Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38647 | |
Entity Registrant Name | FVCBankcorp, Inc. | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 47-5020283 | |
Entity Address, Address Line One | 11325 Random Hills Road | |
Entity Address, Address Line Two | Suite 240 | |
Entity Address, Postal Zip Code | 22030 | |
Entity Address, State or Province | VA | |
Entity Address, City or Town | Fairfax, | |
City Area Code | 703 | |
Local Phone Number | 436-3800 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | FVCB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,186,147 | |
Entity Central Index Key | 0001675644 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 10,226,000 | $ 8,042,000 |
Interest-bearing deposits at other financial institutions | 154,359,000 | 52,480,000 |
Securities held-to-maturity (fair value of $251 thousand and $252 thousand at June 30, 2024 and December 31, 2023, respectively), net of allowance for credit losses of $0 and $0 at June 30, 2024 and December 31, 2023, respectively. | 264,000 | 264,000 |
Securities available-for-sale, at fair value | 162,164,000 | 171,595,000 |
Restricted stock, at cost | 8,186,000 | 9,488,000 |
Loans, net of allowance for credit losses of $19.2 million and $18.9 million at June 30, 2024 and December 31, 2023, respectively | 1,867,721,000 | 1,809,693,000 |
Premises and equipment, net | 915,000 | 997,000 |
Accrued interest receivable | 10,828,000 | 10,321,000 |
Prepaid expenses | 4,073,000 | 3,506,000 |
Deferred tax assets, net | 14,305,000 | 14,823,000 |
Goodwill and intangibles, net | 7,497,000 | 7,585,000 |
Bank owned life insurance | 9,078,000 | 56,823,000 |
Operating lease right-of-use assets | 7,736,000 | 8,395,000 |
Other assets | 41,842,000 | 36,546,000 |
Total assets | 2,299,194,000 | 2,190,558,000 |
Deposits: | ||
Nonnterest-bearing | 373,848,000 | 396,724,000 |
Interest-bearing checking | 631,162,000 | 576,471,000 |
Deposits, Savings Deposits | 439,198,000 | 320,498,000 |
Time deposits | 274,684,000 | 306,349,000 |
Total deposits | 1,968,752,000 | 1,845,292,000 |
Other borrowed funds | 57,000,000 | 85,000,000 |
Subordinated notes, net of issuance costs | 19,652,000 | 19,620,000 |
Accrued interest payable | 3,910,000 | 2,415,000 |
Operating lease liabilities | 8,450,000 | 9,241,000 |
Reserves for unfunded commitments | 506,000 | 602,000 |
Accrued expenses and other liabilities | 14,433,000 | 11,271,000 |
Total liabilities | 2,072,703,000 | 1,973,441,000 |
Commitments and Contingent Liabilities | ||
Stockholders' Equity | ||
Preferred stock, $0.01 par value | 0 | 0 |
Common stock, $0.01 par value | 182,000 | 178,000 |
Additional paid-in capital | 127,063,000 | 125,209,000 |
Retained earnings | 121,398,000 | 115,890,000 |
Accumulated other comprehensive (loss), net | (22,152,000) | (24,160,000) |
Total stockholders' equity | 226,491,000 | 217,117,000 |
Total liabilities and stockholders' equity | 2,299,194,000 | 2,190,558,000 |
Debt Securities, Held-to-Maturity, Fair Value | 251,000 | 252,000 |
Deposits, Wholesale | $ 249,860,000 | $ 245,250,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Fair Value | $ 251 | $ 252 |
Securities held to maturity, allowance for credit losses | 0 | 0 |
Allowance for loan losses | $ 19,208 | $ 18,871 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Shares authorized | 1,000,000 | 1,000,000 |
Shares issued and outstanding | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Shares authorized | 20,000,000 | 20,000,000 |
Shares issued and outstanding | 18,186,147 | 17,806,995 |
Common stock, shares outstanding (in shares) | 18,186,147 | 17,806,995 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest and Dividend Income | ||||
Interest and fees on loans | $ 26,457 | $ 24,986 | $ 51,771 | $ 48,382 |
Interest and dividends on securities held-to-maturity | 2 | 1 | 3 | 3 |
Interest and dividends on securities available-for-sale | 944 | 1,247 | 1,908 | 2,635 |
Dividends on restricted stock | 168 | 125 | 344 | 371 |
Interest on deposits at other financial institutions | 401 | 844 | 773 | 1,146 |
Total interest and dividend income | 27,972 | 27,203 | 54,799 | 52,537 |
Interest Expense | ||||
Interest on deposits | 12,894 | 12,012 | 25,435 | 20,793 |
Interest on federal funds purchased | 2 | 0 | 2 | 11 |
Interest on short-term debt | 1,147 | 546 | 2,384 | 2,816 |
Interest on subordinated notes | 258 | 257 | 516 | 515 |
Total interest expense | 14,301 | 12,815 | 28,337 | 24,135 |
Net Interest Income | 13,671 | 14,388 | 26,462 | 28,402 |
Provision for credit losses | 206 | 618 | 206 | 860 |
Net interest income after provision for credit losses | 13,465 | 13,770 | 26,256 | 27,542 |
Noninterest Income | ||||
Total non-interest income (loss) | 871 | 891 | 1,266 | (3,736) |
Service charges on deposit accounts | 278 | 232 | 539 | 447 |
BOLI income | 66 | 362 | 256 | 694 |
(Loss) income from minority membership interests | 351 | 20 | 148 | (781) |
Loss on sale of securities available-for-sale | 0 | 0 | 0 | (4,592) |
Other income | 176 | 277 | 323 | 496 |
Noninterest Expenses | ||||
Salaries and employee benefits | 4,690 | 5,092 | 9,221 | 10,107 |
Occupancy and equipment expense | 515 | 610 | 1,037 | 1,238 |
Data processing and network administration | 667 | 611 | 1,302 | 1,233 |
Internet banking and software expense | 730 | 583 | 1,424 | 1,144 |
State franchise taxes | 590 | 584 | 1,179 | 1,169 |
FDIC insurance | 376 | 357 | 721 | 537 |
Marketing, business development and advertising | 262 | 206 | 466 | 360 |
Loan Processing Fee (Income) | 223 | 116 | 445 | 388 |
Directors Fees | 180 | 180 | 315 | 360 |
Core deposit intangible amortization | 42 | 52 | 87 | 107 |
Other operating expenses | 721 | 812 | 1,424 | 1,570 |
Total noninterest expenses | 8,996 | 9,203 | 17,621 | 18,213 |
Net income | 4,155 | 4,233 | 5,495 | 4,854 |
Net income before income tax expense | 5,339 | 5,458 | 9,901 | 5,593 |
Income tax expense | $ 1,184 | $ 1,225 | $ 4,406 | $ 739 |
Earnings per share, basic | $ 0.23 | $ 0.24 | $ 0.31 | $ 0.28 |
Earnings per share, diluted | $ 0.23 | $ 0.23 | $ 0.30 | $ 0.27 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,155 | $ 4,233 | $ 5,495 | $ 4,854 |
Other comprehensive income: | ||||
Unrealized (loss) gain on securities available for sale, net of tax expense of $2 thousand for the three months ended June 30, 2024, and net of tax benefit of $(433) thousand for the six months ended June 30, 2024, and net of tax benefit of $(651) thousand for the three months ended June 30, 2023, and net of tax expense of $8 thousand for the six months ended June 30, 2023. | 6 | (2,307) | (1,538) | 28 |
Unrealized gain on interest rate swaps, net of tax expense of $88 thousand and $1.0 million for the three and six months ended June 30, 2024, respectively, and net of tax expense of $1.2 million and $621 for the three and six months ended June 30, 2023, respectively. | 315 | 4,407 | 3,546 | 2,195 |
Reclassification adjustment for securities losses realized in income, net of tax expense/benefit of $0 for the three and six months ended June 30, 2024, and $0 and $1.0 million for the three and six months ended June 30, 2023, respectively. | 0 | 0 | 0 | (3,582) |
Other comprehensive (loss) income, net of tax | 321 | 2,100 | 2,008 | 5,805 |
Total comprehensive income | $ 4,476 | $ 6,333 | $ 7,503 | $ 10,659 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax benefit, securities available for sale | $ 2 | $ (651) | $ (433) | $ 8 |
Unrealized gain on interest rate swaps, tax expense | (88) | 1,200 | (1,000) | 621 |
Reclassification adjustment for securities losses realized in income, net of tax expense | 0 | 0 | 0 | 1,000 |
Net income | 4,155 | 4,233 | 5,495 | 4,854 |
Unrealized (loss) gain on securities available for sale, net of tax expense of $2 thousand for the three months ended June 30, 2024, and net of tax benefit of $(433) thousand for the six months ended June 30, 2024, and net of tax benefit of $(651) thousand for the three months ended June 30, 2023, and net of tax expense of $8 thousand for the six months ended June 30, 2023. | 6 | (2,307) | (1,538) | 28 |
Unrealized gain on interest rate swaps, net of tax expense of $88 thousand and $1.0 million for the three and six months ended June 30, 2024, respectively, and net of tax expense of $1.2 million and $621 for the three and six months ended June 30, 2023, respectively. | 315 | 4,407 | 3,546 | 2,195 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 0 | 3,582 |
Other comprehensive (loss) income, net of tax | 321 | 2,100 | 2,008 | 5,805 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 4,476 | $ 6,333 | $ 7,503 | $ 10,659 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flows From Operating Activities | ||
Net income | $ 5,495 | $ 4,854 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 149 | 207 |
Provision for credit losses | 206 | 860 |
Net amortization of premium of securities | 118 | 213 |
Net accretion of deferred loan costs and fees | (260) | (849) |
Net accretion of acquisition accounting adjustments | 0 | (421) |
Debt Securities, Available-for-Sale, Gain (Loss) | 0 | (4,592) |
(Loss) income from minority membership interests | (148) | 781 |
Amortization of subordinated debt issuance costs | 13 | 27 |
Core deposit intangible amortization | 87 | 107 |
Tax Credit Amortization | 0 | 63 |
Equity-based compensation expense | 369 | 650 |
BOLI income | (256) | (694) |
Changes in assets and liabilities: | ||
Increase (decrease) in accrued interest receivable, prepaid expenses and other assets | (842) | (5,756) |
Increase (decrease) in accrued interest payable, accrued expenses and other liabilities | 3,773 | 854 |
Net Cash Provided by (Used in) Operating Activities, Total | 8,704 | 5,488 |
Cash Flows From Investing Activities | ||
(Increase) decrease in interest-bearing deposits at other financial institutions | (101,860) | 7,577 |
Proceeds from sales of securities available-for-sale | 0 | 35,778 |
Proceeds from redemptions of securities available-for-sale | 7,340 | 10,899 |
Net redemption (purchase) of restricted stock | 0 | 10,702 |
Net increase (decrease) in loans | (57,975) | (62,379) |
Proceeds from Life Insurance Policy | 47,774 | 0 |
Purchases of premises and equipment, net | (67) | (90) |
Net cash provided by (used in) investing activities | (104,788) | 2,487 |
Cash Flows From Financing Activities | ||
Net (decrease) increase in noninterest-bearing, interest-bearing checking, savings, and money market deposits | 150,514 | (12,269) |
Net increase in time deposits | (27,057) | 270,142 |
(Decrease) increase in federal funds purchased | (469) | (30,000) |
Net decrease in FHLB advances | (26,248) | (235,000) |
Payment, Tax Withholding, Share-Based Payment Arrangement | (52) | (83) |
Repurchase of shares of common stock | 0 | (1,448) |
Common stock issuance | 1,541 | 1,711 |
Net cash (used in) provided by financing activities | 98,229 | (6,947) |
Cash and cash equivalents, beginning of year | 8,042 | 7,253 |
Net (decrease) increase in cash and cash equivalents | 2,146 | 1,028 |
Cash and cash equivalents, end of period | $ 10,188 | $ 8,281 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Revision of Prior Period, Accounting Standards Update, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Revision of Prior Period, Accounting Standards Update, Adjustment | Accumulated Other Comprehensive Income (Loss), net |
Balance at the beginning of the period (in shares) at Dec. 31, 2022 | 17,475,000 | ||||||
Balance at the beginning of the period at Dec. 31, 2022 | $ 202,382 | $ 175 | $ 123,886 | $ 114,888 | $ (36,567) | ||
Balance at the end of the period (in shares) at Mar. 31, 2023 | 17,705,000 | ||||||
Balance at the end of the period at Mar. 31, 2023 | 204,156 | $ 177 | 124,152 | 112,689 | (32,862) | ||
Balance at the beginning of the period (in shares) at Dec. 31, 2022 | 17,475,000 | ||||||
Balance at the beginning of the period at Dec. 31, 2022 | 202,382 | $ 175 | 123,886 | 114,888 | (36,567) | ||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 4,854 | 4,854 | |||||
Other comprehensive (loss) income, net of tax | 5,805 | 5,805 | |||||
Repurchase of common stock (in shares) | (116,000) | ||||||
Repurchase of common stock | (1,460) | $ 1 | (1,447) | $ (12) | |||
Common stock issuance for options exercised (in shares) | 360,000 | ||||||
Common stock issuance for options exercised, net | 1,711 | $ 4 | 1,707 | ||||
StockIssuedDuringPeriodValueNewIssuesandRestrictedStockNetofForfeitures | (83) | ||||||
StockIssuedDuringPeriodValueNewIssuesandRestrictedStockNetofForfeitures | 64,000 | ||||||
Stock-based compensation expense | 650 | 650 | |||||
Balance at the end of the period (in shares) at Jun. 30, 2023 | 17,783,000 | ||||||
Balance at the end of the period at Jun. 30, 2023 | 211,051 | $ (2,808) | $ 178 | 124,713 | 116,922 | (2,808) | (30,762) |
Balance at the beginning of the period (in shares) at Mar. 31, 2023 | 17,705,000 | ||||||
Balance at the beginning of the period at Mar. 31, 2023 | 204,156 | $ 177 | 124,152 | 112,689 | (32,862) | ||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 4,233 | 4,233 | |||||
Other comprehensive (loss) income, net of tax | 2,100 | 2,100 | |||||
Repurchase of common stock (in shares) | (25,000) | ||||||
Repurchase of common stock | (228) | $ 0 | (228) | 0 | |||
Common stock issuance for options exercised (in shares) | 70,000 | ||||||
Common stock issuance for options exercised, net | 501 | $ 1 | 500 | ||||
StockIssuedDuringPeriodValueNewIssuesandRestrictedStockNetofForfeitures | (37) | ||||||
StockIssuedDuringPeriodValueNewIssuesandRestrictedStockNetofForfeitures | 33,000 | ||||||
Stock-based compensation expense | 326 | 326 | |||||
Balance at the end of the period (in shares) at Jun. 30, 2023 | 17,783,000 | ||||||
Balance at the end of the period at Jun. 30, 2023 | $ 211,051 | (2,808) | $ 178 | 124,713 | 116,922 | (2,808) | (30,762) |
Balance at the beginning of the period (in shares) at Dec. 31, 2023 | 17,806,995 | 17,807,000 | |||||
Balance at the beginning of the period at Dec. 31, 2023 | $ 217,117 | (13) | $ 178 | 125,209 | 115,890 | (24,160) | |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 5,495 | 5,495 | |||||
Other comprehensive (loss) income, net of tax | 2,008 | 2,008 | |||||
Common stock issuance for options exercised (in shares) | 328,000 | ||||||
Common stock issuance for options exercised, net | 1,541 | $ 4 | 1,537 | ||||
StockIssuedDuringPeriodValueNewIssuesandRestrictedStockNetofForfeitures | (52) | ||||||
StockIssuedDuringPeriodValueNewIssuesandRestrictedStockNetofForfeitures | 51,000 | ||||||
Stock-based compensation expense | $ 369 | 369 | |||||
Balance at the end of the period (in shares) at Jun. 30, 2024 | 18,186,147 | 18,186,000 | |||||
Balance at the end of the period at Jun. 30, 2024 | $ 226,491 | 13 | $ 182 | 127,063 | 121,398 | 13 | (22,152) |
Balance at the beginning of the period (in shares) at Mar. 31, 2024 | 17,904,000 | ||||||
Balance at the beginning of the period at Mar. 31, 2024 | 220,661 | $ 179 | 125,712 | 117,243 | (22,473) | ||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 4,155 | 4,155 | |||||
Other comprehensive (loss) income, net of tax | 321 | 321 | |||||
Common stock issuance for options exercised (in shares) | 258,000 | ||||||
Common stock issuance for options exercised, net | 1,145 | $ 3 | 1,142 | ||||
StockIssuedDuringPeriodValueNewIssuesandRestrictedStockNetofForfeitures | (25) | ||||||
StockIssuedDuringPeriodValueNewIssuesandRestrictedStockNetofForfeitures | 24,000 | ||||||
Stock-based compensation expense | $ 234 | 234 | |||||
Balance at the end of the period (in shares) at Jun. 30, 2024 | 18,186,147 | 18,186,000 | |||||
Balance at the end of the period at Jun. 30, 2024 | $ 226,491 | $ 13 | $ 182 | $ 127,063 | $ 121,398 | $ 13 | $ (22,152) |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Organization FVCBankcorp, Inc. (the "Company"), a Virginia corporation, was formed in 2015 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Company is headquartered in Fairfax, Virginia. The Company conducts its business activities through the branch offices of its wholly owned subsidiary bank, FVCbank (the "Bank"). The Company exists primarily for the purposes of holding the stock of its subsidiary, the Bank. The Bank was organized under the laws of the Commonwealth of Virginia to engage in a general banking business serving the Washington, D.C. and Baltimore metropolitan areas. The Bank commenced operations on November 27, 2007 and is a member of the Federal Reserve System (the "Federal Reserve"). It is subject to the regulations of the Board of Governors of the Federal Reserve and the State Corporation Commission of Virginia. Consequently, it undergoes periodic examinations by these regulatory authorities. On August 31, 2021, the Bank made an investment in Atlantic Coast Mortgage, LLC ("ACM") for $20.4 million. As a result of this investment, the Bank obtained a 28.7% ownership interest in ACM. The investment is accounted for using the equity method of accounting. In addition, the Bank provides a warehouse lending facility to ACM, which includes a construction-to-permanant financing line, and has developed portfolio mortgage products to diversify the Bank's held to investment loan portfolio. On December 15, 2022, the Company announced that the Board of Directors approved a five-for-four split of the Company's common stock in the form of a 25% stock dividend for shareholders of record on January 9, 2023, payable on January 31, 2023. Earnings per share and all other per share information reflected in the Company's consolidated financial statements have been adjusted for the five-for-four split of the Company's common stock for comparative purposes. Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements; however, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s audited financial statements for the year ended December 31, 2023. Certain prior period amounts have been reclassified to conform to current period presentation. Principles of Consolidation The consolidated financial statements include the accounts of the Company and the Bank. All material intercompany balances and transactions have been eliminated in consolidation. Significant Accounting Policies The accounting and reporting policies of the Company are in accordance with GAAP and conform to general practices within the banking industry. Bank Owned Life Insurance ("BOLI") The Company purchased life insurance policies on certain key employees. BOLI is recorded at the amount that can be realized under the insurance contract at the balance date, which is the cash surrender value. The increase in the cash surrender value over time is recorded as other noninterest income. The Company monitors the financial strength and condition of the counterparties. During the first quarter of 2024, the Company surrendered certain BOLI policies with an aggregate cash surrender value of $48.0 million. Upon their surrender, the Company received a cash payout and was required to accrue additional income tax on the appreciation of those policies which had previously been treated as tax-exempt income. This resulted in additional statutory income tax expense of $1.6 million and tax penalties of $722 thousand. The tax penalties related to the surrender of the BOLI were recorded in income tax expense. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements. Recently Adopted Accounting Developments In March 2023, FASB issued ASU 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. ASU 2023-02 was effective for the Bank on January 1, 2024. The Company recorded an adjustment of $13 thousand to the stockholders' equity as of January 1, 2024. In June 2022, FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 was effective for the Bank on January 1, 2024. ASU 2022-03 resulted in no material impact to the Company's consolidated financial statements. |
