Meridian (MRBK) 10-K 15 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 11, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	000-55983
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	83-1561918
Entity Address, Address Line One	9 Old Lincoln Highway
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	484
Local Phone Number	568-5000
Title of 12(b) Security	Common Stock, par value $1 per share
Trading Symbol	MRBK
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 91,267,410
Entity Common Stock, Shares Outstanding		11,185,515
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Registrant Name	Meridian Corp
Entity Central Index Key	0001750735
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Crowe LLP
Auditor Location	Washington, D.C.
Auditor Firm ID	173

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and due from banks	$ 10,067	$ 11,299
Interest-bearing deposits at other banks	46,630	27,092
Cash and cash equivalents	56,697	38,391
Securities available-for-sale, at fair value (amortized cost of $156,492 and $148,976, respectively)	146,019	135,346
Securities held-to-maturity, at amortized cost (fair value of $32,730 and $33,085, respectively)	35,781	37,479
Equity investments	2,121	2,086
Mortgage loans held for sale	24,816	22,243
Loans and other finance receivables, net of fees and costs	1,895,806	1,743,682
Allowance for credit losses	(22,107)	(18,828)
Loans and other finance receivables, net of the allowance for credit losses	1,873,699	1,724,854
Restricted investment in bank stock	8,072	6,931
Bank premises and equipment, net	13,557	13,349
Bank owned life insurance	28,844	28,055
Accrued interest receivable	9,325	7,363
Other real estate owned	1,703	1,703
Deferred income taxes	4,201	3,936
Servicing assets	11,748	12,346
Goodwill	899	899
Intangible assets	2,971	3,175
Other assets	25,740	24,072
Total assets	2,246,193	2,062,228
Deposits:
Non-interest bearing	239,289	301,727
Interest bearing	1,584,173	1,410,752
Total deposits	1,823,462	1,712,479
Borrowings	174,896	122,082
Subordinated debentures	49,836	40,346
Accrued interest payable	10,324	2,389
Other liabilities	29,653	31,652
Total liabilities	2,088,171	1,908,948
Stockholders’ equity:
Common stock, $1 par value: 25,000,000 shares authorized; 13,186,198 and 13,156,308 shares issued, respectively; and 11,183,015 and 11,465,572 shares outstanding, respectively.	13,186	13,156
Surplus	80,325	79,072
Treasury stock - 2,003,183 and 1,690,736 shares, respectively, at cost	(26,079)	(21,821)
Unearned common stock held by employee stock ownership plan	(1,204)	(1,403)
Retained earnings	101,216	95,815
Accumulated other comprehensive loss	(9,422)	(11,539)
Total stockholders’ equity	158,022	153,280
Total liabilities and stockholders’ equity	$ 2,246,193	$ 2,062,228

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Securities available-for-sale, amortized cost	$ 156,492	$ 148,976
Securities held-to-maturity	$ 32,730	$ 33,085
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	25,000,000	25,000,000
Common stock, issued (in shares)	13,186,198	13,156,308
Common stock, outstanding (in shares)	11,183,015	11,465,572
Treasury stock (in shares)	2,003,183	1,690,736

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest income:
Loans and other finance receivables, including fees	$ 130,081	$ 84,627
Securities - taxable	3,873	2,420
Securities - tax-exempt	1,369	1,388
Cash and cash equivalents	1,266	286
Total interest income	136,589	88,721
Interest expense:
Deposits	57,819	15,397
Borrowings	9,828	3,196
Total interest expense	67,647	18,593
Net interest income	68,942	70,128
Provision for credit losses	6,815	2,488
Net interest income after provision for credit losses	62,127	67,640
Non-interest income:
Mortgage banking income	$ 16,537	$ 25,325
Revenue, Product and Service [Extensible Enumeration]	Wealth management income	Wealth management income
Wealth management income	$ 4,928	$ 4,733
SBA loan income	4,485	4,467
Earnings on investment in life insurance	789	553
Net change in the fair value of derivative instruments	91	(703)
Net change in the fair value of loans held-for-sale	32	(844)
Net change in the fair value of loans held-for-investment	132	(2,408)
Net gain on hedging activity	28	5,439
Net gain on sale of investment securities available-for-sale	(58)	0
Other	5,001	5,162
Total non-interest income	31,965	41,724
Non-interest expense:
Salaries and employee benefits	47,377	54,378
Occupancy and equipment	4,842	4,837
Professional fees	4,312	3,635
Advertising and promotion	3,730	4,336
Data processing and software	6,415	5,451
FDIC premiums	2,929	1,247
Other	7,520	7,560
Total non-interest expense	77,125	81,444
Income before income taxes	16,967	27,920
Income tax expense	3,724	6,091
Net income	$ 13,243	$ 21,829
Basic earnings per common share (in USD per share)	$ 1.19	$ 1.85
Diluted earnings per common share (in USD per share)	$ 1.16	$ 1.79
Basic weighted average shares outstanding (in shares)	11,115	11,792
Diluted weighted average shares outstanding (in shares)	11,387	12,204

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income:	$ 13,243	$ 21,829
Net change in unrealized losses on investment securities available for sale:
Change in fair value of investment securities available for sale, net of tax of $682, and $(3,059), respectively	2,417	(11,285)
Reclassification adjustment for net losses (gains) realized in net income, net of tax effect of $13, and $0, respectively	45	0
Reclassification adjustment for securities transferred from available-for-sale to held-to-maturity, net of tax effect of $19, and $(293), respectively	67	(962)
Unrealized investment losses, net of tax effect of $714, and $(3,352), respectively	2,529	(12,247)
Net change in unrealized gains (losses) on interest rate swaps used in cash flow hedges, net of tax effect of $22 and $0, respectively	(412)	0
Total other comprehensive income (loss)	2,117	(12,247)
Total comprehensive income	$ 15,360	$ 9,582

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Tax expense (benefit) on unrealized gains arising during the period	$ 682	$ (3,059)
Tax expense (benefit) on reclassification adjustment for net gains on sales realized in net income		0
Tax expense (benefit) on reclassification adjustment for transfer to held-to-maturity	19	(293)
Tax expense (benefit) on unrealized investment gains (losses)	714	(3,352)
Tax expense on interest rate swaps in cash flow hedges	$ 22	$ 0

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Cumulative Effect, Period of Adoption, Adjustment	[1]	Common Stock	Surplus	Treasury Stock	Unearned ESOP	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	[1]	AOCI
Balance beginning of the period at Dec. 31, 2021		$ 165,360			$ 13,070	$ 77,128	$ (8,860)	$ (1,602)	$ 84,916			$ 708
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	[1]	Accounting Standards Update 2016-13 [Member]
Net income		$ 21,829							21,829
Other comprehensive income (loss)		(12,247)										(12,247)
Dividends paid or accrued		(10,930)							(10,930)
Net purchase of treasury stock through publicly announced plans		(12,961)					(12,961)
Common stock issued through share-based awards and exercises		754			43	711
ESOP shares committed to be released		427				228		199
Stock based compensation expense		1,048				1,048
Balance ending of the period at Dec. 31, 2022		153,280	$ (2,228)		13,156	79,072	(21,821)	(1,403)	95,815	$ (2,228)		(11,539)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		13,243							13,243
Other comprehensive income (loss)		2,117										2,117
Dividends paid or accrued		(5,614)							(5,614)
Net purchase of treasury stock through publicly announced plans		(4,258)					(4,258)
Common stock issued through share-based awards and exercises		309			30	279
ESOP shares committed to be released		523				324		199
Stock based compensation expense		650				650
Balance ending of the period at Dec. 31, 2023		$ 158,022			$ 13,186	$ 80,325	$ (26,079)	$ (1,204)	$ 101,216			$ (9,422)
[1]See Note 1 - Summary of Significant Accounting Policies - Pronouncements Adopted in 2023, for additional information

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.50	$ 0.90
Treasury stock (in shares)	312,447	836,490
Shares issued through share-based awards (in shares)	29,500	158,042
ESOP shares committed to be released (in shares)	26,656	26,656

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Net income	$ 13,243	$ 21,829
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on sale of investment securities	58	0
Net amortization of investment premiums and discounts and change in fair value of equity securities	2,429	1,202
Depreciation and amortization (accretion), net	432	(1,406)
Provision for credit losses	6,815	2,488
Amortization of issuance costs on subordinated debt	87	117
Stock based compensation	1,173	1,475
Net change in fair value of derivative instruments	(91)	703
Net change in fair value of loans held for sale	(32)	844
Net change in fair value of loans held for investment	(132)	2,408
Amortization and net impairment of servicing rights	2,045	2,483
SBA loan income	(4,485)	(4,467)
Proceeds from sale of loans	657,563	1,100,333
Loans originated for sale	(645,365)	(1,016,130)
Mortgage banking income	(16,537)	(25,325)
Increase in accrued interest receivable	(1,962)	(2,354)
Increase in other assets	(2,021)	(823)
Earnings from investment in bank owned life insurance	(789)	(553)
(Increase) decrease in deferred income tax	(234)	1,112
Increase in accrued interest payable	7,935	2,358
Decrease in other liabilities	(1,278)	(1,623)
Net cash provided by operating activities	18,854	84,671
Activity in available-for-sale securities:
Maturities, repayments and calls	9,652	12,124
Sales	13,514	0
Purchases	(33,211)	(31,496)
Activity in held-to-maturity securities:
Maturities, repayments and calls	1,400	905
Purchases	0	(5,500)
Increase in restricted stock	(1,141)	(1,814)
Net increase in loans	(152,576)	(359,460)
Purchases of premises and equipment	(1,823)	(2,907)
Purchase of bank owned life insurance	0	(5,000)
Net cash used in investing activities	(164,185)	(393,148)
Cash flows provided by financing activities:
Net increase in deposits	110,983	266,066
Increase in short-term borrowings	28,077	71,803
Increase in long-term debt	24,737	8,935
Repayment of subordinated debt	(328)	(279)
Proceeds from issuance of subordinated debt	9,740	0
Issuance costs on subordinated debt	(9)	0
Net purchase of treasury stock	(4,258)	(12,961)
Dividends paid	(5,614)	(10,930)
Share based awards and exercises	309	754
Net cash provided by financing activities	163,637	323,388
Net change in cash and cash equivalents	18,306	14,911
Cash and cash equivalents at beginning of period	38,391	23,480
Cash and cash equivalents at end of period	56,697	38,391
Cash paid during the period for:
Interest	59,712	16,235
Income taxes	3,104	5,365
Transfers from loans held for sale to loans held for investment	351	3,147
Transfers from loans held for investment to loans held for sale	21,800	0
Non-cash transfers from loans receivable to OREO	0	1,703
Transfer of securities from AFS to HTM	$ 0	$ 23,655

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Nature of Operations Meridian Corporation (“Meridian” or the “Corporation”) is a bank holding company engaged in banking activities through its wholly-owned subsidiary, Meridian Bank (the “Bank”), a full-service, state-chartered commercial bank with offices in the Delaware Valley tri-state market, which includes Pennsylvania, New Jersey and Delaware, as well as the Central Maryland market area, and Florida. We have a financial services business model with significant noninterest income streams from mortgage banking, SBA lending and wealth management services. We provide services to small and middle market businesses, professionals and retail customers throughout our market area. We have a modern, progressive, consultative approach to creating innovative solutions for our customers. We are technology driven, with a culture that incorporates significant use of customer preferred alternative delivery channels, such as mobile banking, remote deposit capture and bank-to-bank ACH. Our ‘Meridian everywhere’ philosophy of community presence, along with our strategic business footprint, allows us to provide the high degree of service, convenience and products our customers need to achieve their financial objectives. We provide this service through three principal business line distribution channels, described further below. The Corporation operates in highly competitive market areas that includes local, regional, and national banks as competitors along with savings banks, credit unions, fintech companies, insurance companies, trust companies and registered investment advisors. The Corporation and its subsidiaries are regulated by many regulatory agencies including the SEC, FDIC, the FRB and the PDBS. The Bank was incorporated on March 16, 2004 under the laws of the Commonwealth of Pennsylvania and is a Pennsylvania state-chartered bank. The Bank commenced operations on July 8, 2004 and is a full-service bank providing personal and business lending and deposit services through 6 full-service banking offices in Pennsylvania, 6 mortgage loan production offices throughout the Delaware Valley, and 4 mortgage loan production offices in Maryland, and a lending office in Florida. The Bank and Corporation are headquartered in Malvern, Pennsylvania, located in the western suburbs of Philadelphia. Basis of Presentation The accounting policies of the Corporation conform to U.S. GAAP. The consolidated financial statements include accounts of the Corporation and its wholly owned subsidiary, the Bank, and the wholly owned subsidiaries of the Bank: Meridian Land Settlement Services LLC (“MLSS”); APEX Realty LLC (“APEX”); Meridian Wealth Partners LLC (“MWP”); and Meridian Equipment Finance LLC (“MEF”). All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Reclassifications had no effect on prior year net income or total stockholders’ equity. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant Concentrations of Credit Risk Most of the Corporation’s activities are with customers located in the Delaware Valley tri-state market and the central Maryland market area. Note 4 discusses the types of securities that the Corporation invests in, and Note 5 discusses types of lending that the Corporation engages in. Although the Corporation has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. The Corporation does not have any significant concentrations to any one industry or customer, however there is significant concentration of commercial real estate-backed loans, amounting to 39% and 34% of total loans held for investment, as of December 31, 2023 and December 31, 2022, respectively. Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. Generally, federal funds are purchased or sold for one day periods. The FRB removed cash minimum reserve requirements in March 2020. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and the federal funds purchased and repurchased agreements. Securities Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value. Unrealized gains and losses are reported as increases or decreases in other comprehensive income. Gains or losses on disposition are based on the net proceeds and cost of the securities sold, adjusted for the amortization of premiums and accretion of discounts, using the specific identification method. Securities classified as held to maturity are those debt securities the Corporation has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for the amortization of premium and accretion of discount, computed on a level yield basis. Investments in equity securities are recorded in accordance with ASC 321-10, Investments - Equity Securities. Equity securities are carried at fair value, with changes in fair value reported in net income. At December 31, 2023 and 2022, investments in equity securities consisted of an investment in mutual funds with a fair value of $2.1 million, and $2.1 million, respectively. Allowance for Credit Losses - Held-to-Maturity Debt Securities We follow Accounting Standards Codification (ASC) 326-20, Financial Instruments - Credit Loss - Measured at Amortized Cost, to measure expected credit losses on held-to-maturity debt securities on a collective basis by security investment grade. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Corporation classifies the held-to-maturity debt securities into the following major security types: state and municipal securities. These securities are highly rated with a history of no credit losses, and are assigned ratings based on the most recent data from ratings agencies depending on the availability of data for the security. Credit ratings of held-to-maturity debt securities, which are a significant input in calculating the expected credit loss, are reviewed on a quarterly basis. Accrued interest receivable on held-to-maturity debt securities is excluded from the estimate of credit losses and is included in Accrued interest receivable on the Consolidated Balance Sheets. Allowance for Credit Losses - Available-for-Sale Debt Securities We follow ASC 326-30, Financial Instruments - Credit Loss - Available-for-Sale Debt Securities, which provides guidance related to the recognition of and expanded disclosure requirements for expected credit losses on available-for-sale debt securities. For available-for-sale debt securities in an unrealized loss position, the Corporation first evaluates whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either criteria is met, the security's amortized cost basis is reduced to fair value and recognized as a reduction to Noninterest income in the Consolidated Statements of Income. For debt securities available-for-sale which the Corporation does not intend to sell, or it is not likely the security would be required to be sold before recovery, we evaluate whether a decline in fair value has resulted from credit losses or other adverse factors, such as a change in the security's credit rating. In assessing whether a credit loss exists, the Corporation compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance is recorded, limited to the fair value of the security. Management performs this analysis on a quarterly basis to review the conditions and risks associated with the individual securities. Credit losses on an impaired security shall continue to be measured using the present value of expected future cash flows. Any impairment not recorded through an allowance for credit loss is included in other comprehensive income (loss), net of the tax effect. We are required to use our judgment in determining impairment in certain circumstances. For additional detail regarding debt securities, see Note 4. Loans and Other Finance Receivables Loans and other finance receivables that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for credit losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Corporation generally amortizes these amounts over the contractual life of the loan. Loans that were originated by the Corporation and intended for sale in the secondary market to permanent investors, but were either repurchased or unsalable due to defect, are held for the foreseeable future or until maturity or payoff, are carried at fair value. Past Due and Nonaccrual Loans Past due loans and leases are defined as loans and leases contractually past due 30 - 89 days as to principal or interest payments but which remain in accrual status, or loans delinquent 90 days or more but are considered well secured and in the process of collection. Nonaccruing loans and leases are those on which the accrual of interest has ceased. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the loan is not well secured and in the process of collection. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. A loan that is not past due more than 90 days could be classified as nonaccrual if management comes to the conclusion that we will not be in a position to collect all principal and interest. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Loans are returned to accrual status when it is determined that the borrower has the ability to make all principal and interest payments in accordance with the terms of the loan (i.e. a consistent repayment record, generally six consecutive payments, has been demonstrated). Unless loans are well-secured and collection is imminent, for loans greater than 90 days past due their respective reserves are generally charged off once the loss has been confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off. Allowance for Credit Losses - Loans and Leases On January 1, 2023, the Corporation adopted ASU 2016-13, Financial Instruments-Credit Losses ("Topic 326"), which replaced the incurred loss impairment model with an expected loss methodology that is referred to as the CECL methodology. Prior to January 1, 2023, the Corporation calculated the Allowance based on a probable incurred credit loss model. The Corporation now establishes an ACL in accordance with Topic 326. The ACL includes quantitative and qualitative factors that comprise management's current estimate of expected credit losses, including portfolio mix and segmentation, modeling methodology, historical loss experience, relevant available information from internal and external sources relating to reasonable and supportable forecasts about future economic conditions, prepayment speeds, and qualitative adjustment factors. The Corporation's portfolio segments, established based on similar risk characteristics and loss behaviors, are: • Commercial mortgage, commercial and industrial, construction, SBA loans, and commercial small business leases (commercial loans), and • Residential, equity secured lines and loans, and installment loans (retail loans). Commercial mortgage – Our commercial real estate loans are secured by real estate that is both owner-occupied and investor owned. Owner-occupied commercial real estate loans generally involve less risk than an investment property and are distinctly reported from non-owner occupied commercial real estate loans for measuring loan concentrations for regulatory purposes. Repayment of commercial real estate loans depends on the cash flow of the borrower and the net operating income of the property, the borrower’s profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flows from the property. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with oversupply of units in a specific region. Commercial and Industrial – We provide a variety of variable and fixed rate commercial business loans, lines of credit, and other finance receivables. These credit facilities are made to small and medium-sized manufacturers and wholesale, retail and service-related businesses. Commercial business loans generally include lines of credit and term loans with a maturity of 5 years or less. The primary source of repayment for commercial business loans and other finance receivables is generally operating cash flows of the business and may also include collateralization of inventory, accounts receivable, equipment and/or personal guarantees. As a result, the availability of funds for repayment may depend substantially on the success of the business itself. Furthermore, any collateral may depreciate over time, may be difficult to appraise, and may fluctuate in value. Construction – Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. Leases – Meridian Equipment Finance specializes in small ticket equipment leases for small and mid-sized businesses nationally and through a broad range of industries. The Bank’s credit risk generally results from the potential default of borrowers which may be driven by customer specific or broader industry related conditions. Residential mortgage – Residential loans held in portfolio are primarily secured by single-family homes located in our market areas. Residential loans are generally made on the basis of the borrower’s ability to make repayment from employment income or other income, and are secured by real property whose value tends to be more easily ascertainable. Repayment of single-family loans are subject to adverse employment conditions in the local economy leading to increased default rates and decreased market values, including from oversupply in a geographic area. In general, these loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness, or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Consumer, including home equity – Our consumer-lending department principally originates home equity based products for our clients and prospects. These loans typically fund completely at closing. Additional products include smaller dollar personal loans and our student loan refinance product, designed to provide additional flexibility in repayment terms desired in the marketplace. Most consumer loans are originated in Meridian’s primary market and surrounding areas. The largest component of Meridian’s consumer loan portfolio consists of fixed rate home equity loans and variable rate home equity lines of credit. Substantially all home equity loans and lines of credit are secured by junior lien mortgages on principal residences. The Bank will lend amounts, which, together with all prior liens, typically may be up to 90% of the appraised value of the property securing the loan. Home equity term loans may have maximum terms up to 20 years, while home equity lines of credit generally have maximum terms of 15 years . Credit risk on such loans is mitigated through prudent underwriting standards, including evaluation of the creditworthiness of the borrower through credit scores and debt-to-income ratios and, if secured, the collateral value of the assets Expected credit losses are estimated over the contractual term, adjusted for expected prepayments and recoveries. The contractual term excludes any extensions, renewals and modifications unless the Corporation has reasonable expectations at the reporting date that it will result in a modification, or they are not unconditionally cancellable. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The allowance includes two primary components: (i) an allowance established on loans which share similar risk characteristics collectively evaluated for credit losses (collective basis) and (ii) an allowance established on loans which do not share similar risk characteristics with any loan segment and are individually evaluated for credit losses (individual basis). Loans that share similar risk characteristics are collectively reviewed for credit loss and are evaluated based on the Corporation’s historical loss experience and peer loss rate data, adjusted for current economic conditions and future economic forecasts. Estimated losses are determined differently for commercial and consumer loans, and each portfolio segment is further segmented by internally assessed risk ratings. Management uses a third-party economic forecast to modify the calculated historical loss rates of the portfolio segments. The Corporation's economic forecast extends out 4 quarters (the forecast period) and reverts to the historical loss rates on a straight-line basis over 1 quarter (the reversion period) as we believe this to be reasonable and supportable in the current environment. The economic forecast and reversion periods will be evaluated periodically by management and updated as appropriate. The historical loss rates for commercial loans are estimated by determining the PD and expected LGD. The PD is calculated based on the historical rate of migration to an event of credit loss during the look-back period. The historical loss rates for retail loans is calculated based solely on average net loss rates over the same look-back period. The Corporation's current look-back period is 36 quarters which helps to ensure that historical loss rates are adequately considering losses over a full economic cycle. Loans that do not share similar risk characteristics with any loan segments are evaluated on an individual basis. These loans, which may include borrowers experiencing financial difficulties, are not included in the collective basis evaluation. When it is probable that collection of all principal and interest due according to their contractual terms is not likely, which is assessed based on the credit characteristics of the loan and/or payment status, these loans are individually reviewed and measured for potential credit loss. The amount of the potential credit loss is measured using one of three methods: (i) the present value of expected future cash flows discounted at the loan’s effective interest rate; (ii) the fair value of collateral, if the loan is collateral dependent; or (iii) the loan’s observable market price. If the measured fair value of the loan is less than the amortized cost basis of the loan, an allowance for credit loss is recorded. For collateral dependent loans, the expected credit losses at the individual asset level is the difference between the collateral's fair value (less cost to sell) and the amortized cost. Qualitative adjustment factors consider various internal and external conditions which are allocated among loan segments and take into consideration: • Current underwriting policies, staff and portfolio concentrations, • Risk rating accuracy, credit and administration, • Internal risk emergence (including internal trends of delinquency, portfolio growth, and collateral value), and • , Competitive environment, as it could impact loan structure and underwriting. These factors are based on their relative standing compared to the period in which historical losses are used in quantitative reserve estimates and current directional trends, and reasonable and supportable forecasts. Qualitative factors in the model can add to or subtract from quantitative reserves. Loan officers and risk managers meet at least quarterly to discuss and review the conditions and risks associated with individual problem loans. In addition, various regulatory agencies periodically review our loan ratings and allowance for credit losses and the Bank’s internal loan review department performs loan reviews. Accrued interest receivable on loans is excluded from the estimate of credit losses and is included in accrued interest receivable on the Consolidated Balance Sheets. For additional detail regarding the allowance for credit losses and the provision for credit losses, see Note 6. Mortgage Banking Activities and Mortgage Loans Held for Sale The Corporation’s mortgage banking division operates 6 offices in the tri-state area of Pennsylvania, Delaware and New Jersey and another 4 offices in Maryland. The mortgage banking division originates conventional mortgages, FHA, VA, USDA, and other state insured mortgages. The loans are generally sold to various investors in the secondary market. Mortgage loans originated by the Corporation and intended for sale in the secondary market to permanent investors are classified as mortgage loans held for sale on the balance sheet as the Corporation has elected to measure loans held for sale at fair value. Fair value is based on outstanding investor commitments or, in the absence of such commitments, on current investor yield requirements based on third party models. Gains and losses on sales of these loans, as well as loan origination costs, are recorded as a component of non-interest income in the consolidated statements of income. The Corporation’s current practice is to sell residential mortgage loans and retain the servicing rights, as discussed further below. Interest on loans held for sale is credited to income based on the principal amounts outstanding. The Corporation enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (interest rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Time elapsing between the issuance of a loan commitment and closing and sale of the loan generally ranges from 30 days to 120 days. The Corporation protects itself from changes in interest rates through the use of best efforts forward sale contracts, whereby the Corporation commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. The Corporation may also commit to loan sales through a mandatory sales channel which are economically hedged by the future sale of mortgage-backed securities to third-party counterparties to mitigate the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. By entering into best efforts commitments and economically hedging the mandatory commitments, the Corporation limits its exposure to loss and its realization of significant gains related to its rate lock commitments due to changes in interest rates. The Corporation utilizes a third-party model to determine the fair value of rate lock commitments or forward sale contracts. This model uses investor quotes while taking into consideration the probability that the rate lock commitments will close. Net derivative assets and liabilities are recorded within other assets or other liabilities, respectively, on the consolidated balance sheets, with changes in fair value during the period recorded within net change in the fair value of derivative instruments on the consolidated statements of income. Loan Servicing Rights The Corporation sells substantially all of the residential mortgage loans originated for sale in the secondary market; however, the Corporation may retain the servicing rights related to some of these loans. A fee, usually based on a percentage of the outstanding principal balance of the loan, is received in return for these services. MSRs are recognized when a loan’s servicing rights are retained upon sale of a loan. When mortgage loans are sold with servicing retained, MSRs are initially recorded at fair value with the income effect recorded in non-interest income. The Corporation also sells the guaranteed portion of certain SBA loans to third parties and retains servicing rights and receives servicing fees. All such transfers are accounted for as sales. While the Corporation may retain a portion of certain sold SBA loans, its continuing involvement in the portion of the loan that was sold is limited to certain servicing responsibilities. These servicing assets amortize in proportion to, and over the period of, the estimated future net servicing life of the underlying loans. The servicing assets are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the servicing assets. Other Real Estate Owned OREO is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. The Corporation acquires OREO through the wholly owned subsidiary of the Bank, Apex Realty. OREO is recorded at the lower of cost or fair value, or the loan amount net of estimated selling costs, at the date of foreclosure. The cost basis of OREO is its recorded value at the time of acquisition. After acquisition, valuations are periodically performed by management and subsequent changes in the valuation allowance are charged to OREO expense. Revenues, such as rental income, and holding expenses, as applicable, are included in other income and other expenses, respectively. The Corporation had one property of $1.7 million in OREO at December 31, 2023 and December 31, 2022. Restricted Investment in Bank Stock Restricted bank stock is principally comprised of stock in the FHLB. Federal law requires a member institution of the FHLB to hold stock according to a predetermined formula. As of December 31, 2023, and 2022, the Corporation had an investment of $8.1 million and $6.9 million, respectively, related to the FHLB stock. Also included in restricted stock is secondary stock from a correspondent bank in the amount of $50 thousand as of December 31, 2023 and 2022. All restricted stock is carried at cost. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) significance of the decline in net assets of the banks as compared to the capital stock amount and the length of time this situation has persisted, (2) commitments by the banks to make payments required by law or regulation and the level of such payments in relation to the operating performance of the banks, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the banks. Management believes no impairment charge is necessary related to these bank restricted stocks as of December 31, 2023 or 2022. Transfers of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Corporation, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 12 to 40 years Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from 3 to 7 years and 3 to 5 years for computer software and hardware, respectively. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The costs of maintenance and repairs are expensed as incurred; while major replacements, improvements and additions are capitalized. Lease Liabilities and Right of Use Assets The Corporation is obligated under non-cancelable operating leases for premises for various retail branch locations and loan production offices. The Corporation determines if an arrangement is a lease at inception by assessing whether a contract contains a right to control an identified asset for a period of time in exchange for consideration. Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. For purposes of calculating operating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Corporation will exercise that option and begins when the Corporation has control and possession of the leased property, which may be before rental payments are due under the lease. Right-of use assets and operating lease liabilities are recognized based on the present value of lease payments, discounted using the Corporation's incremental borrowing rate, over the lease term at the possession date. The Corporation determines its incremental borrowing rate using publicly available information available for debt issuers with similar credit ratings as the Bank, as the substantial majority of the Corporation's leases are related to properties of the B

