Collateral values generally afford adequate coverage but may not be immediately marketable. Substandard - Specific and well-defined weaknesses exist that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary. Doubtful - Specific weaknesses characterized as Substandard that are severe enough to make collection in full unlikely. There is no reliable secondary source of full repayment. Loans classified as doubtful will be placed on non-accrual, analyzed and fully or partially charged-off based on review of collateral and other relevant factors. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of March 31, 2022 and December 31, 2021, and based on the most recent analysis performed as of those dates, the risk category of loans by class of loans is as follows (amounts in thousands): As of March 31, 2022 Pass Special Mention Substandard Doubtful Total Mortgage loans on real estate: Residential real estate $ 352,208 $ 3,059 $ 2,644 $ - $ 357,911 Commercial real estate 420,422 5,968 5,939 - 432,329 Construction and land development 207,583 438 436 - 208,457 Total mortgage loans on real estate 980,213 9,465 9,019 - 998,697 Home equity lines of credit 51,390 148 226 - 51,764 Commercial loans 239,928 8,160 348 - 248,436 Consumer loans 42,651 183 224 - 43,058 Total Loans $ 1,314,182 $ 17,956 $ 9,817 $ - $ 1,341,955 As of December 31, 2021 Pass Special Mention Substandard Doubtful Total Mortgage loans on real estate: Residential real estate $ 328,342 $ 3,171 $ 1,656 $ - $ 333,169 Commercial real estate 374,152 8,967 6,062 - 389,181 Construction and land development 194,310 1,306 500 - 196,116 Total mortgage loans on real estate 896,804 13,444 8,218 - 918,466 Home equity lines of credit 49,158 - 411 - 49,569 Commercial loans 251,450 10,119 355 - 261,924 Consumer loans 42,665 169 246 - 43,080 Total Loans $ 1,240,077 $ 23,732 $ 9,230 $ - $ 1,273,039 |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | Note 6 – Fair Value Measurements and Disclosures The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans, foreclosed assets, and repossessed assets. These nonrecurring fair value adjustments typically involve application of the lower of cost or market accounting or write-downs of individual assets. Fair Value Hierarchy The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. The following is a description of valuation methodologies used for assets and liabilities recorded or disclosed at fair value: Cash and cash equivalents Certificates of deposit in banks Investment Securities Restricted equity securities Loans and mortgage loans held for sale For disclosure purposes, the fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For variable rate loans, the carrying amount is a reasonable estimate of fair value. Mortgage loans held-for-sale are carried at cost, which is a reasonable estimate of fair value. Bank owned life insurance Accrued interest receivable – Foreclosed assets – Deposits Accrued interest payable – Securities sold under agreements to repurchase Subordinated debentures Commitments to extend credit and standby letters of credit – Assets and liabilities measured at fair value on a recurring basis Fair Value Measurements At Reporting Date Using: March 31, 2022 Fair Value Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available-for-sale: Residential mortgage -backed $ 436,725 $ - $ 436,725 $ - U.S. treasury securities 142,508 - 142,508 - U.S. government sponsored enterprises 89,070 - 89,070 - State, county, and municipal 79,934 - 79,934 - Corporate debt obligations 17,310 - 17,310 - Totals $ 765,547 $ - $ 765,547 $ - Fair Value Measurements At Reporting Date Using: December 31, 2021 Fair Value Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available-for-sale: Residential mortgage -backed $ 557,558 $ - $ 557,558 $ - U.S. treasury securities 149,528 - 149,528 - U.S. government sponsored enterprises 54,495 - 54,495 - State, county, and municipal 99,254 - 99,254 - Corporate debt obligations 15,924 - 15,924 - Totals $ 876,759 $ - $ 876,759 $ - Assets measured at fair value on a nonrecurring basis Fair Value Measurements At Reporting Date Using: March 31, 2022 Fair Value Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans $ 8,284 $ - $ - $ 8,284 Foreclosed assets 342 - - 342 Totals $ 8,626 $ - $ - $ 8,626 December 31, 2021 Fair Value Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans $ 7,734 $ - $ - $ 7,734 Foreclosed assets 256 - - 256 Totals $ 7,990 $ - $ - $ 7,990 The Company has estimated the fair values of these assets using Level 3 inputs, specifically the appraised value of the collateral. Impaired loan balances represent those collateral dependent impaired loans where management has estimated the credit loss by comparing the loan’s carrying value against the expected realizable fair value of the impaired loan for the amount of the credit loss. For Level 3 assets measured at fair value on a non-recurring basis as of March 31, 2022 and December 31, 2021 for the valuation technique, we used appraisals. For the significant unobservable input, we used appraisal discounts, and weighted average input of 15-20% was used for the period ended March 31, 2022 and December 31, 2021. The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments as of March 31, 2022 and December 31, 2021 are as follows (amounts in thousands): Estimated Fair Value March 31, 2022 Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 87,079 $ 87,079 $ - $ - Certificates of deposit in banks 3,412 - 3,412 - Securities held-to-maturity 139,592 - 126,524 - Securities available-for-sale 765,547 - 765,547 - Loans held-for-sale 8,212 - 8,212 - Loans receivable 1,315,458 - 1,290,165 8,284 Accrued interest receivable 7,094 - 7,094 - Bank owned life insurance 45,464 - 45,464 - Restricted equity securities 1,748 - - 1,748 Financial liabilities: Deposits 2,253,586 - 2,143,625 - Securities sold under agreements to repurchase 9,920 - 9,920 - Subordinated debentures 39,362 - 40,114 - Accrued interest payable 171 - 171 - Estimated Fair Value December 31, 2021 Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 61,962 $ 61,962 $ - $ - Certificates of deposit in banks 3,412 - 3,412 - Securities held-to-maturity 50,182 - 50,165 - Securities available-for-sale 876,759 - 876,759 - Loans held-for-sale 15,501 - 15,501 - Loans receivable 1,245,743 - 1,239,996 7,734 Accrued interest receivable 7,031 - 7,031 - Bank owned life insurance 45,161 - 45,161 - Restricted equity securities 1,482 - - 1,482 Financial liabilities: Deposits 2,151,177 - 2,087,357 - Securities sold under agreements to repurchase 9,754 - 9,754 - Subordinated debentures 39,344 - 40,900 - Accrued interest payable 600 - 600 - The estimated fair values of the standby letters of credit and loan commitments on which the committed interest rate is less than the current market rate are insignificant as of March 31, 2022 and December 31, 2021. The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed-rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed-rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling-rate environment. Management monitors rates and maturities of assets and liabilities, and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 7 – Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses Measurement of Credit Losses on Financial Instruments” Our implementation efforts continued throughout 2018, assessing credit loss forecasting models and processes against the new guidance. In the first quarter of 2019, we began running the expected loss model along with our current model. While we continue to evaluate the impact the new guidance will have on our financial position and results of operations, we currently expect the new guidance may result in an increase to our allowance for credit losses given the change to estimated losses over the contractual life of the loan portfolio. The amount of any change to our allowance is still under review and will depend, in part, upon the composition of our loan portfolio at the adoption date as well as economic conditions and loss forecasts at that date. |
Defined Contribution Plan
Defined Contribution Plan | 3 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution Plan | Note 8 – Defined Contribution Plan The Company provides a 401(k) employee stock ownership plan (ESOP), which covers substantially all of the Company’s employees who are eligible, as to age and length of service. A participant may elect to make contributions up to The Company’s ESOP includes a put option for shares of the Company’s common stock distributed from the ESOP. Shares are distributed from the ESOP primarily to separate vested participants and certain eligible participants who elect to diversify their account balances. Since the Company’s common stock is not currently traded on an established securities market, if the owners of distributed shares desire to sell their shares, the Company is required to purchase the shares at fair value during two put option periods following the distribution of the shares from the ESOP. The first put option period is within sixty days following the distribution of the shares from the ESOP. The second put option period begins on the first day of the fifth month of the plan year for a sixty day period. The fair value of distributed shares subject to the put option totaled $0 as of March 31, 2022 and December 31, 2021. The cost of the ESOP shares totaled and $4.72 million |