Investment Securities and Other
Investment Securities and Other Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Amortized cost and fair values of securities held-to-maturity and securities available-for-sale as of June 30, 2024 and December 31, 2023, are as follows: June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Held-to-maturity Securities of state and local municipalities tax exempt $ 264 $ — $ (13) $ 251 Total Held-to-maturity Securities $ 264 $ — $ (13) $ 251 Available-for-sale Securities of U.S. government and federal agencies $ 9,998 $ — $ (1,540) $ 8,458 Securities of state and local municipalities tax exempt 1,000 — (6) 994 Securities of state and local municipalities taxable 429 — (59) 370 Corporate bonds 19,000 — (2,535) 16,465 SBA pass-through securities 55 — (5) 50 Mortgage-backed securities 164,123 — (31,140) 132,983 Collateralized mortgage obligations 3,640 — (796) 2,844 Total Available-for-sale Securities $ 198,245 $ — $ (36,081) $ 162,164 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Held-to-maturity Securities of state and local municipalities tax exempt $ 264 $ — $ (12) $ 252 Total Held-to-maturity Securities $ 264 $ — $ (12) $ 252 Available-for-sale Securities of U.S. government and federal agencies $ 9,998 $ — $ (1,528) $ 8,470 Securities of state and local municipalities tax exempt 1,000 — (3) 997 Securities of state and local municipalities taxable 453 — (49) 404 Corporate bonds 20,204 — (2,556) 17,648 SBA pass-through securities 62 — (5) 57 Mortgage-backed securities 170,179 — (29,237) 140,942 Collateralized mortgage obligations 3,809 — (732) 3,077 Total Available-for-sale Securities $ 205,705 $ — $ (34,110) $ 171,595 No allowance for credit losses was recognized as of June 30, 2024 and December 31, 2023 related to the Company's investment portfolio. The Company had securities with a market value of $6.1 million pledged for secured borrowings at June 30, 2024. No securities were pledged as of December 31, 2023 for secured borrowings. The Company had securities of $10.6 million and $7.2 million pledged to secure public deposits at June 30, 2024 and December 31, 2023, respectively. The Company monitors the credit quality of held-to-maturity securities through the use of credit ratings. The Company monitors credit ratings on a periodic basis. The following table summarizes the amortized cost of held-to-maturity securities at June 30, 2024 and December 31, 2023, aggregated by credit quality indicator: Held-to-Maturity: State maturity municipal and tax exempt June 30, 2024 December 31, 2023 Aa3 $ 264 $ 264 Total $ 264 $ 264 The following tables show the fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2024 and December 31, 2023, respectively. One security was held as of June 30, 2024 for which the book value and fair value were equal and therefore neither an unrealized gain nor loss was reflected herein. The reference point for determining when securities are in an unrealized loss position is month-end. Therefore, it is possible that a security’s market value exceeded its amortized cost on other days during the past twelve-month period. Available-for-sale securities that have been in a continuous unrealized loss position as of June 30, 2024 are as follows: Less Than 12 Months 12 Months or Longer Total At June 30, 2024 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securities of U.S. government and federal agencies $ — $ — $ 8,458 $ (1,540) $ 8,458 $ (1,540) Securities of state and local municipalities tax exempt — — 994 (6) 994 (6) Securities of state and local municipalities taxable — — 370 (59) 370 (59) Corporate bonds — — 15,715 (2,535) 15,715 (2,535) SBA pass-through securities — — 50 (5) 50 (5) Mortgage-backed securities — — 132,983 (31,140) 132,983 (31,140) Collateralized mortgage obligations — — 2,844 (796) 2,844 (796) Total $ — $ — $ 161,414 $ (36,081) $ 161,414 $ (36,081) Available-for-sale securities that have been in a continuous unrealized loss position as of December 31, 2023 are as follows: Less Than 12 Months 12 Months or Longer Total At December 31, 2023 Fair Unrealized Fair Unrealized Fair Unrealized Securities of U.S. government and federal agencies $ — $ — $ 8,470 $ (1,528) $ 8,470 $ (1,528) Securities of state and local municipalities tax exempt — — 997 (3) 997 (3) Securities of state and local municipalities taxable — — 404 (49) 404 (49) Corporate bonds — — 16,898 (2,556) 16,898 (2,556) SBA pass-through securities — — 57 (5) 57 (5) Mortgage-backed securities — — 140,942 (29,237) 140,942 (29,237) Collateralized mortgage obligations — — 3,077 (732) 3,077 (732) Total $ — $ — $ 170,845 $ (34,110) $ 170,845 $ (34,110) Securities of U.S. government and federal agencies: The unrealized losses on two available-for-sale securities were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Securities of state and local municipalities tax-exempt: The unrealized losses on two of the investments in securities of state and local municipalities were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. These investments carry an S&P investment grade rating of AA+ and AA3. Securities of state and local municipalities taxable: The unrealized loss on one of the investments in securities of state and local municipalities was caused by interest rate increases. The contractual terms of this investment does not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The investment carries an S&P investment grade rating of AAA. Corporate bonds: The unrealized losses on 13 of the investments in corporate bonds were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments.These investments do not carry a rating. SBA pass-through securities: The unrealized losses on one available-for-sale security was caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Mortgage-backed securities: The unrealized losses on the Company’s investment in 36 mortgage-backed securities were caused by interest rate increases. The contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost basis of the Company’s investments. Collateralized mortgage obligations ("CMOs"): The unrealized loss associated with 11 CMOs was caused by interest rate increases. The contractual cash flows of these investments are guaranteed by an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost basis of the Company’s investments. The Company has evaluated its available-for-sale investments securities in an unrealized loss position for credit related impairment at June 30, 2024 and December 31, 2023 and concluded no impairment existed based on several factors which included: (1) the majority of these securities are of high credit quality, (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) issuers continue to make timely principal and interest payments, and (4) the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis. Additionally, the Company’s mortgage-backed investment securities are primarily guaranteed by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, or the Government National Mortgage Association and do not have credit risk given the implicit and explicit government guarantees associated with these agencies. The amortized cost and fair value of securities at June 30, 2024, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties. June 30, 2024 Held-to-maturity Available-for-sale Amortized Cost Fair Value Amortized Cost Fair Value After 3 months through 1 year $ — $ — $ 1,000 $ 994 After 1 year through 5 years 264 251 3,092 2,831 After 5 years through 10 years — — 26,867 23,003 After 10 years — — 167,286 135,336 Total $ 264 $ 251 $ 198,245 $ 162,164 For the six months ended June 30, 2024 and 2023, proceeds from principal repayments of securities were $6.3 million and $10.9 million, respectively. During the six months ended June 30, 2024 and 2023, proceeds from sales, calls and maturities of securities were $1.2 million and $35.8 million, respectively. There were no securities sold during the six months ended June 30, 2024 compared to $35.8 million during the six months ended June 30, 2023. There were no realized losses during the six months ended June 30, 2024 and realized losses of $4.6 million during the six months ended June 30, 2023. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Loans and Allowance for Credit Losses A summary of loan balances at amortized cost by type follows: June 30, 2024 December 31, 2023 Commercial real estate $ 1,083,481 $ 1,091,633 Commercial and industrial 293,346 219,873 Commercial construction 164,736 147,998 Consumer real estate 339,146 363,317 Consumer nonresidential 6,220 5,743 $ 1,886,929 $ 1,828,564 Less: Allowance for credit losses 19,208 18,871 Loans, net $ 1,867,721 $ 1,809,693 An analysis of the allowance for credit losses for the three and six months ended June 30, 2024 and 2023, and for the year ended December 31, 2023 follows: Allowance for Credit Losses For the Three Months Ended June 30, 2024 Commercial Commercial and Commercial Consumer Real Consumer Total June 30, 2024 Allowance for credit losses: Beginning Balance, April 1 $ 10,051 $ 3,427 $ 1,473 $ 3,907 $ 60 $ 18,918 Charge-offs — — — — (7) (7) Recoveries — — — — 12 12 Provision (reversal) (65) 171 117 55 7 285 Ending Balance, June 30, $ 9,986 $ 3,598 $ 1,590 $ 3,962 $ 72 $ 19,208 Allowance for Credit Losses For the Six Months Ended June 30, 2024 Commercial Commercial and Commercial Consumer Real Consumer Total June 30, 2024 Allowance for credit losses: Beginning Balance, January 1 $ 10,174 $ 3,385 $ 1,425 $ 3,822 $ 65 $ 18,871 Charge-offs — — — — (11) (11) Recoveries — — — — 46 46 Provision (reversal) (188) 213 165 140 (28) 302 Ending Balance, June 30, $ 9,986 $ 3,598 $ 1,590 $ 3,962 $ 72 $ 19,208 Allowance for Credit Losses For the Three Months Ended June 30, 2023 Commercial Commercial and Commercial Consumer Real Consumer Total June 30, 2023 Allowance for credit losses: Beginning Balance, April 1 $ 11,324 $ 2,596 $ 1,698 $ 3,374 $ 66 $ 19,058 Charge-offs — (350) — — (15) (365) Recoveries — 2 — — 7 9 Provision (reversal) (202) 617 4 309 12 740 Ending Balance, June 30, $ 11,122 $ 2,865 $ 1,702 $ 3,683 $ 70 $ 19,442 Allowance for Credit Losses For the Six Months Ended June 30, 2023 Commercial Commercial and Commercial Consumer Real Consumer Total June 30, 2023 Allowance for credit losses: Beginning Balance, Prior to January 1, 2023 Adoption of ASC 326 $ 10,777 $ 2,623 $ 1,499 $ 1,044 $ 97 $ 16,040 Impact of Adoption of ASC 326 498 452 70 1,856 (12) 2,864 Charge-offs — (350) — — (15) (365) Recoveries — 3 — 1 28 32 Provision (reversal) (153) 137 133 782 (28) 871 Ending Balance, June 30, $ 11,122 0 $ 2,865 0 $ 1,702 0 $ 3,683 0 $ 70 0 $ 19,442 Allowance for Credit Losses For the Year Ended December 31, 2023 Commercial Commercial and Commercial Consumer Real Consumer Total December 31, 2023 Allowance for credit losses: Beginning Balance, Prior to January 1, 2023 Adoption of ASC 326 $ 10,777 $ 2,623 $ 1,499 $ 1,044 $ 97 $ 16,040 Impact of Adoption of ASC 326 498 452 70 1,856 (12) 2,864 Charge-offs (53) (350) — — (15) (418) Recoveries — 3 — 1 39 43 Provision (reversal) (1,048) 657 (144) 921 (44) 342 Ending Balance $ 10,174 $ 3,385 $ 1,425 $ 3,822 $ 65 $ 18,871 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Real Estate Business / Other Assets Real Estate Business / Other Assets Collateral-Dependent Loans Commercial real estate $ 20,709 $ — $ 20,765 $ — Commercial and industrial — 1,070 — 1,070 Commercial construction — — — — Consumer real estate 1,265 — 654 — Consumer nonresidential — — — — Total $ 21,974 $ 1,070 $ 21,419 $ 1,070 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis typically includes larger, non-homogeneous loans such as commercial real estate and commercial and industrial loans. This analysis is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings: Pass — Loans listed as pass include larger non-homogeneous loans not meeting the risk rating definitions below and smaller, homogeneous loans not assessed on an individual basis. Special Mention — Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard — Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the enhanced possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful — Loans classified as doubtful include those loans which have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently known facts, conditions and values, improbable. Loss — Loans classified as loss include those loans which are considered uncollectible and of such little value that their continuance as loans is not warranted. Even though partial recovery may be achieved in the future, it is neither practical nor desirable to defer writing off these loans. Based on the most recent analysis performed, amortized cost basis of loans by risk category, class and year of origination was as follows as of June 30, 2024: Prior 2020 2021 2022 2023 2024 Revolving Loans Amort. Cost Basis Revolving Loans Convert. to Term Total Commercial Real Estate Grade: Pass $ 397,007 $ 69,480 $ 146,323 $ 208,558 $ 56,839 $ 17,699 $ 156,551 $ — $ 1,052,457 Special mention 8,302 — 2,013 — — — — — 10,315 Substandard — 849 — — 19,860 — — — 20,709 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 405,309 $ 70,329 $ 148,336 $ 208,558 $ 76,699 $ 17,699 $ 156,551 $ — $ 1,083,481 Commercial and Industrial Grade: Pass $ 32,224 $ 3,687 $ 9,780 $ 49,686 $ 39,170 $ 57,516 $ 99,938 $ — $ 292,001 Special mention — — — — — — 275 — 275 Substandard — — — 884 — — 186 — 1,070 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 32,224 $ 3,687 $ 9,780 $ 50,570 $ 39,170 $ 57,516 $ 100,399 $ — $ 293,346 Commercial Construction Grade: Pass $ 8,951 $ — $ 6,180 $ — $ — $ — $ 149,605 $ — $ 164,736 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 8,951 $ — $ 6,180 $ — $ — $ — $ 149,605 $ — $ 164,736 Consumer Real Estate Grade: Pass $ 40,192 $ 4,651 $ 27,419 $ 183,507 $ 51,606 $ 572 $ 29,879 $ — $ 337,826 Special mention — — — — — — 55 — 55 Substandard 107 — — 749 — — 409 — 1,265 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 40,299 $ 4,651 $ 27,419 $ 184,256 $ 51,606 $ 572 $ 30,343 $ — $ 339,146 Consumer Nonresidential Grade: Pass $ 595 $ 4 $ 1 $ 30 $ 115 $ 87 $ 5,388 $ — $ 6,220 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 595 $ 4 $ 1 $ 30 $ 115 $ 87 $ 5,388 $ — $ 6,220 Total Recorded Investment $ 487,378 $ 78,671 $ 191,716 $ 443,414 $ 167,590 $ 75,874 $ 442,286 $ — $ 1,886,929 Based on the most recent analysis performed, amortized cost basis of loans by risk category, class and year of origination was as follows as of December 31, 2023: Prior 2019 2020 2021 2022 2023 Revolving Loans Amort. Cost Basis Revolving Loans Convert. to Term Total Commercial Real Estate Grade: Pass $ 341,765 $ 82,924 $ 70,564 $ 147,252 $ 211,786 $ 57,422 $ 153,838 $ — $ 1,065,551 Special mention 1,268 1,361 — 2,688 — — — — 5,317 Substandard — — 849 — — 19,916 — — 20,765 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 343,033 $ 84,285 $ 71,413 $ 149,940 $ 211,786 $ 77,338 $ 153,838 $ — $ 1,091,633 Commercial and Industrial Grade: Pass $ 9,997 $ 2,285 $ 6,296 $ 13,623 $ 54,784 $ 42,034 $ 88,926 $ — $ 217,945 Special mention — — — 76 — — 782 — 858 Substandard — — — — 884 — 186 — 1,070 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 9,997 $ 2,285 $ 6,296 $ 13,699 $ 55,668 $ 42,034 $ 89,894 $ — $ 219,873 Commercial Construction Grade: Pass $ 11,149 $ — $ — $ 6,204 $ — $ 709 $ 129,936 $ — $ 147,998 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 11,149 $ — $ — $ 6,204 $ — $ 709 $ 129,936 $ — $ 147,998 Consumer Real Estate Grade: Pass $ 35,240 $ 8,196 $ 8,914 $ 28,848 $ 196,678 $ 51,767 $ 32,963 $ — $ 362,606 Special mention — — — — — — 57 — 57 Substandard 108 — — — — — 546 — 654 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 35,348 $ 8,196 $ 8,914 $ 28,848 $ 196,678 $ 51,767 $ 33,566 $ — $ 363,317 Consumer Nonresidential Grade: Pass $ 659 $ — $ 7 $ 3 $ 36 $ 177 $ 4,861 $ — $ 5,743 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 659 $ — $ 7 $ 3 $ 36 $ 177 $ 4,861 $ — $ 5,743 Total Recorded Investment $ 400,186 $ 94,766 $ 86,630 $ 198,694 $ 464,168 $ 172,025 $ 412,095 $ — $ 1,828,564 Total Loan Portfolio - As of June 30, 2024 and December 31, 2023 June 30, 2024 December 31, 2023 Grade: Pass $ 1,853,240 $ 1,799,843 Special mention 10,645 6,232 Substandard 23,044 22,489 Doubtful — — Loss — — Total Recorded Investment $ 1,886,929 $ 1,828,564 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes larger non-homogeneous loans such as commercial real estate and commercial and industrial loans. This analysis is performed on an ongoing basis as new information is obtained. At June 30, 2024, the Company had $10.6 million in loans identified as special mention, an increase from $6.2 million at December 31, 2023. Special mention rated loans are loans that have a potential weakness that deserves management’s close attention, however, the borrower continues to pay in accordance with their contract. Loans rated as special mention do not have a specific reserve and are considered well-secured. At June 30, 2024, the Company had $23.0 million in loans identified as substandard, an increase of $555 thousand from December 31, 2023. Substandard rated loans are loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans are individually evaluated, typically on the basis of the underlying collateral. At June 30, 2024, an individually assessed allowance for credit losses totaling $679 thousand has been estimated to supplement any shortfall of collateral. Past due and nonaccrual loans presented by loan class were as follows at June 30, 2024 and December 31, 2023: As of June 30, 2024 30-59 days past due 60-89 days past due 90 days or more past due Total past due loans Current Nonaccruals Total Recorded Investment in Loans Commercial real estate $ 1,824 $ 442 $ — $ 2,266 $ 1,080,366 $ 849 $ 1,083,481 Commercial and industrial — — — — 292,276 1,070 293,346 Commercial construction — — — — 164,736 — 164,736 Consumer real estate 240 — — 240 337,641 1,265 339,146 Consumer nonresidential 14 2 3 19 6,201 — 6,220 Total $ 2,078 $ 444 $ 3 $ 2,525 $ 1,881,220 $ 3,184 $ 1,886,929 As of December 31, 2023 30-59 days past due 60-89 days past due 90 days or more past due Total past due loans Current Nonaccruals Total Recorded Investment in Loans Commercial real estate $ 1,115 $ — $ — $ 1,115 $ 1,089,669 $ 849 $ 1,091,633 Commercial and industrial 51 1,387 — 1,438 218,249 186 219,873 Commercial construction 2,569 391 — 2,960 145,038 — 147,998 Consumer real estate 1,300 — 134 1,434 361,229 654 363,317 Consumer nonresidential — — 6 6 5,737 — 5,743 Total $ 5,035 $ 1,778 $ 140 $ 6,953 $ 1,819,922 $ 1,689 $ 1,828,564 The following presents nonaccrual loans as of June 30, 2024 and December 31, 2023: As of June 30, 2024 Nonaccrual with No Allowance for Credit Losses Nonaccrual with an Allowance for Credit Losses Total Nonaccrual Loans Interest Income Recognized Nonaccrual Loans Commercial real estate $ 849 $ — $ 849 $ 34 Commercial and industrial — 1,070 1,070 42 Commercial construction — — — — Consumer real estate 1,265 — 1,265 — Consumer nonresidential — — — — Total $ 2,114 $ 1,070 $ 3,184 $ 76 As of December 31, 2023 Nonaccrual with No Allowance for Credit Losses Nonaccrual with an Allowance for Credit Losses Total Nonaccrual Loans Interest Income Recognized Nonaccrual Loans Commercial real estate $ 849 $ — $ 849 $ 37 Commercial and industrial — 186 186 19 Commercial construction — — — — Consumer real estate 654 — 654 53 Consumer nonresidential — — — — Total $ 1,503 $ 186 $ 1,689 $ 109 There were two consumer mortgage loans totaling $107 thousand secured by residential real estate properties for which formal foreclosure proceedings were in process as of June 30, 2024 and December 31, 2023, respectively. There were no overdrafts and $147 thousand of overdrafts at June 30, 2024 and December 31, 2023, respectively, which have been reclassified from deposits to loans. At June 30, 2024 and December 31, 2023, loans with a carrying value of $520.0 million and $530.2 million were pledged to the Federal Home Loan Bank of Atlanta ("FHLB"). Modifications with Borrowers Experiencing Financial Difficulty Loan modifications when a borrower is experiencing financial difficulty ("FDMs") occur as a result of loss mitigation activities. A variety of solutions are offered to borrowers, including loan modifications that may result in principal forgiveness, interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof. FDMs exclude loans held for sale and loans accounted for under the fair value option. Loans with guarantor support, or guaranteed loans are included in the Company's disclosed population of FDMs when those loan modifications are granted to a borrower experiencing financial difficulty. There were no loans designated as modifications for borrowers who were experiencing financial difficulty during the three and six months ended June 30, 2024, and 2023, respectively. As of June 30, 2024, the reserve for unfunded commitments decreased to $506 thousand from $602 million at December 31, 2023. The following table presents a breakdown of the provision for credit losses included in the Consolidated Statements of Income for the applicable periods: For the Three Months Ended For the Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Provision for credit losses - loans $ 285 $ 740 $ 302 $ 871 Provision for (reversal of) credit losses - unfunded commitments (79) (122) (96) (11) Total provision for credit losses $ 206 $ 618 $ 206 $ 860 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company enters into interest rate swap agreements ("swap agreements") to facilitate the risk management strategies needed in order to accommodate the needs of its banking customers. The Company mitigates the risk of entering into these loan agreements by entering into equal and offsetting swap agreements with highly-rated third party financial institutions. These back-to-back swap agreements are free-standing derivatives and are recorded at fair value in the Company's consolidated statements of condition (asset positions are included in other assets and liability positions are included in other liabilities) as of June 30, 2024 and December 31, 2023. The Company is party to master netting arrangements with its financial institution counterparty; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Parties to a centrally cleared over-the-counter derivative exchange daily payments that reflect the daily change in value of the derivative. These payments, commonly referred to as variation margin, are recorded as settlements of the derivatives' mark-to-market exposure rather than collateral against the exposures, which effectively results in any centrally cleared derivative having a Level 2 fair value that approximates zero on a daily basis, and therefore, these swap agreements were not included in the offsetting table in the Fair Value Measurement section below. As of June 30, 2024 and December 31, 2023, the Company had entered into 17 interest rate swap agreements which were collateralized by $30 thousand in cash. The notional amount and fair value of the Company's derivative financial instruments as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 Notional Amount Fair Value Interest Rate Swap Agreements Receive Fixed/Pay Variable Swaps $ 81,509 $ 4,201 Pay Fixed/Receive Variable Swaps 81,509 (4,201) December 31, 2023 Notional Amount Fair Value Interest Rate Swap Agreements Receive Fixed/Pay Variable Swaps $ 82,483 $ 2,853 Pay Fixed/Receive Variable Swaps 82,483 (2,853) Interest Rate Risk Management—Cash Flow Hedging Instruments The Company uses wholesale funding (in the form of FHLB advances and brokered certificates of deposit) from time to time as a source of funds for use in the Company's lending and investment activities and other general business purposes. This wholesale funding exposes the Company to increased interest rate risk as a result of the variability in cash flows (future interest payments). The Company believes it is prudent to reduce this interest rate risk. To meet this objective, the Company entered into interest rate swap agreements whereby the Company reduces the interest rate risk associated with the Company's variable rate wholesale funding from the designation date and going through the maturity date. At June 30, 2024 and December 31, 2023, the information pertaining to outstanding interest rate swap agreements used to hedge variability in cash flows is as follows: June 30, 2024 December 31, 2023 Notional amount $ 250,000 $ 250,000 Weighted average pay rate 3.25 % 3.25 % Weighted average receive rate 5.33 % 5.34 % Weighted average maturity in years 3.53 years 4.03 years Unrealized gain relating to interest rate swaps $ 7,459 $ 2,915 These agreements provided for the Company to receive payments determined by a specific index in exchange for making payments at a fixed rate. At June 30, 2024 and December 31, 2023, the unrealized gain or loss relating to interest rate swaps designated as hedging instruments of the variability of cash flows associated with wholesale funding are reported in other comprehensive income (loss). These amounts are subsequently reclassified into interest expense as a yield adjustment in the same period in which the related interest on wholesale funding affects earnings. The Company measures cash flow hedging relationships for effectiveness on a monthly basis, and at June 30, 2024 and December 31, 2023, the hedges were highly effective and the amount of ineffectiveness reflected in earnings was de minimus. |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 6 Months Ended |
Jun. 30, 2024 | |
Financial Instruments with Off-Balance Sheet Risk | |
Financial Instruments with Off-Balance Sheet Risk | Financial Instruments with Off-Balance Sheet Risk The Company is party to credit-related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The Company's exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. At June 30, 2024 and December 31, 2023, the following financial instruments were outstanding which contract amounts represent credit risk: June 30, 2024 December 31, 2023 Commitments to grant loans $ 35,773 $ 36,650 Unused commitments to fund loans and lines of credit 172,449 215,892 Commercial and standby letters of credit 25,805 26,024 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management's credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management's credit evaluation of the customer. Commercial and standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Substantially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company generally holds collateral supporting those commitments, if deemed necessary. The Company enters into rate lock commitments to finance residential mortgage loans with its customers. These commitments offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. The Company maintains its cash accounts with the Federal Reserve Board of Richmond ("FRB") and correspondent banks. The total amount of cash on deposit in correspondent banks exceeding the federally insured limits was $1.2 million and $41 thousand at June 30, 2024 and December 31, 2023, respectively. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plan | Stock-Based Compensation Plan The Company’s Amended and Restated 2008 Option Plan (the "Plan"), which is stockholder-approved, was adopted to advance the interests of the Company by providing selected key employees of the Company, their affiliates, and directors with the opportunity to acquire shares of common stock in connection with their service to the Company. In May 2022, the stockholders approved an amendment to the Plan to extend the term and increase the number of shares authorized for issuance under the Plan by 200,000 shares. The Company has granted stock options and restricted stock units under the Plan. The maximum number of shares with respect to which awards may be made is 2,929,296 shares of common stock, subject to adjustment for certain corporate events. Option awards are granted with an exercise price equal to the market price of the Company's stock at the date of grant, generally vest annually over four years of continuous service and have contractual terms of ten years. At June 30, 2024, 146,342 shares were available to grant under the Plan. No options were granted during the three and six months ended June 30, 2024 and 2023. For the three and six months ended June 30, 2024, there were 94,270 shares withheld from issuance upon exercise of options in order to cover the cost of the exercise by the participant. There were 63,634 shares withheld from issuance upon exercise of options in order to cover the cost of the exercise by the participant during the three and six months ended June 30, 2023. A summary of option activity under the Plan as of June 30, 2024, and changes during the six months ended is presented below: Options Shares Weighted Weighted Aggregate Intrinsic Value (1) Outstanding at January 1, 2024 1,174,131 $ 7.14 1.30 $ — Granted — — Exercised (434,133) 5.84 Forfeited or expired — — Outstanding and Exercisable at June 30, 2024 $ 739,998 $ — 1.21 $ 3,143,163 ________________________ (1) The aggregate intrinsic value of stock options represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on June 30, 2024. This amount changes based on changes in the market value of the Company's stock. As of June 30, 2024, all outstanding options of the Plan were fully vested. Tax benefits recognized for qualified and non-qualified stock option exercises for the three months ended June 30, 2024 and for the three months ended June 30, 2023 totaled $257 thousand and $479 thousand, respectively.Tax benefits recognized in the income statement for share-based compensation arrangements during the six months ended June 30, 2024 and 2023 totaled $0 thousand and $479 thousand, respectively. There were no restricted stock units granted during the six months ended June 30, 2024. There were 9,438 restricted stock units granted during the six months ended June 30, 2023. For the six months ended June 30, 2024, there were 12,199 shares withheld from issuance upon vesting of restricted stock units in order to cover the taxes upon vesting by the participant. There were 7,190 shares withheld from issuance upon vesting of restricted stock units in order to cover the taxes upon vesting by the participant during the six months ended June 30, 2023. A summary of the Company's restricted stock unit activity for the six months ended June 30, 2024 is shown below. Number of Weighted Average Nonvested at January 1, 2024 179,115 $ 14.30 Granted — — Vested (61,854) 14.34 Forfeited (15,677) 1.96 Balance at June 30, 2024 101,584 $ 14.32 The compensation cost that has been charged to income for the Plan totaled $234 thousand and $326 thousand for the three months ended June 30, 2024 and 2023, respectively. The compensation costs totaled $369 million and $650 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was $1.6 million of total unrecognized compensation cost related to nonvested restricted shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 23 months. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Determination of Fair Value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with fair value measurements and disclosures topic of FASB Accounting Standards Codification ("ASC") 820, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date (exit price). Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. Fair Value Hierarchy In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured 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. Level 1 — Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 — Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model -based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 — Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities available-for-sale : Securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data (Level 2). Derivative: The Company has loan interest rate swap derivatives and interest rate swap derivatives on certain time deposits and borrowings, which the latter are designated as cash flow hedges. These derivatives are recorded at fair value using published yield curve rates from a national valuation service. These observable rates and inputs are applied to a third party industry-wide valuation model, and therefore, the valuations fall into a Level 2 category. The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023: Fair Value Measurements at June 30, 2024 Using Balance as of June 30, 2024 Quoted Prices Significant Significant Description (Level 1) (Level 2) (Level 3) Assets Available-for-sale Securities of U.S. government and federal agencies $ 8,458 $ — $ 8,458 $ — Securities of state and local municipalities tax exempt 994 — 994 — Securities of state and local municipalities taxable 370 — 370 — Corporate bonds 16,465 — 16,465 — SBA pass-through securities 50 — 50 — Mortgage-backed securities 132,983 — 132,983 — Collateralized mortgage obligations 2,844 — 2,844 — Total Available-for-Sale Securities $ 162,164 $ — $ 162,164 $ — Derivative assets - interest rate swaps $ 4,201 $ — $ 4,201 $ — Derivative assets - cash flow hedge 7,459 — 7,459 — Liabilities Derivative liabilities - interest rate swaps $ 4,201 $ — $ 4,201 $ — Fair Value Measurements at December 31, 2023 Using Balance as of December 31, 2023 Quoted Prices Significant Significant Description (Level 1) (Level 2) (Level 3) Assets Available-for-sale Securities of U.S. government and federal agencies $ 8,470 $ — $ 8,470 $ — Securities of state and local municipalities tax exempt 997 — 997 — Securities of state and local municipalities taxable 404 — 404 — Corporate bonds 17,648 — 17,648 — SBA pass-through securities 57 — 57 — Mortgage-backed securities 140,942 — 140,942 — Collateralized mortgage obligations 3,077 — 3,077 — Total Available-for-Sale Securities $ 171,595 $ — $ 171,595 $ — Derivative assets - interest rate swaps $ 2,853 $ — $ 2,853 $ — Derivative assets - cash flow hedge 2,915 — 2,915 — Liabilities Derivative liabilties - interest rate swaps $ 2,853 $ — $ 2,853 $ — Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower of cost or market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements: At June 30, 2024 and December 31, 2023 all of the Company's individually evaluated loans were evaluated based upon the fair value of the collateral. In accordance with ASC 820, individually evaluated loans where an allowance is established based on the the fair value of collateral (i.e., those loans that are collateral dependent) require classification in the fair value hierarchy. Fair value is measured based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral is a house or building in the process of construction, has the value derived by discounting comparable sales due to lack of similar properties, or is discounted by the Company due to marketability, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’s financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Any fair value adjustments are recorded in the period incurred as provision for credit losses on the Consolidated Statements of Income. The following tables summarize the Company's assets that were measured at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023: Fair Value Measurements Using Balance as of June 30, 2024 Quoted Prices Significant Significant Description (Level 1) (Level 2) (Level 3) Assets Collateral-dependent loans Commercial and industrial $ 394 $ — $ — $ 394 Total Collateral-dependent loans $ 394 $ — $ — $ 394 Fair Value Measurements Using Balance as of December 31, 2023 Quoted Prices Significant Significant Description (Level 1) (Level 2) (Level 3) Assets Collateral-dependent loans Commercial real estate $ 849 $ — $ — $ 849 Commercial and industrial 396 — — 396 Total Collateral-dependent loans $ 1,245 $ — $ — $ 1,245 The following tables display quantitative information about Level 3 Fair Value Measurements for June 30, 2024 and December 31, 2023: Quantitative information about Level 3 Fair Value Measurements at June 30, 2024 Assets Fair Value Valuation Technique(s) Unobservable input Range (Avg.) Collateral-dependent loans Commercial and industrial $ 394 Discounted appraised value Marketability/Selling costs 10% - 10% 10.00 % Quantitative information about Level 3 Fair Value Measurements at December 31, 2023 Assets Fair Value Valuation Technique(s) Unobservable input Range (Avg.) Collateral-dependent loans Commercial real estate $ 849 Discounted appraised value Marketability/Selling costs 10% - 10% 10.00 % Commercial and industrial $ 396 Discounted appraised value Marketability/Selling costs 10% - 10% 10.00 % The following presents the carrying amount, fair value and placement in the fair value hierarchy of the Company's financial instruments as of June 30, 2024 and December 31, 2023. Fair values as of June 30, 2024 and December 31, 2023 are estimated under the exit price notion. Fair Value Measurements as of June 30, 2024 using Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Significant Unobservable Inputs Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 10,226 $ 10,226 $ — $ — Interest-bearing deposits at other institutions 154,359 154,359 — — Securities held-to-maturity 264 — 251 — Securities available-for-sale 162,164 — 162,164 — Restricted stock 8,186 — 8,186 — Loans, net 1,867,721 — — 1,765,182 Bank owned life insurance 9,078 — 9,078 — Accrued interest receivable 10,828 — 10,828 — Derivative assets - interest rate swaps 4,201 — 4,201 — Derivative assets - cash flow hedge 7,459 — 7,459 — Financial liabilities: Checking $ 1,005,010 $ — $ 1,005,010 $ — Savings and money market 439,198 — 439,198 — Time deposits 274,684 — 274,408 — Wholesale deposits 249,860 — 248,976 — FHLB advances 57,000 — 57,000 — Subordinated notes 19,652 — 19,610 — Accrued interest payable 3,910 — 3,910 — Derivative liabilities - interest rate swaps 4,201 — 4,201 — Fair Value Measurements as of December 31, 2023 using Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Significant Unobservable Inputs Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 8,042 $ 8,042 $ — $ — Interest-bearing deposits at other institutions 52,480 52,480 — — Securities held-to-maturity 264 — 252 — Securities available-for-sale 171,595 — 171,595 — Restricted stock 9,488 — 9,488 — Loans, net 1,809,693 — — 1,725,785 Bank owned life insurance 56,823 — 56,823 — Accrued interest receivable 10,321 — 10,321 — Derivative assets - interest rate swaps 2,853 — 2,853 — Derivative assets - cash flow hedge 2,915 — 2,915 — Financial liabilities: Checking $ 973,195 $ — $ 973,195 $ — Savings and money market 320,498 — 320,498 — Time deposits 306,349 — 306,733 — Wholesale deposits 245,250 — 245,216 — FHLB advances 85,000 — 85,000 — Subordinated notes 19,620 — 18,565 — Accrued interest payable 2,415 — 2,415 — Derivative liabilities - interest rate swaps 2,853 — 2,853 — |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share ("EPS") excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if contracts to issue common stock were exercised or converted into common stock, or resulted in the issuance of stock which then shared in the earnings of the Company. Weighted average shares – diluted includes only the potential dilution of stock options and unvested restricted stock units as of June 30, 2024 and 2023, respectively. The following shows the weighted average number of shares used in computing earnings per share and the effect of weighted average number of shares of dilutive potential common stock. Dilutive potential common stock has no effect on income available to common shareholders. There were 28,495 anti -dilutive shares for the three and six months ended June 30, 2024 and there we re 54,132 a nti-dilutive shares for the three and six months ended June 30, 2023. The holders of restricted stock do not share in dividends and do not have voting rights during the vesting period. (average shares are in thousands) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net income $ 4,155 $ 4,233 $ 5,495 $ 4,854 Weighted average - basic shares 18,001 17,711 17,915 17,644 Effect of dilutive securities, restricted stock units and options 341 348 415 534 Weighted average - diluted shares 18,342 18,059 18,330 18,178 Basic EPS $ 0.23 $ 0.24 $ 0.31 $ 0.28 Diluted EPS $ 0.23 $ 0.23 $ 0.30 $ 0.27 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Statement of Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) ("AOCI") for the three and six months ended June 30, 2024 and 2023 are shown in the following table. The Company has two components of AOCI, which are available-for-sale securities and cash flow hedges, for the periods presented. 