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period reduced by unearned ESOP Plan shares and treasury shares. Diluted earnings per common share takes into account the potential dilution, computed pursuant to the treasury stock method, that could occur if stock options were exercised and converted into common stock; if restricted stock awards were vested; and SERP plan liabilities were satisfied with common shares. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be anti-dilutive. All share and per share amounts have been adjusted to reflect the two-for-one stock split effective February 28, 2023. Year Ended (dollars in thousands, except per share data) 2023 2022 Numerator for earnings per share: Net income available to common stockholders $ 13,243 $ 21,829 Denominators for earnings per share: Weighted average shares outstanding 11,289 11,992 Average unearned ESOP shares (174) (200) Basic weighted average shares outstanding 11,115 11,792 Dilutive effects of assumed exercises of stock options 144 268 Dilutive effects of SERP shares 128 144 Diluted weighted average shares outstanding 11,387 12,204 Basic earnings per share $ 1.19 $ 1.85 Diluted earnings per share $ 1.16 $ 1.79 Antidilutive shares excluded from computation of average dilutive earnings per share 489 464

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles The Corporation’s goodwill and intangible assets are detailed below: (dollars in thousands) December 31, Amortization Expense December 31, Amortization Period (in years) Goodwill $ 899 $ — $ 899 Indefinite Intangible assets - customer relationships 266 — 266 Indefinite Intangible assets - non competition agreements 2,909 (204) 2,705 20 Total Intangible Assets $ 3,175 $ (204) $ 2,971 Total $ 4,074 $ (204) $ 3,870 Accumulated amortization of intangible assets was $1.6 million and $1.4 million as of December 31, 2023 and 2022, respectively. In accordance with ASC Topic 350, the Corporation performed a qualitative assessment of goodwill and identifiable intangible assets as of December 31, 2023 and determined it was more likely than not that the fair value of the Corporation was more than its carrying amount. At December 31, 2023, the schedule of future intangible asset amortization is as follows (in thousands): 2024 $ 204 2025 204 2026 204 2027 204 2028 204 Thereafter 1,685 Total $ 2,705

Securities

Securities	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Securities	Securities The following table presents the amortized cost and fair value of securities at the dates indicated: December 31, 2023 (dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Allowance for Credit Losses Fair value # of Securities in unrealized loss position Securities available-for-sale: U.S. asset backed securities $ 17,012 $ 25 $ (213) $ — $ 16,824 11 U.S. government agency MBS 22,750 364 (480) — 22,634 14 U.S. government agency CMO 21,850 — (2,277) — 19,573 30 State and municipal securities 40,093 — (3,877) — 36,216 31 U.S. Treasuries 32,982 — (2,560) — 30,422 25 Non-U.S. government agency CMO 13,605 102 (552) — 13,155 9 Corporate bonds 8,200 — (1,005) — 7,195 13 Total securities available-for-sale $ 156,492 $ 491 $ (10,964) $ — $ 146,019 133 Amortized cost Gross unrecognized gains Gross unrecognized losses Allowance for Credit Losses Fair value # of Securities in unrecognized loss position Securities held-to-maturity: State and municipal securities $ 35,781 $ 52 $ (3,103) $ — $ 32,730 21 Total securities held-to-maturity $ 35,781 $ 52 $ (3,103) $ 32,730 21 December 31, 2022 (dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value # of Securities in unrealized loss position Securities available-for-sale: U.S. asset backed securities $ 15,581 $ 14 $ (314) $ 15,281 12 U.S. government agency MBS 12,272 5 (538) 11,739 12 U.S. government agency CMO 25,520 40 (2,242) 23,318 29 State and municipal securities 44,700 — (5,862) 38,838 34 U.S. Treasuries 32,980 — (3,457) 29,523 25 Non-U.S. government agency CMO 9,722 — (633) 9,089 11 Corporate bonds 8,201 — (643) 7,558 12 Total securities available-for-sale $ 148,976 $ 59 $ (13,689) $ 135,346 135 Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value # of Securities in unrecognized loss position Securities held-to-maturity: State and municipal securities $ 37,479 $ — $ (4,394) $ 33,085 25 Total securities held-to-maturity $ 37,479 $ — $ (4,394) $ 33,085 25 Although the Corporation’s investment portfolio overall is in a net unrealized loss position at December 31, 2023, the temporary impairment in the above noted securities is primarily the result of changes in market interest rates subsequent to purchase and it is more likely than not that the Corporation will not be required to sell these securities prior to recovery to satisfy liquidity needs, and therefore, no securities are deemed to be other-than-temporarily impaired. ACL on Securities AFS and HTM We use credit ratings quarterly and the most recent financial information of securities' issuers annually to help evaluate the credit quality of our securities AFS and HTM portfolios on a quarterly basis. The securities portfolio consists primarily of U.S. government treasuries and U.S. government agency asset backed securities which have no probability of default. The remaining portfolio consists of highly rated municipal bonds, non-agency CMO, and corporate bonds that have a low probability of default. For the year ended December 31, 2023, we had no significant ACL or provision expense and no charge-offs or recoveries on AFS or HTM securities. The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at the dates indicated: December 31, 2023 Less than 12 Months 12 Months or more Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Securities available-for-sale: U.S. asset backed securities $ 4,981 $ (25) $ 6,195 $ (188) $ 11,176 $ (213) U.S. government agency MBS 4,864 (35) 8,170 (445) 13,034 (480) U.S. government agency CMO 2,687 (36) 16,886 (2,241) 19,573 (2,277) State and municipal securities — — 36,216 (3,877) 36,216 (3,877) U.S. Treasuries — — 30,422 (2,560) 30,422 (2,560) Non-U.S. government agency CMO 1,127 (4) 6,065 (548) 7,192 (552) Corporate bonds 907 (93) 6,288 (912) 7,195 (1,005) Total securities available-for-sale $ 14,566 $ (193) $ 110,242 $ (10,771) $ 124,808 $ (10,964) Less than 12 Months 12 Months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Securities held-to-maturity: State and municipal securities $ 1,021 $ (6) $ 29,404 $ (3,097) $ 30,425 $ (3,103) Total securities held-to-maturity $ 1,021 $ (6) $ 29,404 $ (3,097) $ 30,425 $ (3,103) December 31, 2022 Less than 12 Months 12 Months or more Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Securities available-for-sale: U.S. asset backed securities $ 6,531 $ (80) $ 4,863 $ (234) $ 11,394 $ (314) U.S. government agency MBS 6,022 (230) 4,637 (308) 10,659 (538) U.S. government agency CMO 9,859 (821) 9,549 (1,421) 19,408 (2,242) State and municipal securities 7,487 (726) 31,351 (5,136) 38,838 (5,862) U.S. Treasuries 1,902 (97) 27,622 (3,360) 29,524 (3,457) Non-U.S. government agency CMO 8,423 (464) 666 (169) 9,089 (633) Corporate bonds 5,019 (431) 1,538 (212) 6,557 (643) Total securities available-for-sale $ 45,243 $ (2,849) $ 80,226 $ (10,840) $ 125,469 $ (13,689) Less than 12 Months 12 Months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Securities held-to-maturity: State and municipal securities $ 10,130 $ (364) $ 22,543 $ (4,030) $ 32,673 $ (4,394) Total securities held-to-maturity $ 10,130 $ (364) $ 22,543 $ (4,030) $ 32,673 $ (4,394) The amortized cost and carrying value of securities are shown below by contractual maturities at the dates indicated. Actual maturities may differ from contractual maturities as issuers may have the right to call or repay obligations with or without call or prepayment penalties. December 31, 2023 Available-for-sale Held-to-maturity (dollars in thousands) Amortized Fair Amortized Fair Due in one year or less $ — $ — $ — $ — Due after one year through five years 32,982 30,423 3,911 3,797 Due after five years through ten years 16,746 15,208 4,332 3,676 Due after ten years 48,559 45,026 27,538 25,257 Subtotal 98,287 90,657 35,781 32,730 Mortgage-related securities 58,205 55,362 — — Total $ 156,492 $ 146,019 $ 35,781 $ 32,730 The following table presents the gross gain on sale of investment securities available for sale on the dates indicated: Year Ended (dollars in thousands) 2023 2022 Proceeds from sale of investment securities $ 13,514 $ — Gross loss on sale of available for sale investments 58 — Pledged Securities As of December 31, 2023 and December 31, 2022, securities having an amortized cost of $60.1 million and $89.0 million, respectively, were specifically pledged as collateral for public funds, the FRB discount window program, FHLB borrowings and other purposes. The FHLB has a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB.

Loans and Other Finance Receiva

Loans and Other Finance Receivables	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Loans and Other Finance Receivables	Loans and Other Finance Receivables The following table presents loans and other finance receivables, net of fees and costs detailed by category at the dates indicated: (dollars in thousands) December 31, December 31, Real estate loans: Commercial mortgage $ 737,863 $ 565,400 Home equity lines and loans 76,287 59,399 Residential mortgage 260,604 221,837 Construction 246,440 271,955 Total real estate loans 1,321,194 1,118,591 Commercial and industrial 302,891 341,378 Small business loans 142,342 136,155 Consumer 389 488 Leases, net 121,632 138,986 Loans and other finance receivables, net of fees and costs $ 1,888,448 $ 1,735,598 Balances included in loans, net of fees and costs: Residential mortgage real estate loans accounted under fair value option, at fair value $ 13,726 $ 14,502 Residential mortgage real estate loans accounted under fair value option, at amortized cost 16,198 16,930 Unearned lease income included in leases, net (19,210) (25,715) Unamortized net deferred loan origination costs 7,358 8,084 Fair Value Option for Residential Mortgage Real Estate Loans Residential mortgage real estate loans that were originated by the Corporation and intended for sale in the secondary market to permanent investors, but in prior years were either repurchased or unsalable due to defect and that the Corporation has the ability and intent to hold for the foreseeable future or until maturity or payoff are carried at fair value pursuant to the Corporation's election of the fair value option for these loans. The remaining loans, net of fees and costs are stated at their outstanding unpaid principal balances, net of deferred fees or costs since the original intent for these loans was to hold them until payoff or maturity. Nonaccrual and Past Due Loans, Net of Fees and Costs The following tables present an aging of the Corporation’s loans, net of fees and costs at the dates indicated: December 31, 2023 (dollars in thousands) 30-89 days past due 90+ days past due and still accruing Total past due Current Total Accruing Loans and leases Nonaccrual loans and leases Total loans, net of fees and costs % Delinquent Commercial mortgage $ 571 $ — $ 571 $ 737,292 $ 737,863 $ — $ 737,863 0.08 % Home equity lines and loans 566 — 566 74,684 75,250 1,037 76,287 2.10 Residential mortgage (1) 1,103 — 1,103 254,965 256,068 4,536 260,604 2.16 Construction — — — 245,234 245,234 1,206 246,440 0.49 Commercial and industrial — — — 287,478 287,478 15,413 302,891 5.09 Small business loans 1,499 — 1,499 131,403 132,902 9,440 142,342 7.69 Consumer — — — 389 389 — 389 — Leases, net 2,197 — 2,197 117,304 119,501 2,131 121,632 3.56 % Total $ 5,936 $ — $ 5,936 $ 1,848,749 $ 1,854,685 $ 33,763 $ 1,888,448 2.10 % (1) Includes $13.7 million of loans at fair value of which $12.9 million are current, $0 are 30-89 days past due, and $786 thousand are nonaccrual. December 31, 2022 (dollars in thousands) 30-89 days past due 90+ days past due and still accruing Total past due Current Total Accruing Loans and leases Nonaccrual loans and leases Total loans, net of fees and costs % Delinquent Commercial mortgage $ — $ — $ — $ 565,260 $ 565,260 $ 140 $ 565,400 0.02 % Home equity lines and loans 146 — 146 58,156 58,302 1,097 59,399 2.09 Residential mortgage (1) 4,262 — 4,262 215,490 219,752 2,085 221,837 2.86 Construction 1,206 — 1,206 270,749 271,955 — 271,955 0.44 Commercial and industrial 101 — 101 328,730 328,831 12,547 341,378 3.70 Small business loans 939 — 939 130,751 131,690 4,465 136,155 3.97 Consumer — — — 488 488 — 488 — Leases, net 1,173 — 1,173 136,911 138,084 902 138,986 1.49 % Total $ 7,827 $ — $ 7,827 $ 1,706,535 $ 1,714,362 $ 21,236 $ 1,735,598 1.67 % (1) Includes $14.5 million of loans at fair value of which $13.8 million are current, $184 thousand are 30-89 days past due and $558 thousand are nonaccrual. Foreclosed and Repossessed Assets At December 31, 2023, there were 4 consumer mortgage loans totaling $937 thousand, secured by residential real estate properties (included in loans, net of fees and costs on the Consolidated Balance Sheets) for which formal foreclosure proceedings were in process. Risks and Uncertainties We have no particular credit concentration. Our commercial loans have been proactively managed in an effort to achieve a balanced portfolio with no unusual exposure to one industry. Additionally, most of our lending activity occurs within our primary market areas which are concentrated in southeastern Pennsylvania, Delaware, New Jersey, Maryland, and Florida, as well as other contiguous markets and represents a geographic concentration. Additionally, our loan portfolio is concentrated in commercial loans. Commercial loans are generally viewed as having more inherent risk of default than residential real estate loans or other consumer loans. Also, the commercial loan balance per borrower is typically larger than that for residential real estate loans and consumer loans, implying higher potential losses on an individual loan basis. Past Due and Nonaccrual Status The following table presents the amortized costs basis of loans and leases on nonaccrual status, net of fees and costs as of December 31, 2023. As of this date here were no loans 90 days or more past due and still accruing. December 31, 2023 (dollars in thousands) Nonaccrual Without ACL Nonaccrual With ACL Total Nonaccrual Home equity lines and loans $ 1,037 $ — $ 1,037 Residential mortgage 4,536 — 4,536 Construction 1,206 — 1,206 Commercial and industrial 3,343 12,070 15,413 Small business loans 3,607 5,833 9,440 Leases, net 2,131 — 2,131 Total $ 15,860 $ 17,903 $ 33,763 Collateral-dependent Loans The following table presents the amortized cost basis of non-accruing collateral-dependent loans by class of loans and type of collateral identified as of December 31, 2023 under the current expected credit loss model: December 31, 2023 (dollars in thousands) Real Estate Equipment and Other Total Home equity lines and loans $ 1,037 $ — $ 1,037 Residential mortgage 4,536 — 4,536 Construction 1,206 — 1,206 Commercial and industrial 1,890 13,523 15,413 Small business loans 6,320 3,120 9,440 Leases, net — 2,131 2,131 Total $ 14,989 $ 18,774 $ 33,763