Loans Held for Sale
Loans Held for Sale | 3 Months Ended |
Mar. 31, 2022 | |
Loans Held For Sale [Abstract] | |
Loans Held for Sale | Note 9 – Loans Held for Sale The Company has entered into agreements with secondary market investors to deliver loans on a “best efforts delivery” basis. When a rate is committed |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 10 – Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases” Lessee Accounting Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches and office space with terms extending through 2036. Substantially all of our leases are classified as operating leases, and therefore, were previously not recognized on the Company’s consolidated statements of condition. With the adoption of Topic 842, operating lease agreements are required to be recognized on the consolidated statements of condition as a right-of-use (ROU) asset and a corresponding lease liability. The Company elected to use the optional transition method, which allowed for a modified retrospective method of adoption with an immaterial cumulative effect adjustment to retained earnings without restating comparable periods. The Company also elected the relief package of practical expedients for which there is no requirement to reassess existence of leases, their classification, and initial direct costs. The Company also applied the exemption for short-term leases with a term of less than one year and therefore we do not recognize a lease liability or right-of-use asset on the balance sheet but instead recognize lease payments as an expense over the lease term as appropriate. The following table represents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition. Lease Right-of-Use Assets Classification on Consolidated Statement of Condition March 31, 2022 December 31, 2021 Operating lease right-of-use assets Other Assets $ 3,488 $ 3,337 Lease Liabilities Classification on Consolidated Statement of Condition March 31, 2022 December 31, 2021 Operating lease liabilities Accrued interest payable and other liabilities $ 3,582 $ 3,424 The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used. March 31, 2022 December 31, 2021 Weighted-average remaining lease term for operating leases 10.46 Years 10.62 Years Weighted-average discount rate for operating leases 6.00 % 6.00 % Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2022 are as follows: Operating Leases April 1, 2022 - March 31, 2023 $ 557 April 1, 2023 - March 31, 2024 609 April 1, 2024 - March 31, 2025 527 April 1, 2025 - March 31, 2026 506 April 1, 2026 - March 31, 2027 440 Afterward 2,342 Total future minimum lease payments 4,981 Amounts representing interest (1,399 ) Present value of net future minimum lease payments $ 3,582 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Components of the Basic and Diluted Earnings Per Share | The reconciliation of the components of the basic and diluted earnings per share is as follows (amounts in thousands): For the Three Months Ended March 31, 2022 2021 Net earnings available to common shareholders $ 7,754 $ 6,787 Weighted average common shares outstanding 6,625,463 6,519,747 Dilutive effect of stock options 90,137 67,716 Diluted common shares 6,715,600 6,587,463 Basic earnings per common share $ 1.17 $ 1.04 Diluted earnings per common share $ 1.15 $ 1.03 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Securities Available for Sale and Securities Held-to-Maturity | The following tables summarize the amortized cost and fair value of securities available-for-sale and securities held-to-maturity and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss at March 31, 2022 and December 31, 2021 (amounts in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2022: Securities available-for-sale: Residential mortgage-backed $ 463,920 $ 3 $ (27,198 ) $ 436,725 U.S. treasury securities 151,257 - (8,749 ) 142,508 U.S. govt. sponsored enterprises 91,326 182 (2,438 ) 89,070 State, county, and municipal 82,948 300 (3,314 ) 79,934 Corporate debt obligations 17,924 28 (642 ) 17,310 Total available-for-sale $ 807,375 $ 513 $ (42,341 ) $ 765,547 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2022: Securities held-to-maturity: Residential mortgage-backed $ 76,660 $ - $ (7,069 ) $ 69,591 State, county, and municipal 62,932 - (5,999 ) 56,933 Total held-to-maturity $ 139,592 $ - $ (13,068 ) $ 126,524 |
Schedule of Details Concerning Investment Securities with Unrealized and Unrecognized Losses | The following tables summarize securities with unrealized and unrecognized losses as of March 31, 2022 and December 31, 2021 aggregated by major security type and length of time in a continuous unrealized or unrecognized loss position (amounts in thousands): |
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities | The amortized cost and estimated fair value of debt securities at March 31, 2022 and December 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities for residential mortgage backed securities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. These securities are therefore not presented by maturity classification. March 31, 2022 December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value (In Thousands) (In Thousands) Securities available-for-sale Less than 1 year $ 9,501 $ 9,576 $ 11,573 $ 11,682 1 to 5 years 157,437 149,248 158,678 157,799 5 to 10 years 91,989 88,244 70,856 70,959 After 10 years 84,528 81,754 75,147 78,761 343,455 328,822 316,254 319,201 Residential mortgage-backed securities 463,920 436,725 562,109 557,558 Total available-for-sale $ 807,375 $ 765,547 $ 878,363 $ 876,759 March 31, 2022 December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value (In Thousands) (In Thousands) Securities held-to-maturity 5 to 10 years $ 5,150 $ 4,756 $ 1,132 $ 1,132 After 10 years 57,782 52,177 49,050 49,033 62,932 56,933 50,182 50,165 Residential mortgage-backed securities 76,660 69,591 - - Total held-to-maturity $ 139,592 $ 126,524 $ 50,182 $ 50,165 |
Loans, Allowance for Loan Los_2
Loans, Allowance for Loan Losses and Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
Schedule of Major Classifications of Loans | Major classifications of loans at March 31, 2022 and December 31, 2021 are summarized as follows (amounts in thousands): March 31, 2022 December 31, 2021 Amount % of Total Amount % of Total Residential real estate: Closed-end 1-4 family - first lien $ 342,343 26.0 % $ 317,754 25.5 % Closed-end 1-4 family - junior lien 5,541 0.4 % 5,434 0.4 % Multi-family 10,027 0.8 % 9,981 0.8 % Total residential real estate 357,911 27.2 % 333,169 26.7 % Commercial real estate: Nonfarm nonresidential 386,501 29.4 % 350,373 28.1 % Farmland 45,828 3.5 % 38,808 3.1 % Total commercial real estate 432,329 32.9 % 389,181 31.2 % Construction and land development: Residential 101,909 7.7 % 90,924 7.3 % Other 106,548 8.1 % 105,192 8.4 % Total construction and land development 208,457 15.8 % 196,116 15.7 % Home equity lines of credit 51,764 3.9 % 49,569 4.0 % Commercial loans: Other commercial loans 189,932 14.4 % 201,922 16.2 % Agricultural 35,037 2.7 % 36,063 2.9 % State, county, and municipal loans 23,467 1.8 % 23,939 2.0 % Total commercial loans 248,436 18.9 % 261,924 21.1 % Consumer loans 43,058 3.3 % 43,080 3.5 % Total gross loans 1,341,955 102.0 % 1,273,039 102.2 % Allowance for loan losses (20,894 ) -1.6 % (20,922 ) -1.7 % Net discounts (363 ) 0.0 % (400 ) 0.0 % Net deferred loan fees (5,240 ) -0.4 % (5,974 ) -0.5 % Net loans $ 1,315,458 100.0 % $ 1,245,743 100.0 % |
Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balance in the allowance for loan losses by portfolio segment. It also includes the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method for the periods indicated below (amounts in thousands). Real Estate Mortgage Loans Construction Home Equity and Land Lines Allowance for Loan Losses Residential Commercial Development Of Credit Commercial Consumer Total Balance - December 31, 2021 $ 2,596 $ 8,038 $ 2,992 $ 396 $ 6,486 $ 414 $ 20,922 Provision (credit) for loan losses 112 251 (28 ) 17 (354 ) 2 - Loan charge-offs - - - - (62 ) - (62 ) Loan recoveries - 5 4 - 16 9 34 Balance - March 31, 2022 $ 2,708 $ 8,294 $ 2,968 $ 413 $ 6,086 $ 425 $ 20,894 Ending balance: Individually evaluated for impairment $ 42 $ - $ 115 $ - $ 48 $ 105 $ 310 Collectively evaluated for impairment 2,666 8,294 2,853 413 6,038 320 20,584 Total $ 2,708 $ 8,294 $ 2,968 $ 413 $ 6,086 $ 425 $ 20,894 Loans: Individually evaluated for impairment $ 1,928 $ 5,780 $ 408 $ 102 $ 270 $ 106 $ 8,594 Collectively evaluated for impairment 355,972 426,549 208,042 51,662 248,166 42,952 1,333,343 Acquired loans with deteriorated credit quality 11 - 7 - - - 18 Total $ 357,911 $ 432,329 $ 208,457 $ 51,764 $ 248,436 $ 43,058 $ 1,341,955 Real Estate Mortgage Loans Construction Home Equity and Land Lines Allowance for Loan Losses Residential Commercial Development Of Credit Commercial Consumer Total Balance - December 31, 2020 $ 1,676 $ 6,807 $ 1,749 $ 268 $ 5,897 $ 406 $ 16,803 Provision (credit) for loan losses 124 787 132 (13 ) 194 (38 ) 1,186 Loan charge-offs - - - - (40 ) (5 ) (45 ) Loan recoveries - 31 - - 38 15 84 Balance - March 31, 2021 $ 1,800 $ 7,625 $ 1,881 $ 255 $ 6,089 $ 378 $ 18,028 Ending balance: Individually evaluated for impairment $ 81 $ - $ - $ - $ 191 $ 77 $ 349 Collectively evaluated for impairment 1,719 7,625 1,881 255 5,898 301 17,679 Total $ 1,800 $ 7,625 $ 1,881 $ 255 $ 6,089 $ 378 $ 18,028 Loans: Individually evaluated for impairment $ 957 $ 2,622 $ 267 $ 407 $ 291 $ 77 $ 4,621 Collectively evaluated for impairment 276,315 351,778 161,239 41,268 341,263 43,042 1,214,905 Acquired loans with deteriorated credit quality 259 843 18 - - 4 1,124 Total $ 277,531 $ 355,243 $ 161,524 $ 41,675 $ 341,554 $ 43,123 $ 1,220,650 |