2024 Three Months Ended June 30, 2024 Available-for- Cash Flow Total Balance, beginning of period $ (28,020) $ 5,547 $ (22,473) Net unrealized gains during the period 6 315 321 Other comprehensive (loss) income, net of tax 6 315 321 Balance, end of period $ (28,014) $ 5,862 $ (22,152) 2024 Six Months Ended June 30, 2024 Available-for- Cash Flow Total Balance, beginning of period $ (26,476) $ 2,316 $ (24,160) Net unrealized gains during the period (1,538) 3,546 2,008 Other comprehensive (loss) income, net of tax (1,538) 3,546 2,008 Balance, end of period $ (28,014) $ 5,862 $ (22,152) 2023 Three Months Ended June 30, 2023 Available-for- Cash Flow Total Balance, beginning of period $ (34,009) $ 1147 $ (32,862) Net unrealized gains during the period (2,307) 4,407 2,100 Net reclassification adjustment for losses realized in income — — — Other comprehensive income (loss), net of tax (2,307) 4,407 2,100 Balance, end of period $ (36,316) $ 5,554 $ (30,762) 2023 Six Months Ended June 30, 2023 Available-for- Cash Flow Total Balance, beginning of period $ (39,926) $ 3359 $ (36,567) Net unrealized gains during the period 28 2,195 2,223 Net reclassification adjustment for losses realized in income 3,582 — 3,582 Other comprehensive income, net of tax 3,610 2,195 5,805 Balance, end of period $ (36,316) $ 5,554 $ (30,762) There were no gains for the three months ended June 30, 2023, that were reclassified from AOCI into income. During the first quarter of 2023, $40.3 million in investment securities available-for-sale, or 12% of the investment portfolio, were sold with a realized after-tax loss of $3.6 million that was reclassified from AOCI into income. There were no gains or losses that were reclassified from AOCI into income for the three and six months ended June 30, 2024. |
Subordinated Loans
Subordinated Loans | 3 Months Ended |
Jun. 30, 2024 | |
Subordinated Borrowings [Abstract] | |
Subordinated Notes | Subordinated Notes On October 13, 2020, the Company completed the private placement of $20.0 million of its 4.875% Fixed to Floating Subordinated Notes due 2030 (the "Notes") to certain qualified institutional buyers and accredited investors. The Notes have a maturity date of October 15, 2030 and carry a fixed rate of interest of 4.875% for the first five years. Thereafter, the Notes will pay interest at 3-month Secured Overnight Financing Rate (SOFR) plus 471 basis points, resetting quarterly. The Notes include a right of prepayment without penalty on or after October 15, 2025. The Notes were structured to qualify as Tier 2 capital for regulatory purposes. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with ASC 606 ‘‘Revenue from Contracts with Customers’’ ("Topic 606"). Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, gain on sale of securities, bank-owned life insurance income, financial guarantees, derivatives, and certain credit card fees are also not in scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as trust and asset management income, deposit related fees, interchange fees, merchant income, and insurance commissions. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest revenue streams in-scope of Topic 606 are discussed below. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and personal checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Fees, Exchange and Other Service Charges Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees, merchant services income, and other service charges and are included in other income on the Company’s consolidated statements of income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. This income is reflected in other income on the Company’s Consolidated Statements of Income. Other Income Other noninterest income consists of loan swap fees, insurance commissions, and other miscellaneous revenue streams not meeting the criteria above. When the Company enters into an interest rate swap agreement, the Company may receive an additional one-time payment fee which is recognized as income when received. The Company receives monthly recurring commissions based on a percentage of premiums issued and revenue is recognized when received. Any residual miscellaneous fees are recognized as they occur, and therefore, the Company determined this consistent practice satisfies the obligation for performance. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Noninterest Income In-scope of Topic 606 Service Charges on Deposit Accounts $ 278 $ 232 $ 539 $ 447 Fees, Exchange, and Other Service Charges 106 84 179 171 Other income 31 23 55 77 Noninterest Income (in-scope of Topic 606) 415 339 773 695 Noninterest Income (out-scope of Topic 606) 456 552 492 (4,431) Total Non-interest (Loss) Income $ 871 $ 891 $ 1,266 $ (3,736) Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of June 30, 2024 and December 31, 2023, the Company did not have any significant contract balances. Contract Acquisition Costs Under Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. The Company did not capitalize any contract acquisition costs during the three and six months ended June 30, 2024 or 2023. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Below is additional information regarding the Company’s cash flows for the six months ended June 30, 2024 and 2023. For the Six Months Ended June 30, 2024 2023 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 24,916 $ 22,691 Income taxes — 2,360 Noncash investing and financing activities: Unrealized gain (loss) on securities available-for-sale (1,979) 4,628 Unrealized (loss) gain on interest rate swaps (4,545) 2,816 Adoption of CECL accounting standard — (2,808) Right-of-use assets obtained in the exchange for lease liabilities during the current period — 397 Adoption of Investment accounting standard 13 — |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements; however, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s audited financial statements for the year ended December 31, 2023. Certain prior period amounts have been reclassified to conform to current period presentation. | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and the Bank. All material intercompany balances and transactions have been eliminated in consolidation. | |
Recent Accounting Pronouncements and Recently Adopted Accounting Developments | Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements. Recently Adopted Accounting Developments In March 2023, FASB issued ASU 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. ASU 2023-02 was effective for the Bank on January 1, 2024. The Company recorded an adjustment of $13 thousand to the stockholders' equity as of January 1, 2024. In June 2022, FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 was effective for the Bank on January 1, 2024. ASU 2022-03 resulted in no material impact to the Company's consolidated financial statements. |
Investment Securities and Oth_2
Investment Securities and Other Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair values of securities held-to-maturity and securities available-for-sale | Amortized cost and fair values of securities held-to-maturity and securities available-for-sale as of June 30, 2024 and December 31, 2023, are as follows: June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Held-to-maturity Securities of state and local municipalities tax exempt $ 264 $ — $ (13) $ 251 Total Held-to-maturity Securities $ 264 $ — $ (13) $ 251 Available-for-sale Securities of U.S. government and federal agencies $ 9,998 $ — $ (1,540) $ 8,458 Securities of state and local municipalities tax exempt 1,000 — (6) 994 Securities of state and local municipalities taxable 429 — (59) 370 Corporate bonds 19,000 — (2,535) 16,465 SBA pass-through securities 55 — (5) 50 Mortgage-backed securities 164,123 — (31,140) 132,983 Collateralized mortgage obligations 3,640 — (796) 2,844 Total Available-for-sale Securities $ 198,245 $ — $ (36,081) $ 162,164 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Held-to-maturity Securities of state and local municipalities tax exempt $ 264 $ — $ (12) $ 252 Total Held-to-maturity Securities $ 264 $ — $ (12) $ 252 Available-for-sale Securities of U.S. government and federal agencies $ 9,998 $ — $ (1,528) $ 8,470 Securities of state and local municipalities tax exempt 1,000 — (3) 997 Securities of state and local municipalities taxable 453 — (49) 404 Corporate bonds 20,204 — (2,556) 17,648 SBA pass-through securities 62 — (5) 57 Mortgage-backed securities 170,179 — (29,237) 140,942 Collateralized mortgage obligations 3,809 — (732) 3,077 Total Available-for-sale Securities $ 205,705 $ — $ (34,110) $ 171,595 |
Schedule of available-for-sale securities that have been in a continuous unrealized loss position | Available-for-sale securities that have been in a continuous unrealized loss position as of June 30, 2024 are as follows: Less Than 12 Months 12 Months or Longer Total At June 30, 2024 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securities of U.S. government and federal agencies $ — $ — $ 8,458 $ (1,540) $ 8,458 $ (1,540) Securities of state and local municipalities tax exempt — — 994 (6) 994 (6) Securities of state and local municipalities taxable — — 370 (59) 370 (59) Corporate bonds — — 15,715 (2,535) 15,715 (2,535) SBA pass-through securities — — 50 (5) 50 (5) Mortgage-backed securities — — 132,983 (31,140) 132,983 (31,140) Collateralized mortgage obligations — — 2,844 (796) 2,844 (796) Total $ — $ — $ 161,414 $ (36,081) $ 161,414 $ (36,081) Available-for-sale securities that have been in a continuous unrealized loss position as of December 31, 2023 are as follows: Less Than 12 Months 12 Months or Longer Total At December 31, 2023 Fair Unrealized Fair Unrealized Fair Unrealized Securities of U.S. government and federal agencies $ — $ — $ 8,470 $ (1,528) $ 8,470 $ (1,528) Securities of state and local municipalities tax exempt — — 997 (3) 997 (3) Securities of state and local municipalities taxable — — 404 (49) 404 (49) Corporate bonds — — 16,898 (2,556) 16,898 (2,556) SBA pass-through securities — — 57 (5) 57 (5) Mortgage-backed securities — — 140,942 (29,237) 140,942 (29,237) Collateralized mortgage obligations — — 3,077 (732) 3,077 (732) Total $ — $ — $ 170,845 $ (34,110) $ 170,845 $ (34,110) |
Schedule of amortized cost and fair value of held-to-maturity securities and available-for-sale securities by contractual maturity | The amortized cost and fair value of securities at June 30, 2024, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties. June 30, 2024 Held-to-maturity Available-for-sale Amortized Cost Fair Value Amortized Cost Fair Value After 3 months through 1 year $ — $ — $ 1,000 $ 994 After 1 year through 5 years 264 251 3,092 2,831 After 5 years through 10 years — — 26,867 23,003 After 10 years — — 167,286 135,336 Total $ 264 $ 251 $ 198,245 $ 162,164 |
Debt Securities, Held-to-Maturity, Credit Quality Indicator | The Company monitors the credit quality of held-to-maturity securities through the use of credit ratings. The Company monitors credit ratings on a periodic basis. The following table summarizes the amortized cost of held-to-maturity securities at June 30, 2024 and December 31, 2023, aggregated by credit quality indicator: Held-to-Maturity: State maturity municipal and tax exempt June 30, 2024 December 31, 2023 Aa3 $ 264 $ 264 Total $ 264 $ 264 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of loan balances | A summary of loan balances at amortized cost by type follows: June 30, 2024 December 31, 2023 Commercial real estate $ 1,083,481 $ 1,091,633 Commercial and industrial 293,346 219,873 Commercial construction 164,736 147,998 Consumer real estate 339,146 363,317 Consumer nonresidential 6,220 5,743 $ 1,886,929 $ 1,828,564 Less: Allowance for credit losses 19,208 18,871 Loans, net $ 1,867,721 $ 1,809,693 |
Schedule of allowance for credit losses | An analysis of the allowance for credit losses for the three and six months ended June 30, 2024 and 2023, and for the year ended December 31, 2023 follows: Allowance for Credit Losses For the Three Months Ended June 30, 2024 Commercial Commercial and Commercial Consumer Real Consumer Total June 30, 2024 Allowance for credit losses: Beginning Balance, April 1 $ 10,051 $ 3,427 $ 1,473 $ 3,907 $ 60 $ 18,918 Charge-offs — — — — (7) (7) Recoveries — — — — 12 12 Provision (reversal) (65) 171 117 55 7 285 Ending Balance, June 30, $ 9,986 $ 3,598 $ 1,590 $ 3,962 $ 72 $ 19,208 Allowance for Credit Losses For the Six Months Ended June 30, 2024 Commercial Commercial and Commercial Consumer Real Consumer Total June 30, 2024 Allowance for credit losses: Beginning Balance, January 1 $ 10,174 $ 3,385 $ 1,425 $ 3,822 $ 65 $ 18,871 Charge-offs — — — — (11) (11) Recoveries — — — — 46 46 Provision (reversal) (188) 213 165 140 (28) 302 Ending Balance, June 30, $ 9,986 $ 3,598 $ 1,590 $ 3,962 $ 72 $ 19,208 Allowance for Credit Losses For the Three Months Ended June 30, 2023 Commercial Commercial and Commercial Consumer Real Consumer Total June 30, 2023 Allowance for credit losses: Beginning Balance, April 1 $ 11,324 $ 2,596 $ 1,698 $ 3,374 $ 66 $ 19,058 Charge-offs — (350) — — (15) (365) Recoveries — 2 — — 7 9 Provision (reversal) (202) 617 4 309 12 740 Ending Balance, June 30, $ 11,122 $ 2,865 $ 1,702 $ 3,683 $ 70 $ 19,442 Allowance for Credit Losses For the Six Months Ended June 30, 2023 Commercial Commercial and Commercial Consumer Real Consumer Total June 30, 2023 Allowance for credit losses: Beginning Balance, Prior to January 1, 2023 Adoption of ASC 326 $ 10,777 $ 2,623 $ 1,499 $ 1,044 $ 97 $ 16,040 Impact of Adoption of ASC 326 498 452 70 1,856 (12) 2,864 Charge-offs — (350) — — (15) (365) Recoveries — 3 — 1 28 32 Provision (reversal) (153) 137 133 782 (28) 871 Ending Balance, June 30, $ 11,122 0 $ 2,865 0 $ 1,702 0 $ 3,683 0 $ 70 0 $ 19,442 Allowance for Credit Losses For the Year Ended December 31, 2023 Commercial Commercial and Commercial Consumer Real Consumer Total December 31, 2023 Allowance for credit losses: Beginning Balance, Prior to January 1, 2023 Adoption of ASC 326 $ 10,777 $ 2,623 $ 1,499 $ 1,044 $ 97 $ 16,040 Impact of Adoption of ASC 326 498 452 70 1,856 (12) 2,864 Charge-offs (53) (350) — — (15) (418) Recoveries — 3 — 1 39 43 Provision (reversal) (1,048) 657 (144) 921 (44) 342 Ending Balance $ 10,174 $ 3,385 $ 1,425 $ 3,822 $ 65 $ 18,871 The following table presents a breakdown of the provision for credit losses included in the Consolidated Statements of Income for the applicable periods: For the Three Months Ended For the Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Provision for credit losses - loans $ 285 $ 740 $ 302 $ 871 Provision for (reversal of) credit losses - unfunded commitments (79) (122) (96) (11) Total provision for credit losses $ 206 $ 618 $ 206 $ 860 |
Schedule Of Amortized Cost Basis Of Loans By Class Of Loans | The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Real Estate Business / Other Assets Real Estate Business / Other Assets Collateral-Dependent Loans Commercial real estate $ 20,709 $ — $ 20,765 $ — Commercial and industrial — 1,070 — 1,070 Commercial construction — — — — Consumer real estate 1,265 — 654 — Consumer nonresidential — — — — Total $ 21,974 $ 1,070 $ 21,419 $ 1,070 |
Schedule of risk category of loans | Based on the most recent analysis performed, amortized cost basis of loans by risk category, class and year of origination was as follows as of June 30, 2024: Prior 2020 2021 2022 2023 2024 Revolving Loans Amort. Cost Basis Revolving Loans Convert. to Term Total Commercial Real Estate Grade: Pass $ 397,007 $ 69,480 $ 146,323 $ 208,558 $ 56,839 $ 17,699 $ 156,551 $ — $ 1,052,457 Special mention 8,302 — 2,013 — — — — — 10,315 Substandard — 849 — — 19,860 — — — 20,709 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 405,309 $ 70,329 $ 148,336 $ 208,558 $ 76,699 $ 17,699 $ 156,551 $ — $ 1,083,481 Commercial and Industrial Grade: Pass $ 32,224 $ 3,687 $ 9,780 $ 49,686 $ 39,170 $ 57,516 $ 99,938 $ — $ 292,001 Special mention — — — — — — 275 — 275 Substandard — — — 884 — — 186 — 1,070 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 32,224 $ 3,687 $ 9,780 $ 50,570 $ 39,170 $ 57,516 $ 100,399 $ — $ 293,346 Commercial Construction Grade: Pass $ 8,951 $ — $ 6,180 $ — $ — $ — $ 149,605 $ — $ 164,736 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 8,951 $ — $ 6,180 $ — $ — $ — $ 149,605 $ — $ 164,736 Consumer Real Estate Grade: Pass $ 40,192 $ 4,651 $ 27,419 $ 183,507 $ 51,606 $ 572 $ 29,879 $ — $ 337,826 Special mention — — — — — — 55 — 55 Substandard 107 — — 749 — — 409 — 1,265 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 40,299 $ 4,651 $ 27,419 $ 184,256 $ 51,606 $ 572 $ 30,343 $ — $ 339,146 Consumer Nonresidential Grade: Pass $ 595 $ 4 $ 1 $ 30 $ 115 $ 87 $ 5,388 $ — $ 6,220 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 595 $ 4 $ 1 $ 30 $ 115 $ 87 $ 5,388 $ — $ 6,220 Total Recorded Investment $ 487,378 $ 78,671 $ 191,716 $ 443,414 $ 167,590 $ 75,874 $ 442,286 $ — $ 1,886,929 Based on the most recent analysis performed, amortized cost basis of loans by risk category, class and year of origination was as follows as of December 31, 2023: Prior 2019 2020 2021 2022 2023 Revolving Loans Amort. Cost Basis Revolving Loans Convert. to Term Total Commercial Real Estate Grade: Pass $ 341,765 $ 82,924 $ 70,564 $ 147,252 $ 211,786 $ 57,422 $ 153,838 $ — $ 1,065,551 Special mention 1,268 1,361 — 2,688 — — — — 5,317 Substandard — — 849 — — 19,916 — — 20,765 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 343,033 $ 84,285 $ 71,413 $ 149,940 $ 211,786 $ 77,338 $ 153,838 $ — $ 1,091,633 Commercial and Industrial Grade: Pass $ 9,997 $ 2,285 $ 6,296 $ 13,623 $ 54,784 $ 42,034 $ 88,926 $ — $ 217,945 Special mention — — — 76 — — 782 — 858 Substandard — — — — 884 — 186 — 1,070 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 9,997 $ 2,285 $ 6,296 $ 13,699 $ 55,668 $ 42,034 $ 89,894 $ — $ 219,873 Commercial Construction Grade: Pass $ 11,149 $ — $ — $ 6,204 $ — $ 709 $ 129,936 $ — $ 147,998 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 11,149 $ — $ — $ 6,204 $ — $ 709 $ 129,936 $ — $ 147,998 Consumer Real Estate Grade: Pass $ 35,240 $ 8,196 $ 8,914 $ 28,848 $ 196,678 $ 51,767 $ 32,963 $ — $ 362,606 Special mention — — — — — — 57 — 57 Substandard 108 — — — — — 546 — 654 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 35,348 $ 8,196 $ 8,914 $ 28,848 $ 196,678 $ 51,767 $ 33,566 $ — $ 363,317 Consumer Nonresidential Grade: Pass $ 659 $ — $ 7 $ 3 $ 36 $ 177 $ 4,861 $ — $ 5,743 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 659 $ — $ 7 $ 3 $ 36 $ 177 $ 4,861 $ — $ 5,743 Total Recorded Investment $ 400,186 $ 94,766 $ 86,630 $ 198,694 $ 464,168 $ 172,025 $ 412,095 $ — $ 1,828,564 Total Loan Portfolio - As of June 30, 2024 and December 31, 2023 June 30, 2024 December 31, 2023 Grade: Pass $ 1,853,240 $ 1,799,843 Special mention 10,645 6,232 Substandard 23,044 22,489 Doubtful — — Loss — — Total Recorded Investment $ 1,886,929 $ 1,828,564 |