Allowance for Credit Losses (th

Allowance for Credit Losses (the Allowance)	12 Months Ended
	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract]
Allowance for Credit Losses (the Allowance)	Allowance for Credit Losses (the Allowance) The ACL is maintained at a level considered adequate to provide for estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. Management’s periodic evaluation of the adequacy of the ACL is based on known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is subjective as it requires material estimates that may be susceptible to significant revisions as more information becomes available. Roll-Forward of Allowance by Portfolio Segment The following tables provide the activity of our allowance for credit losses for the year ended December 31, 2023 under the CECL model in accordance with ASC 326 (as adopted on January 1, 2023): Year Ended December 31, 2023 (dollars in thousands) Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL Adjustment to initially apply ASU No. 2016-13 for CECL Charge-offs Recoveries Provision (recovery of provision) for credit losses Ending Balance Commercial mortgage $ 4,095 $ (526) $ — $ — $ 806 $ 4,375 Home equity lines and loans 188 439 (87) 5 453 998 Residential mortgage 948 17 — — 55 1,020 Construction 3,075 (1,763) — — (827) 485 Commercial and industrial 4,012 (1,023) (266) 57 1,738 4,518 Small business loans 4,909 1,110 (1,488) 5 2,469 7,005 Consumer 3 (3) (2) 4 (2) — Leases 1,598 3,345 (4,033) 254 2,542 3,706 Total $ 18,828 $ 1,596 $ (5,876) $ 325 $ 7,234 $ 22,107 Year Ended December 31, 2022 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provision (Credit) Ending Balance Commercial mortgage $ 4,950 $ — $ — $ (855) $ 4,095 Home equity lines and loans 224 (12) 43 (67) 188 Residential mortgage 283 — 2 663 948 Construction 2,042 — — 1,033 3,075 Commercial and industrial 6,533 — 97 (2,618) 4,012 Small business loans 3,737 — — 1,172 4,909 Consumer 3 — 4 (4) 3 Leases 986 (2,616) 64 3,164 1,598 Total $ 18,758 $ (2,628) $ 210 $ 2,488 $ 18,828 Reconciliation of Provision for Credit Losses The following table provides a reconciliation of the provision for credit losses on the consolidated statements of income between the funded and unfunded components at the dates indicated: Year Ended (dollars in thousands) 2023 2022 Provision for credit losses - funded $ 7,234 $ 2,488 Recovery of provision for credit losses - unfunded (419) — Total provision for credit losses $ 6,815 $ 2,488 Allowance Allocated by Portfolio Segment The following tables detail the allocation of the ACL and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases at the dates indicated: December 31, 2023 Allowance for credit losses Carrying value of loans and leases (dollars in thousands) Individually evaluated Collectively evaluated Total Individually evaluated Collectively evaluated Total Commercial mortgage $ — $ 4,375 $ 4,375 $ — $ 737,863 $ 737,863 Home equity lines and loans — 998 998 1,037 75,250 76,287 Residential mortgage — 1,020 1,020 3,750 243,128 246,878 Construction — 485 485 1,206 245,234 246,440 Commercial and industrial 3,691 827 4,518 15,413 287,478 302,891 Small business loans 2,805 4,200 7,005 9,440 132,902 142,342 Consumer — — — — 389 389 Leases, net — 3,706 3,706 2,131 119,501 121,632 Total (1) $ 6,496 $ 15,611 $ 22,107 $ 32,977 $ 1,841,745 $ 1,874,722 1) Excludes deferred fees and loans carried at fair value. The following table details the pre-CECL allocation of the allowance for loan and lease losses and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment at: December 31, 2022 Allowance on loans and leases Carrying value of loans and leases (dollars in thousands) Individually Collectively Total Individually Collectively Total Commercial mortgage $ — $ 4,095 $ 4,095 $ 2,445 $ 562,955 $ 565,400 Home equity lines and loans — 188 188 1,097 58,302 59,399 Residential mortgage — 948 948 1,454 205,881 207,335 Construction — 3,075 3,075 1,206 270,749 271,955 Commercial and industrial 776 3,236 4,012 12,547 328,831 341,378 Small business loans 1,449 3,460 4,909 4,527 131,628 136,155 Consumer — 3 3 — 488 488 Leases — 1,598 1,598 902 138,084 138,986 Total (1) $ 2,225 $ 16,603 $ 18,828 $ 24,178 $ 1,696,918 $ 1,721,096 1) Excludes deferred fees and loans carried at fair value. Credit Quality Indicators As part of the process of determining the ACL to the different segments of the loan and lease portfolio, Management considers certain credit quality indicators. For the commercial mortgage, construction and commercial and industrial loan segments, periodic reviews of the individual loans are performed by Management. The results of these reviews are reflected in the risk grade assigned to each loan. These internally assigned grades are as follows: • Pass – Loans considered to be satisfactory with no indications of deterioration. • 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 payment capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loan balances classified as doubtful have been reduced by partial charge-offs and are carried at their net realizable values. The following tables detail the carrying value of loans and leases by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses at the dates indicated: December 31, 2023 Revolving Loans Converted to Term Loans Revolving Loans Total Term Loans 2023 2022 2021 2020 2019 Prior Commercial mortgage Pass/Watch $ 106,341 $ 160,302 $ 158,647 $ 97,535 $ 56,382 $ 133,349 $ 511 $ 423 $ 713,490 Special Mention — — — 4,425 4,341 9,975 667 — 19,408 Substandard 200 — 571 — 1,635 2,233 — 326 4,965 Doubtful — — — — — — — — — Total $ 106,541 $ 160,302 $ 159,218 $ 101,960 $ 62,358 $ 145,557 $ 1,178 $ 749 $ 737,863 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass/Watch $ 67,776 $ 88,737 $ 21,793 $ 27,336 $ 2,307 $ 2,093 $ 123 $ 25,976 $ 236,141 Special Mention — — 1,329 — 511 4,329 — 2,924 9,093 Substandard — — — — — 1,206 — — 1,206 Doubtful — — — — — — — — — Total $ 67,776 $ 88,737 $ 23,122 $ 27,336 $ 2,818 $ 7,628 $ 123 $ 28,900 $ 246,440 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial Pass/Watch $ 26,314 $ 38,748 $ 24,523 $ 8,449 $ 4,148 $ 33,726 $ — $ 131,304 $ 267,212 Special Mention 500 9 — — — 1,361 — 6,440 8,310 Substandard — — 2,906 — 300 9,469 — 14,694 27,369 Doubtful — — — — — — — — — Total $ 26,814 $ 38,757 $ 27,429 $ 8,449 $ 4,448 $ 44,556 $ — $ 152,438 $ 302,891 Current period gross charge-offs $ (209) $ (55) $ — $ (2) $ — $ — $ — $ — $ (266) Small business loans Pass/Watch $ 35,764 $ 26,621 $ 37,278 $ 11,687 $ 6,672 $ 920 $ — $ 12,507 $ 131,449 Special Mention — — — 909 — — — 314 1,223 Substandard 49 1,523 5,090 2,122 — — — 886 9,670 Doubtful — — — — — — — — — Total $ 35,813 $ 28,144 $ 42,368 $ 14,718 $ 6,672 $ 920 $ — $ 13,707 $ 142,342 Current period gross charge-offs $ — $ — $ — $ (11) $ (912) $ — $ — $ (565) $ (1,488) Total by risk rating Pass/Watch $ 236,195 $ 314,408 $ 242,241 $ 145,007 $ 69,509 $ 170,088 $ 634 $ 170,210 1,348,292 Special Mention 500 9 1,329 5,334 4,852 15,665 667 9,678 38,034 Substandard 249 1,523 8,567 2,122 1,935 12,908 — 15,906 43,210 Doubtful — — — — — — — — — Total $ 236,944 $ 315,940 $ 252,137 $ 152,463 $ 76,296 $ 198,661 $ 1,301 $ 195,794 $ 1,429,536 Total current period gross charge-offs $ (209) $ (55) $ — $ (13) $ (912) $ — $ — $ (565) $ (1,754) The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at December 31, 2023. In addition to credit quality indicators as shown in the above tables, allowance allocations for residential mortgages, consumer loans and leases are also applied based on their performance status at the dates indicated: December 31, 2023 Revolving Loans Total Term Loans 2023 2022 2021 2020 2019 Prior Home equity lines and loans Performing $ 343 $ 795 $ 314 $ 352 $ 2,191 $ 2,295 $ 68,600 $ 74,890 Nonperforming — — — — — — 1,397 1,397 Total $ 343 $ 795 $ 314 $ 352 0 $ 2,191 $ 2,295 $ 69,997 $ 76,287 Current period gross charge-offs $ — $ — $ — $ — $ (33) $ — $ (54) $ (87) Residential mortgage (2) Performing $ 48,576 $ 154,219 $ 22,237 $ 6,260 $ 456 $ 11,380 $ — $ 243,128 Nonperforming — 1,350 — 1,043 — 1,357 — 3,750 Total $ 48,576 $ 155,569 $ 22,237 $ 7,303 $ 456 $ 12,737 $ — $ 246,878 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer Performing $ 39 $ 35 $ — $ — $ 32 $ 234 $ 49 $ 389 Nonperforming — — — — — — — — Total $ 39 $ 35 $ — $ — $ 32 $ 234 $ 49 $ 389 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ (2) $ (2) Leases, net Performing $ 23,054 $ 55,940 $ 30,876 $ 9,718 $ — $ — $ — $ 119,588 Nonperforming 263 1,194 368 219 — — — 2,044 Total $ 23,317 $ 57,134 $ 31,244 $ 9,937 $ — $ — $ — $ 121,632 Current period gross charge-offs $ (128) $ (2,165) $ (1,450) $ (290) $ — $ — $ — $ (4,033) Total by Payment Performance Performing $ 72,012 $ 210,989 $ 53,427 16,330 $ 2,679 $ 13,909 $ 68,649 $ 437,995 Nonperforming 263 2,544 368 1,262 — 1,357 1,397 7,191 Total $ 72,275 $ 213,533 $ 53,795 $ 17,592 $ 2,679 $ 15,266 $ 70,046 $ 445,186 Total current period gross charge-offs $ (128) $ (2,165) $ (1,450) $ (290) $ (33) $ — $ (56) $ (4,122) (1) Excludes $13.7 million of loans at fair value. December 31, 2022 (dollars in thousands) Pass Special Substandard Doubtful Total Commercial mortgage $ 536,705 $ 25,309 $ 3,386 $ — $ 565,400 Home equity lines and loans 57,822 — 1,577 — 59,399 Construction 260,085 11,870 — — 271,955 Commercial and industrial 295,502 6,587 39,289 — 341,378 Small business loans 131,690 — 4,465 — 136,155 Total $ 1,281,804 $ 43,766 $ 48,717 $ — $ 1,374,287 In addition to credit quality indicators as shown in the above tables, allowance allocations for residential mortgages, consumer loans and leases are also applied based on their performance status at the dates indicated: December 31, 2022 (dollars in thousands) Performing Non- Total Residential mortgage (1) $ 205,881 $ 1,454 $ 207,335 Consumer 488 — 488 Leases, net 138,084 902 138,986 Total $ 344,453 $ 2,356 $ 346,809 (1) There were four nonperforming residential mortgage loans at December 31, 2022 with a combined outstanding principal balance of $558 thousand, which were carried at fair value and not included in the table above. Impaired Loans The following tables detail the recorded investment and principal balance of impaired loans by portfolio segment, their related Allowance and interest income recognized at the dates indicated. December 31, 2022 (dollars in thousands) Recorded Principal Related Impaired loans with related allowance: Commercial and industrial $ 11,099 $ 12,095 $ 776 Small business loans 3,730 3,730 1,449 Total $ 14,829 $ 15,825 $ 2,225 Impaired loans without related allowance: Commercial mortgage $ 2,445 $ 2,456 $ — Commercial and industrial 1,448 1,494 — Small business loans 797 797 — Home equity lines and loans 1,097 1,097 — Residential mortgage 1,454 1,454 — Construction 1,206 1,206 — Leases 902 902 — Total $ 9,349 $ 9,406 $ — Grand Total $ 24,178 $ 25,231 $ 2,225 Troubled Debt Restructuring As result of the adoption of guidance related to CECL effective as of January 1, 2023, the Corporation had no reportable balances related to TDRs as of and for the year ended December 31, 2023. See Note 1 - Summary of Significant Accounting Policies for additional information. The following table presents information about TDRs at the dates indicated: (dollars in thousands) December 31, TDRs included in nonperforming loans and leases $ 207 TDRs in compliance with modified terms 3,573 Total TDRs $ 3,780 There was 1 modification granted during the year ended December 31, 2022 on commercial mortgages for $684 thousand. No modifications granted during the twelve months ended December 31, 2022 subsequently defaulted during the same time period. Modifications to Borrowers Experiencing Financial Difficulty An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the ACL on loans and leases, a change to the allowance for credit losses is generally not recorded upon modification. However, when principal forgiveness is provided, the amortized cost basis of the asset is written off against the ACL on loans and leases. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. The following presents, by class of loans, information regarding accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the year ended December 31, 2023. Year Ended December 31, 2023 Number of Loans Amortized Cost Basis % of Total Class of Financing Receivable Related Reserve (dollars in thousands) Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: Small business loans 6 $ 1,880 1.3% $ — Commercial & industrial 2 2,401 0.8% — Total 8 $ 4,281 $ — Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: Small business loans 3 $ 1,726 1.2% $ 38 Commercial & industrial 1 1,324 0.4% 689 Total 4 $ 3,050 $ 727 The following presents, by class of loans, information regarding accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the year ended December 31, 2023. Year Ended December 31, 2023 Number of Loans Financial Effect Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: Small business loans 6 Extend maturity date Commercial & industrial 2 Extend maturity date Total 8 Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: Small business loans 3 Extend term and allow additional lender funding Commercial & industrial 1 Extend term and allow additional lender funding Total 4

Bank Premises and Equipment

Bank Premises and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Bank Premises and Equipment	Bank Premises and Equipment The components of premises and equipment at December 31, 2023 and 2022 are as follows: (dollars in thousands) December 31, December 31, Buildings $ 9,287 $ 9,150 Leasehold improvements 4,234 3,347 Land 600 600 Land Improvements 218 218 Furniture, fixtures and equipment 3,587 3,577 Computer equipment and data processing software 9,397 9,242 Construction in process — 40 Less: accumulated depreciation (13,766) (12,825) Total $ 13,557 $ 13,349 Total depreciation expense for the years ended December 31, 2023 and 2022 totaled $1.6 million and $1.4 million, respectively.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2023
Deposits [Abstract]
Deposits	Deposits The components of deposits at December 31, 2023 and 2022 are as follows: (dollars in thousands) December 31, December 31, Demand, non-interest bearing $ 239,289 $ 301,727 Demand, interest bearing 150,898 219,838 Savings accounts 14,469 36,125 Money market accounts 733,334 661,439 Time deposits 685,472 493,350 Total $ 1,823,462 $ 1,712,479 Included in time deposits as of December 31, 2023, and December 31, 2022, are $429.9 million and $375.3 million of brokered deposits, respectively. The aggregate amount of time deposits in denominations over $250 thousand were $458.8 million and $394.3 million as of December 31, 2023 and 2022, respectively. At December 31, 2023, the scheduled maturities of time deposits are as follows (in thousands): 2024 $ 533,161 2025 101,912 2026 50,084 2027 15 2028 300 Total $ 685,472

Short-Term Borrowings and Long-

Short-Term Borrowings and Long-Term Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Short-Term Borrowings and Long-Term Debt	Short-Term Borrowings and Long-Term Debt The Corporation’s short-term borrowings generally consist of Federal funds purchased and short-term borrowings extended under agreements with the FHLB and one unsecured Federal funds borrowing facilities with correspondent banks of $15 million. Federal funds purchased generally represent one-day borrowings. The Corporation had $0 in Federal funds purchased at December 31, 2023 and December 31, 2022. The Corporation also has a facility with the Federal Reserve Bank discount window of $7.8 million. This facility is fully secured by investment securities. There were no borrowings under this at December 31, 2023 and December 31, 2022. Additionally, the Corporation has a facility with the Federal Reserve’s BTFP of $33 million. This facility was created by the Federal Reserve in March 2023 and is fully secured by United States Treasury Bonds. There were $33 million in borrowings under this facility at December 31, 2023. The following table presents short-term borrowings at the dates indicated: (dollars in thousands) Maturity Interest December 31, December 31, FHLB Open Repo Plus Weekly 6/10/2024 5.68% $ 104,792 $ 113,147 FRB BTFP Advances 3/29/2024 4.76% 33,000 — FHLB Mid-term Repo Fixed 9/30/2024 4.60% 3,432 — Total Short-Term Borrowings $ 141,224 $ 113,147 The following table presents long-term borrowings at the dates indicated: (dollars in thousands) Maturity Interest December 31, December 31, FHLB Mid-term Repo Fixed 12/22/2025 4.23% $ 8,935 $ 8,935 FHLB Mid-term Repo Fixed 7/14/2026 4.57% 15,245 — FHLB Mid-term Repo Fixed 10/14/2025 5.16% 9,492 — Total Long-Term Borrowings $ 33,672 $ 8,935 The FHLB has also issued $104.3 million of letters of credit to the Corporation for the benefit of the Corporation’s public deposit funds and loan customers. These letters of credit expire throughout 2024. The Corporation has a maximum borrowing capacity with the FHLB of $626.8 million as of December 31, 2023 and $561.7 million as of December 31, 2022. All advances and letters of credit from the FHLB are secured by a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB.

Subordinated Debentures

Subordinated Debentures	12 Months Ended
	Dec. 31, 2023
Subordinated Borrowings [Abstract]
Subordinated Debentures	Subordinated Debentures The following table presents subordinated debentures at the dates indicated: Maturity Interest December 31, December 31, 2023 Debentures 08/31/2033 8.00% $ 9,740 $ — 2019 Debentures 12/30/2029 5.38% 40,000 40,000 2013 Debentures 12/31/2028 6.50% 497 653 2011 Debentures 12/31/2026 6.00% 347 463 2008 Debentures 12/18/2023 6.00% — 56 Debt Origination Costs (748) (826) Total Subordinated Debentures $ 49,836 $ 40,346 The Corporation issued the 2023 and 2019 Debentures, while the Bank issued the 2013, 2011 and 2008 Debentures. Upon formation of the bank holding company, the Corporation assumed the 2013, 2011 and 2008 Debentures. Interest is paid semi-annually on the 2023 and 2019 Debentures, and paid quarterly on the 2013, 2011 and 2008 debentures. The 2013, 2011 and 2008 Debentures are includable as Tier 2 capital for determining the Bank’s compliance with regulatory capital requirements.

Servicing Assets

Servicing Assets	12 Months Ended
	Dec. 31, 2023
Transfers and Servicing [Abstract]
Servicing Assets	Servicing Assets The Corporation sells certain residential mortgage loans and the guaranteed portion of certain SBA loans to third parties and retains servicing rights and receives servicing fees. All such transfers are accounted for as sales. When the Corporation sells a residential mortgage loan, it does not retain any portion of that loan and its continuing involvement in such transfers is limited to certain servicing responsibilities. While the Corporation may retain a portion of certain sold SBA loans, its continuing involvement in the portion of the loan that was sold is limited to certain servicing responsibilities. When the contractual servicing fees on loans sold with servicing retained are expected to be more than adequate compensation to a servicer for performing the servicing, a capitalized servicing asset is recognized. Residential Mortgage Loans The related MSR asset is amortized over the period of the estimated future net servicing life of the underlying assets. MSRs are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the MSR. The Corporation serviced $945.2 million of residential mortgage loans as of December 31, 2023 and $1.0 billion as of December 31, 2022. During the year ended December 31, 2023 the Corporation recognized servicing fee income of $2.5 million compared to $2.6 million, during the year ended December 31, 2022. Changes in the MSR balance are summarized as follows: Year Ended (dollars in thousands) 2023 2022 Balance at beginning of the period $ 9,942 $ 10,756 Servicing rights capitalized 20 668 Amortization of servicing rights (1,343) (1,488) Change in valuation allowance 2 6 Balance at end of the period $ 8,621 $ 9,942 Activity in the valuation allowance for MSRs was as follows: Year Ended (dollars in thousands) 2023 2022 Valuation allowance, beginning of period $ (2) $ (8) Impairment — (4) Recovery 2 10 Valuation allowance, end of period $ — $ (2) The Corporation uses assumptions and estimates in determining the fair value of MSRs. These assumptions include prepayment speeds and discount rates. The assumptions used in the valuation were based on input from buyers, brokers and other qualified personnel, as well as market knowledge. At December 31, 2023, the key assumptions used to determine the fair value of the Corporation’s MSRs included a lifetime constant prepayment rate equal to 8.57% and a discount rate equal to 9.50%. At December 31, 2022, the key assumptions used to determine the fair value of the Corporation’s MSRs included a lifetime constant prepayment rate equal to 8.05% and a discount rate equal to 9.50%. As interest rates increased and the number of mortgage refinancings have declined, model inputs have been adjusted to align the MSRs fair value with market conditions. The sensitivity of the current fair value of the residential mortgage servicing rights to immediate 10% and 20% favorable and unfavorable changes in key economic assumptions are included in the following table. (dollars in thousands) December 31, December 31, Fair value of residential mortgage servicing rights $ 11,221 $ 11,567 Weighted average life (months) 28 22 Prepayment speed 8.57 % 8.05 % Impact on fair value: 10% adverse change $ (506) $ (268) 20% adverse change (973) (525) Discount rate 9.50 % 9.50 % Impact on fair value: 10% adverse change $ (415) $ (404) 20% adverse change (799) (777) The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or counteract the effect of the change. SBA Loans SBA loan servicing assets are amortized over the period of the estimated future net servicing life of the underlying assets. SBA loan servicing assets are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the SBA loan servicing asset. The Corporation serviced $225.8 million and $166.1 million of SBA loans, as of December 31, 2023 and December 31, 2022, respectively. Changes in the SBA loan servicing asset balance are summarized as follows: Year Ended (dollars in thousands) 2023 2022 Balance at beginning of the period $ 2,404 $ 2,009 Servicing rights capitalized 1,525 1,395 Amortization of servicing rights (898) (732) Change in valuation allowance 96 (268) Balance at end of the period $ 3,127 $ 2,404 Activity in the valuation allowance for SBA loan servicing assets was as follows: Year Ended (dollars in thousands) 2023 2022 Valuation allowance, beginning of period $ (364) $ (96) Impairment (178) (408) Recovery 274 140 Valuation allowance, end of period $ (268) $ (364) The Corporation uses assumptions and estimates in determining the fair value of SBA loan servicing rights. These assumptions include prepayment speeds, discount rates, and other assumptions. The assumptions used in the valuation were based on input from buyers, brokers and other qualified personnel, as well as market knowledge. At December 31, 2023, the key assumptions used to determine the fair value of the Corporation’s SBA loan servicing rights included a lifetime constant prepayment rate equal to 14.70% and a discount rate equal to 14.66%. At December 31, 2022, the key assumptions used to determine the fair value of the Corporation’s SBA loan servicing rights included a lifetime constant prepayment rate equal to 12.73% and a discount rate equal to 18.96%. The change in valuation allowance due to impairment noted in the tables above, was largely due to the decrease in discount rate partially offset by the increase in prepayment speed as a result of the rising interest rate environment. The sensitivity of the current fair value of the SBA loan servicing rights to immediate 10% and 20% favorable and unfavorable changes in key economic assumptions are included in the following table. (dollars in thousands) December 31, December 31, Fair value of SBA loan servicing rights $ 3,376 $ 2,422 Weighted average life (years) 3.5 3.8 Prepayment speed 14.70 % 12.73 % Impact on fair value: 10% adverse change $ (125) $ (73) 20% adverse change (241) (141) Discount rate 14.66 % 18.96 % Impact on fair value: 10% adverse change $ (74) $ (53) 20% adverse change (145) (104) The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of an adverse variation in a particular assumption on the fair value of the SBA servicing rights is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or counteract the effect of the change.