Summary of Impaired Loans by Class of Loans | The following table presents impaired loans by class of loans as of March 31, 2022 (amounts in thousands). Nonaccruing Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 1,143 $ 1,143 $ 1,040 $ 103 $ 33 Commercial real estate 1,115 1,115 1,115 - - Construction and land development - - - - - Total mortgage loans on real estate 2,258 2,258 2,155 103 33 Home equity lines of credit - - - - - Commercial loans - - - - - Consumer loans 55 55 - 55 55 Total Loans $ 2,313 $ 2,313 $ 2,155 $ 158 $ 88 Accruing Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 785 $ 785 $ 728 $ 57 $ 9 Commercial real estate 4,665 4,665 4,665 - - Construction and land development 408 408 - 408 115 Total mortgage loans on real estate 5,858 5,858 5,393 465 124 Home equity lines of credit 102 102 102 - - Commercial loans 270 270 222 48 48 Consumer loans 51 51 - 51 50 Total Loans $ 6,281 $ 6,281 $ 5,717 $ 564 $ 222 Total Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 1,928 $ 1,928 $ 1,768 $ 160 $ 42 Commercial real estate 5,780 5,780 5,780 - - Construction and land development 408 408 - 408 115 Total mortgage loans on real estate 8,116 8,116 7,548 568 157 Home equity lines of credit 102 102 102 - - Commercial loans 270 270 222 48 48 Consumer loans 106 106 - 106 105 Total Loans $ 8,594 $ 8,594 $ 7,872 $ 722 $ 310 Nonaccruing Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 707 $ 707 $ 609 $ 98 $ 54 Commercial real estate 885 885 885 - - Construction and land development - - - - - Total mortgage loans on real estate 1,592 1,592 1,494 98 54 Home equity lines of credit 201 201 201 - - Commercial loans - - - - - Consumer loans 65 65 - 65 64 Total Loans $ 1,858 $ 1,858 $ 1,695 $ 163 $ 118 Accruing Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 290 $ 290 $ - $ 290 $ 32 Commercial real estate 5,040 5,040 5,040 - - Construction and land development 469 469 61 408 104 Total mortgage loans on real estate 5,799 5,799 5,101 698 136 Home equity lines of credit 102 102 102 - - Commercial loans 345 345 231 114 116 Consumer loans 54 54 - 54 54 Total Loans $ 6,300 $ 6,300 $ 5,434 $ 866 $ 306 Total Impaired Loans Unpaid Principal Balance Recorded Investment Impaired Loans With No Allowance Impaired Loans With Allowance Allowance for Loan Losses Mortgage loans on real estate: Residential real estate $ 997 $ 997 $ 609 $ 388 $ 86 Commercial real estate 5,925 5,925 5,925 - - Construction and land development 469 469 61 408 104 Total mortgage loans on real estate 7,391 7,391 6,595 796 190 Home equity lines of credit 303 303 303 - - Commercial loans 345 345 231 114 116 Consumer loans 119 119 - 119 118 Total Loans $ 8,158 $ 8,158 $ 7,129 $ 1,029 $ 424 |
Summary of Average Recorded Investment and Interest Income Recognized on Impaired Loans | The following table presents the average recorded investment in impaired loans and the interest income recognized on impaired loans in the three months ended March 31, 2022 and 2021 by loan category (amounts in thousands). Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 Average Ending Average Ending Recorded Recorded Interest Recorded Recorded Interest Investment Investment Income Investment Investment Income Mortgage loans on real estate: Residential real estate $ 1,462 $ 1,928 $ 5 $ 878 $ 957 $ 3 Commercial real estate 5,853 5,780 130 2,854 2,622 23 Construction and land development 439 408 5 349 267 - Total mortgage loans on real estate 7,754 8,116 140 4,081 3,846 26 Home equity lines of credit 202 102 1 407 407 2 Commercial loans 307 270 4 293 291 2 Consumer loans 113 106 1 79 77 - Total Loans $ 8,376 $ 8,594 $ 146 $ 4,860 $ 4,621 $ 30 |
Schedule of Aging of Loans and Non-Accrual Loans | The following tables present the aging of loans and non-accrual loans as of March 31, 2022 and December 31, 2021, by class of loans (amounts in thousands). Accruing Loans As of March 31, 2022 Current 30-89 Days Past Due 90+ Days Past Due Nonaccrual Loans Total Loans Mortgage loans on real estate: Residential real estate $ 355,570 $ 901 $ - $ 1,440 $ 357,911 Commercial real estate 430,977 237 - 1,115 432,329 Construction and land development 208,046 401 - 10 208,457 Total mortgage loans on real estate 994,593 1,539 - 2,565 998,697 Home equity lines of credit 51,614 84 - 66 51,764 Commercial loans 248,156 265 - 15 248,436 Consumer loans 42,719 236 - 103 43,058 Total Loans $ 1,337,082 $ 2,124 $ - $ 2,749 $ 1,341,955 Accruing Loans As of December 31, 2021 Current 30-89 Days Past Due 90+ Days Past Due Nonaccrual Loans Total Loans Mortgage loans on real estate: Residential real estate $ 330,718 $ 1,439 $ - $ 1,012 $ 333,169 Commercial real estate 387,103 1,193 - 885 389,181 Construction and land development 195,778 327 - 11 196,116 Total mortgage loans on real estate 913,599 2,959 - 1,908 918,466 Home equity lines of credit 49,229 88 - 252 49,569 Commercial loans 261,620 304 - - 261,924 Consumer loans 42,767 201 - 112 43,080 Total Loans $ 1,267,215 $ 3,552 $ - $ 2,272 $ 1,273,039 |
Schedule of Risk Category of Loans by Class of Loans | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of March 31, 2022 and December 31, 2021, and based on the most recent analysis performed as of those dates, the risk category of loans by class of loans is as follows (amounts in thousands): As of March 31, 2022 Pass Special Mention Substandard Doubtful Total Mortgage loans on real estate: Residential real estate $ 352,208 $ 3,059 $ 2,644 $ - $ 357,911 Commercial real estate 420,422 5,968 5,939 - 432,329 Construction and land development 207,583 438 436 - 208,457 Total mortgage loans on real estate 980,213 9,465 9,019 - 998,697 Home equity lines of credit 51,390 148 226 - 51,764 Commercial loans 239,928 8,160 348 - 248,436 Consumer loans 42,651 183 224 - 43,058 Total Loans $ 1,314,182 $ 17,956 $ 9,817 $ - $ 1,341,955 As of December 31, 2021 Pass Special Mention Substandard Doubtful Total Mortgage loans on real estate: Residential real estate $ 328,342 $ 3,171 $ 1,656 $ - $ 333,169 Commercial real estate 374,152 8,967 6,062 - 389,181 Construction and land development 194,310 1,306 500 - 196,116 Total mortgage loans on real estate 896,804 13,444 8,218 - 918,466 Home equity lines of credit 49,158 - 411 - 49,569 Commercial loans 251,450 10,119 355 - 261,924 Consumer loans 42,665 169 246 - 43,080 Total Loans $ 1,240,077 $ 23,732 $ 9,230 $ - $ 1,273,039 |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The only assets and liabilities measured at fair value on a recurring basis are our securities available-for-sale. There were no transfers between levels during the period. Information related to the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021 is as follows: (amounts in thousands) Fair Value Measurements At Reporting Date Using: March 31, 2022 Fair Value Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available-for-sale: Residential mortgage -backed $ 436,725 $ - $ 436,725 $ - U.S. treasury securities 142,508 - 142,508 - U.S. government sponsored enterprises 89,070 - 89,070 - State, county, and municipal 79,934 - 79,934 - Corporate debt obligations 17,310 - 17,310 - Totals $ 765,547 $ - $ 765,547 $ - Fair Value Measurements At Reporting Date Using: December 31, 2021 Fair Value Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available-for-sale: Residential mortgage -backed $ 557,558 $ - $ 557,558 $ - U.S. treasury securities 149,528 - 149,528 - U.S. government sponsored enterprises 54,495 - 54,495 - State, county, and municipal 99,254 - 99,254 - Corporate debt obligations 15,924 - 15,924 - Totals $ 876,759 $ - $ 876,759 $ - |
Schedule of Fair Value, Assets Measured on Non-Recurring Basis | Assets measured at fair value on a nonrecurring basis are included in the table below as of March 31, 2022 and December 31, 2021 (amounts in thousands): Fair Value Measurements At Reporting Date Using: March 31, 2022 Fair Value Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans $ 8,284 $ - $ - $ 8,284 Foreclosed assets 342 - - 342 Totals $ 8,626 $ - $ - $ 8,626 December 31, 2021 Fair Value Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans $ 7,734 $ - $ - $ 7,734 Foreclosed assets 256 - - 256 Totals $ 7,990 $ - $ - $ 7,990 |