Schedule of past due and nonaccrual loans | Past due and nonaccrual loans presented by loan class were as follows at June 30, 2024 and December 31, 2023: As of June 30, 2024 30-59 days past due 60-89 days past due 90 days or more past due Total past due loans Current Nonaccruals Total Recorded Investment in Loans Commercial real estate $ 1,824 $ 442 $ — $ 2,266 $ 1,080,366 $ 849 $ 1,083,481 Commercial and industrial — — — — 292,276 1,070 293,346 Commercial construction — — — — 164,736 — 164,736 Consumer real estate 240 — — 240 337,641 1,265 339,146 Consumer nonresidential 14 2 3 19 6,201 — 6,220 Total $ 2,078 $ 444 $ 3 $ 2,525 $ 1,881,220 $ 3,184 $ 1,886,929 As of December 31, 2023 30-59 days past due 60-89 days past due 90 days or more past due Total past due loans Current Nonaccruals Total Recorded Investment in Loans Commercial real estate $ 1,115 $ — $ — $ 1,115 $ 1,089,669 $ 849 $ 1,091,633 Commercial and industrial 51 1,387 — 1,438 218,249 186 219,873 Commercial construction 2,569 391 — 2,960 145,038 — 147,998 Consumer real estate 1,300 — 134 1,434 361,229 654 363,317 Consumer nonresidential — — 6 6 5,737 — 5,743 Total $ 5,035 $ 1,778 $ 140 $ 6,953 $ 1,819,922 $ 1,689 $ 1,828,564 |
Financing Receivable, Nonaccrual | The following presents nonaccrual loans as of June 30, 2024 and December 31, 2023: As of June 30, 2024 Nonaccrual with No Allowance for Credit Losses Nonaccrual with an Allowance for Credit Losses Total Nonaccrual Loans Interest Income Recognized Nonaccrual Loans Commercial real estate $ 849 $ — $ 849 $ 34 Commercial and industrial — 1,070 1,070 42 Commercial construction — — — — Consumer real estate 1,265 — 1,265 — Consumer nonresidential — — — — Total $ 2,114 $ 1,070 $ 3,184 $ 76 As of December 31, 2023 Nonaccrual with No Allowance for Credit Losses Nonaccrual with an Allowance for Credit Losses Total Nonaccrual Loans Interest Income Recognized Nonaccrual Loans Commercial real estate $ 849 $ — $ 849 $ 37 Commercial and industrial — 186 186 19 Commercial construction — — — — Consumer real estate 654 — 654 53 Consumer nonresidential — — — — Total $ 1,503 $ 186 $ 1,689 $ 109 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional amount and fair value of derivative financial instruments | The notional amount and fair value of the Company's derivative financial instruments as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 Notional Amount Fair Value Interest Rate Swap Agreements Receive Fixed/Pay Variable Swaps $ 81,509 $ 4,201 Pay Fixed/Receive Variable Swaps 81,509 (4,201) December 31, 2023 Notional Amount Fair Value Interest Rate Swap Agreements Receive Fixed/Pay Variable Swaps $ 82,483 $ 2,853 Pay Fixed/Receive Variable Swaps 82,483 (2,853) At June 30, 2024 and December 31, 2023, the information pertaining to outstanding interest rate swap agreements used to hedge variability in cash flows is as follows: June 30, 2024 December 31, 2023 Notional amount $ 250,000 $ 250,000 Weighted average pay rate 3.25 % 3.25 % Weighted average receive rate 5.33 % 5.34 % Weighted average maturity in years 3.53 years 4.03 years Unrealized gain relating to interest rate swaps $ 7,459 $ 2,915 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Financial Instruments with Off-Balance Sheet Risk | |
Schedule of financial instruments outstanding which contract amounts represent credit risk | At June 30, 2024 and December 31, 2023, the following financial instruments were outstanding which contract amounts represent credit risk: June 30, 2024 December 31, 2023 Commitments to grant loans $ 35,773 $ 36,650 Unused commitments to fund loans and lines of credit 172,449 215,892 Commercial and standby letters of credit 25,805 26,024 |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of option activity | A summary of option activity under the Plan as of June 30, 2024, and changes during the six months ended is presented below: Options Shares Weighted Weighted Aggregate Intrinsic Value (1) Outstanding at January 1, 2024 1,174,131 $ 7.14 1.30 $ — Granted — — Exercised (434,133) 5.84 Forfeited or expired — — Outstanding and Exercisable at June 30, 2024 $ 739,998 $ — 1.21 $ 3,143,163 ________________________ (1) The aggregate intrinsic value of stock options represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on June 30, 2024. This amount changes based on changes in the market value of the Company's stock. |
Schedule of restricted stock grant activity | A summary of the Company's restricted stock unit activity for the six months ended June 30, 2024 is shown below. Number of Weighted Average Nonvested at January 1, 2024 179,115 $ 14.30 Granted — — Vested (61,854) 14.34 Forfeited (15,677) 1.96 Balance at June 30, 2024 101,584 $ 14.32 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023: Fair Value Measurements at June 30, 2024 Using Balance as of June 30, 2024 Quoted Prices Significant Significant Description (Level 1) (Level 2) (Level 3) Assets Available-for-sale Securities of U.S. government and federal agencies $ 8,458 $ — $ 8,458 $ — Securities of state and local municipalities tax exempt 994 — 994 — Securities of state and local municipalities taxable 370 — 370 — Corporate bonds 16,465 — 16,465 — SBA pass-through securities 50 — 50 — Mortgage-backed securities 132,983 — 132,983 — Collateralized mortgage obligations 2,844 — 2,844 — Total Available-for-Sale Securities $ 162,164 $ — $ 162,164 $ — Derivative assets - interest rate swaps $ 4,201 $ — $ 4,201 $ — Derivative assets - cash flow hedge 7,459 — 7,459 — Liabilities Derivative liabilities - interest rate swaps $ 4,201 $ — $ 4,201 $ — Fair Value Measurements at December 31, 2023 Using Balance as of December 31, 2023 Quoted Prices Significant Significant Description (Level 1) (Level 2) (Level 3) Assets Available-for-sale Securities of U.S. government and federal agencies $ 8,470 $ — $ 8,470 $ — Securities of state and local municipalities tax exempt 997 — 997 — Securities of state and local municipalities taxable 404 — 404 — Corporate bonds 17,648 — 17,648 — SBA pass-through securities 57 — 57 — Mortgage-backed securities 140,942 — 140,942 — Collateralized mortgage obligations 3,077 — 3,077 — Total Available-for-Sale Securities $ 171,595 $ — $ 171,595 $ — Derivative assets - interest rate swaps $ 2,853 $ — $ 2,853 $ — Derivative assets - cash flow hedge 2,915 — 2,915 — Liabilities Derivative liabilties - interest rate swaps $ 2,853 $ — $ 2,853 $ — |
Schedule of the Company's assets that were measured at fair value on a nonrecurring basis | The following tables summarize the Company's assets that were measured at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023: Fair Value Measurements Using Balance as of June 30, 2024 Quoted Prices Significant Significant Description (Level 1) (Level 2) (Level 3) Assets Collateral-dependent loans Commercial and industrial $ 394 $ — $ — $ 394 Total Collateral-dependent loans $ 394 $ — $ — $ 394 Fair Value Measurements Using Balance as of December 31, 2023 Quoted Prices Significant Significant Description (Level 1) (Level 2) (Level 3) Assets Collateral-dependent loans Commercial real estate $ 849 $ — $ — $ 849 Commercial and industrial 396 — — 396 Total Collateral-dependent loans $ 1,245 $ — $ — $ 1,245 |
Schedule of quantitative information about Level 3 Fair Value Measurements | The following tables display quantitative information about Level 3 Fair Value Measurements for June 30, 2024 and December 31, 2023: Quantitative information about Level 3 Fair Value Measurements at June 30, 2024 Assets Fair Value Valuation Technique(s) Unobservable input Range (Avg.) Collateral-dependent loans Commercial and industrial $ 394 Discounted appraised value Marketability/Selling costs 10% - 10% 10.00 % Quantitative information about Level 3 Fair Value Measurements at December 31, 2023 Assets Fair Value Valuation Technique(s) Unobservable input Range (Avg.) Collateral-dependent loans Commercial real estate $ 849 Discounted appraised value Marketability/Selling costs 10% - 10% 10.00 % Commercial and industrial $ 396 Discounted appraised value Marketability/Selling costs 10% - 10% 10.00 % |
Schedule of carrying amount, fair value and placement in the fair value hierarchy of the Company's financial instruments | The following presents the carrying amount, fair value and placement in the fair value hierarchy of the Company's financial instruments as of June 30, 2024 and December 31, 2023. Fair values as of June 30, 2024 and December 31, 2023 are estimated under the exit price notion. Fair Value Measurements as of June 30, 2024 using Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Significant Unobservable Inputs Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 10,226 $ 10,226 $ — $ — Interest-bearing deposits at other institutions 154,359 154,359 — — Securities held-to-maturity 264 — 251 — Securities available-for-sale 162,164 — 162,164 — Restricted stock 8,186 — 8,186 — Loans, net 1,867,721 — — 1,765,182 Bank owned life insurance 9,078 — 9,078 — Accrued interest receivable 10,828 — 10,828 — Derivative assets - interest rate swaps 4,201 — 4,201 — Derivative assets - cash flow hedge 7,459 — 7,459 — Financial liabilities: Checking $ 1,005,010 $ — $ 1,005,010 $ — Savings and money market 439,198 — 439,198 — Time deposits 274,684 — 274,408 — Wholesale deposits 249,860 — 248,976 — FHLB advances 57,000 — 57,000 — Subordinated notes 19,652 — 19,610 — Accrued interest payable 3,910 — 3,910 — Derivative liabilities - interest rate swaps 4,201 — 4,201 — Fair Value Measurements as of December 31, 2023 using Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Significant Unobservable Inputs Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 8,042 $ 8,042 $ — $ — Interest-bearing deposits at other institutions 52,480 52,480 — — Securities held-to-maturity 264 — 252 — Securities available-for-sale 171,595 — 171,595 — Restricted stock 9,488 — 9,488 — Loans, net 1,809,693 — — 1,725,785 Bank owned life insurance 56,823 — 56,823 — Accrued interest receivable 10,321 — 10,321 — Derivative assets - interest rate swaps 2,853 — 2,853 — Derivative assets - cash flow hedge 2,915 — 2,915 — Financial liabilities: Checking $ 973,195 $ — $ 973,195 $ — Savings and money market 320,498 — 320,498 — Time deposits 306,349 — 306,733 — Wholesale deposits 245,250 — 245,216 — FHLB advances 85,000 — 85,000 — Subordinated notes 19,620 — 18,565 — Accrued interest payable 2,415 — 2,415 — Derivative liabilities - interest rate swaps 2,853 — 2,853 — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of earning per share | The following shows the weighted average number of shares used in computing earnings per share and the effect of weighted average number of shares of dilutive potential common stock. Dilutive potential common stock has no effect on income available to common shareholders. There were 28,495 anti -dilutive shares for the three and six months ended June 30, 2024 and there we re 54,132 a nti-dilutive shares for the three and six months ended June 30, 2023. The holders of restricted stock do not share in dividends and do not have voting rights during the vesting period. (average shares are in thousands) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net income $ 4,155 $ 4,233 $ 5,495 $ 4,854 Weighted average - basic shares 18,001 17,711 17,915 17,644 Effect of dilutive securities, restricted stock units and options 341 348 415 534 Weighted average - diluted shares 18,342 18,059 18,330 18,178 Basic EPS $ 0.23 $ 0.24 $ 0.31 $ 0.28 Diluted EPS $ 0.23 $ 0.23 $ 0.30 $ 0.27 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Statement of Other Comprehensive Income [Abstract] | |
Schedule of changes in accumulated other comprehensive income (AOCI) | Changes in accumulated other comprehensive income (loss) ("AOCI") for the three and six months ended June 30, 2024 and 2023 are shown in the following table. The Company has two components of AOCI, which are available-for-sale securities and cash flow hedges, for the periods presented. 2024 Three Months Ended June 30, 2024 Available-for- Cash Flow Total Balance, beginning of period $ (28,020) $ 5,547 $ (22,473) Net unrealized gains during the period 6 315 321 Other comprehensive (loss) income, net of tax 6 315 321 Balance, end of period $ (28,014) $ 5,862 $ (22,152) 2024 Six Months Ended June 30, 2024 Available-for- Cash Flow Total Balance, beginning of period $ (26,476) $ 2,316 $ (24,160) Net unrealized gains during the period (1,538) 3,546 2,008 Other comprehensive (loss) income, net of tax (1,538) 3,546 2,008 Balance, end of period $ (28,014) $ 5,862 $ (22,152) 2023 Three Months Ended June 30, 2023 Available-for- Cash Flow Total Balance, beginning of period $ (34,009) $ 1147 $ (32,862) Net unrealized gains during the period (2,307) 4,407 2,100 Net reclassification adjustment for losses realized in income — — — Other comprehensive income (loss), net of tax (2,307) 4,407 2,100 Balance, end of period $ (36,316) $ 5,554 $ (30,762) 2023 Six Months Ended June 30, 2023 Available-for- Cash Flow Total Balance, beginning of period $ (39,926) $ 3359 $ (36,567) Net unrealized gains during the period 28 2,195 2,223 Net reclassification adjustment for losses realized in income 3,582 — 3,582 Other comprehensive income, net of tax 3,610 2,195 5,805 Balance, end of period $ (36,316) $ 5,554 $ (30,762) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of noninterest income | The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Noninterest Income In-scope of Topic 606 Service Charges on Deposit Accounts $ 278 $ 232 $ 539 $ 447 Fees, Exchange, and Other Service Charges 106 84 179 171 Other income 31 23 55 77 Noninterest Income (in-scope of Topic 606) 415 339 773 695 Noninterest Income (out-scope of Topic 606) 456 552 492 (4,431) Total Non-interest (Loss) Income $ 871 $ 891 $ 1,266 $ (3,736) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of supplemental cash flow information | For the Six Months Ended June 30, 2024 2023 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 24,916 $ 22,691 Income taxes — 2,360 Noncash investing and financing activities: Unrealized gain (loss) on securities available-for-sale (1,979) 4,628 Unrealized (loss) gain on interest rate swaps (4,545) 2,816 Adoption of CECL accounting standard — (2,808) Right-of-use assets obtained in the exchange for lease liabilities during the current period — 397 Adoption of Investment accounting standard 13 — |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 15, 2022 | Mar. 31, 2024 | Aug. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Common stock, dividend, paid-in-kind, percentage | 25% | ||
Bank Owned Life Insurance surrendered | $ 48,000 | ||
Bank Owned Life Insurance -Income tax expense | 1,600 | ||
Bank Owned Life Insurance surrendered-Tax penalities | $ 722 | ||
Atlantic Coast Mortgage LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 28.70% | ||
Equity Method Investment, Aggregate Cost | $ 20,400 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Loans and Allowance for Credit Losses (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Line of Credit Facility [Line Items] | ||||||
Retained Earnings (Accumulated Deficit) | $ (121,398,000) | $ (115,890,000) | ||||
Allowance for loan losses | 19,208,000 | 18,871,000 | $ 19,442,000 | $ 18,918,000 | $ 16,040,000 | $ 19,058,000 |
Reserves for unfunded commitments | 506,000 | 602,000 | ||||
Securities held-to-maturity (fair value of $251 thousand and $252 thousand at June 30, 2024 and December 31, 2023, respectively), net of allowance for credit losses of $0 and $0 at June 30, 2024 and December 31, 2023, respectively. | $ 264,000 | 264,000 | ||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Line of Credit Facility [Line Items] | ||||||
Allowance for loan losses | $ 2,864,000 |
Investment Securities and Oth_3
Investment Securities and Other Investments (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 USD ($) loan | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Held-to-maturity | |||
Total | $ 264 | $ 264 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (13) | (12) | |
Fair Value | 251 | 252 | |
Available-for-sale | |||
Total | 198,245 | 205,705 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (36,081) | (34,110) | |
Securities available-for-sale, at fair value | 162,164 | 171,595 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | $ 0 | 0 | |
Number Of Securities Held, Equal Book And Fair Value | loan | 1 | ||
Proceeds from Sale, Maturity and Collection of Investments | $ 6,300 | $ 10,900 | |
Securities of state and local municipalities tax exempt | |||
Held-to-maturity | |||
Total | 264 | 264 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (13) | (12) | |
Fair Value | 251 | 252 | |
Securities of U.S. government and federal agencies | |||
Available-for-sale | |||
Total | 9,998 | 9,998 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (1,540) | (1,528) | |
Securities available-for-sale, at fair value | 8,458 | 8,470 | |
Federal Reserve Bank Member | Asset Pledged as Collateral | |||
Available-for-sale | |||
Debt securities | 6,100 | 0 | |
Community Bankers Bank Member | Asset Pledged as Collateral | |||
Available-for-sale | |||
Debt securities | 10,600 | 7,200 | |
Corporate bonds | |||
Available-for-sale | |||
Total | 19,000 | 20,204 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (2,535) | (2,556) | |
Securities available-for-sale, at fair value | 16,465 | 17,648 | |
SBA pass-through securities | |||
Available-for-sale | |||
Total | 55 | 62 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (5) | (5) | |
Securities available-for-sale, at fair value | 50 | 57 | |
Mortgage-backed securities | |||
Available-for-sale | |||
Total | 164,123 | 170,179 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (31,140) | (29,237) | |
Securities available-for-sale, at fair value | 132,983 | 140,942 | |
Collateralized mortgage obligations | |||
Available-for-sale | |||
Total | 3,640 | 3,809 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (796) | (732) | |
Securities available-for-sale, at fair value | 2,844 | 3,077 | |
Securities Of State And Political Subdivisions, Nontaxable | |||
Held-to-maturity | |||
Total | 264 | 264 | |
Available-for-sale | |||
Total | 1,000 | 1,000 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (6) | (3) | |
Securities available-for-sale, at fair value | 994 | 997 | |
Securities of state and local municipalities - taxable | |||
Available-for-sale | |||
Total | 429 | 453 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (59) | (49) | |