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lease Commitments	Lease Commitments On January 1, 2022, the Corporation adopted ASU 2016-02 (Topic 842), “Leases”, as further explained in Note 1, Summary of Significant Accounting Policies. The Corporation’s operating leases consist of various retail branch locations and loan production offices. As of December 31, 2023, the Corporation’s leases have remaining lease terms ranging from 2 months to 12 years, including extension options. The Corporation’s leases include fixed rental payments, and certain of our leases also include variable rental payments where lease payments may increase at pre-determined dates based on the change in the consumer price index. The Corporation’s lease agreements include gross leases as well as leases in which we make separate payments to the lessor for items such as the property taxes assessed on the property or a portion of the common area maintenance associated with the property. We have elected the practical expedient not to separate lease and non-lease components for all of our building leases. The Corporation also elected to not recognize ROU assets and lease liabilities for short-term leases. As of December 31, 2023, the Corporation’s ROU assets and related lease liabilities were $9.4 million and $9.4 million, respectively. As of December 31, 2022 and the Corporation’s ROU assets and related lease liabilities were $9.0 million and $8.9 million, respectively. These amounts are included within other assets other liabilities The components of lease expense were as follows: Year Ended (dollars in thousands) 2023 2022 Operating lease expense $ 2,319 $ 2,242 Short term lease expense 8 13 Variable lease expense 52 — Total lease expense $ 2,379 $ 2,255 Supplemental cash flow information related to leases was as follows: (dollars in thousands) December 31, 2023 December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,131 $ 2,150 ROU asset obtained in exchange for lease liabilities 2,476 10,936 Maturities of operating lease liabilities were as follows for the period indicated: (dollars in thousands) December 31, 2023 2024 $ 2,167 2025 1,736 2026 1,649 2027 1,493 2028 741 Thereafter 3,029 $ 10,815 Less: Present value discount (1,373) Total operating lease liabilities $ 9,442 As of December 31, 2023, the weighted-average remaining lease term for all operating leases, including extension options that the Corporation is reasonably certain will be exercised for retail branch locations, is 6.2 years. Because we generally do not have access to the rate implicit in the lease, we utilize our incremental borrowing rate as the discount rate. The weighted average discount rate associated with operating leases as of December 31, 2023 is 3.23%.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Corporation has issued stock options under the Meridian Bank 2004 Stock Option Plan (2004 Plan). The 2004 Plan authorized the Board of Directors to grant options up to an aggregate of 892,182 shares, as adjusted for the 5% stock dividends in 2012, 2014 and 2016, and the two-for-one stock split effective February 28, 2023, to officers, other employees and directors of the Corporation. No additional shares are available for future grants. The shares granted under the 2004 Plan to directors are nonqualified options. The shares granted under the 2004 Plan to officers and other employees are incentive stock options, and are subject to the limitations under Section 422 of the Internal Revenue Code. The Meridian Bank 2016 Equity Incentive Plan (2016 Plan) was amended on March 25, 2023 to authorize the Board of Directors to grant up to an aggregate of 1,673,800 stock awards that can take different forms. A total of 1,222,000 stock options and 86,416 shares of restricted stock have been granted under the 2016 Plan through December 31, 2023, including the impact of the two-for-one stock split. As of December 31, 2023 there were 119,540 stock awards remaining to be issued. Options granted under the 2016 Plan to directors are nonqualified options, while options granted to officers and other employees are incentive stock options, and are subject to the limitations under Section 422 of the Internal Revenue Code. Stock Options Stock-based compensation cost is measured at the grant date, based on the fair value of the award and the cost is recognized as an expense over the vesting period. The fair value of stock option grants is determined using the Black-Scholes pricing model. The assumptions necessary for the calculation of the fair value are expected life of options, annual volatility of stock price, risk-free interest rate and annual dividend yield. Stock option awards granted under the 2016 Plan have a term that does not exceed 10 years and vest according to each award’s specific vesting schedule. Currently, all option awards granted to date vest 25% upon grant and become fully exercisable after 3 years of service from the grant date. The following table provides information about stock options outstanding as of December 31, 2023 and 2022: Shares Weighted average exercise price Weighted average grant date fair value Outstanding at December 31, 2021 923,928 $ 10.19 $ 3.10 Exercised (87,134) 8.67 2.43 Granted 246,500 16.22 5.38 Forfeited (29,606) 12.14 3.92 Outstanding at December 31, 2022 1,053,688 $ 11.67 $ 3.67 Exercised (29,890) 8.86 2.56 Granted 98,000 10.08 2.37 Forfeited (22,000) 14.38 4.84 Outstanding at December 31, 2023 1,099,798 $ 11.55 $ 3.56 Exercisable at December 31, 2023 846,294 10.87 3.32 Nonvested at December 31, 2023 253,504 13.83 4.35 The weighted average remaining contractual life of the outstanding stock options at December 31, 2023 is 7.4 years. At December 31, 2023 the range of exercise prices is $5.90 to $17.76. The aggregate intrinsic value of options outstanding and exercisable was $3.1 million and $2.8 million, respectively, as of December 31, 2023. The fair value of each option granted in 2023 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: dividend yield of 3.6%, risk-free interest rate of 4.73%, expected life of 5.75 years, and volatility of 33.42% based on an average of the Corporation’s share price since going public. The weighted average fair value of options granted in 2023 was $2.37 to per share. The fair value of each option granted in 2022 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: dividend yield of 2.6%, risk-free interest rate of 2.93%, expected life of 5.75 years, and volatility of 37.73% based on an average of the Corporation’s share price since going public. The weighted average fair value of options granted in 2022 was $5.38 to per share. Total stock option compensation cost for the years ended December 31, 2023 and 2022 was $650 thousand and $1.0 million, respectively. During the year ended December 31, 2023 and 2022, the Corporation received $279 thousand and $711 thousand from the exercise of stock options, respectively. The Corporation recognized and $3 thousand and $116 thousand in excess tax benefits related to stock compensation cost for the twelve months ended December 31, 2023 and 2022. In accordance with ASU 2016-09 – Compensation – Stock Compensation (ASU 2016-09), forfeitures are recognized as they occur instead of applying an estimated forfeiture rate to each grant. For purposes of the determination of stock-based compensation expense for the years ended December 31, 2023, and 2022, we recognized the forfeiture of 22,000, and 29,606 of shares of stock options that were previously granted to officers and other employees, respectively. As of December 31, 2023, there was $1.1 million of unrecognized compensation cost related to nonvested stock options. This cost will be recognized over a weighted average period of 7.4 years. During 2023, the intrinsic value of options exercised was $179 thousand. Restricted Stock The restricted stock awards granted under the 2016 Plan vest according to each award’s specific vesting schedule. No awards were granted in 2023 and 2022. All awards granted in 2022 vested 100% one year from the grant date. The grant date fair value of the restricted stock is based on the closing price on the date prior to the grant. Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 53,210 $ 9.33 Granted — — Vested (53,210) 9.33 Outstanding / nonvested at December 31, 2022 — $ —

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table presents the components of federal and state income tax expense for the periods indicated: (dollars in thousands) December 31, December 31, Federal: Current $ 3,594 $ 4,580 Deferred (217) 903 Total federal income tax expense $ 3,377 $ 5,483 State: Current $ 364 $ 494 Deferred (17) 114 Total state income tax expense $ 347 $ 608 Total income tax expense $ 3,724 $ 6,091 A reconciliation of the statutory income tax at 21% to the income tax expense included in the statement of operations is as follows for 2023 and 2022, respectively: (dollars in thousands) December 31, 2023 December 31, 2022 Federal income tax at statutory rate $ 3,563 21.0 % $ 5,863 21.0 % State tax expense, net of federal benefit 274 1.6 480 1.7 Tax exempt interest (219) (1.3) (276) (1.0) Bank owned life insurance (166) (1.0) (116) (0.4) (dollars in thousands) December 31, 2023 December 31, 2022 Stock based compensation 123 0.7 36 0.1 ESOP 26 0.2 48 0.2 Other 123 0.8 56 0.2 Effective income tax rate $ 3,724 22.0 % $ 6,091 21.8 % The components of the net deferred tax asset at December 31, 2023 and 2022 are as follows: (dollars in thousands) December 31, December 31, Deferred tax assets: Allowance for credit losses $ 4,949 $ 4,212 Unrealized loss on available for sale securities 2,718 3,327 Accrued retirement 826 891 Mortgage pipeline fair-value adjustment 538 535 Deferred rent 81 96 Mortgage repurchase reserve 114 192 Unfunded commitment reserve 226 — Other 153 179 Total deferred tax asset $ 9,605 $ 9,432 Deferred tax liabilities: Property and equipment $ (752) $ (948) Loan servicing rights (2,630) (2,762) Intangibles (106) (23) Hedge instrument fair-value adjustment (42) (12) Prepaid expenses (237) (341) Deferred loan costs (1,637) (1,410) Total deferred tax liability $ (5,404) $ (5,496) Net deferred tax asset $ 4,201 $ 3,936 The effective tax rates for the twelve-month periods ended December 31, 2023 and 2022 were 22.0% and 21.8% respectively. The increase in rate between 2022 and 2023 was primarily related to the impact of additional nondeductible stock compensation expense in 2023 partially offset by an increase in tax-free bank owned life insurance income. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Corporation will realize the benefits of these deferred tax assets.

Transactions with Executive Off

Transactions with Executive Officers, Directors and Principal Stockholders	12 Months Ended
	Dec. 31, 2023
Nonmonetary Transactions [Abstract]
Transactions with Executive Officers, Directors and Principal Stockholders	Transactions with Executive Officers, Directors and Principal Stockholders The Corporation has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal stockholders, their immediate families and affiliated companies (commonly referred to as related parties) Year Ended (dollars in thousands) 2023 2022 Loans receivable from related parties - beginning at end of period $ 2,046 $ 5,098 Advances for related parties 447 5,196 Proceeds repayments from related party (415) (6,070) Effect of changes in composition of related parties (499) (2,178) Loans receivable from related parties - balance at end of period $ 1,579 $ 2,046 Deposits of related parties totaled $30.6 million and $32.6 million at December 31, 2023 and 2022, respectively. Subordinated debt held by related parties totaled $1.1 million and $208 thousand at December 31, 2023 and 2022, respectively.

Financial Instruments with Off-

Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Text Block [Abstract]
Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies	Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies The Corporation is a party to 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 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 Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. A summary of the Corporation’s financial instrument commitments at the dates indicated: (dollars in thousands) December 31, December 31, Commitments to fund loans and commitments under lines of credit $ 517,743 $ 506,203 Letters of credit 10,924 19,042 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 Corporation evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include personal or commercial real estate, accounts receivable, inventory and equipment. Outstanding letters of credit are conditional commitments issued by the Corporation to guarantee the performance of a customer to a third party. The majority of these are standby letters of credit that expire within the next twelve months. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending other loan commitments. The Corporation requires collateral supporting these letters of credit as deemed necessary. Management believes that the proceeds obtained through a liquidation of such collateral would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. Loans sold under FHA or investor programs are subject to indemnification or repurchase if they fail to meet the origination criteria of those programs or if the loan is two or three months delinquent during a set period that usually varies from the first six months to a year after the loan is sold. There was 3 indemnifications signed for the year ended December 31, 2023 for $860 thousand, and 2 indemnification signed for the year ended December 31, 2022 for $734 thousand. A repurchase reserve of $508 thousand was recorded at December 31, 2023, as compared to $858 thousand as of December 31, 2022. There were 5 loans repurchased for the year ended December 31, 2023 with a total unpaid principal balance of $1.3 million, as compared to 8 loans repurchased for the year ended December 31, 2022 with an unpaid principal balance of $1.8 million.

Regulatory Matters

Regulatory Matters	12 Months Ended
	Dec. 31, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Matters	Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets, and of Tier 1 capital to average assets. Management believes, as of December 31, 2023, that the Bank met all capital adequacy requirements to which it is subject. Community banks have long raised concerns with bank regulators about the regulatory burden, complexity, and costs associated with certain provisions of the Basel III Rule. In response, Congress provided an “off-ramp” for institutions, like us, with total consolidated assets of less than $10 billion. Section 201 of the Regulatory Relief Act instructed the federal banking regulators to establish a single CBLR of between 8 and 10%. Under the final rule, a community banking organization is eligible to elect the new framework if it has: less than $10 billion in total consolidated assets, limited amounts of certain assets and off-balance sheet exposures, and a CBLR greater than 9%. The Bank’s CBLR ratio wa s 9.46% at December 31, 2023 . As of December 31, 2023, the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank is subject to certain restrictions on the amount of dividends that it may declare and pay to the Corporation due to regulatory considerations. The Pennsylvania Banking Code provides that cash dividends may be declared and paid only out of accumulated net earnings. The Banks’s actual and required capital amounts and ratios under the CBLR rules at December 31, 2023 and 2022 are presented below. Actual For Capital Adequacy Purposes (includes applicable capital conservation buffer) To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Tier 1 leverage ratio: Meridian Bank $ 211,355 9.46 % $ 89,399 4.00 % $ 111,749 5.00 % Common tier 1 risk-based capital ratio: Meridian Bank 211,355 10.10 % 146,448 7.00 % 135,987 6.50 % Tier 1 risk-based capital ratio: Meridian Bank 211,355 10.10 % 177,829 8.50 % 167,369 8.00 % Total risk-based capital ratio: Meridian Bank 233,671 11.17 % 219,672 10.50 % 209,211 10.00 % December 31, 2022 Tier 1 leverage ratio: Meridian Bank $ 196,584 9.95 % $ 78,995 4.00 % $ 98,743 5.00 % Common tier 1 risk-based capital ratio: Meridian Bank 196,584 10.73 % 128,305 7.00 % 119,140 6.50 % Tier 1 risk-based capital ratio: Meridian Bank 196,584 10.73 % 155,799 8.50 % 146,634 8.00 % Total risk-based capital ratio: Meridian Bank 217,593 11.87 % 192,457 10.50 % 183,293 10.00 %

Fair Value Measurements and Dis

Fair Value Measurements and Disclosures	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements and Disclosures	Fair Value Measurements and Disclosures The Corporation uses fair value measurements to record fair value adjustments to certain assets and liabilities. 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 an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Corporation’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 techniques 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. In accordance with this guidance, the Corporation groups its financial assets and financial liabilities 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 or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis. Securities The fair value of securities available-for-sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. Mortgage Loans Held for Sale The fair value of loans held for sale is based on secondary market prices. Mortgage Loans Held for Investment The fair value of mortgage loans held for investment is based on the price secondary markets are currently offering for similar loans using observable market data. Derivative Financial Instruments The fair values of forward commitments and interest rate swaps are based on market pricing and therefore are considered Level 2. Derivatives classified as Level 3 consist of interest rate lock commitments related to mortgage loan commitments. The determination of fair value includes assumptions related to the likelihood that a commitment will ultimately result in a closed loan, which is a significant unobservable assumption. A significant increase or decrease in the external market price would result in a significantly higher or lower fair value measurement. The following table presents the fair value of financial assets measured at fair value on a recurring basis by level within the fair value hierarchy at the dates indicated : December 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets Securities available for sale: U.S. asset backed securities $ 16,824 $ — $ 16,824 $ — U.S. government agency MBS 22,634 — 22,634 — U.S. government agency CMO 19,573 — 19,573 — State and municipal securities 36,216 — 36,216 — U.S. Treasuries 30,422 30,422 — — Non-U.S. government agency CMO 13,155 — 13,155 — Corporate bonds 7,195 — 7,195 — Equity investments 2,121 — 2,121 — Mortgage loans held for sale 24,816 — 24,816 — Mortgage loans held for investment 13,726 — 13,726 — Interest rate lock commitments 214 — — 214 Customer derivatives - interest rate swaps 3,528 — 3,528 — Total $ 190,424 $ 30,422 $ 159,788 $ 214 Liabilities Interest rate lock commitments $ 17 $ — $ — $ 17 Forward commitments 41 — 41 — Customer derivatives - interest rate swaps 3,544 — 3,544 — Risk Participation Agreements 11 — 11 — Total $ 3,613 $ — $ 3,596 $ 17 December 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets Securities available for sale: U.S. asset backed securities $ 15,281 $ — $ 15,281 $ — U.S. government agency MBS 11,739 — 11,739 — U.S. government agency CMO 23,318 — 23,318 — State and municipal securities 38,838 — 38,838 — U.S. Treasuries 29,523 29,523 — — Non-U.S. government agency CMO 9,089 — 9,089 — Corporate bonds 7,558 — 7,558 — Equity investments 2,086 — 2,086 — Mortgage loans held for sale 22,243 — 22,243 — Mortgage loans held for investment 14,502 — 14,502 — Interest rate lock commitments 87 — — 87 Forward commitments — — — — Customer derivatives - interest rate swaps 3,846 — 3,846 — Total $ 178,110 $ 29,523 $ 148,500 $ 87 Liabilities Interest rate lock commitments $ 79 $ — $ — $ 79 Customer derivatives - interest rate swaps 3,799 — 3,799 — Risk Participation Agreements 17 — 17 — Total $ 3,895 $ — $ 3,816 $ 79 The following table presents assets measured at fair value on a nonrecurring basis at the dates indicated: (dollars in thousands) December 31, December 31, Mortgage servicing rights $ 8,621 $ 9,942 SBA loan servicing rights 3,127 2,404 Individually evaluated loans (1) Commercial and industrial 9,818 — Small business loans 3,134 2,281 Total $ 24,700 $ 14,627 (1) Individually evaluated loans are those in which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. The following table details the valuation techniques for Level 3 impaired loans. (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range of Inputs December 31, 2023 $ 12,952 Appraisal of collateral Management adjustments on appraisals for property type and recent activity 2%-33% discount December 31, 2022 2,281 Appraisal of collateral Management adjustments on appraisals for property type and recent activity 2%-15% discount Below is management’s estimate of the fair value of all financial instruments, whether carried at cost or fair value on the Corporation’s balance sheet. The following information should not be interpreted as an estimate of the fair value of the entire Corporation since a fair value calculation is only provided for a limited portion of the Corporation’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Corporation’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair value of the Corporation’s financial instruments: Cash and Cash Equivalents The carrying amounts reported in the balance sheet for cash and short-term instruments approximate those assets’ fair values. Loans Receivable The fair value of loans receivable is estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair value below is reflective of an exit price. Servicing Assets The Corporation estimates the fair value of mortgage servicing rights and SBA loan servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the interest rates of the portfolios serviced. These servicing rights are classified within Level 3 in the fair value hierarchy based upon management’s assessment of the inputs. The Corporation reviews the servicing rights portfolios on a quarterly basis for impairment. Individually Evaluated Loans Individually evaluated loans are those in which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third‑party appraisals of the properties, or discounted cash flows based upon the expected proceeds. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Individually evaluated loans are evaluated on a quarterly basis for additional impairment and adjusted in accordance with the Allowance policy. Accrued Interest Receivable and Payable The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. Deposit Liabilities The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. Short-Term Borrowings The carrying amounts of short-term borrowings approximate their fair values. Long-Term Debt Fair values of FHLB advances and the acquisition purchase note payable are estimated using discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. Subordinated Debt Fair values of junior subordinated debt are estimated using discounted cash flow analysis, based on market rates currently offered on such debt with similar credit risk characteristics, terms and remaining maturity. Off-Balance Sheet Financial Instruments Off-balance sheet instruments are primarily comprised of loan commitments, which are generally priced at market at the time of funding. Fees on commitments to extend credit and stand-by letters of credit are deemed to be immaterial and these instruments are expected to be settled at face value or expire unused. It is impractical to assign any fair value to these instruments and as a result they are not included in the table below. Fair values assigned to the notional value of interest rate lock commitments and forward sale contracts are based on market quotes. Derivative Financial Instruments The fair value of forward commitments and interest rate swaps is based on market pricing and therefore are considered Level 2. Derivatives classified as Level 3 consist of interest rate lock commitments related to mortgage loan commitments. The determination of fair value includes assumptions related to the likelihood that a commitment will ultimately result in a closed loan, which is a significant unobservable assumption. A significant increase or decrease in the external market price would result in a significantly higher or lower fair value measurement. The following table presents the estimated fair values of the Corporation’s financial instruments at the dates indicated: December 31, 2023 December 31, 2022 (dollars in thousands) Fair Value Carrying Fair value Carrying Fair value Financial assets: Cash and cash equivalents Level 1 $ 56,697 $ 56,697 $ 38,391 $ 38,391 Mortgage loans held for sale Level 2 24,816 24,816 22,243 22,243 Loans receivable, net of the allowance for credit losses Level 3 1,882,080 1,832,558 1,729,180 1,679,955 Mortgage loans held for investment Level 2 13,726 13,726 14,502 14,502 Financial liabilities: Deposits Level 2 $ 1,823,462 $ 1,834,700 $ 1,712,479 $ 1,575,600 Borrowings Level 2 174,896 176,400 122,082 122,082 Subordinated debentures Level 2 49,836 50,223 40,346 40,020 The following table includes a rollforward of interest rate lock commitments for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the periods indicated. Year Ended (dollars in thousands) 2023 2022 Balance at beginning of the period $ 87 $ 1,122 Decrease in value 127 (1,035) Balance at end of the period $ 214 $ 87 The following table details the valuation techniques for Level 3 interest rate lock commitments. (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average December 31, 2023 $ 214 Market comparable pricing Pull through 1% - 99% 79.48% December 31, 2022 87 Market comparable pricing Pull through 1% - 99% 84.05%

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Risk Management Objective of Using Derivatives The Corporation is exposed to certain risk arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash receipts and its known or expected cash payments principally related to the Corporation’s loan portfolio. Interest Rate Swaps The Corporation uses interest rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. The Corporation’s credit exposure on interest rate swaps includes changes in fair value and any collateral that is held by a third party. In June 2023, the Corporation entered into three interest rate swaps classified as cash flow hedges with notional amounts of $25 million each, to hedge the interest payments received on short term borrowings. Under the terms of the three swap agreements, the Corporation pays average fixed rates of 4.070%, 4.027% and 4.117%, and receives variable rates in return indexed to SOFR. The swaps mature between May, June, and December 2026. The Corporation performed an assessment of the hedge for effectiveness at the inception of the hedge and performs an assessment on a recurring basis and determined that the derivative currently is and is expected to be highly effective in offsetting changes in cash flows of the hedged item. For the year ended December 31, 2023, $412 thousand, net of tax, is recorded in total comprehensive income as unrealized gains. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to December 31, 2023. As of December 31, 2023, the combined notional amount of the interest rate swaps was $75 million and the fair value was an liability of $539 thousand. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans or interest rate locks at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Interest rate lock commitments and forward commitments are recorded within other assets/liabilities on the consolidated balance sheets, with changes in fair values during the period recorded within net change in the fair value of derivative instruments on the consolidated statements of income. Customer Derivatives – Interest Rate Swaps Derivatives not designated as hedges are not speculative and result from a service the Corporation provides to certain customers to swap a fixed rate product for a variable rate product, or vice versa. The Corporation executes interest rate derivatives with commercial banking customers to facilitate their respective risk management strategies. Those interest rate derivatives are simultaneously hedged by offsetting derivatives that the Corporation executes with a third party, such that the Corporation minimizes its net interest rate risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. The following table presents a summary of notional amounts and fair values of derivative financial instruments at the dates indicated: December 31, 2023 December 31, 2022 (dollars in thousands) Balance Sheet Line Item Notional Asset Notional Asset Interest Rate Lock Commitments Positive fair values Other assets $ 33,735 $ 214 $ 16,590 $ 87 Negative fair values Other liabilities 5,399 (17) 16,108 (79) Total $ 39,134 $ 197 $ 32,698 $ 8 Forward Commitments Positive fair values Other assets $ — $ — $ — $ — Negative fair values Other liabilities 4,250 (41) — — Total $ 4,250 $ (41) $ — $ — Customer Derivatives - Interest Rate Swaps Positive fair values Other assets $ 50,593 $ 3,528 $ 43,779 $ 3,846 Negative fair values Other liabilities 50,593 (3,544) 43,779 (3,799) Total $ 101,186 $ (16) $ 87,558 $ 47 Risk Participation Agreements Positive fair values Other assets $ — $ — $ — $ — Negative fair values Other liabilities 7,082 (11) 7,200 (17) Total $ 7,082 $ (11) $ 7,200 $ (17) Interest Rate Swaps Positive fair values Other assets $ — $ — $ — $ — Negative fair values Other liabilities 75,000 (539) — — $ 75,000 $ (539) $ — $ — Total derivative financial instruments $ 226,652 $ (410) $ 127,456 $ 38 Interest rate lock commitments are considered Level 3 in the fair value hierarchy, while the forward commitments and interest rate swaps are considered Level 2 in the fair value hierarchy. The following table presents a summary of the fair value (losses) gains on derivative financial instruments: Year Ended (dollars in thousands) 2023 2022 Interest Rate Lock Commitments $ 189 $ (911) Forward Commitments (41) 41 Customer Derivatives - Interest Rate Swaps (63) 105 Risk Participation Agreements 6 62 Interest Rate Swaps (539) — Net fair value gains (losses) on derivative financial instruments $ (448) $ (703) Net realized gains on derivative hedging activities were $28 thousand and $5.4 million for the year ended December 31, 2023 and 2022, respectively, and are included in non-interest income in the consolidated statements of income.