Summary of Estimated Fair values Related to Carrying or Notional Amounts of Financial Instruments | The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments as of March 31, 2022 and December 31, 2021 are as follows (amounts in thousands): Estimated Fair Value March 31, 2022 Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 87,079 $ 87,079 $ - $ - Certificates of deposit in banks 3,412 - 3,412 - Securities held-to-maturity 139,592 - 126,524 - Securities available-for-sale 765,547 - 765,547 - Loans held-for-sale 8,212 - 8,212 - Loans receivable 1,315,458 - 1,290,165 8,284 Accrued interest receivable 7,094 - 7,094 - Bank owned life insurance 45,464 - 45,464 - Restricted equity securities 1,748 - - 1,748 Financial liabilities: Deposits 2,253,586 - 2,143,625 - Securities sold under agreements to repurchase 9,920 - 9,920 - Subordinated debentures 39,362 - 40,114 - Accrued interest payable 171 - 171 - Estimated Fair Value December 31, 2021 Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 61,962 $ 61,962 $ - $ - Certificates of deposit in banks 3,412 - 3,412 - Securities held-to-maturity 50,182 - 50,165 - Securities available-for-sale 876,759 - 876,759 - Loans held-for-sale 15,501 - 15,501 - Loans receivable 1,245,743 - 1,239,996 7,734 Accrued interest receivable 7,031 - 7,031 - Bank owned life insurance 45,161 - 45,161 - Restricted equity securities 1,482 - - 1,482 Financial liabilities: Deposits 2,151,177 - 2,087,357 - Securities sold under agreements to repurchase 9,754 - 9,754 - Subordinated debentures 39,344 - 40,900 - Accrued interest payable 600 - 600 - |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Classification of Company's ROU assets and Lease Liabilities | The following table represents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition. Lease Right-of-Use Assets Classification on Consolidated Statement of Condition March 31, 2022 December 31, 2021 Operating lease right-of-use assets Other Assets $ 3,488 $ 3,337 Lease Liabilities Classification on Consolidated Statement of Condition March 31, 2022 December 31, 2021 Operating lease liabilities Accrued interest payable and other liabilities $ 3,582 $ 3,424 |
Weighted Average Remaining Lease Term and Discount Rate for Operating Leases | March 31, 2022 December 31, 2021 Weighted-average remaining lease term for operating leases 10.46 Years 10.62 Years Weighted-average discount rate for operating leases 6.00 % 6.00 % |
Summary of Future Minimum Payments for Operating Leases | Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2022 are as follows: Operating Leases April 1, 2022 - March 31, 2023 $ 557 April 1, 2023 - March 31, 2024 609 April 1, 2024 - March 31, 2025 527 April 1, 2025 - March 31, 2026 506 April 1, 2026 - March 31, 2027 440 Afterward 2,342 Total future minimum lease payments 4,981 Amounts representing interest (1,399 ) Present value of net future minimum lease payments $ 3,582 |
Earnings Per Share - Components
Earnings Per Share - Components of the Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net earnings available to common shareholders | $ 7,754 | $ 6,787 |
Weighted average common shares outstanding | 6,625,463 | 6,519,747 |
Dilutive effect of stock options | 90,137 | 67,716 |
Diluted common shares | 6,715,600 | 6,587,463 |
Basic earnings per common share | $ 1.17 | $ 1.04 |
Diluted earnings per common share | $ 1.15 | $ 1.03 |
Investment Securities - Schedul
Investment Securities - Schedule of Securities Available for Sale and Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | $ 807,375 | $ 878,363 |
Securities available-for-sale, Gross Unrealized Gains | 513 | 6,521 |
Securities available-for-sale, Gross Unrealized Losses | (42,341) | (8,125) |
Securities available-for-sale, Fair Value | 765,547 | 876,759 |
Securities held-to-maturity, Amortized Cost | 139,592 | 50,182 |
Securities held to maturity, Gross Unrealized Gains | 139 | |
Securities held to maturity, Gross Unrealized Losses | (13,068) | (156) |
Securities held to maturity, Fair Value | 126,524 | 50,165 |
Residential Mortgage - Backed | ||
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 463,920 | 562,109 |
Securities available-for-sale, Gross Unrealized Gains | 3 | 1,512 |
Securities available-for-sale, Gross Unrealized Losses | (27,198) | (6,063) |
Securities available-for-sale, Fair Value | 436,725 | 557,558 |
Securities held-to-maturity, Amortized Cost | 76,660 | |
Securities held to maturity, Gross Unrealized Losses | (7,069) | |
Securities held to maturity, Fair Value | 69,591 | |
U.S. Treasury Securities | ||
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 151,257 | 151,331 |
Securities available-for-sale, Gross Unrealized Losses | (8,749) | (1,803) |
Securities available-for-sale, Fair Value | 142,508 | 149,528 |
U.S. Govt. Sponsored Enterprises | ||
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 91,326 | 54,005 |
Securities available-for-sale, Gross Unrealized Gains | 182 | 555 |
Securities available-for-sale, Gross Unrealized Losses | (2,438) | (65) |
Securities available-for-sale, Fair Value | 89,070 | 54,495 |
State, Country and Municipal | ||
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 82,948 | 94,976 |
Securities available-for-sale, Gross Unrealized Gains | 300 | 4,405 |
Securities available-for-sale, Gross Unrealized Losses | (3,314) | (127) |
Securities available-for-sale, Fair Value | 79,934 | 99,254 |
Securities held-to-maturity, Amortized Cost | 62,932 | 50,182 |
Securities held to maturity, Gross Unrealized Gains | 139 | |
Securities held to maturity, Gross Unrealized Losses | (5,999) | (156) |
Securities held to maturity, Fair Value | 56,933 | 50,165 |
Corporate Debt Obligations | ||
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 17,924 | 15,942 |
Securities available-for-sale, Gross Unrealized Gains | 28 | 49 |
Securities available-for-sale, Gross Unrealized Losses | (642) | (67) |
Securities available-for-sale, Fair Value | $ 17,310 | $ 15,924 |
Investment Securities - Sched_2
Investment Securities - Schedule of Details Concerning Investment Securities with Unrealized and Unrecognized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Less than 12 Months, Fair Value | $ 682,875 | $ 635,838 |
Securities available-for-sale, Less than 12 Months, Unrealized Losses | 39,098 | 7,120 |
Securities available-for-sale, More Than 12 Months, Fair Value | 33,933 | 33,650 |
Securities available-for-sale, More Than 12 Months, Unrealized Losses | 3,243 | 1,005 |
Securities available for sale, Total, Fair Value | 716,808 | 669,488 |
Securities available for sale, Total, Unrealized Losses | 42,341 | 8,125 |
Securities held to maturity, Less than 12 Months, Fair Value | 60,874 | 17,775 |
Securities held to maturity, Less than 12 Months, Unrealized Losses | 6,634 | 156 |
Securities held to maturity, More Than 12 Months, Fair Value | 60,306 | |
Securities held to maturity, More Than 12 Months, Unrealized Losses | 6,434 | |
Securities held to maturity, Total, Fair Value | 121,180 | 17,775 |
Securities held to maturity, Total, Unrealized Losses | 13,068 | 156 |
Residential Mortgage - Backed | ||
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Less than 12 Months, Fair Value | 399,520 | 442,210 |
Securities available-for-sale, Less than 12 Months, Unrealized Losses | 24,289 | 5,075 |
Securities available-for-sale, More Than 12 Months, Fair Value | 30,992 | 33,032 |
Securities available-for-sale, More Than 12 Months, Unrealized Losses | 2,909 | 988 |
Securities available for sale, Total, Fair Value | 430,512 | 475,242 |
Securities available for sale, Total, Unrealized Losses | 27,198 | 6,063 |
Securities held to maturity, Less than 12 Months, Fair Value | 9,285 | |
Securities held to maturity, Less than 12 Months, Unrealized Losses | 635 | |
Securities held to maturity, More Than 12 Months, Fair Value | 60,306 | |
Securities held to maturity, More Than 12 Months, Unrealized Losses | 6,434 | |
Securities held to maturity, Total, Fair Value | 69,591 | |
Securities held to maturity, Total, Unrealized Losses | 7,069 | |
U.S. Treasury Securities | ||
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Less than 12 Months, Fair Value | 142,508 | 149,528 |
Securities available-for-sale, Less than 12 Months, Unrealized Losses | 8,749 | 1,803 |
Securities available for sale, Total, Fair Value | 142,508 | 149,528 |
Securities available for sale, Total, Unrealized Losses | 8,749 | 1,803 |
U.S. Govt. Sponsored Enterprises | ||
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Less than 12 Months, Fair Value | 68,351 | 27,377 |
Securities available-for-sale, Less than 12 Months, Unrealized Losses | 2,438 | 65 |
Securities available for sale, Total, Fair Value | 68,351 | 27,377 |
Securities available for sale, Total, Unrealized Losses | 2,438 | 65 |
State, Country and Municipal | ||
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Less than 12 Months, Fair Value | 57,143 | 6,775 |
Securities available-for-sale, Less than 12 Months, Unrealized Losses | 2,980 | 110 |
Securities available-for-sale, More Than 12 Months, Fair Value | 2,941 | 618 |
Securities available-for-sale, More Than 12 Months, Unrealized Losses | 334 | 17 |
Securities available for sale, Total, Fair Value | 60,084 | 7,393 |
Securities available for sale, Total, Unrealized Losses | 3,314 | 127 |