Securities available-for-sale, at fair value | $ 370 | $ 404 |
Investment Securities and Oth_4
Investment Securities and Other Investments - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Fair Value, 12 Months or Longer | 161,414 | 170,845 |
Fair Value, Total | 161,414 | 170,845 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | (36,081) | (34,110) |
Unrealized Losses, Total | (36,081) | (34,110) |
Securities of U.S. government and federal agencies | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
Fair Value, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 8,458 | 8,470 |
Fair Value, Total | 8,458 | 8,470 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | (1,540) | (1,528) |
Unrealized Losses, Total | (1,540) | (1,528) |
Securities of state and local municipalities - taxable | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
Fair Value, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 370 | 404 |
Fair Value, Total | 370 | 404 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | (59) | (49) |
Unrealized Losses, Total | (59) | (49) |
Corporate bonds | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
Fair Value, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 15,715 | 16,898 |
Fair Value, Total | 15,715 | 16,898 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | (2,535) | (2,556) |
Unrealized Losses, Total | (2,535) | (2,556) |
SBA pass-through securities | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
Fair Value, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 50 | 57 |
Fair Value, Total | 50 | 57 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | (5) | (5) |
Unrealized Losses, Total | (5) | (5) |
Mortgage-backed securities | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
Fair Value, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 132,983 | 140,942 |
Fair Value, Total | 132,983 | 140,942 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | (31,140) | (29,237) |
Unrealized Losses, Total | (31,140) | (29,237) |
Collateralized mortgage obligations | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
Fair Value, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 2,844 | 3,077 |
Fair Value, Total | 2,844 | 3,077 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | (796) | (732) |
Unrealized Losses, Total | (796) | (732) |
Securities Of State And Political Subdivisions, Nontaxable | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value | ||
Fair Value, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 994 | 997 |
Fair Value, Total | 994 | 997 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | ||
Unrealized Losses, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | (6) | (3) |
Unrealized Losses, Total | $ (6) | $ (3) |
Investment Securities and Oth_5
Investment Securities and Other Investments - Continuous Unrealized Loss Position - Additional information (Details) | 6 Months Ended |
Jun. 30, 2024 security | |
Securities of U.S. government and federal agencies | |
Debt Securities, Available-for-sale | |
Number of investment securities | 2 |
Securities of state and local municipalities - taxable | |
Debt Securities, Available-for-sale | |
Number of investment securities | 1 |
SBA pass-through securities | |
Debt Securities, Available-for-sale | |
Number of investment securities | 1 |
Mortgage-backed securities | |
Debt Securities, Available-for-sale | |
Number of investment securities | 36 |
Collateralized mortgage obligations | |
Debt Securities, Available-for-sale | |
Number of investment securities | 11 |
Securities Of State And Political Subdivisions, Nontaxable | |
Debt Securities, Available-for-sale | |
Number of investment securities | 2 |
Investment Securities and Oth_6
Investment Securities and Other Investments - Contractual Maturities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Held-to-maturity, Amortized Cost | |||
After 1 year through 5 years | $ 264 | ||
After 5 years through 10 years | 0 | ||
After 10 years | 0 | ||
Total | 264 | $ 264 | |
Held-to-maturity, Fair Value | |||
After 1 year through 5 years | 251 | ||
After 5 years through 10 years | 0 | ||
After 10 years | 0 | ||
Total | 251 | 252 | |
Available-for-sale, Amortized Cost | |||
After 1 year through 5 years | 1,000 | ||
After 5 years through 10 years | 26,867 | ||
After 10 years | 167,286 | ||
Total | 198,245 | 205,705 | |
Available-for-sale, Fair Value | |||
After 1 year through 5 years | 994 | ||
After 5 years through 10 years | 23,003 | ||
After 10 years | 135,336 | ||
Total | 162,164 | $ 171,595 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One | 0 | ||
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 0 | ||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 3,092 | ||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 2,831 | ||
Proceeds from Sale and Maturity of Marketable Securities | $ 1,200 | $ 35,800 |
Investment Securities and Oth_7
Investment Securities and Other Investments - Contractual Maturities - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from maturities, calls and principal repayments of securities | $ 6,300 | $ 10,900 |
Proceeds from sales of securities available-for-sale | 0 | 35,778 |
Marketable Securities Realized Losses | $ 0 | $ 4,600 |
Investment Securities and Oth_8
Investment Securities and Other Investments - Other Investments - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Restricted stock, at cost | $ 8,186 | $ 9,488 |
Investment Securities and Oth_9
Investment Securities and Other Investments (Summary of Amortized Cost of Held-to-maturity Securities Credit Quality Indicator (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Securities held-to-maturity (fair value of $251 thousand and $252 thousand at June 30, 2024 and December 31, 2023, respectively), net of allowance for credit losses of $0 and $0 at June 30, 2024 and December 31, 2023, respectively. | $ 264 | $ 264 |
Securities Of State And Political Subdivisions, Nontaxable | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Securities held-to-maturity (fair value of $251 thousand and $252 thousand at June 30, 2024 and December 31, 2023, respectively), net of allowance for credit losses of $0 and $0 at June 30, 2024 and December 31, 2023, respectively. | 264 | 264 |
Securities Of State And Political Subdivisions, Nontaxable | Moody's, Aa3 Rating | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Securities held-to-maturity (fair value of $251 thousand and $252 thousand at June 30, 2024 and December 31, 2023, respectively), net of allowance for credit losses of $0 and $0 at June 30, 2024 and December 31, 2023, respectively. | $ 264 | $ 264 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Summary of loan balances by type (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Loans and Allowance for Loan Losses | ||||||||
Financing receivables | $ 1,886,929,000 | $ 1,886,929,000 | $ 1,828,564,000 | |||||
Allowance for loan losses | 19,208,000 | $ 19,442,000 | 19,208,000 | $ 19,442,000 | 18,871,000 | $ 18,918,000 | $ 16,040,000 | $ 19,058,000 |
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 1,867,721,000 | 1,867,721,000 | 1,809,693,000 | |||||
Mortgage Loans in Process of Foreclosure, Amount | 2 | 2 | 2 | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | (7,000) | (365,000) | (11,000) | (365,000) | (418,000) | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 12,000 | 9,000 | 46,000 | 32,000 | 43,000 | |||
Provision (reversal) | 285,000 | 740,000 | 302,000 | 871,000 | 342,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Allowance for loan losses | 2,864,000 | |||||||
Federal Home Loan Bank of Atlanta | Asset Pledged as Collateral | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 520,000,000 | 520,000,000 | 530,200,000 | |||||
Adjustment | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 147,000 | |||||||
Commercial | Real Estate | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing receivables | 1,083,481,000 | 1,083,481,000 | 1,091,633,000 | |||||
Allowance for loan losses | 9,986,000 | 11,122,000 | 9,986,000 | 11,122,000 | 10,174,000 | 10,051,000 | 10,777,000 | 11,324,000 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | 0 | (53,000) | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 0 | 0 | |||
Provision (reversal) | (65,000) | (202,000) | (188,000) | (153,000) | (1,048,000) | |||
Commercial | Real Estate | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Allowance for loan losses | 498,000 | |||||||
Commercial | Construction | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing receivables | 164,736,000 | 164,736,000 | 147,998,000 | |||||
Allowance for loan losses | 1,590,000 | 1,702,000 | 1,590,000 | 1,702,000 | 1,425,000 | 1,473,000 | 1,499,000 | 1,698,000 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 0 | 0 | |||
Provision (reversal) | 117,000 | 4,000 | 165,000 | 133,000 | (144,000) | |||
Commercial | Construction | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Allowance for loan losses | 70,000 | |||||||
Consumer | Real Estate | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing receivables | 339,146,000 | 339,146,000 | 363,317,000 | |||||
Allowance for loan losses | 3,962,000 | 3,683,000 | 3,962,000 | 3,683,000 | 3,822,000 | 3,907,000 | 1,044,000 | 3,374,000 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 1,000 | 1,000 | |||
Provision (reversal) | 55,000 | 309,000 | 140,000 | 782,000 | 921,000 | |||
Consumer | Real Estate | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Allowance for loan losses | 1,856,000 | |||||||
Consumer | Nonresidential | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing receivables | 6,220,000 | 6,220,000 | 5,743,000 | |||||
Allowance for loan losses | 72,000 | 70,000 | 72,000 | 70,000 | 65,000 | $ 60,000 | $ 97,000 | $ 66,000 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | (7,000) | (15,000) | (11,000) | (15,000) | (15,000) | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 12,000 | 7,000 | 46,000 | 28,000 | 39,000 | |||
Provision (reversal) | 7,000 | $ 12,000 | (28,000) | $ (28,000) | (44,000) | |||
Consumer | Nonresidential | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Allowance for loan losses | (12,000) | |||||||
Originated Loan Portfolio | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing receivables | 1,886,929,000 | 1,886,929,000 | 1,828,564,000 | |||||
Originated Loan Portfolio | Commercial | Real Estate | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing receivables | 1,083,481,000 | 1,083,481,000 | 1,091,633,000 | |||||
Originated Loan Portfolio | Commercial | Construction | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing receivables | 164,736,000 | 164,736,000 | 147,998,000 | |||||
Originated Loan Portfolio | Consumer | Real Estate | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing receivables | 339,146,000 | 339,146,000 | 363,317,000 | |||||
Originated Loan Portfolio | Consumer | Nonresidential | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing receivables | 6,220,000 | 6,220,000 | 5,743,000 | |||||
Acquired Loan Portfolio | Commercial | Real Estate | ||||||||
Loans and Allowance for Loan Losses | ||||||||
Financing receivables | $ 1,886,929,000 | $ 1,886,929,000 | $ 1,828,564,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Allowance for credit losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Allowance for loan losses | ||||||||
Provision (reversal) | $ 285 | $ 740 | $ 302 | $ 871 | $ 342 | |||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Loans receivables | 1,886,929 | 1,886,929 | 1,828,564 | |||||
Allowance for loan losses | 19,208 | 19,442 | 19,208 | 19,442 | 18,871 | $ 18,918 | $ 16,040 | $ 19,058 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | (7) | (365) | (11) | (365) | (418) | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 12 | 9 | 46 | 32 | 43 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Allowance for loan losses | 2,864 | |||||||
Commercial | Real Estate | ||||||||
Allowance for loan losses | ||||||||
Provision (reversal) | (65) | (202) | (188) | (153) | (1,048) | |||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Loans receivables | 1,083,481 | 1,083,481 | 1,091,633 | |||||
Allowance for loan losses | 9,986 | 11,122 | 9,986 | 11,122 | 10,174 | 10,051 | 10,777 | 11,324 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | 0 | (53) | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 0 | 0 | |||
Commercial | Real Estate | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Allowance for loan losses | 498 | |||||||
Commercial | Commercial And Industrial Loan [Member] | ||||||||
Allowance for loan losses | ||||||||
Provision (reversal) | 171 | 617 | 213 | 137 | 657 | |||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Loans receivables | 293,346 | 293,346 | 219,873 | |||||
Allowance for loan losses | 3,598 | 2,865 | 3,598 | 2,865 | 3,385 | 3,427 | 2,623 | 2,596 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | (350) | 0 | (350) | (350) | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 2 | 0 | 3 | 3 | |||
Commercial | Commercial And Industrial Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Allowance for loan losses | 452 | |||||||
Commercial | Construction | ||||||||
Allowance for loan losses | ||||||||
Provision (reversal) | 117 | 4 | 165 | 133 | (144) | |||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Loans receivables | 164,736 | 164,736 | 147,998 | |||||
Allowance for loan losses | 1,590 | 1,702 | 1,590 | 1,702 | 1,425 | 1,473 | 1,499 | 1,698 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 0 | 0 | |||
Commercial | Construction | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Allowance for loan losses | 70 | |||||||
Consumer | Real Estate | ||||||||
Allowance for loan losses | ||||||||
Provision (reversal) | 55 | 309 | 140 | 782 | 921 | |||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Loans receivables | 339,146 | 339,146 | 363,317 | |||||
Allowance for loan losses | 3,962 | 3,683 | 3,962 | 3,683 | 3,822 | 3,907 | 1,044 | 3,374 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 1 | 1 | |||
Consumer | Real Estate | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Allowance for loan losses | 1,856 | |||||||
Consumer | Nonresidential | ||||||||
Allowance for loan losses | ||||||||
Provision (reversal) | 7 | 12 | (28) | (28) | (44) | |||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Loans receivables | 6,220 | 6,220 | 5,743 | |||||
Allowance for loan losses | 72 | 70 | 72 | 70 | 65 | $ 60 | $ 97 | $ 66 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | (7) | (15) | (11) | (15) | (15) | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | $ 12 | $ 7 | $ 46 | $ 28 | 39 | |||
Consumer | Nonresidential | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||||||
Allowance for loan losses | $ (12) |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Amortized cost basis of loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | $ 1,867,721 | $ 1,809,693 |
Real Estate | Commercial | Real Estate | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 20,709 | 20,765 |
Real Estate | Commercial | Commercial And Industrial Loan [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 0 | 0 |
Real Estate | Commercial | Construction | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 0 | 0 |
Real Estate | Consumer | Real Estate | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 1,265 | 654 |
Real Estate | Consumer | Nonresidential | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 0 | 0 |
Real Estate | Collateral-Dependent Loans | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 21,974 | 21,419 |
Business / Other Assets | Commercial | Real Estate | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 0 | 0 |
Business / Other Assets | Commercial | Commercial And Industrial Loan [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 1,070 | 1,070 |
Business / Other Assets | Commercial | Construction | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 0 | 0 |
Business / Other Assets | Consumer | Real Estate | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 0 | 0 |
Business / Other Assets | Consumer | Nonresidential | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | 0 | 0 |
Business / Other Assets | Collateral-Dependent Loans | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | $ 1,070 | $ 1,070 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Risk category (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | $ 487,378 | $ 400,186 |
2019 | 78,671 | 94,766 |
2020 | 191,716 | 86,630 |
2021 | 443,414 | 198,694 |
2022 | 167,590 | 464,168 |
2023 | 75,874 | 172,025 |
Revolving Loans Amort. Cost Basis | 442,286 | 412,095 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 1,886,929 | 1,828,564 |
Financing receivables | 1,886,929 | 1,828,564 |
Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 679 | |
Financing receivables | 679 | |
Commercial | Real Estate | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 405,309 | 343,033 |
2019 | 70,329 | 84,285 |
2020 | 148,336 | 71,413 |
2021 | 208,558 | 149,940 |
2022 | 76,699 | 211,786 |
2023 | 17,699 | 77,338 |
Revolving Loans Amort. Cost Basis | 156,551 | 153,838 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 1,083,481 | 1,091,633 |
Financing receivables | 1,083,481 | 1,091,633 |
Commercial | Real Estate | Pass | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 397,007 | 341,765 |
2019 | 69,480 | 82,924 |
2020 | 146,323 | 70,564 |
2021 | 208,558 | 147,252 |
2022 | 56,839 | 211,786 |
2023 | 17,699 | 57,422 |
Revolving Loans Amort. Cost Basis | 156,551 | 153,838 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 1,052,457 | 1,065,551 |
Financing receivables | 1,052,457 | 1,065,551 |
Commercial | Real Estate | Special mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 8,302 | 1,268 |
2019 | 0 | 1,361 |
2020 | 2,013 | 0 |
2021 | 0 | 2,688 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 10,315 | 5,317 |
Financing receivables | 10,315 | 5,317 |
Commercial | Real Estate | Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 849 | 0 |
2020 | 0 | 849 |
2021 | 0 | 0 |
2022 | 19,860 | 0 |
2023 | 0 | 19,916 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 20,709 | 20,765 |
Financing receivables | 20,709 | 20,765 |
Commercial | Real Estate | Doubtful | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Commercial | Real Estate | Loss | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Commercial | Commercial And Industrial Loan [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 32,224 | 9,997 |
2019 | 3,687 | 2,285 |
2020 | 9,780 | 6,296 |
2021 | 50,570 | 13,699 |
2022 | 39,170 | 55,668 |
2023 | 57,516 | 42,034 |
Revolving Loans Amort. Cost Basis | 100,399 | 89,894 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 293,346 | 219,873 |
Financing receivables | 293,346 | 219,873 |
Commercial | Commercial And Industrial Loan [Member] | Pass | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 32,224 | 9,997 |
2019 | 3,687 | 2,285 |
2020 | 9,780 | 6,296 |
2021 | 49,686 | 13,623 |
2022 | 39,170 | 54,784 |
2023 | 57,516 | 42,034 |
Revolving Loans Amort. Cost Basis | 99,938 | 88,926 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 292,001 | 217,945 |
Financing receivables | 292,001 | 217,945 |
Commercial | Commercial And Industrial Loan [Member] | Special mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 76 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 275 | 782 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 275 | 858 |
Financing receivables | 275 | 858 |