Segments

Segments	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segments	Segments ASC Topic 280 – Segment Reporting identifies operating segments as components of an enterprise which are evaluated regularly by the Corporation’s Chief Operating Decision Maker, our Chief Executive Officer, in deciding how to allocate resources and assess performance. The Corporation has applied the aggregation criterion set forth in this codification to the results of its operations. Our Banking segment (“Bank”) consists of commercial and retail banking. The Banking segment generates interest income from its lending (including leasing) and investing activities and is dependent on the gathering of lower cost deposits from its branch network or borrowed funds from other sources for funding its loans, resulting in the generation of net interest income. The Banking segment also derives revenues from other sources including gains on the sale of SBA loans, sales of available for sale investment securities, service charges on deposit accounts, cash sweep fees, overdraft fees, BOLI income, title insurance fees, and other less significant non-interest income. Meridian Wealth (“Wealth”), a registered investment advisor and wholly-owned subsidiary of the Bank, provides a comprehensive array of wealth management services and products and the trusted guidance to help its clients and our banking customers prepare for the future. The unit generates non-interest income through advisory fees. Meridian’s mortgage banking segment (“Mortgage”) consists of 8 loan production offices throughout suburban Philadelphia and Maryland. The Mortgage segment originates 1 – 4 family residential mortgages and sells nearly all of its production to third party investors. The unit generates net interest income on the loans it originates and holds temporarily, then earns fee income (primarily gain on sales) at the time of the sale. The unit also recognizes income from document preparation fees, changes in portfolio pipeline fair values and related net hedging gains (losses). The table below summarizes income and expenses, directly attributable to each business line, which has been included in the statement of operations. Total assets for each segment is also provided. Segment Information Year Ended December 31, 2023 Year Ended December 31, 2022 (dollars in thousands) Bank Wealth Mortgage Total Bank Wealth Mortgage Total Net interest income $ 68,835 $ (27) $ 134 $ 68,942 $ 68,570 $ 697 $ 861 $ 70,128 Provision for loan losses 6,815 — — 6,815 2,488 — — 2,488 Net interest income after provision 62,020 (27) 134 62,127 66,082 697 861 67,640 Non-interest Income Mortgage banking income 306 — 16,231 16,537 436 — 24,889 25,325 Wealth management income — 4,928 — 4,928 — 4,733 — 4,733 SBA income 4,485 — — 4,485 4,467 — — 4,467 Net change in fair values (59) — 314 255 167 — (4,122) (3,955) Net gain on hedging activity — — 28 28 — — 5,439 5,439 Other 3,011 — 2,721 5,732 2,486 (1) 3,230 5,715 Non-interest income 7,743 4,928 19,294 31,965 7,556 4,732 29,436 41,724 Non-interest expense 48,827 3,661 24,637 77,125 45,122 3,399 32,923 81,444 Income (loss) before income taxes $ 20,936 $ 1,240 $ (5,209) $ 16,967 $ 28,516 $ 2,030 $ (2,626) $ 27,920 Total Assets $ 2,186,017 $ 7,251 $ 52,925 $ 2,246,193 $ 2,011,835 $ 8,142 $ 42,251 $ 2,062,228

Parent Company Financial Statem

Parent Company Financial Statements	12 Months Ended
	Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Parent Company Financial Statements	Parent Company Financial Statements The condensed financial statements of the Corporation (parent company only) are presented below. These statements should be read in conjunction with the notes to the consolidated financial statements. All share amounts have been adjusted to reflect the two-for-one stock split effective February 28, 2023. A. Condensed Balance Sheets (dollars in thousands, except share data) December 31, December 31, Assets: Cash and due from banks $ 2,600 $ 4,839 Investments in subsidiaries 204,132 186,686 Other assets 2,239 1,382 Total assets $ 208,971 $ 192,907 Liabilities: Subordinated debentures $ 48,992 $ 39,175 Accrued interest payable 220 6 Other liabilities 1,737 446 Total liabilities $ 50,949 $ 39,627 Stockholders’ equity: Common stock, $1 par value: 25,000,000 shares authorized; 13,186,198 and 13,156,308 shares issued, respectively; and 11,183,015 and 11,465,572 shares outstanding, respectively. 13,186 13,156 Surplus 80,325 79,072 Treasury Stock - 2,003,183 and 1,690,736 shares, respectively, at cost (26,079) (21,821) Unearned common stock held by employee stock ownership plan (1,204) (1,403) Retained earnings 101,216 95,815 Accumulated other comprehensive income (9,422) (11,539) Total stockholders’ equity $ 158,022 $ 153,280 Total liabilities and stockholders’ equity $ 208,971 $ 192,907 B. Condensed Statements of Income Year Ended December 31, (dollars in thousands) 2023 2022 Dividends from Bank $ 9,655 $ 27,813 Interest income 2 8 Other income 122 — Total operating income 9,779 27,821 Interest expense 2,484 2,268 Other expenses 1,168 1,412 Income before equity in undistributed income of subsidiaries 6,127 24,141 Equity in undistributed income of subsidiaries 6,376 (3,084) Income before income taxes 12,503 21,057 Income tax benefit (740) (772) Net income 13,243 21,829 Total other comprehensive income (loss) 2,117 (12,247) Total comprehensive income $ 15,360 $ 9,582 C. Condensed Statements of Cash Flows Year Ended December 31, (dollars in thousands) 2023 2022 Cash flows from operating activities: Net Income $ 13,243 $ 21,829 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income of subsidiaries (6,376) 3,084 Year Ended December 31, (dollars in thousands) 2023 2022 Share-based compensation 1,173 1,475 Amortization of issuance costs on subordinated debt 118 118 Other, net (2,748) (1,369) Net cash provided by operating activities 5,624 25,137 Cash flows from investing activities: Investment in subsidiaries (8,000) — Net cash (used in) investing activities (8,000) — Cash flows from financing activities: Net activity from subordinated debt issuance 9,699 — Net purchase of treasury stock (4,258) (12,961) Dividends paid (5,614) (10,926) Share based awards and exercises 309 754 Net cash provided by (used in) financing activities 136 (23,133) Net change in cash and cash equivalents (2,240) 2,004 Cash and cash equivalents at beginning of period 4,840 2,836 Cash and cash equivalents at end of period $ 2,600 $ 4,840