Securities held to maturity, Less than 12 Months, Fair Value | 51,589 | 17,775 |
Securities held to maturity, Less than 12 Months, Unrealized Losses | 5,999 | 156 |
Securities held to maturity, Total, Fair Value | 51,589 | 17,775 |
Securities held to maturity, Total, Unrealized Losses | 5,999 | 156 |
Corporate Debt Obligations | ||
Schedule of Available for Sale Securities [Line Items] | ||
Securities available-for-sale, Less than 12 Months, Fair Value | 15,353 | 9,948 |
Securities available-for-sale, Less than 12 Months, Unrealized Losses | 642 | 67 |
Securities available for sale, Total, Fair Value | 15,353 | 9,948 |
Securities available for sale, Total, Unrealized Losses | $ 642 | $ 67 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2022USD ($)Security | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Investments Debt And Equity Securities [Abstract] | |||
Other-than-temporary impairments charged to earnings | $ 0 | $ 0 | |
Number of securities owned | Security | 313 | ||
Unrealized losses | $ 55,400,000 | ||
Securities pledged to secure public deposits | 215,100,000 | $ 205,300,000 | |
Securities pledged to secure repurchase agreements | 17,000,000 | $ 17,900,000 | |
Proceeds from sales of investment securities | 119,950,000 | 4,383,000 | |
Realized investment gains (loss) | $ (588,000) | $ 7,000 |
Investment Securities - Sched_3
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Securities available-for-sale | ||
Securities available-for-sale, Less than 1 year, Amortized Cost | $ 9,501 | $ 11,573 |
Securities available-for-sale, 1 to 5 years, Amortized Cost | 157,437 | 158,678 |
Securities available-for-sale, 5 to 10 years, Amortized Cost | 91,989 | 70,856 |
Securities available-for-sale, After 10 years, Amortized Cost | 84,528 | 75,147 |
Securities available-for-sale, before Residential mortgage-backed securities | 343,455 | 316,254 |
Securities available-for-sale, Residential mortgage-backed securities | 807,375 | 878,363 |
Securities available-for-sale | ||
Securities available-for-sale, Less than 1 year, Fair Value | 9,576 | 11,682 |
Securities available-for-sale, 1 to 5 years, Fair Value | 149,248 | 157,799 |
Securities available-for-sale, 5 to 10 years, Fair Value | 88,244 | 70,959 |
Securities available-for-sale, After 10 years, Fair Value | 81,754 | 78,761 |
Securities available-for-sale, before Residential mortgage-backed securities Fair Value | 328,822 | 319,201 |
Securities available-for-sale, Fair Value | 765,547 | 876,759 |
Securities held-to-maturity | ||
Securities held-to-maturity, 5 to 10 years, Amortized Cost | 5,150 | 1,132 |
Securities held-to-maturity, After 10 years, Amortized Cost | 57,782 | 49,050 |
Securities held-to-maturity, before Residential mortgage-backed securities | 62,932 | 50,182 |
Securities available-for-sale, Residential mortgage-backed securities | 139,592 | 50,182 |
Securities held-to-maturity, at amortized cost | 139,592 | 50,182 |
Securities held-to-maturity, 5 to 10 years, Fair Value | 4,756 | 1,132 |
Securities held-to-maturity, After 10 years, Fair Value | 52,177 | 49,033 |
Securities held-to-maturity, before Residential mortgage-backed securities Fair Value | 56,933 | 50,165 |
Securities available-for-sale, Residential mortgage -backed securities Fair Value | 126,524 | 50,165 |
Securities held to maturity, Fair Value | 126,524 | 50,165 |
Residential Mortgage - Backed | ||
Securities available-for-sale | ||
Securities available-for-sale, Residential mortgage-backed securities | 463,920 | 562,109 |
Securities available-for-sale | ||
Securities available-for-sale, Fair Value | 436,725 | $ 557,558 |
Securities held-to-maturity | ||
Securities available-for-sale, Residential mortgage-backed securities | 76,660 | |
Securities held-to-maturity, at amortized cost | 76,660 | |
Securities available-for-sale, Residential mortgage -backed securities Fair Value | 69,591 | |
Securities held to maturity, Fair Value | $ 69,591 |
Loans, Allowance for Loan Los_3
Loans, Allowance for Loan Losses and Credit Quality - Major Classifications of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 1,341,955 | $ 1,273,039 | $ 1,220,650 | |
Allowance for loan losses | (20,894) | (20,922) | (18,028) | $ (16,803) |
Net discounts | (363) | (400) | ||
Net deferred loan fees | (5,240) | (5,974) | ||
Net loans | $ 1,315,458 | $ 1,245,743 | ||
Total gross loans percentage | 102.00% | 102.20% | ||
Allowance for loan losses percentage | (1.60%) | (1.70%) | ||
Net discounts percentage | (0.00%) | (0.00%) | ||
Net deferred loan fees percentage | (0.40%) | (0.50%) | ||
Net loans percentage | 100.00% | 100.00% | ||
Home Equity Lines of Credit | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 51,764 | $ 49,569 | ||
Total gross loans percentage | 3.90% | 4.00% | ||
Residential Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 357,911 | $ 333,169 | ||
Total gross loans percentage | 27.20% | 26.70% | ||
Residential Real Estate | Closed-end 1-4 family - first lien | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 342,343 | $ 317,754 | ||
Total gross loans percentage | 26.00% | 25.50% | ||
Residential Real Estate | Closed-end 1-4 family - junior lien | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 5,541 | $ 5,434 | ||
Total gross loans percentage | 0.40% | 0.40% | ||
Residential Real Estate | Multi-family | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 10,027 | $ 9,981 | ||
Total gross loans percentage | 0.80% | 0.80% | ||
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 432,329 | $ 389,181 | ||
Total gross loans percentage | 32.90% | 31.20% | ||
Commercial Real Estate | Nonfarm nonresidential | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 386,501 | $ 350,373 | ||
Total gross loans percentage | 29.40% | 28.10% | ||
Commercial Real Estate | Farmland | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 45,828 | $ 38,808 | ||
Total gross loans percentage | 3.50% | 3.10% | ||
Construction and Land Development | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 208,457 | $ 196,116 | ||
Total gross loans percentage | 15.80% | 15.70% | ||
Construction and Land Development | Residential | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 101,909 | $ 90,924 | ||
Total gross loans percentage | 7.70% | 7.30% | ||
Construction and Land Development | Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 106,548 | $ 105,192 | ||
Total gross loans percentage | 8.10% | 8.40% | ||
Commercial Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 248,436 | $ 261,924 | 341,554 | |
Allowance for loan losses | $ (6,086) | $ (6,486) | (6,089) | (5,897) |
Total gross loans percentage | 18.90% | 21.10% | ||
Commercial Loans | Other commercial loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 189,932 | $ 201,922 | ||
Total gross loans percentage | 14.40% | 16.20% | ||
Commercial Loans | Agricultural | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 35,037 | $ 36,063 | ||
Total gross loans percentage | 2.70% | 2.90% | ||
Commercial Loans | State, county, and municipal loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 23,467 | $ 23,939 | ||
Total gross loans percentage | 1.80% | 2.00% | ||
Consumer Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total gross loans | $ 43,058 | $ 43,080 | 43,123 | |
Allowance for loan losses | $ (425) | $ (414) | $ (378) | $ (406) |
Total gross loans percentage | 3.30% | 3.50% |
Loans, Allowance for Loan Los_4
Loans, Allowance for Loan Losses and Credit Quality - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)Segment | |
Financing Receivable Modifications [Line Items] | |
Number of primary loan portfolio segments | Segment | 3 |
COVID-19 | |
Financing Receivable Modifications [Line Items] | |
Loans placed under deferral plan | $ 167,000 |
Loans receivable outstanding under loan deferral plan | $ 270 |
Minimum | COVID-19 | |
Financing Receivable Modifications [Line Items] | |
Deferral term for principal and interest payments | 90 days |
Maximum | COVID-19 | |
Financing Receivable Modifications [Line Items] | |
Deferral term for principal and interest payments | 180 days |
Loans, Allowance for Loan Los_5
Loans, Allowance for Loan Losses and Credit Quality - Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Allowance for Loan Losses | |||
Beginning Balance | $ 20,922 | $ 16,803 | |
Provision (credit) for loan losses | 1,186 | ||
Loan charge-offs | (62) | (45) | |
Loan recoveries | 34 | 84 | |
Ending Balance | 20,894 | 18,028 | |
Ending Balance, Individually evaluated for impairment | 310 | 349 | |
Ending Balance, Collectively evaluated for impairment | 20,584 | 17,679 | |
Total | 20,894 | 18,028 | $ 20,922 |
Loans, Individually evaluated for impairment | 8,594 | 4,621 | |
Loans, Collectively evaluated for impairment | 1,333,343 | 1,214,905 | |
Loans, Acquired loans with deteriorated credit quality | 18 | 1,124 | |
Total Loans | 1,341,955 | 1,220,650 | 1,273,039 |
Home Equity Lines of Credit | |||
Allowance for Loan Losses | |||
Total Loans | 51,764 | 49,569 | |
Residential | |||
Allowance for Loan Losses | |||
Total Loans | 357,911 | 333,169 | |
Commercial | |||
Allowance for Loan Losses | |||
Total Loans | 432,329 | 389,181 | |