Commercial | Commercial And Industrial Loan [Member] | Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 884 | 0 |
2022 | 0 | 884 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 186 | 186 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 1,070 | 1,070 |
Financing receivables | 1,070 | 1,070 |
Commercial | Commercial And Industrial Loan [Member] | Doubtful | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Commercial | Commercial And Industrial Loan [Member] | Loss | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Commercial | Construction | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 8,951 | 11,149 |
2019 | 0 | 0 |
2020 | 6,180 | 0 |
2021 | 0 | 6,204 |
2022 | 0 | 0 |
2023 | 0 | 709 |
Revolving Loans Amort. Cost Basis | 149,605 | 129,936 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 164,736 | 147,998 |
Financing receivables | 164,736 | 147,998 |
Commercial | Construction | Pass | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 8,951 | 11,149 |
2019 | 0 | 0 |
2020 | 6,180 | 0 |
2021 | 0 | 6,204 |
2022 | 0 | 0 |
2023 | 0 | 709 |
Revolving Loans Amort. Cost Basis | 149,605 | 129,936 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 164,736 | 147,998 |
Financing receivables | 164,736 | 147,998 |
Commercial | Construction | Special mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Commercial | Construction | Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Commercial | Construction | Doubtful | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Commercial | Construction | Loss | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Consumer | Real Estate | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 40,299 | 35,348 |
2019 | 4,651 | 8,196 |
2020 | 27,419 | 8,914 |
2021 | 184,256 | 28,848 |
2022 | 51,606 | 196,678 |
2023 | 572 | 51,767 |
Revolving Loans Amort. Cost Basis | 30,343 | 33,566 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 339,146 | 363,317 |
Financing receivables | 339,146 | 363,317 |
Consumer | Real Estate | Pass | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 40,192 | 35,240 |
2019 | 4,651 | 8,196 |
2020 | 27,419 | 8,914 |
2021 | 183,507 | 28,848 |
2022 | 51,606 | 196,678 |
2023 | 572 | 51,767 |
Revolving Loans Amort. Cost Basis | 29,879 | 32,963 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 337,826 | 362,606 |
Financing receivables | 337,826 | 362,606 |
Consumer | Real Estate | Special mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 55 | 57 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 55 | 57 |
Financing receivables | 55 | 57 |
Consumer | Real Estate | Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 107 | 108 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 749 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 409 | 546 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 1,265 | 654 |
Financing receivables | 1,265 | 654 |
Consumer | Real Estate | Doubtful | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Consumer | Real Estate | Loss | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Consumer | Nonresidential | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 595 | 659 |
2019 | 4 | 0 |
2020 | 1 | 7 |
2021 | 30 | 3 |
2022 | 115 | 36 |
2023 | 87 | 177 |
Revolving Loans Amort. Cost Basis | 5,388 | 4,861 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 6,220 | 5,743 |
Financing receivables | 6,220 | 5,743 |
Consumer | Nonresidential | Pass | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 595 | 659 |
2019 | 4 | 0 |
2020 | 1 | 7 |
2021 | 30 | 3 |
2022 | 115 | 36 |
2023 | 87 | 177 |
Revolving Loans Amort. Cost Basis | 5,388 | 4,861 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 6,220 | 5,743 |
Financing receivables | 6,220 | 5,743 |
Consumer | Nonresidential | Special mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Consumer | Nonresidential | Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Consumer | Nonresidential | Doubtful | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Consumer | Nonresidential | Loss | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Prior | 0 | 0 |
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
Revolving Loans Amort. Cost Basis | 0 | 0 |
Revolving Loans Convert. to Term | 0 | 0 |
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Originated Loan Portfolio | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 1,886,929 | 1,828,564 |
Financing receivables | 1,886,929 | 1,828,564 |
Originated Loan Portfolio | Special mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 10,600 | 6,200 |
Financing receivables | 10,600 | 6,200 |
Originated Loan Portfolio | Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 23,000 | |
Financing receivables | 23,000 | |
Decrease in related to loans | (555) | |
Originated Loan Portfolio | Commercial | Real Estate | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 1,083,481 | 1,091,633 |
Financing receivables | 1,083,481 | 1,091,633 |
Originated Loan Portfolio | Commercial | Commercial And Industrial Loan [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 293,346 | 219,873 |
Financing receivables | 293,346 | 219,873 |
Originated Loan Portfolio | Commercial | Construction | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 164,736 | 147,998 |
Financing receivables | 164,736 | 147,998 |
Originated Loan Portfolio | Consumer | Real Estate | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 339,146 | 363,317 |
Financing receivables | 339,146 | 363,317 |
Originated Loan Portfolio | Consumer | Nonresidential | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 6,220 | 5,743 |
Financing receivables | 6,220 | 5,743 |
Acquired Loan Portfolio | Commercial | Real Estate | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 1,886,929 | 1,828,564 |
Financing receivables | 1,886,929 | 1,828,564 |
Acquired Loan Portfolio | Commercial | Real Estate | Pass | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 1,853,240 | 1,799,843 |
Financing receivables | 1,853,240 | 1,799,843 |
Acquired Loan Portfolio | Commercial | Real Estate | Special mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 10,645 | 6,232 |
Financing receivables | 10,645 | 6,232 |
Acquired Loan Portfolio | Commercial | Real Estate | Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 23,044 | 22,489 |
Financing receivables | 23,044 | 22,489 |
Acquired Loan Portfolio | Commercial | Real Estate | Doubtful | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 0 | 0 |
Financing receivables | 0 | 0 |
Acquired Loan Portfolio | Commercial | Real Estate | Loss | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Loans receivables | 0 | 0 |
Financing receivables | $ 0 | $ 0 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Past due and Non accrual of loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Loans and Allowance for Loan Losses | ||
Financing receivables | $ 1,886,929 | $ 1,828,564 |
Substandard | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 679 | |
Commercial | Real Estate | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 1,083,481 | 1,091,633 |
Commercial | Real Estate | Special mention | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 10,315 | 5,317 |
Commercial | Real Estate | Substandard | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 20,709 | 20,765 |
Commercial | Commercial And Industrial Loan [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 293,346 | 219,873 |
Commercial | Commercial And Industrial Loan [Member] | Special mention | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 275 | 858 |
Commercial | Commercial And Industrial Loan [Member] | Substandard | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 1,070 | 1,070 |
Commercial | Construction | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 164,736 | 147,998 |
Commercial | Construction | Special mention | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 0 |
Commercial | Construction | Substandard | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 0 |
Consumer | Real Estate | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 339,146 | 363,317 |
Consumer | Real Estate | Special mention | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 55 | 57 |
Consumer | Real Estate | Substandard | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 1,265 | 654 |
Consumer | Nonresidential | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 6,220 | 5,743 |
Consumer | Nonresidential | Special mention | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 0 |
Consumer | Nonresidential | Substandard | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 0 |
Originated Loan Portfolio | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 1,886,929 | 1,828,564 |
Nonaccruals | 3,184 | 1,689 |
Originated Loan Portfolio | Special mention | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 10,600 | 6,200 |
Originated Loan Portfolio | Substandard | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 23,000 | |
Originated Loan Portfolio | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 2,078 | 5,035 |
Originated Loan Portfolio | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 444 | 1,778 |
Originated Loan Portfolio | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 3 | 140 |
Originated Loan Portfolio | Financial Asset, Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 2,525 | 6,953 |
Originated Loan Portfolio | Financial Asset, Not Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 1,881,220 | 1,819,922 |
Originated Loan Portfolio | Commercial | Real Estate | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 1,083,481 | 1,091,633 |
Nonaccruals | 849 | 849 |
Originated Loan Portfolio | Commercial | Real Estate | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 1,824 | 1,115 |
Originated Loan Portfolio | Commercial | Real Estate | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 442 | 0 |
Originated Loan Portfolio | Commercial | Real Estate | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 0 |
Originated Loan Portfolio | Commercial | Real Estate | Financial Asset, Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 2,266 | 1,115 |
Originated Loan Portfolio | Commercial | Real Estate | Financial Asset, Not Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 1,080,366 | 1,089,669 |
Originated Loan Portfolio | Commercial | Commercial And Industrial Loan [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 293,346 | 219,873 |
Nonaccruals | 1,070 | 186 |
Originated Loan Portfolio | Commercial | Commercial And Industrial Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 51 |
Originated Loan Portfolio | Commercial | Commercial And Industrial Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 1,387 |
Originated Loan Portfolio | Commercial | Commercial And Industrial Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 0 |
Originated Loan Portfolio | Commercial | Commercial And Industrial Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 1,438 |
Originated Loan Portfolio | Commercial | Commercial And Industrial Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 292,276 | 218,249 |
Originated Loan Portfolio | Commercial | Construction | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 164,736 | 147,998 |
Nonaccruals | 0 | 0 |
Originated Loan Portfolio | Commercial | Construction | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 2,569 |
Originated Loan Portfolio | Commercial | Construction | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 391 |
Originated Loan Portfolio | Commercial | Construction | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 0 |
Originated Loan Portfolio | Commercial | Construction | Financial Asset, Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 2,960 |
Originated Loan Portfolio | Commercial | Construction | Financial Asset, Not Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 164,736 | 145,038 |
Originated Loan Portfolio | Consumer | Real Estate | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 339,146 | 363,317 |
Nonaccruals | 1,265 | 654 |
Originated Loan Portfolio | Consumer | Real Estate | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 240 | 1,300 |
Originated Loan Portfolio | Consumer | Real Estate | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 0 |
Originated Loan Portfolio | Consumer | Real Estate | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 0 | 134 |
Originated Loan Portfolio | Consumer | Real Estate | Financial Asset, Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 240 | 1,434 |
Originated Loan Portfolio | Consumer | Real Estate | Financial Asset, Not Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 337,641 | 361,229 |
Originated Loan Portfolio | Consumer | Nonresidential | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 6,220 | 5,743 |
Nonaccruals | 0 | 0 |
Originated Loan Portfolio | Consumer | Nonresidential | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 14 | 0 |
Originated Loan Portfolio | Consumer | Nonresidential | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 2 | 0 |
Originated Loan Portfolio | Consumer | Nonresidential | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 3 | 6 |
Originated Loan Portfolio | Consumer | Nonresidential | Financial Asset, Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 19 | 6 |
Originated Loan Portfolio | Consumer | Nonresidential | Financial Asset, Not Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 6,201 | 5,737 |
Acquired Loan Portfolio | Commercial | Real Estate | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 1,886,929 | 1,828,564 |
Acquired Loan Portfolio | Commercial | Real Estate | Special mention | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | 10,645 | 6,232 |
Acquired Loan Portfolio | Commercial | Real Estate | Substandard | ||
Loans and Allowance for Loan Losses | ||
Financing receivables | $ 23,044 | $ 22,489 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Non accrual of loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Loans and Allowance for Loan Losses | |||
Nonaccrual with No Allowance for Credit Losses | $ 2,114 | $ 1,503 | |
Nonaccrual with an Allowance for Credit Losses | 1,070 | 186 | |
Total Nonaccrual Loans | 3,184 | 1,689 | |
Interest Income Recognized | 76 | $ 109 | |
Commercial | Real Estate | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual with No Allowance for Credit Losses | 849 | 849 | |
Nonaccrual with an Allowance for Credit Losses | 0 | 0 | |
Total Nonaccrual Loans | 849 | 849 | |
Interest Income Recognized | 34 | 37 | |
Commercial | Commercial And Industrial Loan [Member] | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual with No Allowance for Credit Losses | 0 | 0 | |
Nonaccrual with an Allowance for Credit Losses | 1,070 | 186 | |
Total Nonaccrual Loans | 1,070 | 186 | |
Interest Income Recognized | 42 | 19 | |
Commercial | Construction | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual with No Allowance for Credit Losses | 0 | 0 | |
Nonaccrual with an Allowance for Credit Losses | 0 | 0 | |
Total Nonaccrual Loans | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Consumer | Real Estate | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual with No Allowance for Credit Losses | 1,265 | 654 | |
Nonaccrual with an Allowance for Credit Losses | 0 | 0 | |
Total Nonaccrual Loans | 1,265 | 654 | |
Interest Income Recognized | 0 | 53 | |
Consumer | Nonresidential | |||
Loans and Allowance for Loan Losses | |||
Nonaccrual with No Allowance for Credit Losses | 0 | 0 | |
Nonaccrual with an Allowance for Credit Losses | 0 | 0 | |
Total Nonaccrual Loans | 0 | $ 0 | |
Interest Income Recognized | $ 0 | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Narrative (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 USD ($) loan | Dec. 31, 2023 USD ($) loan | |
Receivables [Abstract] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 0 |
Reserves for unfunded commitments | $ 506,000 | $ 602,000 |
Loans and allowance - Risk category of loans | ||
Financing receivables | $ 1,886,929,000 | $ 1,828,564,000 |
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 0 |
Reserves for unfunded commitments | $ 506,000 | $ 602,000 |
Originated Loan Portfolio | ||
Loans and allowance - Risk category of loans | ||
Financing receivables | 1,886,929,000 | 1,828,564,000 |
Originated Loan Portfolio | Special mention | ||
Loans and allowance - Risk category of loans | ||
Financing receivables | $ 10,600,000 | $ 6,200,000 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total provision for credit losses | $ 206 | $ 618 | $ 206 | $ 860 |
Provision for (reversal of) credit losses - loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total provision for credit losses | 285 | 740 | 302 | 871 |
Provision for (reversal of) credit losses - unfunded commitments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total provision for credit losses | $ (79) | $ (122) | $ (96) | $ (11) |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 USD ($) agreement | Dec. 31, 2023 USD ($) agreement | |
Swap agreements | ||
Derivative Financial Instruments | ||
Number of swap agreements outstanding not included in the offsetting | agreement | 17 | 17 |
Collateralized amount | $ 30 | $ 30 |
Receive Fixed/Pay Variable Swaps | ||
Derivative Financial Instruments | ||
Notional Amount | 81,509 | 82,483 |
Derivative liabilities - interest rate swaps | 4,201 | 2,853 |
Pay Fixed/Receive Variable Swaps | ||
Derivative Financial Instruments | ||
Notional Amount | 81,509 | 82,483 |
Derivative asset, Fair Value | $ (4,201) | $ (2,853) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Interest Rate Risk Management-Cash Flow Hedging Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivative Financial Instruments | |||
Unrealized gain relating to interest rate swaps | $ (4,545) | $ 2,816 | |
Cash flow hedge | |||
Derivative Financial Instruments | |||
Notional amount | $ 250,000 | $ 250,000 | |
Weighted average pay rate | 3.25% | 3.25% | |
Weighted average receive rate | 5.33% | 5.34% | |
Weighted average maturity in years | 3 years 6 months 10 days | 4 years 10 days | |
Unrealized gain relating to interest rate swaps | $ 7,459 | $ 2,915 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Financial Instruments with Off-Balance Sheet Risk | ||
Cash on deposit in correspondent banks exceeding the federally insured limits | $ 1,200 | $ 41 |
Commitments to grant loans | Contract credit risk | ||
Financial Instruments with Off-Balance Sheet Risk | ||
Financial instruments outstanding | 35,773 | 36,650 |
Unused commitments to fund loans and lines of credit | Contract credit risk | ||
Financial Instruments with Off-Balance Sheet Risk | ||
Financial instruments outstanding | 172,449 | 215,892 |
Commercial and standby letters of credit | Contract credit risk | ||
Financial Instruments with Off-Balance Sheet Risk | ||
Financial instruments outstanding | $ 25,805 | $ 26,024 |
Letters of credit expiration period (in years) | 1 year |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plan (Details) - shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
May 31, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | |
Stock-Based Compensation Plan | ||||
Number of shares withheld to cover the cost of the exercise (in shares) | 94,270 | 63,634 | ||
Amended and Restated 2008 Option Plan | Stock option | ||||
Stock-Based Compensation Plan | ||||
Additional shares authorized for issuance (in shares) | 200,000 | |||
Maximum shares authorized (in shares) | 2,929,296 | 2,929,296 | ||
Vesting period (in years) | 4 years | |||
Contractual term (in years) | 10 years | |||