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Meridian Corporation (“Meridian” or the “Corporation”) is a bank holding company engaged in banking activities through its wholly-owned subsidiary, Meridian Bank (the “Bank”), a full-service, state-chartered commercial bank with offices in the Delaware Valley tri-state market, which includes Pennsylvania, New Jersey and Delaware, as well as the Central Maryland market area, and Florida. We have a financial services business model with significant noninterest income streams from mortgage banking, SBA lending and wealth management services. We provide services to small and middle market businesses, professionals and retail customers throughout our market area. We have a modern, progressive, consultative approach to creating innovative solutions for our customers. We are technology driven, with a culture that incorporates significant use of customer preferred alternative delivery channels, such as mobile banking, remote deposit capture and bank-to-bank ACH. Our ‘Meridian everywhere’ philosophy of community presence, along with our strategic business footprint, allows us to provide the high degree of service, convenience and products our customers need to achieve their financial objectives. We provide this service through three principal business line distribution channels, described further below. The Corporation operates in highly competitive market areas that includes local, regional, and national banks as competitors along with savings banks, credit unions, fintech companies, insurance companies, trust companies and registered investment advisors. The Corporation and its subsidiaries are regulated by many regulatory agencies including the SEC, FDIC, the FRB and the PDBS.
Basis of Presentation	Basis of Presentation The accounting policies of the Corporation conform to U.S. GAAP. The consolidated financial statements include accounts of the Corporation and its wholly owned subsidiary, the Bank, and the wholly owned subsidiaries of the Bank: Meridian Land Settlement Services LLC (“MLSS”); APEX Realty LLC (“APEX”); Meridian Wealth Partners LLC (“MWP”); and Meridian Equipment Finance LLC (“MEF”). All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Reclassifications had no effect on prior year net income or total stockholders’ equity.
Significant Concentrations of Credit Risk	Significant Concentrations of Credit Risk Most of the Corporation’s activities are with customers located in the Delaware Valley tri-state market and the central Maryland market area. Note 4 discusses the types of securities that the Corporation invests in, and Note 5 discusses types of lending that the Corporation engages in. Although the Corporation has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. The Corporation does not have any significant concentrations to any one industry or customer, however there is significant concentration of commercial real estate-backed loans, amounting to 39% and 34% of total loans held for investment, as of December 31, 2023 and December 31, 2022, respectively.
Presentation of Cash Flows	Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. Generally, federal funds are purchased or sold for one day periods. The FRB removed cash minimum reserve requirements in March 2020. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and the federal funds purchased and repurchased agreements.
Securities	Securities Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value. Unrealized gains and losses are reported as increases or decreases in other comprehensive income. Gains or losses on disposition are based on the net proceeds and cost of the securities sold, adjusted for the amortization of premiums and accretion of discounts, using the specific identification method. Securities classified as held to maturity are those debt securities the Corporation has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for the amortization of premium and accretion of discount, computed on a level yield basis. Investments in equity securities are recorded in accordance with ASC 321-10, Investments - Equity Securities. Equity securities are carried at fair value, with changes in fair value reported in net income. At December 31, 2023 and 2022, investments in equity securities consisted of an investment in mutual funds with a fair value of $2.1 million, and $2.1 million, respectively. Allowance for Credit Losses - Held-to-Maturity Debt Securities We follow Accounting Standards Codification (ASC) 326-20, Financial Instruments - Credit Loss - Measured at Amortized Cost, to measure expected credit losses on held-to-maturity debt securities on a collective basis by security investment grade. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Corporation classifies the held-to-maturity debt securities into the following major security types: state and municipal securities. These securities are highly rated with a history of no credit losses, and are assigned ratings based on the most recent data from ratings agencies depending on the availability of data for the security. Credit ratings of held-to-maturity debt securities, which are a significant input in calculating the expected credit loss, are reviewed on a quarterly basis. Accrued interest receivable on held-to-maturity debt securities is excluded from the estimate of credit losses and is included in Accrued interest receivable on the Consolidated Balance Sheets. Allowance for Credit Losses - Available-for-Sale Debt Securities We follow ASC 326-30, Financial Instruments - Credit Loss - Available-for-Sale Debt Securities, which provides guidance related to the recognition of and expanded disclosure requirements for expected credit losses on available-for-sale debt securities. For available-for-sale debt securities in an unrealized loss position, the Corporation first evaluates whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either criteria is met, the security's amortized cost basis is reduced to fair value and recognized as a reduction to Noninterest income in the Consolidated Statements of Income. For debt securities available-for-sale which the Corporation does not intend to sell, or it is not likely the security would be required to be sold before recovery, we evaluate whether a decline in fair value has resulted from credit losses or other adverse factors, such as a change in the security's credit rating. In assessing whether a credit loss exists, the Corporation compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance is recorded, limited to the fair value of the security. Management performs this analysis on a quarterly basis to review the conditions and risks associated with the individual securities. Credit losses on an impaired security shall continue to be measured using the present value of expected future cash flows. Any impairment not recorded through an allowance for credit loss is included in other comprehensive income (loss), net of the tax effect. We are required to use our judgment in determining impairment in certain circumstances. For additional detail regarding debt securities, see Note 4.
Loans Receivable	Loans and Other Finance Receivables Loans and other finance receivables that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for credit losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Corporation generally amortizes these amounts over the contractual life of the loan. Loans that were originated by the Corporation and intended for sale in the secondary market to permanent investors, but were either repurchased or unsalable due to defect, are held for the foreseeable future or until maturity or payoff, are carried at fair value. Past Due and Nonaccrual Loans Past due loans and leases are defined as loans and leases contractually past due 30 - 89 days as to principal or interest payments but which remain in accrual status, or loans delinquent 90 days or more but are considered well secured and in the process of collection. Nonaccruing loans and leases are those on which the accrual of interest has ceased. Loans are placed on nonaccrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and the loan is not well secured and in the process of collection. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed and charged against interest income. A loan that is not past due more than 90 days could be classified as nonaccrual if management comes to the conclusion that we will not be in a position to collect all principal and interest. In addition, the amortization of net deferred loan fees is suspended when a loan is placed on nonaccrual status. Subsequent cash receipts are applied either to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Loans are returned to accrual status when it is determined that the borrower has the ability to make all principal and interest payments in accordance with the terms of the loan (i.e. a consistent repayment record, generally six consecutive payments, has been demonstrated).
Allowance for Loan and Lease Losses	Allowance for Credit Losses - Loans and Leases On January 1, 2023, the Corporation adopted ASU 2016-13, Financial Instruments-Credit Losses ("Topic 326"), which replaced the incurred loss impairment model with an expected loss methodology that is referred to as the CECL methodology. Prior to January 1, 2023, the Corporation calculated the Allowance based on a probable incurred credit loss model. The Corporation now establishes an ACL in accordance with Topic 326. The ACL includes quantitative and qualitative factors that comprise management's current estimate of expected credit losses, including portfolio mix and segmentation, modeling methodology, historical loss experience, relevant available information from internal and external sources relating to reasonable and supportable forecasts about future economic conditions, prepayment speeds, and qualitative adjustment factors. The Corporation's portfolio segments, established based on similar risk characteristics and loss behaviors, are: • Commercial mortgage, commercial and industrial, construction, SBA loans, and commercial small business leases (commercial loans), and • Residential, equity secured lines and loans, and installment loans (retail loans). Commercial mortgage – Our commercial real estate loans are secured by real estate that is both owner-occupied and investor owned. Owner-occupied commercial real estate loans generally involve less risk than an investment property and are distinctly reported from non-owner occupied commercial real estate loans for measuring loan concentrations for regulatory purposes. Repayment of commercial real estate loans depends on the cash flow of the borrower and the net operating income of the property, the borrower’s profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flows from the property. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with oversupply of units in a specific region. Commercial and Industrial – We provide a variety of variable and fixed rate commercial business loans, lines of credit, and other finance receivables. These credit facilities are made to small and medium-sized manufacturers and wholesale, retail and service-related businesses. Commercial business loans generally include lines of credit and term loans with a maturity of 5 years or less. The primary source of repayment for commercial business loans and other finance receivables is generally operating cash flows of the business and may also include collateralization of inventory, accounts receivable, equipment and/or personal guarantees. As a result, the availability of funds for repayment may depend substantially on the success of the business itself. Furthermore, any collateral may depreciate over time, may be difficult to appraise, and may fluctuate in value. Construction – Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. Leases – Meridian Equipment Finance specializes in small ticket equipment leases for small and mid-sized businesses nationally and through a broad range of industries. The Bank’s credit risk generally results from the potential default of borrowers which may be driven by customer specific or broader industry related conditions. Residential mortgage – Residential loans held in portfolio are primarily secured by single-family homes located in our market areas. Residential loans are generally made on the basis of the borrower’s ability to make repayment from employment income or other income, and are secured by real property whose value tends to be more easily ascertainable. Repayment of single-family loans are subject to adverse employment conditions in the local economy leading to increased default rates and decreased market values, including from oversupply in a geographic area. In general, these loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness, or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Consumer, including home equity – Our consumer-lending department principally originates home equity based products for our clients and prospects. These loans typically fund completely at closing. Additional products include smaller dollar personal loans and our student loan refinance product, designed to provide additional flexibility in repayment terms desired in the marketplace. Most consumer loans are originated in Meridian’s primary market and surrounding areas. The largest component of Meridian’s consumer loan portfolio consists of fixed rate home equity loans and variable rate home equity lines of credit. Substantially all home equity loans and lines of credit are secured by junior lien mortgages on principal residences. The Bank will lend amounts, which, together with all prior liens, typically may be up to 90% of the appraised value of the property securing the loan. Home equity term loans may have maximum terms up to 20 years, while home equity lines of credit generally have maximum terms of 15 years . Credit risk on such loans is mitigated through prudent underwriting standards, including evaluation of the creditworthiness of the borrower through credit scores and debt-to-income ratios and, if secured, the collateral value of the assets Expected credit losses are estimated over the contractual term, adjusted for expected prepayments and recoveries. The contractual term excludes any extensions, renewals and modifications unless the Corporation has reasonable expectations at the reporting date that it will result in a modification, or they are not unconditionally cancellable. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The allowance includes two primary components: (i) an allowance established on loans which share similar risk characteristics collectively evaluated for credit losses (collective basis) and (ii) an allowance established on loans which do not share similar risk characteristics with any loan segment and are individually evaluated for credit losses (individual basis). Loans that share similar risk characteristics are collectively reviewed for credit loss and are evaluated based on the Corporation’s historical loss experience and peer loss rate data, adjusted for current economic conditions and future economic forecasts. Estimated losses are determined differently for commercial and consumer loans, and each portfolio segment is further segmented by internally assessed risk ratings. Management uses a third-party economic forecast to modify the calculated historical loss rates of the portfolio segments. The Corporation's economic forecast extends out 4 quarters (the forecast period) and reverts to the historical loss rates on a straight-line basis over 1 quarter (the reversion period) as we believe this to be reasonable and supportable in the current environment. The economic forecast and reversion periods will be evaluated periodically by management and updated as appropriate. The historical loss rates for commercial loans are estimated by determining the PD and expected LGD. The PD is calculated based on the historical rate of migration to an event of credit loss during the look-back period. The historical loss rates for retail loans is calculated based solely on average net loss rates over the same look-back period. The Corporation's current look-back period is 36 quarters which helps to ensure that historical loss rates are adequately considering losses over a full economic cycle. Loans that do not share similar risk characteristics with any loan segments are evaluated on an individual basis. These loans, which may include borrowers experiencing financial difficulties, are not included in the collective basis evaluation. When it is probable that collection of all principal and interest due according to their contractual terms is not likely, which is assessed based on the credit characteristics of the loan and/or payment status, these loans are individually reviewed and measured for potential credit loss. The amount of the potential credit loss is measured using one of three methods: (i) the present value of expected future cash flows discounted at the loan’s effective interest rate; (ii) the fair value of collateral, if the loan is collateral dependent; or (iii) the loan’s observable market price. If the measured fair value of the loan is less than the amortized cost basis of the loan, an allowance for credit loss is recorded. For collateral dependent loans, the expected credit losses at the individual asset level is the difference between the collateral's fair value (less cost to sell) and the amortized cost. Qualitative adjustment factors consider various internal and external conditions which are allocated among loan segments and take into consideration: • Current underwriting policies, staff and portfolio concentrations, • Risk rating accuracy, credit and administration, • Internal risk emergence (including internal trends of delinquency, portfolio growth, and collateral value), and • , Competitive environment, as it could impact loan structure and underwriting. These factors are based on their relative standing compared to the period in which historical losses are used in quantitative reserve estimates and current directional trends, and reasonable and supportable forecasts. Qualitative factors in the model can add to or subtract from quantitative reserves. Loan officers and risk managers meet at least quarterly to discuss and review the conditions and risks associated with individual problem loans. In addition, various regulatory agencies periodically review our loan ratings and allowance for credit losses and the Bank’s internal loan review department performs loan reviews. Accrued interest receivable on loans is excluded from the estimate of credit losses and is included in accrued interest receivable on the Consolidated Balance Sheets.
Mortgage Banking Activities and Mortgage Loans Held for Sale	Mortgage Banking Activities and Mortgage Loans Held for Sale The Corporation’s mortgage banking division operates 6 offices in the tri-state area of Pennsylvania, Delaware and New Jersey and another 4 offices in Maryland. The mortgage banking division originates conventional mortgages, FHA, VA, USDA, and other state insured mortgages. The loans are generally sold to various investors in the secondary market. Mortgage loans originated by the Corporation and intended for sale in the secondary market to permanent investors are classified as mortgage loans held for sale on the balance sheet as the Corporation has elected to measure loans held for sale at fair value. Fair value is based on outstanding investor commitments or, in the absence of such commitments, on current investor yield requirements based on third party models. Gains and losses on sales of these loans, as well as loan origination costs, are recorded as a component of non-interest income in the consolidated statements of income. The Corporation’s current practice is to sell residential mortgage loans and retain the servicing rights, as discussed further below. Interest on loans held for sale is credited to income based on the principal amounts outstanding. The Corporation enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (interest rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Time elapsing between the issuance of a loan commitment and closing and sale of the loan generally ranges from 30 days to 120 days. The Corporation protects itself from changes in interest rates through the use of best efforts forward sale contracts, whereby the Corporation commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. The Corporation may also commit to loan sales through a mandatory sales channel which are economically hedged by the future sale of mortgage-backed securities to third-party counterparties to mitigate the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. By entering into best efforts commitments and economically hedging the mandatory commitments, the Corporation limits its exposure to loss and its realization of significant gains related to its rate lock commitments due to changes in interest rates. The Corporation utilizes a third-party model to determine the fair value of rate lock commitments or forward sale contracts. This model uses investor quotes while taking into consideration the probability that the rate lock commitments will close. Net derivative assets and liabilities are recorded within other assets or other liabilities, respectively, on the consolidated balance sheets, with changes in fair value during the period recorded within net change in the fair value of derivative instruments on the consolidated statements of income.
Loan Servicing Rights	Loan Servicing Rights The Corporation sells substantially all of the residential mortgage loans originated for sale in the secondary market; however, the Corporation may retain the servicing rights related to some of these loans. A fee, usually based on a percentage of the outstanding principal balance of the loan, is received in return for these services. MSRs are recognized when a loan’s servicing rights are retained upon sale of a loan. When mortgage loans are sold with servicing retained, MSRs are initially recorded at fair value with the income effect recorded in non-interest income. The Corporation also sells the guaranteed portion of certain SBA loans to third parties and retains servicing rights and receives servicing fees. All such transfers are accounted for as sales. While the Corporation may retain a portion of certain sold SBA loans, its continuing involvement in the portion of the loan that was sold is limited to certain servicing responsibilities. These servicing assets amortize in proportion to, and over the period of, the estimated future net servicing life of the underlying loans. The servicing assets are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the servicing assets.
Other Real Estate Owned	Other Real Estate Owned OREO is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. The Corporation acquires OREO through the wholly owned subsidiary of the Bank, Apex Realty. OREO is recorded at the lower of cost or fair value, or the loan amount net of estimated selling costs, at the date of foreclosure. The cost basis of OREO is its recorded value at the time of acquisition. After acquisition, valuations are periodically performed by management and subsequent changes in the valuation allowance are charged to OREO expense. Revenues, such as rental income, and holding expenses, as applicable, are included in other income and other expenses, respectively. The Corporation had one property of $1.7 million in OREO at December 31, 2023 and December 31, 2022.
Restricted Investment in Bank Stock	Restricted Investment in Bank Stock Restricted bank stock is principally comprised of stock in the FHLB. Federal law requires a member institution of the FHLB to hold stock according to a predetermined formula. As of December 31, 2023, and 2022, the Corporation had an investment of $8.1 million and $6.9 million, respectively, related to the FHLB stock. Also included in restricted stock is secondary stock from a correspondent bank in the amount of $50 thousand as of December 31, 2023 and 2022. All restricted stock is carried at cost. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) significance of the decline in net assets of the banks as compared to the capital stock amount and the length of time this situation has persisted, (2) commitments by the banks to make payments required by law or regulation and the level of such payments in relation to the operating performance of the banks, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the banks. Management believes no impairment charge is necessary related to these bank restricted stocks as of December 31, 2023 or 2022.
Transfers of Financial Assets	Transfers of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Corporation, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Bank Premises and Equipment	Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 12 to 40 years Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from 3 to 7 years and 3 to 5 years for computer software and hardware, respectively. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The costs of maintenance and repairs are expensed as incurred; while major replacements, improvements and additions are capitalized.
Lease Liabilities and Right of Use Assets	Lease Liabilities and Right of Use Assets The Corporation is obligated under non-cancelable operating leases for premises for various retail branch locations and loan production offices. The Corporation determines if an arrangement is a lease at inception by assessing whether a contract contains a right to control an identified asset for a period of time in exchange for consideration. Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. For purposes of calculating operating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Corporation will exercise that option and begins when the Corporation has control and possession of the leased property, which may be before rental payments are due under the lease. Right-of use assets and operating lease liabilities are recognized based on the present value of lease payments, discounted using the Corporation's incremental borrowing rate, over the lease term at the possession date. The Corporation determines its incremental borrowing rate using publicly available information available for debt issuers with similar credit ratings as the Bank, as the substantial majority of the Corporation's leases are related to properties of the Bank. The Corporation separately accounts for lease and non-lease components such as property taxes, insurance, and maintenance costs. Operating lease expense for the Corporation's leases, which generally have escalating rental payments over the term of the lease, is recognized on a straight-line basis over the lease term. At December 31, 2023, the Corporation's leases have remaining terms of 2 months to 12 years.
Bank-Owned Life Insurance	Bank-Owned Life Insurance The Corporation invests in BOLI as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Corporation on a chosen group of employees. The Corporation is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Earnings from the increase in cash surrender value of the policies are included in non-interest income on the consolidated statements of income.
Advertising Costs	Advertising Costs The Corporation follows the policy of charging the costs of advertising to expense as incurred.
Employee Benefit Plans	Employee Benefit Plans The Corporation has a 401(k) Plan (the Plan) and an ESOP. All employees are eligible to participate in the Plan and ESOP after they have attained the age of 21 and have also completed three months consecutively of service. Employees must participate in the Plan to be eligible for participation in the ESOP. The employees may contribute to the Plan up to the maximum percentage allowable by law of their compensation. The Corporation may make a discretionary matching contribution to the Plan and the ESOP. Full vesting in the Corporation’s contribution to the Plan and ESOP is over a three-year period. The Corporation recorded expense for the Plan and ESOP of $1.0 million and $858 thousand, respectively for the year ended December 31, 2023 and $1.0 million and $1.1 million, respectively for the year ended December 31, 2022. The expense recorded by the Corporation for the ESOP for the year ended December 31, 2023 included a $536 thousand employer contribution, in addition to $523 thousand in stock compensation related expense. The expense recorded by the Corporation for the ESOP for the year ended December 31, 2022 included a $671 thousand employer contribution, in addition to $426 thousand in stock compensation related expense. During the year ended December 31, 2023, 81,316 shares were purchased by the ESOP, while for the year ended December 31, 2022, 0 shares were purchased by the ESOP. Shares in the ESOP that are committed to be released to employees are treated as outstanding shares in the Corporation’s computation of earnings per share. As of December 31, 2023, 93,296 of these common shares were released to the ESOP leaving 173,264 unallocated shares. There were 610,735 shares in the ESOP as of December 31, 2023. Shares in the ESOP would be impacted by any stock dividends and stock splits in the same manner as all other outstanding common shares of the Corporation.
Income Taxes	Income Taxes Deferred income taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating losses and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and net operating loss carry-forwards and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Corporation follows accounting guidance related to accounting for uncertainty in income taxes. Under the “more likely than not” threshold guidelines, the Corporation believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. As of December 31, 2023, and 2022, the Corporation had no material unrecognized tax benefits or accrued interest and penalties. The Corporation’s policy is to account for interest as a component of interest expense and penalties as a component of other expense. The Corporation is no longer subject to examination by federal, state and local taxing authorities for years before January 1, 2020.
Stock Compensation Plans	Stock Compensation Plans Stock compensation accounting guidance requires that the compensation cost relating to share-based payment transactions be recognized in the consolidated financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options and restricted share plans.
Comprehensive Income	Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of other comprehensive income (loss) for the years ended December 31, 2023 and 2022 consist of unrealized holding gains and (losses) arising during the year on available-for-sale securities, unrealized gains and (losses) arising during the year on interest rate swaps used in cash flow hedges.
Off Balance Sheet Financial Instruments	Off-Balance Sheet Financial Instruments In the ordinary course of business, the Corporation has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the balance sheet when they are funded. Unfunded Lending Commitments For unfunded lending commitments, the Corporation estimates expected credit losses over the contractual period in which the Corporation is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Corporation. The estimate includes consideration of the probability of default and utilization rate at default to calculate expected credit losses on commitments expected to be funded over its estimated life of one year, based on historical losses, and qualitative adjustment factors. The allowance for credit losses for off-balance sheet exposures is included in Other liabilities on the Consolidated Balance Sheets and the provision for credit losses for off-balance sheet exposure is included in the provision for credit losses on the Consolidated Statements of Income for the periods ended December 31, 2023, and in other non-interest expense for periods prior to the adoption of ASU-2016-13 on January 1, 2023. The allowance for credit losses for off-balance sheet exposures was $1.0 million and $173 thousand as of December 31, 2023 and December 31, 2022, respectively.
Derivative Financial Instruments	Derivative Financial Instruments The Corporation recognizes all derivative financial instruments related to its mortgage banking activities on its balance sheet at fair value. The Corporation utilizes investor quotes to determine the fair value of interest rate lock commitment derivatives and market pricing to determine the fair value of forward security purchase commitment derivatives. All changes in fair value of derivative instruments are recognized in earnings. The Corporation enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement. The interest rate swaps are recognized on the Corporation’s balance sheet at fair value. Under these agreements, the Corporation originates variable-rate loans with customers in addition to interest rate swap agreements, which serve to effectively swap the customers’ variable-rate loans into fixed-rate loans. The Corporation then enters into corresponding swap agreements with swap dealer counterparties to economically hedge its exposure on the variable and fixed components of the customer agreements. The interest rate swaps with both the customers and third parties are not designated as hedges under ASC 815 and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. Cash flow hedges are used to mitigate the variability in the cash flows of borrowings, caused by interest rate fluctuations. The changes in the fair value of cash flow hedges are initially reported in other comprehensive income. Amounts are subsequently reclassified from accumulated other comprehensive income to earnings when the hedged transactions occur, specifically within the same line item as the hedged item.
Earnings per Common Share	Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period reduced by unearned ESOP Plan shares and treasury stock. Diluted earnings per common share takes into account the potential dilution that would occur if in the-money stock options were exercised and converted into shares of common stock and restricted stock awards and performance-based stock awards were vested. Proceeds assumed to have been received on options exercises are assumed to be used to purchase shares of the Corporation’s common stock at the average market price during the period, as required by the treasury stock method of accounting. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.
Revenue Recognition	Revenue Recognition The Corporation recognizes all sources of income on the accrual method, with the exception of nonaccrual loans and leases. In addition to lending and related activities, the Corporation offers various services that generate revenue, certain of which are in the scope of FASB ASU 2014-09 (Topic 606), “Revenue for Contracts with Customers” (ASC 606) is recognized within non-interest income and include wealth management fees, and transaction based and fees. Revenue is recognized when the transactions occur or as services as performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur. Fees may be fixed or, where applicable based on a percentage of transaction size. Wealth management income for the years ended December 31, 2023 and 2022 is $4.9 million and $4.7 million. Within other non-interest income is $750 thousand and $1.1 million for the years ended December 31, 2023 and 2022, respectively, which are in the scope of ASC 606. These amounts include wire transfer fees, ATM/debit card commissions, title fee income. The Corporation earns wealth management fee income from investment advisory services provided to individual and 401k customers. Fees that are determined based on the market value of the assets held in their accounts are generally billed quarterly, in advance, based on the market value of assets at the end of the previous billing period. Other related services that are based on a fixed fee schedule are recognized when the services are rendered. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed, i.e. the trade date. Included in other assets on the balance sheet is a receivable for wealth management fees that have been earned but not yet collected. The Corporation earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Corporation fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance.
Loss Contingencies	Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe such matters will have a material effect on the financial statements.
Operating Segments	Operating Segments While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Corporation-wide basis. The Corporation has identified three segments: a banking segment, a wealth management segment and a mortgage banking segment, as more fully disclosed in Note 20 - Segments.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 18 - Fair Value Measurements and Disclosures. Fair value estimates involve uncertainties and matters of significant judgment. Changes in assumptions or in market conditions could significantly affect the estimates.
Recent Accounting Pronouncements and Pronouncements Adopted in 2023	Recent Accounting Pronouncements As an “emerging growth company” under the JOBS Act until December 31, 2022, the Bank was permitted an extended transition period for complying with new or revised accounting standards affecting public companies up to this date. We were classified as an emerging growth company until the end of the fiscal year following the fifth anniversary of the completion of our initial public offering, which took place on November 7, 2022. While an emerging growth company we had elected to take advantage of this extended transition period, which means that the financial statements included herein, as well as any financial statements that we filed in the past, are not subject to all new or revised accounting standards generally applicable to public companies for the transition period. Pronouncements Adopted in 2023 FASB ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments” The Corporation adopted ASU 2016-13, as amended, on January 1, 2023, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the CECL methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans, net of fees and costs, securities HTM, unfunded lending commitments (including loan commitments on loans held for investment, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842. In addition, ASC 326 made changes to the accounting for securities AFS which now requires credit losses to be presented as an allowance rather than as an other-than-temporary impairment on securities AFS management does not intend to sell or believes that it is more likely than not they will be required to sell. The Corporation applied the modified retrospective method for all financial assets measured at amortized cost and securities AFS. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Corporation recorded a one-time decrease to retained earnings of $2.2 million on January 1, 2023 for the cumulative effect of adopting ASC 326, net of tax. The transition adjustment includes $1.2 million and $974 thousand post-tax impacts for loans, net of fees and costs and unfunded loan commitments, respectively, due to higher expected credit losses compared to the incurred loss methodology primarily driven by small ticket equipment leases and longer duration commercial and consumer real estate loans. The impact of the change from the incurred loss model to the current expected credit loss model is detailed below. January 1, 2023 (dollars in thousands) Pre-adoption Adoption Impact As Reported Assets: ACL on loans and leases: Commercial mortgage $ 4,095 $ (526) $ 3,569 Home equity lines and loans 188 439 627 Residential mortgage 948 17 965 Construction 3,075 (1,763) 1,312 Commercial and industrial 4,012 (1,023) 2,989 Small business loans 4,909 1,110 6,019 Consumer 3 (3) — Leases, net 1,598 3,345 4,943 Total ACL on loans and leases $ 18,828 $ 1,596 $ 20,424 Liabilities: Reserve for unfunded commitments $ 173 $ 1,256 $ 1,429 FASB ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” Issued in April 2019, ASU 2019-04 clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12, and 2016-01, respectively). The amendments to estimating expected credit losses (ASU 2016-13), in particular, how a company considers recoveries and extension options when estimating expected credit losses, are the most relevant to the Corporation. The ASU clarifies that (1) the estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off, and (2) that contractual extension or renewal options that are not unconditionally cancellable by the lender are considered when determining the contractual term over which expected credit losses are measured. The Corporation adopted ASU 2019-04 at the same time ASU 2016-13 was adopted. FASB ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." In March 2022, the FASB issued ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted CECL and enhance the disclosure requirements for modifications of receivables made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs by year of origination for financing receivables and net investment in leases in the existing vintage disclosures. The Corporation adopted ASU 2022-02 at the same time ASU 2016-13 was adopted, as of January 1, 2023. The adoption of this ASU resulted in updated disclosures within our financial statements but otherwise did not have a material impact on the Corporation's financial statements. Pronouncements Not Effective as of December 31, 2023: FASB ASU 2020-04 (Topic 848), “Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” Issued in March 2020, ASU 2020-04 contains optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The Corporation does not have a significant concentration of loans, derivative contracts, borrowings or other financial instruments with attributes that are either directly or indirectly dependent on LIBOR. The Corporation expects to adopt the LIBOR transition relief allowed under this standard. FASB ASU 2020-06, “Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” This ASU clarifies the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update reduce the number of accounting models for convertible debt instruments and convertible preferred stock by removing the cash conversion model and the beneficial conversion feature models. For public business entities that meet the definition of an SEC filer (excluding smaller reporting entities), the amendments are effective for fiscal years beginning after Dec. 15, 2021, and interim periods within. For all other entities, the amendments are effective for fiscal years beginning after Dec. 15, 2023, and interim periods within. The Corporation does not expect this to have a material impact on our consolidated financial statements. FASB ASU 2023-02, "Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method" In March 2023, the 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 to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. If certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits, instead of only LIHTC structures. This amendment also eliminates certain LIHTC specific guidance aligning the accounting with other equity investments in tax credit structures. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Corporation does not expect this to have a material impact on our consolidated financial statements. FASB ASU 2023-07, “Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures” The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Corporation is currently evaluating the impact on its results of operation, financial position, liquidity, and disclosures. FAS ASU 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. Early adoption is permitted.The Corporation is currently evaluating the impact on its disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Accounting Standards Update and Change in Accounting Principle	The impact of the change from the incurred loss model to the current expected credit loss model is detailed below. January 1, 2023 (dollars in thousands) Pre-adoption Adoption Impact As Reported Assets: ACL on loans and leases: Commercial mortgage $ 4,095 $ (526) $ 3,569 Home equity lines and loans 188 439 627 Residential mortgage 948 17 965 Construction 3,075 (1,763) 1,312 Commercial and industrial 4,012 (1,023) 2,989 Small business loans 4,909 1,110 6,019 Consumer 3 (3) — Leases, net 1,598 3,345 4,943 Total ACL on loans and leases $ 18,828 $ 1,596 $ 20,424 Liabilities: Reserve for unfunded commitments $ 173 $ 1,256 $ 1,429

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per common share	Year Ended (dollars in thousands, except per share data) 2023 2022 Numerator for earnings per share: Net income available to common stockholders $ 13,243 $ 21,829 Denominators for earnings per share: Weighted average shares outstanding 11,289 11,992 Average unearned ESOP shares (174) (200) Basic weighted average shares outstanding 11,115 11,792 Dilutive effects of assumed exercises of stock options 144 268 Dilutive effects of SERP shares 128 144 Diluted weighted average shares outstanding 11,387 12,204 Basic earnings per share $ 1.19 $ 1.85 Diluted earnings per share $ 1.16 $ 1.79 Antidilutive shares excluded from computation of average dilutive earnings per share 489 464

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill and intangibles assets related to acquisition	The Corporation’s goodwill and intangible assets are detailed below: (dollars in thousands) December 31, Amortization Expense December 31, Amortization Period (in years) Goodwill $ 899 $ — $ 899 Indefinite Intangible assets - customer relationships 266 — 266 Indefinite Intangible assets - non competition agreements 2,909 (204) 2,705 20 Total Intangible Assets $ 3,175 $ (204) $ 2,971 Total $ 4,074 $ (204) $ 3,870
Schedule of future amortization	At December 31, 2023, the schedule of future intangible asset amortization is as follows (in thousands): 2024 $ 204 2025 204 2026 204 2027 204 2028 204 Thereafter 1,685 Total $ 2,705

Securities (Tables)

Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of amortized cost and fair value of securities	The following table presents the amortized cost and fair value of securities at the dates indicated: December 31, 2023 (dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Allowance for Credit Losses Fair value # of Securities in unrealized loss position Securities available-for-sale: U.S. asset backed securities $ 17,012 $ 25 $ (213) $ — $ 16,824 11 U.S. government agency MBS 22,750 364 (480) — 22,634 14 U.S. government agency CMO 21,850 — (2,277) — 19,573 30 State and municipal securities 40,093 — (3,877) — 36,216 31 U.S. Treasuries 32,982 — (2,560) — 30,422 25 Non-U.S. government agency CMO 13,605 102 (552) — 13,155 9 Corporate bonds 8,200 — (1,005) — 7,195 13 Total securities available-for-sale $ 156,492 $ 491 $ (10,964) $ — $ 146,019 133 Amortized cost Gross unrecognized gains Gross unrecognized losses Allowance for Credit Losses Fair value # of Securities in unrecognized loss position Securities held-to-maturity: State and municipal securities $ 35,781 $ 52 $ (3,103) $ — $ 32,730 21 Total securities held-to-maturity $ 35,781 $ 52 $ (3,103) $ 32,730 21 December 31, 2022 (dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value # of Securities in unrealized loss position Securities available-for-sale: U.S. asset backed securities $ 15,581 $ 14 $ (314) $ 15,281 12 U.S. government agency MBS 12,272 5 (538) 11,739 12 U.S. government agency CMO 25,520 40 (2,242) 23,318 29 State and municipal securities 44,700 — (5,862) 38,838 34 U.S. Treasuries 32,980 — (3,457) 29,523 25 Non-U.S. government agency CMO 9,722 — (633) 9,089 11 Corporate bonds 8,201 — (643) 7,558 12 Total securities available-for-sale $ 148,976 $ 59 $ (13,689) $ 135,346 135 Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value # of Securities in unrecognized loss position Securities held-to-maturity: State and municipal securities $ 37,479 $ — $ (4,394) $ 33,085 25 Total securities held-to-maturity $ 37,479 $ — $ (4,394) $ 33,085 25
Schedule of investment gross unrealized loss in continuous unrealized loss position	The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at the dates indicated: December 31, 2023 Less than 12 Months 12 Months or more Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Securities available-for-sale: U.S. asset backed securities $ 4,981 $ (25) $ 6,195 $ (188) $ 11,176 $ (213) U.S. government agency MBS 4,864 (35) 8,170 (445) 13,034 (480) U.S. government agency CMO 2,687 (36) 16,886 (2,241) 19,573 (2,277) State and municipal securities — — 36,216 (3,877) 36,216 (3,877) U.S. Treasuries — — 30,422 (2,560) 30,422 (2,560) Non-U.S. government agency CMO 1,127 (4) 6,065 (548) 7,192 (552) Corporate bonds 907 (93) 6,288 (912) 7,195 (1,005) Total securities available-for-sale $ 14,566 $ (193) $ 110,242 $ (10,771) $ 124,808 $ (10,964) Less than 12 Months 12 Months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Securities held-to-maturity: State and municipal securities $ 1,021 $ (6) $ 29,404 $ (3,097) $ 30,425 $ (3,103) Total securities held-to-maturity $ 1,021 $ (6) $ 29,404 $ (3,097) $ 30,425 $ (3,103) December 31, 2022 Less than 12 Months 12 Months or more Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Securities available-for-sale: U.S. asset backed securities $ 6,531 $ (80) $ 4,863 $ (234) $ 11,394 $ (314) U.S. government agency MBS 6,022 (230) 4,637 (308) 10,659 (538) U.S. government agency CMO 9,859 (821) 9,549 (1,421) 19,408 (2,242) State and municipal securities 7,487 (726) 31,351 (5,136) 38,838 (5,862) U.S. Treasuries 1,902 (97) 27,622 (3,360) 29,524 (3,457) Non-U.S. government agency CMO 8,423 (464) 666 (169) 9,089 (633) Corporate bonds 5,019 (431) 1,538 (212) 6,557 (643) Total securities available-for-sale $ 45,243 $ (2,849) $ 80,226 $ (10,840) $ 125,469 $ (13,689) Less than 12 Months 12 Months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Securities held-to-maturity: State and municipal securities $ 10,130 $ (364) $ 22,543 $ (4,030) $ 32,673 $ (4,394) Total securities held-to-maturity $ 10,130 $ (364) $ 22,543 $ (4,030) $ 32,673 $ (4,394)
Schedule of amortized cost and carrying value of held-to-maturity securities and available-for-sale securities by contractual maturity	The amortized cost and carrying value of securities are shown below by contractual maturities at the dates indicated. Actual maturities may differ from contractual maturities as issuers may have the right to call or repay obligations with or without call or prepayment penalties. December 31, 2023 Available-for-sale Held-to-maturity (dollars in thousands) Amortized Fair Amortized Fair Due in one year or less $ — $ — $ — $ — Due after one year through five years 32,982 30,423 3,911 3,797 Due after five years through ten years 16,746 15,208 4,332 3,676 Due after ten years 48,559 45,026 27,538 25,257 Subtotal 98,287 90,657 35,781 32,730 Mortgage-related securities 58,205 55,362 — — Total $ 156,492 $ 146,019 $ 35,781 $ 32,730
Gross gain and (loss) on sale of investment securities available for sale	The following table presents the gross gain on sale of investment securities available for sale on the dates indicated: Year Ended (dollars in thousands) 2023 2022 Proceeds from sale of investment securities $ 13,514 $ — Gross loss on sale of available for sale investments 58 —