Construction and Land Development | |||
Allowance for Loan Losses | |||
Total Loans | 208,457 | 196,116 | |
Commercial Loans | |||
Allowance for Loan Losses | |||
Beginning Balance | 6,486 | 5,897 | |
Provision (credit) for loan losses | (354) | 194 | |
Loan charge-offs | (62) | (40) | |
Loan recoveries | 16 | 38 | |
Ending Balance | 6,086 | 6,089 | |
Ending Balance, Individually evaluated for impairment | 48 | 191 | |
Ending Balance, Collectively evaluated for impairment | 6,038 | 5,898 | |
Total | 6,086 | 6,089 | 6,486 |
Loans, Individually evaluated for impairment | 270 | 291 | |
Loans, Collectively evaluated for impairment | 248,166 | 341,263 | |
Total Loans | 248,436 | 341,554 | 261,924 |
Consumer Loans | |||
Allowance for Loan Losses | |||
Beginning Balance | 414 | 406 | |
Provision (credit) for loan losses | 2 | (38) | |
Loan charge-offs | (5) | ||
Loan recoveries | 9 | 15 | |
Ending Balance | 425 | 378 | |
Ending Balance, Individually evaluated for impairment | 105 | 77 | |
Ending Balance, Collectively evaluated for impairment | 320 | 301 | |
Total | 425 | 378 | 414 |
Loans, Individually evaluated for impairment | 106 | 77 | |
Loans, Collectively evaluated for impairment | 42,952 | 43,042 | |
Loans, Acquired loans with deteriorated credit quality | 4 | ||
Total Loans | 43,058 | 43,123 | 43,080 |
Real Estate Mortgage Loans | |||
Allowance for Loan Losses | |||
Total Loans | 998,697 | 918,466 | |
Real Estate Mortgage Loans | Home Equity Lines of Credit | |||
Allowance for Loan Losses | |||
Beginning Balance | 396 | 268 | |
Provision (credit) for loan losses | 17 | (13) | |
Ending Balance | 413 | 255 | |
Ending Balance, Collectively evaluated for impairment | 413 | 255 | |
Total | 413 | 255 | 396 |
Loans, Individually evaluated for impairment | 102 | 407 | |
Loans, Collectively evaluated for impairment | 51,662 | 41,268 | |
Total Loans | 51,764 | 41,675 | |
Real Estate Mortgage Loans | Residential | |||
Allowance for Loan Losses | |||
Beginning Balance | 2,596 | 1,676 | |
Provision (credit) for loan losses | 112 | 124 | |
Ending Balance | 2,708 | 1,800 | |
Ending Balance, Individually evaluated for impairment | 42 | 81 | |
Ending Balance, Collectively evaluated for impairment | 2,666 | 1,719 | |
Total | 2,708 | 1,800 | 2,596 |
Loans, Individually evaluated for impairment | 1,928 | 957 | |
Loans, Collectively evaluated for impairment | 355,972 | 276,315 | |
Loans, Acquired loans with deteriorated credit quality | 11 | 259 | |
Total Loans | 357,911 | 277,531 | 333,169 |
Real Estate Mortgage Loans | Commercial | |||
Allowance for Loan Losses | |||
Beginning Balance | 8,038 | 6,807 | |
Provision (credit) for loan losses | 251 | 787 | |
Loan recoveries | 5 | 31 | |
Ending Balance | 8,294 | 7,625 | |
Ending Balance, Collectively evaluated for impairment | 8,294 | 7,625 | |
Total | 8,294 | 7,625 | 8,038 |
Loans, Individually evaluated for impairment | 5,780 | 2,622 | |
Loans, Collectively evaluated for impairment | 426,549 | 351,778 | |
Loans, Acquired loans with deteriorated credit quality | 843 | ||
Total Loans | 432,329 | 355,243 | 389,181 |
Real Estate Mortgage Loans | Construction and Land Development | |||
Allowance for Loan Losses | |||
Beginning Balance | 2,992 | 1,749 | |
Provision (credit) for loan losses | (28) | 132 | |
Loan recoveries | 4 | ||
Ending Balance | 2,968 | 1,881 | |
Ending Balance, Individually evaluated for impairment | 115 | ||
Ending Balance, Collectively evaluated for impairment | 2,853 | 1,881 | |
Total | 2,968 | 1,881 | 2,992 |
Loans, Individually evaluated for impairment | 408 | 267 | |
Loans, Collectively evaluated for impairment | 208,042 | 161,239 | |
Loans, Acquired loans with deteriorated credit quality | 7 | 18 | |
Total Loans | $ 208,457 | $ 161,524 | $ 196,116 |
Loans, Allowance for Loan Los_6
Loans, Allowance for Loan Losses and Credit Quality - Summary of Impaired Loans by Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | $ 8,594 | $ 8,158 | |
Recorded Investment | 8,594 | 8,158 | $ 4,621 |
Impaired Loans With No Allowance | 7,872 | 7,129 | |
Impaired Loans With Allowance | 722 | 1,029 | |
Allowance for Loan Losses | 310 | 424 | |
Home Equity Lines of Credit | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 102 | 303 | |
Recorded Investment | 102 | 303 | 407 |
Impaired Loans With No Allowance | 102 | 303 | |
Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 270 | 345 | |
Recorded Investment | 270 | 345 | 291 |
Impaired Loans With No Allowance | 222 | 231 | |
Impaired Loans With Allowance | 48 | 114 | |
Allowance for Loan Losses | 48 | 116 | |
Consumer Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 106 | 119 | |
Recorded Investment | 106 | 119 | 77 |
Impaired Loans With Allowance | 106 | 119 | |
Allowance for Loan Losses | 105 | 118 | |
Mortgage Loans on Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 8,116 | 7,391 | |
Recorded Investment | 8,116 | 7,391 | 3,846 |
Impaired Loans With No Allowance | 7,548 | 6,595 | |
Impaired Loans With Allowance | 568 | 796 | |
Allowance for Loan Losses | 157 | 190 | |
Mortgage Loans on Real Estate | Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 1,928 | 997 | |
Recorded Investment | 1,928 | 997 | 957 |
Impaired Loans With No Allowance | 1,768 | 609 | |
Impaired Loans With Allowance | 160 | 388 | |
Allowance for Loan Losses | 42 | 86 | |
Mortgage Loans on Real Estate | Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 5,780 | 5,925 | |
Recorded Investment | 5,780 | 5,925 | 2,622 |
Impaired Loans With No Allowance | 5,780 | 5,925 | |
Mortgage Loans on Real Estate | Construction and Land Development | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 408 | 469 | |
Recorded Investment | 408 | 469 | $ 267 |
Impaired Loans With No Allowance | 61 | ||
Impaired Loans With Allowance | 408 | 408 | |
Allowance for Loan Losses | 115 | 104 | |
Nonaccruing Impaired Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 2,313 | 1,858 | |
Recorded Investment | 2,313 | 1,858 | |
Impaired Loans With No Allowance | 2,155 | 1,695 | |
Impaired Loans With Allowance | 158 | 163 | |
Allowance for Loan Losses | 88 | 118 | |
Nonaccruing Impaired Loans | Home Equity Lines of Credit | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 201 | ||
Recorded Investment | 201 | ||
Impaired Loans With No Allowance | 201 | ||
Nonaccruing Impaired Loans | Consumer Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 55 | 65 | |
Recorded Investment | 55 | 65 | |
Impaired Loans With Allowance | 55 | 65 | |
Allowance for Loan Losses | 55 | 64 | |
Nonaccruing Impaired Loans | Mortgage Loans on Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 2,258 | 1,592 | |
Recorded Investment | 2,258 | 1,592 | |
Impaired Loans With No Allowance | 2,155 | 1,494 | |
Impaired Loans With Allowance | 103 | 98 | |
Allowance for Loan Losses | 33 | 54 | |
Nonaccruing Impaired Loans | Mortgage Loans on Real Estate | Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 1,143 | 707 | |
Recorded Investment | 1,143 | 707 | |
Impaired Loans With No Allowance | 1,040 | 609 | |
Impaired Loans With Allowance | 103 | 98 | |
Allowance for Loan Losses | 33 | 54 | |
Nonaccruing Impaired Loans | Mortgage Loans on Real Estate | Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 1,115 | 885 | |
Recorded Investment | 1,115 | 885 | |
Impaired Loans With No Allowance | 1,115 | 885 | |
Accruing Impaired Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 6,281 | 6,300 | |
Recorded Investment | 6,281 | 6,300 | |
Impaired Loans With No Allowance | 5,717 | 5,434 | |
Impaired Loans With Allowance | 564 | 866 | |
Allowance for Loan Losses | 222 | 306 | |
Accruing Impaired Loans | Home Equity Lines of Credit | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 102 | 102 | |
Recorded Investment | 102 | 102 | |
Impaired Loans With No Allowance | 102 | 102 | |
Accruing Impaired Loans | Commercial Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 270 | 345 | |
Recorded Investment | 270 | 345 | |
Impaired Loans With No Allowance | 222 | 231 | |
Impaired Loans With Allowance | 48 | 114 | |
Allowance for Loan Losses | 48 | 116 | |
Accruing Impaired Loans | Consumer Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 51 | 54 | |
Recorded Investment | 51 | 54 | |
Impaired Loans With Allowance | 51 | 54 | |
Allowance for Loan Losses | 50 | 54 | |
Accruing Impaired Loans | Mortgage Loans on Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 5,858 | 5,799 | |
Recorded Investment | 5,858 | 5,799 | |
Impaired Loans With No Allowance | 5,393 | 5,101 | |
Impaired Loans With Allowance | 465 | 698 | |
Allowance for Loan Losses | 124 | 136 | |
Accruing Impaired Loans | Mortgage Loans on Real Estate | Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 785 | 290 | |
Recorded Investment | 785 | 290 | |
Impaired Loans With No Allowance | 728 | ||
Impaired Loans With Allowance | 57 | 290 | |
Allowance for Loan Losses | 9 | 32 | |
Accruing Impaired Loans | Mortgage Loans on Real Estate | Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 4,665 | 5,040 | |
Recorded Investment | 4,665 | 5,040 | |
Impaired Loans With No Allowance | 4,665 | 5,040 | |