Shares available for grant (in shares) | 146,342 | 146,342 | ||
Options granted (in shares) | 0 | 0 | 0 |
Stock-Based Compensation Plan -
Stock-Based Compensation Plan - Options (Details) - Stock option - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Additional disclosures | |||||
Total income tax benefits related to stock options exercised | $ 257,000 | $ 479,000 | $ 0 | $ 479,000 | |
Compensation cost | $ 234,000 | $ 326,000 | |||
Amended and Restated 2008 Option Plan | |||||
Shares | |||||
Outstanding at the beginning of the year (in shares) | 1,174,131 | ||||
Granted (in shares) | 0 | 0 | 0 | ||
Exercised (in shares) | (434,133) | ||||
Forfeited or expired (in shares) | 0 | ||||
Outstanding at the end of the year (in shares) | 1,174,131 | ||||
Exercisable at the end of the year (in shares) | 739,998 | 739,998 | |||
Weighted-Average Exercise Price | |||||
Outstanding at the beginning of the year (in dollars per share) | $ 7.14 | ||||
Granted (in dollars per share) | 0 | ||||
Exercised (in dollars per share) | 5.84 | ||||
Forfeited or expired (in dollars per share) | 0 | ||||
Outstanding at the end of the year (in dollars per share) | $ 0 | $ 0 | $ 7.14 | ||
Additional disclosures | |||||
Outstanding Weighted-Average Remaining Contractual Term (in years) | 1 year 3 months 18 days | ||||
Exercisable Weighted-Average Remaining Contractual Term (in years) | 1 year 2 months 15 days | ||||
Exercisable Aggregate Intrinsic Value | $ 3,143,163 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plan - Restricted stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Weighted Average Grant Date Fair Value | ||||
Share Based Compensation Arrangement By Share Based Payment Award shares Withheld To Cover Cost Of Exercise | 94,270 | 63,634 | ||
Restricted stock | ||||
Weighted Average Grant Date Fair Value | ||||
Unrecognized compensation cost | $ 1.6 | $ 1.6 | ||
Weighted-average recognition period (in months) | 23 months | |||
Share Based Compensation Arrangement By Share Based Payment Award shares Withheld To Cover Cost Of Exercise | 12,199 | 7,190 | ||
Amended and Restated 2008 Option Plan | Restricted stock | ||||
Number of Shares | ||||
Balance at the beginning of the year (in shares) | 179,115 | |||
Granted (in shares) | 0 | |||
Vested (in shares) | (61,854) | |||
Forfeited (in shares) | (15,677) | |||
Balance at the end of the year (in shares) | 101,584 | 101,584 | ||
Weighted Average Grant Date Fair Value | ||||
Outstanding at the beginning of the year (in dollars per share) | $ 14.30 | |||
Granted (in dollars per share) | 0 | |||
Vested (in dollars per share) | 14.34 | |||
Forfeited (in dollars per share) | 1.96 | |||
Outstanding at the end of the year (in dollars per share) | $ 14.32 | $ 14.32 | ||
Amended And Restated 2008 Option Plan | Restricted stock | ||||
Number of Shares | ||||
Granted (in shares) | 0 | 9,438 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Securities available-for-sale, at fair value | $ 162,164 | $ 171,595 |
Carrying Amount | ||
Assets | ||
Securities available-for-sale, at fair value | 162,164 | 171,595 |
Cash flow hedge | Carrying Amount | ||
Assets | ||
Derivative assets | 7,459 | 2,915 |
Interest rate swaps | Carrying Amount | ||
Assets | ||
Derivative assets | 4,201 | 2,853 |
Financial liabilities: | ||
Derivative liabilities - interest rate swaps | 4,201 | 2,853 |
Securities of U.S. government and federal agencies | ||
Assets | ||
Securities available-for-sale, at fair value | 8,458 | 8,470 |
Corporate bonds | ||
Assets | ||
Securities available-for-sale, at fair value | 16,465 | 17,648 |
SBA pass-through securities | ||
Assets | ||
Securities available-for-sale, at fair value | 50 | 57 |
Mortgage-backed securities | ||
Assets | ||
Securities available-for-sale, at fair value | 132,983 | 140,942 |
Collateralized mortgage obligations | ||
Assets | ||
Securities available-for-sale, at fair value | 2,844 | 3,077 |
Level 1 | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Level 1 | Cash flow hedge | ||
Assets | ||
Derivative assets | 0 | 0 |
Level 1 | Interest rate swaps | ||
Assets | ||
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Derivative liabilities - interest rate swaps | 0 | 0 |
Level 2 | ||
Assets | ||
Securities available-for-sale, at fair value | 162,164 | 171,595 |
Level 2 | Cash flow hedge | ||
Assets | ||
Derivative assets | 7,459 | 2,915 |
Level 2 | Interest rate swaps | ||
Assets | ||
Derivative assets | 4,201 | 2,853 |
Financial liabilities: | ||
Derivative liabilities - interest rate swaps | 4,201 | 2,853 |
Level 3 | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Level 3 | Cash flow hedge | ||
Assets | ||
Derivative assets | 0 | 0 |
Level 3 | Interest rate swaps | ||
Assets | ||
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Derivative liabilities - interest rate swaps | 0 | 0 |
Recurring | ||
Assets | ||
Securities available-for-sale, at fair value | 162,164 | 171,595 |
Recurring | Securities of U.S. government and federal agencies | ||
Assets | ||
Securities available-for-sale, at fair value | 8,458 | 8,470 |
Recurring | Securities of state and local municipalities tax exempt | ||
Assets | ||
Securities available-for-sale, at fair value | 994 | 997 |
Recurring | Securities of state and local municipalities taxable | ||
Assets | ||
Securities available-for-sale, at fair value | 370 | 404 |
Recurring | Corporate bonds | ||
Assets | ||
Securities available-for-sale, at fair value | 16,465 | 17,648 |
Recurring | SBA pass-through securities | ||
Assets | ||
Securities available-for-sale, at fair value | 50 | 57 |
Recurring | Mortgage-backed securities | ||
Assets | ||
Securities available-for-sale, at fair value | 132,983 | 140,942 |
Recurring | Collateralized mortgage obligations | ||
Assets | ||
Securities available-for-sale, at fair value | 2,844 | 3,077 |
Recurring | Level 1 | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 1 | Securities of U.S. government and federal agencies | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 1 | Securities of state and local municipalities tax exempt | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 1 | Securities of state and local municipalities taxable | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 1 | Corporate bonds | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 1 | SBA pass-through securities | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 1 | Collateralized mortgage obligations | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Securities available-for-sale, at fair value | 162,164 | 171,595 |
Recurring | Level 2 | Securities of U.S. government and federal agencies | ||
Assets | ||
Securities available-for-sale, at fair value | 8,458 | 8,470 |
Recurring | Level 2 | Securities of state and local municipalities tax exempt | ||
Assets | ||
Securities available-for-sale, at fair value | 994 | 997 |
Recurring | Level 2 | Securities of state and local municipalities taxable | ||
Assets | ||
Securities available-for-sale, at fair value | 370 | 404 |
Recurring | Level 2 | Corporate bonds | ||
Assets | ||
Securities available-for-sale, at fair value | 16,465 | 17,648 |
Recurring | Level 2 | SBA pass-through securities | ||
Assets | ||
Securities available-for-sale, at fair value | 50 | 57 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets | ||
Securities available-for-sale, at fair value | 132,983 | 140,942 |
Recurring | Level 2 | Collateralized mortgage obligations | ||
Assets | ||
Securities available-for-sale, at fair value | 2,844 | 3,077 |
Recurring | Level 3 | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 3 | Securities of U.S. government and federal agencies | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 3 | Securities of state and local municipalities tax exempt | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 3 | Securities of state and local municipalities taxable | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 3 | Corporate bonds | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 3 | SBA pass-through securities | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets | ||
Securities available-for-sale, at fair value | 0 | 0 |
Recurring | Level 3 | Collateralized mortgage obligations | ||
Assets | ||
Securities available-for-sale, at fair value | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets measured at fair value on a nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Impaired loans | $ 394 | $ 1,245 |
Commercial And Industrial Loan [Member] | ||
Assets | ||
Impaired loans | 394 | 396 |
Nonresidential | ||
Assets | ||
Impaired loans | 849 | |
Level 1 | ||
Assets | ||
Impaired loans | 0 | 0 |
Level 1 | Commercial And Industrial Loan [Member] | ||
Assets | ||
Impaired loans | 0 | 0 |
Level 1 | Nonresidential | ||
Assets | ||
Impaired loans | 0 | |
Level 2 | ||
Assets | ||
Impaired loans | 0 | 0 |
Level 2 | Commercial And Industrial Loan [Member] | ||
Assets | ||
Impaired loans | 0 | 0 |
Level 2 | Nonresidential | ||
Assets | ||
Impaired loans | 0 | |
Level 3 | ||
Assets | ||
Impaired loans | 394 | 1,245 |
Level 3 | Commercial And Industrial Loan [Member] | ||
Assets | ||
Impaired loans | $ 394 | 396 |
Level 3 | Nonresidential | ||
Assets | ||
Impaired loans | $ 849 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative information about Level 3 fair value measurements (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Avg | Level 3 | Commercial And Industrial Loan [Member] | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans, Range | 0.1000 | 0.1000 |
Avg | Level 3 | Nonresidential | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans, Range | 0.1000 | |
Minimum [Member] | Level 3 | Commercial And Industrial Loan [Member] | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans, Range | 0.10 | 0.10 |
Minimum [Member] | Level 3 | Nonresidential | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans, Range | 0.10 | |
Maximum [Member] | Level 3 | Commercial And Industrial Loan [Member] | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans, Range | 0.10 | 0.10 |
Maximum [Member] | Level 3 | Nonresidential | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans, Range | 0.10 | |
Nonrecurring | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans | $ 394 | $ 1,245 |
Nonrecurring | Commercial And Industrial Loan [Member] | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans | 394 | 396 |
Nonrecurring | Nonresidential | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans | 849 | |
Nonrecurring | Level 3 | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans | 394 | 1,245 |
Nonrecurring | Level 3 | Commercial And Industrial Loan [Member] | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans | $ 394 | 396 |
Nonrecurring | Level 3 | Nonresidential | ||
Quantitative information about Level 3 Fair Value Measurements | ||
Impaired loans | $ 849 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying amount, fair value and placement in the fair value hierarchy of financial instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Cash and due from banks | $ 10,226 | $ 8,042 |
Interest-bearing deposits at other institutions | 154,359 | 52,480 |
Securities available-for-sale | 162,164 | 171,595 |
Restricted stock | 8,186 | 9,488 |
Bank owned life insurance | 9,078 | 56,823 |
Accrued interest receivable | 10,828 | 10,321 |
Financial liabilities: | ||
Time deposits | 274,684 | 306,349 |
Subordinated notes | 19,652 | 19,620 |
Accrued interest payable | 3,910 | 2,415 |
Carrying Amount | ||
Financial assets: | ||
Cash and due from banks | 10,226 | 8,042 |
Interest-bearing deposits at other institutions | 154,359 | 52,480 |
Securities held-to-maturity | 264 | 264 |
Securities available-for-sale | 162,164 | 171,595 |
Restricted stock | 8,186 | 9,488 |
Loans, net | 1,867,721 | 1,809,693 |
Bank owned life insurance | 9,078 | 56,823 |
Accrued interest receivable | 10,828 | 10,321 |
Financial liabilities: | ||
Checking | 1,005,010 | 973,195 |
Time deposits | 274,684 | 306,349 |
Other borrowed funds | 57,000 | 85,000 |
Subordinated notes | 19,652 | 19,620 |
Accrued interest payable | 3,910 | 2,415 |
Carrying Amount | Cash flow hedge | ||
Financial assets: | ||
Derivative assets | 7,459 | 2,915 |
Carrying Amount | Swap agreements | ||
Financial assets: | ||
Derivative assets | 4,201 | 2,853 |
Financial liabilities: | ||
Derivative liabilities - interest rate swaps | 4,201 | 2,853 |
Level 1 | ||
Financial assets: | ||
Cash and due from banks | 10,226 | 8,042 |
Interest-bearing deposits at other institutions | 154,359 | 52,480 |
Securities held-to-maturity | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Restricted stock | 0 | 0 |
Loans, net | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Checking | 0 | 0 |
Time deposits | 0 | 0 |
Other borrowed funds | 0 | 0 |
Subordinated notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 1 | Cash flow hedge | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 1 | Swap agreements | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Derivative liabilities - interest rate swaps | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits at other institutions | 0 | 0 |
Securities held-to-maturity | 251 | 252 |
Securities available-for-sale | 162,164 | 171,595 |
Restricted stock | 8,186 | 9,488 |
Loans, net | 0 | 0 |
Bank owned life insurance | 9,078 | 56,823 |
Accrued interest receivable | 10,828 | 10,321 |
Financial liabilities: | ||
Checking | 1,005,010 | 973,195 |
Time deposits | 274,408 | 306,733 |
Other borrowed funds | 57,000 | 85,000 |
Subordinated notes | 19,610 | 18,565 |
Accrued interest payable | 3,910 | 2,415 |
Level 2 | Cash flow hedge | ||
Financial assets: | ||
Derivative assets | 7,459 | 2,915 |
Level 2 | Swap agreements | ||
Financial assets: | ||
Derivative assets | 4,201 | 2,853 |
Financial liabilities: | ||
Derivative liabilities - interest rate swaps | 4,201 | 2,853 |
Level 3 | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits at other institutions | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Restricted stock | 0 | 0 |
Loans, net | 1,765,182 | 1,725,785 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Checking | 0 | 0 |
Time deposits | 0 | 0 |
Other borrowed funds | 0 | 0 |
Subordinated notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 3 | Cash flow hedge | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 3 | Swap agreements | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Derivative liabilities - interest rate swaps | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Number of anti-dilutive shares excluded from the calculation (in shares) | 28,495 | 54,132 | 28,495 | 54,132 |
Net income | $ 4,155 | $ 4,233 | $ 5,495 | $ 4,854 |
Weighted average shares - basic (in shares) | 18,001 | 17,711,000 | 17,915 | 17,644,000 |
Effect of dilutive securities (in shares) | 341 | 348,000 | 415 | 534,000 |
Weighted average shares - diluted (in shares) | 18,342 | 18,059,000 | 18,330 | 18,178,000 |
Basic EPS (in dollars per share) | $ 0.23 | $ 0.24 | $ 0.31 | $ 0.28 |
Diluted EPS (in dollars per share) | $ 0.23 | $ 0.23 | $ 0.30 | $ 0.27 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 USD ($) component | Jun. 30, 2023 USD ($) component | Mar. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Changes in accumulated other comprehensive income | ||||||||
Net unrealized gains during the period | $ 321 | $ 2,100 | $ 2,008 | $ 2,223 | ||||
Other comprehensive (loss) income, net of tax | 321 | 2,100 | 2,008 | 5,805 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 0 | 3,582 | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 3,582 | ||||
Securities available-for-sale, at fair value | 162,164 | 162,164 | $ 171,595 | |||||
Investment Portfolio Percentage Sold | 12% | |||||||
Other comprehensive (loss) income, net of tax | 321 | 2,100 | 2,008 | 5,805 | ||||
Proceeds from sales of securities available-for-sale | 0 | 35,778 | ||||||
Investment portfolio sold | $ 40,300 | |||||||
Total stockholders' equity | $ 226,491 | $ 211,051 | 204,156 | 226,491 | 211,051 | $ 220,661 | 217,117 | $ 202,382 |
Accumulated Other Comprehensive Income (Loss), net | ||||||||
Number of securities component of AOCI | component | 2 | 2 | ||||||
Changes in accumulated other comprehensive income | ||||||||
Balance, beginning of period | $ (22,473) | $ (32,862) | (36,567) | (24,160) | (36,567) | |||
Balance, end of period | (22,152) | (30,762) | (32,862) | (22,152) | (30,762) | |||
Other comprehensive (loss) income, net of tax | 321 | 2,100 | 2,008 | 5,805 | ||||
Total stockholders' equity | (22,152) | (30,762) | (32,862) | (22,152) | (30,762) | $ (22,473) | $ (24,160) | $ (36,567) |
Available-for- Sale Securities | ||||||||
Changes in accumulated other comprehensive income | ||||||||
Balance, beginning of period | (28,020) | (34,009) | (39,926) | (26,476) | (39,926) | |||
Net unrealized gains during the period | 6 | (2,307) | (1,538) | 28 | ||||
Other comprehensive (loss) income, net of tax | 6 | (2,307) | (1,538) | 3,610 | ||||
Balance, end of period | (28,014) | (36,316) | (34,009) | (28,014) | (36,316) | |||
Cash Flow Hedges | ||||||||
Changes in accumulated other comprehensive income | ||||||||
Balance, beginning of period | 5,547 | 1,147 | 3,359 | 2,316 | 3,359 | |||
Net unrealized gains during the period | 315 | 4,407 | 3,546 | 2,195 | ||||
Other comprehensive (loss) income, net of tax | 315 | 4,407 | 3,546 | 2,195 | ||||
Balance, end of period | $ 5,862 | 5,554 | 1,147 | $ 5,862 | 5,554 | |||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent | ||||||||
Changes in accumulated other comprehensive income | ||||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 3,582 | ||||||
Other comprehensive (loss) income, net of tax | $ (3,600) | |||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||||||
Changes in accumulated other comprehensive income | ||||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 0 | $ 0 |
Subordinated Notes (Details)
Subordinated Notes (Details) - Subordinated Notes due 2030 | Oct. 13, 2020 USD ($) |
Subordinated Borrowing [Line Items] | |
Face amount | $ 20,000,000 |
Interest rate | 4.875% |
Debt Instrument, Fixed Interest Rate, Term | 5 years |
Secured Overnight Financing Rate (SOFR) | |
Subordinated Borrowing [Line Items] | |
Variable interest rate (as a percent) | 4.71% |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue Recognition | ||||
Noninterest Income (in-scope of Topic 606) | $ 415 | $ 339 | $ 773 | $ 695 |
Noninterest Income (out-scope of Topic 606) | 456 | 552 | 492 | (4,431) |
Total non-interest income (loss) | 871 | 891 | 1,266 | (3,736) |
Other income | ||||
Revenue Recognition | ||||
Noninterest Income (in-scope of Topic 606) | 31 | 23 | 55 | 77 |
Service Charges on Deposit Accounts | ||||
Revenue Recognition | ||||
Noninterest Income (in-scope of Topic 606) | 278 | 232 | 539 | 447 |
Fees, Exchange, and Other Service Charges | ||||
Revenue Recognition | ||||
Noninterest Income (in-scope of Topic 606) | $ 106 | $ 84 | $ 179 | $ 171 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Supplemental Disclosure of Cash Flow Information: | ||
Interest on deposits and borrowed funds | $ 24,916 | $ 22,691 |
Income taxes | 0 | 2,360 |
Noncash investing and financing activities: | ||
Unrealized gain (loss) on securities available-for-sale | (1,979) | 4,628 |
Unrealized (loss) gain on interest rate swaps | (4,545) | 2,816 |
Adoption Of Current Expected Credit Loss Accounting Standard | 0 | (2,808) |
Right-of-use assets obtained in the exchange for lease liabilities during the current period | 0 | 397 |
Adoption of Investment accounting standard | $ 13 | $ 0 |