Loans and Other Finance Recei_2

Loans and Other Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Summary of loans and leases outstanding	The following table presents loans and other finance receivables, net of fees and costs detailed by category at the dates indicated: (dollars in thousands) December 31, December 31, Real estate loans: Commercial mortgage $ 737,863 $ 565,400 Home equity lines and loans 76,287 59,399 Residential mortgage 260,604 221,837 Construction 246,440 271,955 Total real estate loans 1,321,194 1,118,591 Commercial and industrial 302,891 341,378 Small business loans 142,342 136,155 Consumer 389 488 Leases, net 121,632 138,986 Loans and other finance receivables, net of fees and costs $ 1,888,448 $ 1,735,598 Balances included in loans, net of fees and costs: Residential mortgage real estate loans accounted under fair value option, at fair value $ 13,726 $ 14,502 Residential mortgage real estate loans accounted under fair value option, at amortized cost 16,198 16,930 Unearned lease income included in leases, net (19,210) (25,715) Unamortized net deferred loan origination costs 7,358 8,084
Schedule of age analysis of past due loans and leases	The following tables present an aging of the Corporation’s loans, net of fees and costs at the dates indicated: December 31, 2023 (dollars in thousands) 30-89 days past due 90+ days past due and still accruing Total past due Current Total Accruing Loans and leases Nonaccrual loans and leases Total loans, net of fees and costs % Delinquent Commercial mortgage $ 571 $ — $ 571 $ 737,292 $ 737,863 $ — $ 737,863 0.08 % Home equity lines and loans 566 — 566 74,684 75,250 1,037 76,287 2.10 Residential mortgage (1) 1,103 — 1,103 254,965 256,068 4,536 260,604 2.16 Construction — — — 245,234 245,234 1,206 246,440 0.49 Commercial and industrial — — — 287,478 287,478 15,413 302,891 5.09 Small business loans 1,499 — 1,499 131,403 132,902 9,440 142,342 7.69 Consumer — — — 389 389 — 389 — Leases, net 2,197 — 2,197 117,304 119,501 2,131 121,632 3.56 % Total $ 5,936 $ — $ 5,936 $ 1,848,749 $ 1,854,685 $ 33,763 $ 1,888,448 2.10 % (1) Includes $13.7 million of loans at fair value of which $12.9 million are current, $0 are 30-89 days past due, and $786 thousand are nonaccrual. December 31, 2022 (dollars in thousands) 30-89 days past due 90+ days past due and still accruing Total past due Current Total Accruing Loans and leases Nonaccrual loans and leases Total loans, net of fees and costs % Delinquent Commercial mortgage $ — $ — $ — $ 565,260 $ 565,260 $ 140 $ 565,400 0.02 % Home equity lines and loans 146 — 146 58,156 58,302 1,097 59,399 2.09 Residential mortgage (1) 4,262 — 4,262 215,490 219,752 2,085 221,837 2.86 Construction 1,206 — 1,206 270,749 271,955 — 271,955 0.44 Commercial and industrial 101 — 101 328,730 328,831 12,547 341,378 3.70 Small business loans 939 — 939 130,751 131,690 4,465 136,155 3.97 Consumer — — — 488 488 — 488 — Leases, net 1,173 — 1,173 136,911 138,084 902 138,986 1.49 % Total $ 7,827 $ — $ 7,827 $ 1,706,535 $ 1,714,362 $ 21,236 $ 1,735,598 1.67 % (1) Includes $14.5 million of loans at fair value of which $13.8 million are current, $184 thousand are 30-89 days past due and $558 thousand are nonaccrual.
Financing Receivable, Nonaccrual	The following table presents the amortized costs basis of loans and leases on nonaccrual status, net of fees and costs as of December 31, 2023. As of this date here were no loans 90 days or more past due and still accruing. December 31, 2023 (dollars in thousands) Nonaccrual Without ACL Nonaccrual With ACL Total Nonaccrual Home equity lines and loans $ 1,037 $ — $ 1,037 Residential mortgage 4,536 — 4,536 Construction 1,206 — 1,206 Commercial and industrial 3,343 12,070 15,413 Small business loans 3,607 5,833 9,440 Leases, net 2,131 — 2,131 Total $ 15,860 $ 17,903 $ 33,763
Schedule of Non-Accruing Collateral Dependent Loans By Class Or Loans	The following table presents the amortized cost basis of non-accruing collateral-dependent loans by class of loans and type of collateral identified as of December 31, 2023 under the current expected credit loss model: December 31, 2023 (dollars in thousands) Real Estate Equipment and Other Total Home equity lines and loans $ 1,037 $ — $ 1,037 Residential mortgage 4,536 — 4,536 Construction 1,206 — 1,206 Commercial and industrial 1,890 13,523 15,413 Small business loans 6,320 3,120 9,440 Leases, net — 2,131 2,131 Total $ 14,989 $ 18,774 $ 33,763

Allowance for Credit Losses (_2

Allowance for Credit Losses (the Allowance) (Tables)	12 Months Ended
	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract]
Schedule of allowance by portfolio segment	The following tables provide the activity of our allowance for credit losses for the year ended December 31, 2023 under the CECL model in accordance with ASC 326 (as adopted on January 1, 2023): Year Ended December 31, 2023 (dollars in thousands) Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL Adjustment to initially apply ASU No. 2016-13 for CECL Charge-offs Recoveries Provision (recovery of provision) for credit losses Ending Balance Commercial mortgage $ 4,095 $ (526) $ — $ — $ 806 $ 4,375 Home equity lines and loans 188 439 (87) 5 453 998 Residential mortgage 948 17 — — 55 1,020 Construction 3,075 (1,763) — — (827) 485 Commercial and industrial 4,012 (1,023) (266) 57 1,738 4,518 Small business loans 4,909 1,110 (1,488) 5 2,469 7,005 Consumer 3 (3) (2) 4 (2) — Leases 1,598 3,345 (4,033) 254 2,542 3,706 Total $ 18,828 $ 1,596 $ (5,876) $ 325 $ 7,234 $ 22,107 Year Ended December 31, 2022 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provision (Credit) Ending Balance Commercial mortgage $ 4,950 $ — $ — $ (855) $ 4,095 Home equity lines and loans 224 (12) 43 (67) 188 Residential mortgage 283 — 2 663 948 Construction 2,042 — — 1,033 3,075 Commercial and industrial 6,533 — 97 (2,618) 4,012 Small business loans 3,737 — — 1,172 4,909 Consumer 3 — 4 (4) 3 Leases 986 (2,616) 64 3,164 1,598 Total $ 18,758 $ (2,628) $ 210 $ 2,488 $ 18,828 The following tables detail the allocation of the ACL and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases at the dates indicated: December 31, 2023 Allowance for credit losses Carrying value of loans and leases (dollars in thousands) Individually evaluated Collectively evaluated Total Individually evaluated Collectively evaluated Total Commercial mortgage $ — $ 4,375 $ 4,375 $ — $ 737,863 $ 737,863 Home equity lines and loans — 998 998 1,037 75,250 76,287 Residential mortgage — 1,020 1,020 3,750 243,128 246,878 Construction — 485 485 1,206 245,234 246,440 Commercial and industrial 3,691 827 4,518 15,413 287,478 302,891 Small business loans 2,805 4,200 7,005 9,440 132,902 142,342 Consumer — — — — 389 389 Leases, net — 3,706 3,706 2,131 119,501 121,632 Total (1) $ 6,496 $ 15,611 $ 22,107 $ 32,977 $ 1,841,745 $ 1,874,722 1) Excludes deferred fees and loans carried at fair value. The following table details the pre-CECL allocation of the allowance for loan and lease losses and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment at: December 31, 2022 Allowance on loans and leases Carrying value of loans and leases (dollars in thousands) Individually Collectively Total Individually Collectively Total Commercial mortgage $ — $ 4,095 $ 4,095 $ 2,445 $ 562,955 $ 565,400 Home equity lines and loans — 188 188 1,097 58,302 59,399 Residential mortgage — 948 948 1,454 205,881 207,335 Construction — 3,075 3,075 1,206 270,749 271,955 Commercial and industrial 776 3,236 4,012 12,547 328,831 341,378 Small business loans 1,449 3,460 4,909 4,527 131,628 136,155 Consumer — 3 3 — 488 488 Leases — 1,598 1,598 902 138,084 138,986 Total (1) $ 2,225 $ 16,603 $ 18,828 $ 24,178 $ 1,696,918 $ 1,721,096 1) Excludes deferred fees and loans carried at fair value.
Financing receivables provision for credit losses	The following table provides a reconciliation of the provision for credit losses on the consolidated statements of income between the funded and unfunded components at the dates indicated: Year Ended (dollars in thousands) 2023 2022 Provision for credit losses - funded $ 7,234 $ 2,488 Recovery of provision for credit losses - unfunded (419) — Total provision for credit losses $ 6,815 $ 2,488
Schedule of carrying value of loans and leases by portfolio segment based on the credit quality indicators	The following tables detail the carrying value of loans and leases by portfolio segment based on the credit quality indicators used to determine the allowance for credit losses at the dates indicated: December 31, 2023 Revolving Loans Converted to Term Loans Revolving Loans Total Term Loans 2023 2022 2021 2020 2019 Prior Commercial mortgage Pass/Watch $ 106,341 $ 160,302 $ 158,647 $ 97,535 $ 56,382 $ 133,349 $ 511 $ 423 $ 713,490 Special Mention — — — 4,425 4,341 9,975 667 — 19,408 Substandard 200 — 571 — 1,635 2,233 — 326 4,965 Doubtful — — — — — — — — — Total $ 106,541 $ 160,302 $ 159,218 $ 101,960 $ 62,358 $ 145,557 $ 1,178 $ 749 $ 737,863 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass/Watch $ 67,776 $ 88,737 $ 21,793 $ 27,336 $ 2,307 $ 2,093 $ 123 $ 25,976 $ 236,141 Special Mention — — 1,329 — 511 4,329 — 2,924 9,093 Substandard — — — — — 1,206 — — 1,206 Doubtful — — — — — — — — — Total $ 67,776 $ 88,737 $ 23,122 $ 27,336 $ 2,818 $ 7,628 $ 123 $ 28,900 $ 246,440 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial Pass/Watch $ 26,314 $ 38,748 $ 24,523 $ 8,449 $ 4,148 $ 33,726 $ — $ 131,304 $ 267,212 Special Mention 500 9 — — — 1,361 — 6,440 8,310 Substandard — — 2,906 — 300 9,469 — 14,694 27,369 Doubtful — — — — — — — — — Total $ 26,814 $ 38,757 $ 27,429 $ 8,449 $ 4,448 $ 44,556 $ — $ 152,438 $ 302,891 Current period gross charge-offs $ (209) $ (55) $ — $ (2) $ — $ — $ — $ — $ (266) Small business loans Pass/Watch $ 35,764 $ 26,621 $ 37,278 $ 11,687 $ 6,672 $ 920 $ — $ 12,507 $ 131,449 Special Mention — — — 909 — — — 314 1,223 Substandard 49 1,523 5,090 2,122 — — — 886 9,670 Doubtful — — — — — — — — — Total $ 35,813 $ 28,144 $ 42,368 $ 14,718 $ 6,672 $ 920 $ — $ 13,707 $ 142,342 Current period gross charge-offs $ — $ — $ — $ (11) $ (912) $ — $ — $ (565) $ (1,488) Total by risk rating Pass/Watch $ 236,195 $ 314,408 $ 242,241 $ 145,007 $ 69,509 $ 170,088 $ 634 $ 170,210 1,348,292 Special Mention 500 9 1,329 5,334 4,852 15,665 667 9,678 38,034 Substandard 249 1,523 8,567 2,122 1,935 12,908 — 15,906 43,210 Doubtful — — — — — — — — — Total $ 236,944 $ 315,940 $ 252,137 $ 152,463 $ 76,296 $ 198,661 $ 1,301 $ 195,794 $ 1,429,536 Total current period gross charge-offs $ (209) $ (55) $ — $ (13) $ (912) $ — $ — $ (565) $ (1,754) The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at December 31, 2023. In addition to credit quality indicators as shown in the above tables, allowance allocations for residential mortgages, consumer loans and leases are also applied based on their performance status at the dates indicated: December 31, 2023 Revolving Loans Total Term Loans 2023 2022 2021 2020 2019 Prior Home equity lines and loans Performing $ 343 $ 795 $ 314 $ 352 $ 2,191 $ 2,295 $ 68,600 $ 74,890 Nonperforming — — — — — — 1,397 1,397 Total $ 343 $ 795 $ 314 $ 352 0 $ 2,191 $ 2,295 $ 69,997 $ 76,287 Current period gross charge-offs $ — $ — $ — $ — $ (33) $ — $ (54) $ (87) Residential mortgage (2) Performing $ 48,576 $ 154,219 $ 22,237 $ 6,260 $ 456 $ 11,380 $ — $ 243,128 Nonperforming — 1,350 — 1,043 — 1,357 — 3,750 Total $ 48,576 $ 155,569 $ 22,237 $ 7,303 $ 456 $ 12,737 $ — $ 246,878 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer Performing $ 39 $ 35 $ — $ — $ 32 $ 234 $ 49 $ 389 Nonperforming — — — — — — — — Total $ 39 $ 35 $ — $ — $ 32 $ 234 $ 49 $ 389 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ (2) $ (2) Leases, net Performing $ 23,054 $ 55,940 $ 30,876 $ 9,718 $ — $ — $ — $ 119,588 Nonperforming 263 1,194 368 219 — — — 2,044 Total $ 23,317 $ 57,134 $ 31,244 $ 9,937 $ — $ — $ — $ 121,632 Current period gross charge-offs $ (128) $ (2,165) $ (1,450) $ (290) $ — $ — $ — $ (4,033) Total by Payment Performance Performing $ 72,012 $ 210,989 $ 53,427 16,330 $ 2,679 $ 13,909 $ 68,649 $ 437,995 Nonperforming 263 2,544 368 1,262 — 1,357 1,397 7,191 Total $ 72,275 $ 213,533 $ 53,795 $ 17,592 $ 2,679 $ 15,266 $ 70,046 $ 445,186 Total current period gross charge-offs $ (128) $ (2,165) $ (1,450) $ (290) $ (33) $ — $ (56) $ (4,122) (1) Excludes $13.7 million of loans at fair value. December 31, 2022 (dollars in thousands) Pass Special Substandard Doubtful Total Commercial mortgage $ 536,705 $ 25,309 $ 3,386 $ — $ 565,400 Home equity lines and loans 57,822 — 1,577 — 59,399 Construction 260,085 11,870 — — 271,955 Commercial and industrial 295,502 6,587 39,289 — 341,378 Small business loans 131,690 — 4,465 — 136,155 Total $ 1,281,804 $ 43,766 $ 48,717 $ — $ 1,374,287
Schedule of allocations based on the credit quality indicators	In addition to credit quality indicators as shown in the above tables, allowance allocations for residential mortgages, consumer loans and leases are also applied based on their performance status at the dates indicated: December 31, 2022 (dollars in thousands) Performing Non- Total Residential mortgage (1) $ 205,881 $ 1,454 $ 207,335 Consumer 488 — 488 Leases, net 138,084 902 138,986 Total $ 344,453 $ 2,356 $ 346,809 (1) There were four nonperforming residential mortgage loans at December 31, 2022 with a combined outstanding principal balance of $558 thousand, which were carried at fair value and not included in the table above.
Schedule of recorded investment and principal balance of impaired loans	The following tables detail the recorded investment and principal balance of impaired loans by portfolio segment, their related Allowance and interest income recognized at the dates indicated. December 31, 2022 (dollars in thousands) Recorded Principal Related Impaired loans with related allowance: Commercial and industrial $ 11,099 $ 12,095 $ 776 Small business loans 3,730 3,730 1,449 Total $ 14,829 $ 15,825 $ 2,225 Impaired loans without related allowance: Commercial mortgage $ 2,445 $ 2,456 $ — Commercial and industrial 1,448 1,494 — Small business loans 797 797 — Home equity lines and loans 1,097 1,097 — Residential mortgage 1,454 1,454 — Construction 1,206 1,206 — Leases 902 902 — Total $ 9,349 $ 9,406 $ — Grand Total $ 24,178 $ 25,231 $ 2,225
Schedule of TDRs	The following table presents information about TDRs at the dates indicated: (dollars in thousands) December 31, TDRs included in nonperforming loans and leases $ 207 TDRs in compliance with modified terms 3,573 Total TDRs $ 3,780 The following presents, by class of loans, information regarding accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the year ended December 31, 2023. Year Ended December 31, 2023 Number of Loans Amortized Cost Basis % of Total Class of Financing Receivable Related Reserve (dollars in thousands) Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: Small business loans 6 $ 1,880 1.3% $ — Commercial & industrial 2 2,401 0.8% — Total 8 $ 4,281 $ — Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: Small business loans 3 $ 1,726 1.2% $ 38 Commercial & industrial 1 1,324 0.4% 689 Total 4 $ 3,050 $ 727 The following presents, by class of loans, information regarding accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the year ended December 31, 2023. Year Ended December 31, 2023 Number of Loans Financial Effect Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: Small business loans 6 Extend maturity date Commercial & industrial 2 Extend maturity date Total 8 Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: Small business loans 3 Extend term and allow additional lender funding Commercial & industrial 1 Extend term and allow additional lender funding Total 4

Bank Premises and Equipment (Ta

Bank Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of components of premises and equipment, net of depreciation	The components of premises and equipment at December 31, 2023 and 2022 are as follows: (dollars in thousands) December 31, December 31, Buildings $ 9,287 $ 9,150 Leasehold improvements 4,234 3,347 Land 600 600 Land Improvements 218 218 Furniture, fixtures and equipment 3,587 3,577 Computer equipment and data processing software 9,397 9,242 Construction in process — 40 Less: accumulated depreciation (13,766) (12,825) Total $ 13,557 $ 13,349

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Dec. 31, 2023
Deposits [Abstract]
Summary of components of deposits	The components of deposits at December 31, 2023 and 2022 are as follows: (dollars in thousands) December 31, December 31, Demand, non-interest bearing $ 239,289 $ 301,727 Demand, interest bearing 150,898 219,838 Savings accounts 14,469 36,125 Money market accounts 733,334 661,439 Time deposits 685,472 493,350 Total $ 1,823,462 $ 1,712,479
Scheduled maturities of time deposits	At December 31, 2023, the scheduled maturities of time deposits are as follows (in thousands): 2024 $ 533,161 2025 101,912 2026 50,084 2027 15 2028 300 Total $ 685,472

Short-Term Borrowings and Lon_2

Short-Term Borrowings and Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of short term borrowings	The following table presents short-term borrowings at the dates indicated: (dollars in thousands) Maturity Interest December 31, December 31, FHLB Open Repo Plus Weekly 6/10/2024 5.68% $ 104,792 $ 113,147 FRB BTFP Advances 3/29/2024 4.76% 33,000 — FHLB Mid-term Repo Fixed 9/30/2024 4.60% 3,432 — Total Short-Term Borrowings $ 141,224 $ 113,147
Schedule of long term debt	The following table presents long-term borrowings at the dates indicated: (dollars in thousands) Maturity Interest December 31, December 31, FHLB Mid-term Repo Fixed 12/22/2025 4.23% $ 8,935 $ 8,935 FHLB Mid-term Repo Fixed 7/14/2026 4.57% 15,245 — FHLB Mid-term Repo Fixed 10/14/2025 5.16% 9,492 — Total Long-Term Borrowings $ 33,672 $ 8,935

Subordinated Debentures (Tables

Subordinated Debentures (Tables)	12 Months Ended
	Dec. 31, 2023
Subordinated Borrowings [Abstract]
Schedule of Subordinated Borrowing	The following table presents subordinated debentures at the dates indicated: Maturity Interest December 31, December 31, 2023 Debentures 08/31/2033 8.00% $ 9,740 $ — 2019 Debentures 12/30/2029 5.38% 40,000 40,000 2013 Debentures 12/31/2028 6.50% 497 653 2011 Debentures 12/31/2026 6.00% 347 463 2008 Debentures 12/18/2023 6.00% — 56 Debt Origination Costs (748) (826) Total Subordinated Debentures $ 49,836 $ 40,346

Servicing Assets (Tables)