Accruing Impaired Loans | Mortgage Loans on Real Estate | Construction and Land Development | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 408 | 469 | |
Recorded Investment | 408 | 469 | |
Impaired Loans With No Allowance | 61 | ||
Impaired Loans With Allowance | 408 | 408 | |
Allowance for Loan Losses | $ 115 | $ 104 |
Loans, Allowance for Loan Los_7
Loans, Allowance for Loan Losses and Credit Quality - Summary of Average Recorded Investment and Interest Income recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable Impaired [Line Items] | |||
Impaired loans, Average recorded investment | $ 8,376 | $ 4,860 | |
Impaired loans, Ending recorded investment | 8,594 | 4,621 | $ 8,158 |
Impaired loans, Interest income | 146 | 30 | |
Home Equity Lines of Credit | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans, Average recorded investment | 202 | 407 | |
Impaired loans, Ending recorded investment | 102 | 407 | 303 |
Impaired loans, Interest income | 1 | 2 | |
Commercial Loans | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans, Average recorded investment | 307 | 293 | |
Impaired loans, Ending recorded investment | 270 | 291 | 345 |
Impaired loans, Interest income | 4 | 2 | |
Consumer Loans | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans, Average recorded investment | 113 | 79 | |
Impaired loans, Ending recorded investment | 106 | 77 | 119 |
Impaired loans, Interest income | 1 | ||
Mortgage Loans on Real Estate | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans, Average recorded investment | 7,754 | 4,081 | |
Impaired loans, Ending recorded investment | 8,116 | 3,846 | 7,391 |
Impaired loans, Interest income | 140 | 26 | |
Mortgage Loans on Real Estate | Residential Real Estate | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans, Average recorded investment | 1,462 | 878 | |
Impaired loans, Ending recorded investment | 1,928 | 957 | 997 |
Impaired loans, Interest income | 5 | 3 | |
Mortgage Loans on Real Estate | Commercial Real Estate | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans, Average recorded investment | 5,853 | 2,854 | |
Impaired loans, Ending recorded investment | 5,780 | 2,622 | 5,925 |
Impaired loans, Interest income | 130 | 23 | |
Mortgage Loans on Real Estate | Construction and Land Development | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans, Average recorded investment | 439 | 349 | |
Impaired loans, Ending recorded investment | 408 | $ 267 | $ 469 |
Impaired loans, Interest income | $ 5 |
Loans, Allowance for Loan Los_8
Loans, Allowance for Loan Losses and Credit Quality - Summary of Aging of Loans and Non-accrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual Loans | $ 2,749 | $ 2,272 | |
Total Loans | 1,341,955 | 1,273,039 | $ 1,220,650 |
Past Due 30-89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 2,124 | 3,552 | |
Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 1,337,082 | 1,267,215 | |
Home Equity Lines of Credit | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual Loans | 66 | 252 | |
Total Loans | 51,764 | 49,569 | |
Home Equity Lines of Credit | Past Due 30-89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 84 | 88 | |
Home Equity Lines of Credit | Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 51,614 | 49,229 | |
Commercial Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 432,329 | 389,181 | |
Construction and Land Development | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 208,457 | 196,116 | |
Commercial Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual Loans | 15 | ||
Total Loans | 248,436 | 261,924 | 341,554 |
Commercial Loans | Past Due 30-89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 265 | 304 | |
Commercial Loans | Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 248,156 | 261,620 | |
Consumer Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual Loans | 103 | 112 | |
Total Loans | 43,058 | 43,080 | 43,123 |
Consumer Loans | Past Due 30-89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 236 | 201 | |
Consumer Loans | Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 42,719 | 42,767 | |
Residential Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 357,911 | 333,169 | |
Mortgage Loans on Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual Loans | 2,565 | 1,908 | |
Total Loans | 998,697 | 918,466 | |
Mortgage Loans on Real Estate | Past Due 30-89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 1,539 | 2,959 | |
Mortgage Loans on Real Estate | Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 994,593 | 913,599 | |
Mortgage Loans on Real Estate | Home Equity Lines of Credit | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 51,764 | 41,675 | |
Mortgage Loans on Real Estate | Commercial Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual Loans | 1,115 | 885 | |
Total Loans | 432,329 | 389,181 | 355,243 |
Mortgage Loans on Real Estate | Commercial Real Estate | Past Due 30-89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 237 | 1,193 | |
Mortgage Loans on Real Estate | Commercial Real Estate | Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 430,977 | 387,103 | |
Mortgage Loans on Real Estate | Construction and Land Development | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual Loans | 10 | 11 | |
Total Loans | 208,457 | 196,116 | 161,524 |
Mortgage Loans on Real Estate | Construction and Land Development | Past Due 30-89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 401 | 327 | |
Mortgage Loans on Real Estate | Construction and Land Development | Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 208,046 | 195,778 | |
Mortgage Loans on Real Estate | Residential Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual Loans | 1,440 | 1,012 | |
Total Loans | 357,911 | 333,169 | $ 277,531 |
Mortgage Loans on Real Estate | Residential Real Estate | Past Due 30-89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | 901 | 1,439 | |
Mortgage Loans on Real Estate | Residential Real Estate | Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Accruing Loans, Current | $ 355,570 | $ 330,718 |
Loans, Allowance for Loan Los_9
Loans, Allowance for Loan Losses and Credit Quality - Summary of Risk Category of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 1,341,955 | $ 1,273,039 | $ 1,220,650 |
Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,314,182 | 1,240,077 | |
Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 17,956 | 23,732 | |
Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 9,817 | 9,230 | |
Home Equity Lines of Credit | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 51,764 | 49,569 | |
Home Equity Lines of Credit | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 51,390 | 49,158 | |
Home Equity Lines of Credit | Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 148 | ||
Home Equity Lines of Credit | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 226 | 411 | |
Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 357,911 | 333,169 | |
Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 432,329 | 389,181 | |
Construction and Land Development | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 208,457 | 196,116 | |
Commercial Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 248,436 | 261,924 | 341,554 |
Commercial Loans | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 239,928 | 251,450 | |
Commercial Loans | Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 8,160 | 10,119 | |
Commercial Loans | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 348 | 355 | |
Consumer Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 43,058 | 43,080 | 43,123 |
Consumer Loans | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 42,651 | 42,665 | |
Consumer Loans | Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 183 | 169 | |
Consumer Loans | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 224 | 246 | |
Mortgage Loans on Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 998,697 | 918,466 | |
Mortgage Loans on Real Estate | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 980,213 | 896,804 | |
Mortgage Loans on Real Estate | Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 9,465 | 13,444 | |
Mortgage Loans on Real Estate | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 9,019 | 8,218 | |
Mortgage Loans on Real Estate | Home Equity Lines of Credit | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 51,764 | 41,675 | |
Mortgage Loans on Real Estate | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 357,911 | 333,169 | 277,531 |
Mortgage Loans on Real Estate | Residential Real Estate | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 352,208 | 328,342 | |
Mortgage Loans on Real Estate | Residential Real Estate | Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,059 | 3,171 | |
Mortgage Loans on Real Estate | Residential Real Estate | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 2,644 | 1,656 | |
Mortgage Loans on Real Estate | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 432,329 | 389,181 | 355,243 |
Mortgage Loans on Real Estate | Commercial Real Estate | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 420,422 | 374,152 | |
Mortgage Loans on Real Estate | Commercial Real Estate | Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 5,968 | 8,967 | |
Mortgage Loans on Real Estate | Commercial Real Estate | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 5,939 | 6,062 | |
Mortgage Loans on Real Estate | Construction and Land Development | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 208,457 | 196,116 | $ 161,524 |
Mortgage Loans on Real Estate | Construction and Land Development | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 207,583 | 194,310 | |
Mortgage Loans on Real Estate | Construction and Land Development | Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 438 | 1,306 | |
Mortgage Loans on Real Estate | Construction and Land Development | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 436 | $ 500 |
Fair Value Measurement and Disc
Fair Value Measurement and Disclosures - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value transfers between levels transfers amount | $ 0 | $ 0 |
Non-Recurring Basis | Significant Unobservable Inputs (Level 3) | Discount Rate | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Appraisal discounts and weighted average input rate | 15 | 15 |
Non-Recurring Basis | Significant Unobservable Inputs (Level 3) | Discount Rate | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Appraisal discounts and weighted average input rate | 20 | 20 |
Fair Value Measurement and Di_2
Fair Value Measurement and Disclosures - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 765,547 | $ 876,759 |
U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 142,508 | 149,528 |
U.S. Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 89,070 | 54,495 |
State, Country and Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 79,934 | 99,254 |
Corporate Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 17,310 | 15,924 |
Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 765,547 | 876,759 |
Recurring Basis | Residential Mortgage -Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 436,725 | 557,558 |
Recurring Basis | U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 142,508 | 149,528 |
Recurring Basis | U.S. Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 89,070 | 54,495 |
Recurring Basis | State, Country and Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 79,934 | 99,254 |
Recurring Basis | Corporate Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 17,310 | 15,924 |
Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 765,547 | 876,759 |
Recurring Basis | Significant Other Observable Inputs (Level 2) | Residential Mortgage -Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 436,725 | 557,558 |
Recurring Basis | Significant Other Observable Inputs (Level 2) | U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 142,508 | 149,528 |
Recurring Basis | Significant Other Observable Inputs (Level 2) | U.S. Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 89,070 | 54,495 |
Recurring Basis | Significant Other Observable Inputs (Level 2) | State, Country and Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 79,934 | 99,254 |
Recurring Basis | Significant Other Observable Inputs (Level 2) | Corporate Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 17,310 | $ 15,924 |
Fair Value Measurement and Di_3
Fair Value Measurement and Disclosures - Schedule of Fair Value, Assets Measured on Non-Recurring Basis (Details) - Non-Recurring Basis - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 8,626 | $ 7,990 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 8,626 | 7,990 |
Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 8,284 | 7,734 |
Impaired Loans | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 8,284 | 7,734 |
Foreclosed Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 342 | 256 |
Foreclosed Assets | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 342 | $ 256 |
Fair Value Measurement and Di_4
Fair Value Measurement and Disclosures - Summary of Estimated Fair Values Related to Carrying or Notional Amounts of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Securities held-to-maturity | $ 139,592 | $ 50,182 |
Securities available-for-sale | 765,547 | 876,759 |
Accrued interest receivable | 7,094 | 7,031 |
Bank owned life insurance | 45,464 | 45,161 |
Securities available-for-sale, Residential mortgage-backed securities | 139,592 | 50,182 |
Financial liabilities: | ||
Securities sold under agreements to repurchase | 9,920 | 9,754 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 87,079 | 61,962 |
Certificates of deposit in banks | 3,412 | 3,412 |
Securities held-to-maturity | 139,592 | 50,182 |
Securities available-for-sale | 765,547 | 876,759 |
Loans held-for-sale | 8,212 | 15,501 |
Loans receivable | 1,315,458 | 1,245,743 |
Accrued interest receivable | 7,094 | 7,031 |
Bank owned life insurance | 45,464 | 45,161 |
Restricted equity securities | 1,748 | 1,482 |
Securities available-for-sale, Residential mortgage-backed securities | 139,592 | 50,182 |
Financial liabilities: | ||
Deposits | 2,253,586 | 2,151,177 |
Securities sold under agreements to repurchase | 9,920 | 9,754 |
Subordinated debentures | 39,362 | 39,344 |
Accrued interest payable | 171 | 600 |
Estimate Fair Value | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 87,079 | 61,962 |
Estimate Fair Value | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Certificates of deposit in banks | 3,412 | 3,412 |
Securities held-to-maturity | 126,524 | 50,165 |
Securities available-for-sale | 765,547 | 876,759 |
Loans held-for-sale | 8,212 | 15,501 |
Loans receivable | 1,290,165 | 1,239,996 |
Accrued interest receivable | 7,094 | 7,031 |
Bank owned life insurance | 45,464 | 45,161 |
Securities available-for-sale, Residential mortgage-backed securities | 126,524 | 50,165 |
Financial liabilities: | ||
Deposits | 2,143,625 | 2,087,357 |
Securities sold under agreements to repurchase | 9,920 | 9,754 |
Subordinated debentures | 40,114 | 40,900 |
Accrued interest payable | 171 | 600 |
Estimate Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Loans receivable | 8,284 | 7,734 |
Restricted equity securities | $ 1,748 | $ 1,482 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, number of common stock outstanding, shares | 6,634,027 | 6,568,285 | |
Common stock related to 401(k) Employee Stock Ownership Plan | $ 3,120,000 | $ 3,120,000 | |
Employee Stock Ownership Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, description | The Company makes contributions up to 3% of each participant’s annual compensation and the Company matches 50% of the next 2% contributed by the employee. | ||
Maximum annual contributions amount per employee | $ 20,500 | $ 20,500 | |
Maximum annual contributions percentage per employee | 3.00% | ||
Employer matching percentage of compensation contributed | 50.00% | ||
Employer matching percentage of employees compensation contributed | 2.00% | ||
Contributions by company | $ 194,000 | $ 163,000 | |
Common stock related to 401(k) Employee Stock Ownership Plan | 3,120,000 | 3,120,000 | |
Fair Value of Common stock related to 401(k) Employee Stock Ownership Plan | $ 4,720,000 | 4,720,000 | |
Employee Stock Ownership Plan | Defined Benefit Plans Adjustment | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Number of periods available to purchase shares following distribution | 2 | ||
Fair Value of Common stock related to 401(k) Employee Stock Ownership Plan | $ 0 | $ 0 | |
Stock Compensation Plan | Employee Stock Ownership Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, number of common stock outstanding, shares | 130,149 | 130,149 | |
Defined contribution plan, number of common stock outstanding, shares unallocated | 0 | 0 |
Leases - Classification of Comp
Leases - Classification of Company's ROU assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets And Liabilities Lessee [Abstract] | ||
Operating lease right-of-use assets | $ 3,488 | $ 3,337 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating lease liabilities | $ 3,582 | $ 3,424 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued interest payable and other liabilities | Accrued interest payable and other liabilities |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and Discount Rate for Operating Leases (Details) | Mar. 31, 2022 | Dec. 31, 2021 |
Lessor Operating Lease Description [Abstract] | ||
Weighted-average remaining lease term for operating leases | 10 years 5 months 15 days | 10 years 7 months 13 days |
Weighted-average discount rate for operating leases | 6.00% | 6.00% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments for Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
Operating Leases, April 1, 2022 - March 31, 2023 | $ 557 | |
Operating Leases, April 1, 2023 - March 31, 2024 | 609 | |
Operating Leases, April 1, 2024 - March 31, 2025 | 527 | |
Operating Leases, April 1, 2025 - March 31, 2026 | 506 | |
Operating Leases, April 1, 2026 - March 31, 2027 | 440 | |
Operating Leases, Afterward | 2,342 | |
Operating Leases, Total future minimum lease payments | 4,981 | |
Operating Leases, Amounts representing interest | (1,399) | |
Present value of net future minimum lease payments | $ 3,582 | $ 3,424 |