Servicing Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Mortgage Servicing Rights
Servicing Assets at Fair Value [Line Items]
Schedule of servicing assets	Changes in the MSR balance are summarized as follows: Year Ended (dollars in thousands) 2023 2022 Balance at beginning of the period $ 9,942 $ 10,756 Servicing rights capitalized 20 668 Amortization of servicing rights (1,343) (1,488) Change in valuation allowance 2 6 Balance at end of the period $ 8,621 $ 9,942
Schedule of valuation allowance for servicing assets	Activity in the valuation allowance for MSRs was as follows: Year Ended (dollars in thousands) 2023 2022 Valuation allowance, beginning of period $ (2) $ (8) Impairment — (4) Recovery 2 10 Valuation allowance, end of period $ — $ (2)
Schedule of sensitivity of fair value of servicing assets	The sensitivity of the current fair value of the residential mortgage servicing rights to immediate 10% and 20% favorable and unfavorable changes in key economic assumptions are included in the following table. (dollars in thousands) December 31, December 31, Fair value of residential mortgage servicing rights $ 11,221 $ 11,567 Weighted average life (months) 28 22 Prepayment speed 8.57 % 8.05 % Impact on fair value: 10% adverse change $ (506) $ (268) 20% adverse change (973) (525) Discount rate 9.50 % 9.50 % Impact on fair value: 10% adverse change $ (415) $ (404) 20% adverse change (799) (777)
SBA Loan Servicing Rights
Servicing Assets at Fair Value [Line Items]
Schedule of servicing assets	Changes in the SBA loan servicing asset balance are summarized as follows: Year Ended (dollars in thousands) 2023 2022 Balance at beginning of the period $ 2,404 $ 2,009 Servicing rights capitalized 1,525 1,395 Amortization of servicing rights (898) (732) Change in valuation allowance 96 (268) Balance at end of the period $ 3,127 $ 2,404
Schedule of valuation allowance for servicing assets	Activity in the valuation allowance for SBA loan servicing assets was as follows: Year Ended (dollars in thousands) 2023 2022 Valuation allowance, beginning of period $ (364) $ (96) Impairment (178) (408) Recovery 274 140 Valuation allowance, end of period $ (268) $ (364)
Schedule of sensitivity of fair value of servicing assets	The sensitivity of the current fair value of the SBA loan servicing rights to immediate 10% and 20% favorable and unfavorable changes in key economic assumptions are included in the following table. (dollars in thousands) December 31, December 31, Fair value of SBA loan servicing rights $ 3,376 $ 2,422 Weighted average life (years) 3.5 3.8 Prepayment speed 14.70 % 12.73 % Impact on fair value: 10% adverse change $ (125) $ (73) 20% adverse change (241) (141) Discount rate 14.66 % 18.96 % Impact on fair value: 10% adverse change $ (74) $ (53) 20% adverse change (145) (104)

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of lease cost	The components of lease expense were as follows: Year Ended (dollars in thousands) 2023 2022 Operating lease expense $ 2,319 $ 2,242 Short term lease expense 8 13 Variable lease expense 52 — Total lease expense $ 2,379 $ 2,255
Supplemental cash flow information	Supplemental cash flow information related to leases was as follows: (dollars in thousands) December 31, 2023 December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,131 $ 2,150 ROU asset obtained in exchange for lease liabilities 2,476 10,936
Schedule of maturity - ASC842	Maturities of operating lease liabilities were as follows for the period indicated: (dollars in thousands) December 31, 2023 2024 $ 2,167 2025 1,736 2026 1,649 2027 1,493 2028 741 Thereafter 3,029 $ 10,815 Less: Present value discount (1,373) Total operating lease liabilities $ 9,442

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of stock option activity	The following table provides information about stock options outstanding as of December 31, 2023 and 2022: Shares Weighted average exercise price Weighted average grant date fair value Outstanding at December 31, 2021 923,928 $ 10.19 $ 3.10 Exercised (87,134) 8.67 2.43 Granted 246,500 16.22 5.38 Forfeited (29,606) 12.14 3.92 Outstanding at December 31, 2022 1,053,688 $ 11.67 $ 3.67 Exercised (29,890) 8.86 2.56 Granted 98,000 10.08 2.37 Forfeited (22,000) 14.38 4.84 Outstanding at December 31, 2023 1,099,798 $ 11.55 $ 3.56 Exercisable at December 31, 2023 846,294 10.87 3.32 Nonvested at December 31, 2023 253,504 13.83 4.35
Summary of restricted stock activity	Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 53,210 $ 9.33 Granted — — Vested (53,210) 9.33 Outstanding / nonvested at December 31, 2022 — $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Summary of components of the federal and state income tax expense	The following table presents the components of federal and state income tax expense for the periods indicated: (dollars in thousands) December 31, December 31, Federal: Current $ 3,594 $ 4,580 Deferred (217) 903 Total federal income tax expense $ 3,377 $ 5,483 State: Current $ 364 $ 494 Deferred (17) 114 Total state income tax expense $ 347 $ 608 Total income tax expense $ 3,724 $ 6,091
Schedule of reconciliation of the statutory income tax	A reconciliation of the statutory income tax at 21% to the income tax expense included in the statement of operations is as follows for 2023 and 2022, respectively: (dollars in thousands) December 31, 2023 December 31, 2022 Federal income tax at statutory rate $ 3,563 21.0 % $ 5,863 21.0 % State tax expense, net of federal benefit 274 1.6 480 1.7 Tax exempt interest (219) (1.3) (276) (1.0) Bank owned life insurance (166) (1.0) (116) (0.4) (dollars in thousands) December 31, 2023 December 31, 2022 Stock based compensation 123 0.7 36 0.1 ESOP 26 0.2 48 0.2 Other 123 0.8 56 0.2 Effective income tax rate $ 3,724 22.0 % $ 6,091 21.8 %
Summary of net deferred tax assets	The components of the net deferred tax asset at December 31, 2023 and 2022 are as follows: (dollars in thousands) December 31, December 31, Deferred tax assets: Allowance for credit losses $ 4,949 $ 4,212 Unrealized loss on available for sale securities 2,718 3,327 Accrued retirement 826 891 Mortgage pipeline fair-value adjustment 538 535 Deferred rent 81 96 Mortgage repurchase reserve 114 192 Unfunded commitment reserve 226 — Other 153 179 Total deferred tax asset $ 9,605 $ 9,432 Deferred tax liabilities: Property and equipment $ (752) $ (948) Loan servicing rights (2,630) (2,762) Intangibles (106) (23) Hedge instrument fair-value adjustment (42) (12) Prepaid expenses (237) (341) Deferred loan costs (1,637) (1,410) Total deferred tax liability $ (5,404) $ (5,496) Net deferred tax asset $ 4,201 $ 3,936

Transactions with Executive O_2

Transactions with Executive Officers, Directors and Principal Stockholders (Tables)	12 Months Ended
	Dec. 31, 2023
Nonmonetary Transactions [Abstract]
Schedule of Related Party Transactions	Year Ended (dollars in thousands) 2023 2022 Loans receivable from related parties - beginning at end of period $ 2,046 $ 5,098 Advances for related parties 447 5,196 Proceeds repayments from related party (415) (6,070) Effect of changes in composition of related parties (499) (2,178) Loans receivable from related parties - balance at end of period $ 1,579 $ 2,046

Financial Instruments with Of_2

Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Text Block [Abstract]
Financial Instruments with Off-Balance Sheet, Risk, Commitments and Contingencies	A summary of the Corporation’s financial instrument commitments at the dates indicated: (dollars in thousands) December 31, December 31, Commitments to fund loans and commitments under lines of credit $ 517,743 $ 506,203 Letters of credit 10,924 19,042

Regulatory Matters (Tables)

Regulatory Matters (Tables)	12 Months Ended
	Dec. 31, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Schedule of corporation's actual capital amounts and ratios.	The Banks’s actual and required capital amounts and ratios under the CBLR rules at December 31, 2023 and 2022 are presented below. Actual For Capital Adequacy Purposes (includes applicable capital conservation buffer) To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Tier 1 leverage ratio: Meridian Bank $ 211,355 9.46 % $ 89,399 4.00 % $ 111,749 5.00 % Common tier 1 risk-based capital ratio: Meridian Bank 211,355 10.10 % 146,448 7.00 % 135,987 6.50 % Tier 1 risk-based capital ratio: Meridian Bank 211,355 10.10 % 177,829 8.50 % 167,369 8.00 % Total risk-based capital ratio: Meridian Bank 233,671 11.17 % 219,672 10.50 % 209,211 10.00 % December 31, 2022 Tier 1 leverage ratio: Meridian Bank $ 196,584 9.95 % $ 78,995 4.00 % $ 98,743 5.00 % Common tier 1 risk-based capital ratio: Meridian Bank 196,584 10.73 % 128,305 7.00 % 119,140 6.50 % Tier 1 risk-based capital ratio: Meridian Bank 196,584 10.73 % 155,799 8.50 % 146,634 8.00 % Total risk-based capital ratio: Meridian Bank 217,593 11.87 % 192,457 10.50 % 183,293 10.00 %

Fair Value Measurements and D_2

Fair Value Measurements and Disclosures (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of financial assets measured at fair value on a recurring basis	The following table presents the fair value of financial assets measured at fair value on a recurring basis by level within the fair value hierarchy at the dates indicated : December 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets Securities available for sale: U.S. asset backed securities $ 16,824 $ — $ 16,824 $ — U.S. government agency MBS 22,634 — 22,634 — U.S. government agency CMO 19,573 — 19,573 — State and municipal securities 36,216 — 36,216 — U.S. Treasuries 30,422 30,422 — — Non-U.S. government agency CMO 13,155 — 13,155 — Corporate bonds 7,195 — 7,195 — Equity investments 2,121 — 2,121 — Mortgage loans held for sale 24,816 — 24,816 — Mortgage loans held for investment 13,726 — 13,726 — Interest rate lock commitments 214 — — 214 Customer derivatives - interest rate swaps 3,528 — 3,528 — Total $ 190,424 $ 30,422 $ 159,788 $ 214 Liabilities Interest rate lock commitments $ 17 $ — $ — $ 17 Forward commitments 41 — 41 — Customer derivatives - interest rate swaps 3,544 — 3,544 — Risk Participation Agreements 11 — 11 — Total $ 3,613 $ — $ 3,596 $ 17 December 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets Securities available for sale: U.S. asset backed securities $ 15,281 $ — $ 15,281 $ — U.S. government agency MBS 11,739 — 11,739 — U.S. government agency CMO 23,318 — 23,318 — State and municipal securities 38,838 — 38,838 — U.S. Treasuries 29,523 29,523 — — Non-U.S. government agency CMO 9,089 — 9,089 — Corporate bonds 7,558 — 7,558 — Equity investments 2,086 — 2,086 — Mortgage loans held for sale 22,243 — 22,243 — Mortgage loans held for investment 14,502 — 14,502 — Interest rate lock commitments 87 — — 87 Forward commitments — — — — Customer derivatives - interest rate swaps 3,846 — 3,846 — Total $ 178,110 $ 29,523 $ 148,500 $ 87 Liabilities Interest rate lock commitments $ 79 $ — $ — $ 79 Customer derivatives - interest rate swaps 3,799 — 3,799 — Risk Participation Agreements 17 — 17 — Total $ 3,895 $ — $ 3,816 $ 79
Schedule of financial assets measured at fair value on non-recurring basis	The following table presents assets measured at fair value on a nonrecurring basis at the dates indicated: (dollars in thousands) December 31, December 31, Mortgage servicing rights $ 8,621 $ 9,942 SBA loan servicing rights 3,127 2,404 Individually evaluated loans (1) Commercial and industrial 9,818 — Small business loans 3,134 2,281 Total $ 24,700 $ 14,627
Schedule of measurement inputs	The following table details the valuation techniques for Level 3 impaired loans. (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range of Inputs December 31, 2023 $ 12,952 Appraisal of collateral Management adjustments on appraisals for property type and recent activity 2%-33% discount December 31, 2022 2,281 Appraisal of collateral Management adjustments on appraisals for property type and recent activity 2%-15% discount The following table details the valuation techniques for Level 3 interest rate lock commitments. (dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average December 31, 2023 $ 214 Market comparable pricing Pull through 1% - 99% 79.48% December 31, 2022 87 Market comparable pricing Pull through 1% - 99% 84.05%
Schedule of estimated fair values of financial instruments	The following table presents the estimated fair values of the Corporation’s financial instruments at the dates indicated: December 31, 2023 December 31, 2022 (dollars in thousands) Fair Value Carrying Fair value Carrying Fair value Financial assets: Cash and cash equivalents Level 1 $ 56,697 $ 56,697 $ 38,391 $ 38,391 Mortgage loans held for sale Level 2 24,816 24,816 22,243 22,243 Loans receivable, net of the allowance for credit losses Level 3 1,882,080 1,832,558 1,729,180 1,679,955 Mortgage loans held for investment Level 2 13,726 13,726 14,502 14,502 Financial liabilities: Deposits Level 2 $ 1,823,462 $ 1,834,700 $ 1,712,479 $ 1,575,600 Borrowings Level 2 174,896 176,400 122,082 122,082 Subordinated debentures Level 2 49,836 50,223 40,346 40,020
Schedule of level 3 inputs reconciliation	The following table includes a rollforward of interest rate lock commitments for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the periods indicated. Year Ended (dollars in thousands) 2023 2022 Balance at beginning of the period $ 87 $ 1,122 Decrease in value 127 (1,035) Balance at end of the period $ 214 $ 87

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the notional amounts and fair values of derivative financial instruments	The following table presents a summary of notional amounts and fair values of derivative financial instruments at the dates indicated: December 31, 2023 December 31, 2022 (dollars in thousands) Balance Sheet Line Item Notional Asset Notional Asset Interest Rate Lock Commitments Positive fair values Other assets $ 33,735 $ 214 $ 16,590 $ 87 Negative fair values Other liabilities 5,399 (17) 16,108 (79) Total $ 39,134 $ 197 $ 32,698 $ 8 Forward Commitments Positive fair values Other assets $ — $ — $ — $ — Negative fair values Other liabilities 4,250 (41) — — Total $ 4,250 $ (41) $ — $ — Customer Derivatives - Interest Rate Swaps Positive fair values Other assets $ 50,593 $ 3,528 $ 43,779 $ 3,846 Negative fair values Other liabilities 50,593 (3,544) 43,779 (3,799) Total $ 101,186 $ (16) $ 87,558 $ 47 Risk Participation Agreements Positive fair values Other assets $ — $ — $ — $ — Negative fair values Other liabilities 7,082 (11) 7,200 (17) Total $ 7,082 $ (11) $ 7,200 $ (17) Interest Rate Swaps Positive fair values Other assets $ — $ — $ — $ — Negative fair values Other liabilities 75,000 (539) — — $ 75,000 $ (539) $ — $ — Total derivative financial instruments $ 226,652 $ (410) $ 127,456 $ 38
Summary of the fair value gains and losses on derivative financial instruments	The following table presents a summary of the fair value (losses) gains on derivative financial instruments: Year Ended (dollars in thousands) 2023 2022 Interest Rate Lock Commitments $ 189 $ (911) Forward Commitments (41) 41 Customer Derivatives - Interest Rate Swaps (63) 105 Risk Participation Agreements 6 62 Interest Rate Swaps (539) — Net fair value gains (losses) on derivative financial instruments $ (448) $ (703)

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of business segment financial information	The table below summarizes income and expenses, directly attributable to each business line, which has been included in the statement of operations. Total assets for each segment is also provided. Segment Information Year Ended December 31, 2023 Year Ended December 31, 2022 (dollars in thousands) Bank Wealth Mortgage Total Bank Wealth Mortgage Total Net interest income $ 68,835 $ (27) $ 134 $ 68,942 $ 68,570 $ 697 $ 861 $ 70,128 Provision for loan losses 6,815 — — 6,815 2,488 — — 2,488 Net interest income after provision 62,020 (27) 134 62,127 66,082 697 861 67,640 Non-interest Income Mortgage banking income 306 — 16,231 16,537 436 — 24,889 25,325 Wealth management income — 4,928 — 4,928 — 4,733 — 4,733 SBA income 4,485 — — 4,485 4,467 — — 4,467 Net change in fair values (59) — 314 255 167 — (4,122) (3,955) Net gain on hedging activity — — 28 28 — — 5,439 5,439 Other 3,011 — 2,721 5,732 2,486 (1) 3,230 5,715 Non-interest income 7,743 4,928 19,294 31,965 7,556 4,732 29,436 41,724 Non-interest expense 48,827 3,661 24,637 77,125 45,122 3,399 32,923 81,444 Income (loss) before income taxes $ 20,936 $ 1,240 $ (5,209) $ 16,967 $ 28,516 $ 2,030 $ (2,626) $ 27,920 Total Assets $ 2,186,017 $ 7,251 $ 52,925 $ 2,246,193 $ 2,011,835 $ 8,142 $ 42,251 $ 2,062,228

Parent Company Financial Stat_2

Parent Company Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Schedule of parent only consolidated balance sheets	(dollars in thousands, except share data) December 31, December 31, Assets: Cash and due from banks $ 2,600 $ 4,839 Investments in subsidiaries 204,132 186,686 Other assets 2,239 1,382 Total assets $ 208,971 $ 192,907 Liabilities: Subordinated debentures $ 48,992 $ 39,175 Accrued interest payable 220 6 Other liabilities 1,737 446 Total liabilities $ 50,949 $ 39,627 Stockholders’ equity: Common stock, $1 par value: 25,000,000 shares authorized; 13,186,198 and 13,156,308 shares issued, respectively; and 11,183,015 and 11,465,572 shares outstanding, respectively. 13,186 13,156 Surplus 80,325 79,072 Treasury Stock - 2,003,183 and 1,690,736 shares, respectively, at cost (26,079) (21,821) Unearned common stock held by employee stock ownership plan (1,204) (1,403) Retained earnings 101,216 95,815 Accumulated other comprehensive income (9,422) (11,539) Total stockholders’ equity $ 158,022 $ 153,280 Total liabilities and stockholders’ equity $ 208,971 $ 192,907
Schedule of parent only consolidated statements of operations	Year Ended December 31, (dollars in thousands) 2023 2022 Dividends from Bank $ 9,655 $ 27,813 Interest income 2 8 Other income 122 — Total operating income 9,779 27,821 Interest expense 2,484 2,268 Other expenses 1,168 1,412 Income before equity in undistributed income of subsidiaries 6,127 24,141 Equity in undistributed income of subsidiaries 6,376 (3,084) Income before income taxes 12,503 21,057 Income tax benefit (740) (772) Net income 13,243 21,829 Total other comprehensive income (loss) 2,117 (12,247) Total comprehensive income $ 15,360 $ 9,582
Schedule of parent only consolidated statements of cash flows	Year Ended December 31, (dollars in thousands) 2023 2022 Cash flows from operating activities: Net Income $ 13,243 $ 21,829 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income of subsidiaries (6,376) 3,084 Year Ended December 31, (dollars in thousands) 2023 2022 Share-based compensation 1,173 1,475 Amortization of issuance costs on subordinated debt 118 118 Other, net (2,748) (1,369) Net cash provided by operating activities 5,624 25,137 Cash flows from investing activities: Investment in subsidiaries (8,000) — Net cash (used in) investing activities (8,000) — Cash flows from financing activities: Net activity from subordinated debt issuance 9,699 — Net purchase of treasury stock (4,258) (12,961) Dividends paid (5,614) (10,926) Share based awards and exercises 309 754 Net cash provided by (used in) financing activities 136 (23,133) Net change in cash and cash equivalents (2,240) 2,004 Cash and cash equivalents at beginning of period 4,840 2,836 Cash and cash equivalents at end of period $ 2,600 $ 4,840

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2023 office
Pennsylvania, Delaware and New Jersey
Business Acquisition [Line Items]
Number of mortgage loan production offices	6
Maryland
Business Acquisition [Line Items]
Number of mortgage loan production offices	4
PENNSYLVANIA
Business Acquisition [Line Items]
Number of full-service offices	6

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Significant Concentrations of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loans Receivable | Credit Concentration Risk | Commercial mortgage
Concentration Risk [Line Items]
Total loans (as a percent)	39%	34%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Cash Flows, Allowance for Loan Losses and Mortgage Banking Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) office	Dec. 31, 2022 USD ($)
Securities
Equity investments | $	$ 2,121	$ 2,086
Mortgage Banking Activities and Mortgage Loans Held for Sale
Percentage of appraised value of property (as a percent)	0.90
Home equity lines and loans
Mortgage Banking Activities and Mortgage Loans Held for Sale
Maximum term for loans (in years)	20 years
Home Equity Line of Credit
Mortgage Banking Activities and Mortgage Loans Held for Sale
Maximum term for loans (in years)	15 years
Minimum
Allowance for Loan Losses
Cumulative days past due for charge off for retail consumer loans	30 days
Maximum
Allowance for Loan Losses
Cumulative days past due for charge off for retail consumer loans	120 days
Pennsylvania, Delaware and New Jersey
Mortgage Banking Activities and Mortgage Loans Held for Sale
Number of mortgage loan production offices	6
Maryland
Mortgage Banking Activities and Mortgage Loans Held for Sale
Number of mortgage loan production offices	4

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Restricted Investment in Bank Stock (Details) $ in Thousands	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Restricted Investment in Bank Stock
Number of properties | property	1	1
Other real estate owned	$ 1,703	$ 1,703
Federal Home Loan Bank (FHLB)
Restricted Investment in Bank Stock
FHLB stock	8,100	6,900
Atlantic Central Bankers Bank
Restricted Investment in Bank Stock
Investment	$ 50	$ 50

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Bank Premises and Equipment (Details)	Dec. 31, 2023
Buildings | Minimum
Bank Premises and Equipment
Property, plant and equipment useful life	12 years
Buildings | Maximum
Bank Premises and Equipment
Property, plant and equipment useful life	40 years
Furniture, fixtures and equipment | Minimum
Bank Premises and Equipment
Property, plant and equipment useful life	3 years
Furniture, fixtures and equipment | Maximum
Bank Premises and Equipment
Property, plant and equipment useful life	7 years
Computer software and hardware | Minimum
Bank Premises and Equipment
Property, plant and equipment useful life	3 years
Computer software and hardware | Maximum
Bank Premises and Equipment
Property, plant and equipment useful life	5 years

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Lease Liabilities and Right of Use Assets (Details)	Dec. 31, 2023
Minimum
Bank Premises and Equipment
Remaining lease term	2 months
Maximum
Bank Premises and Equipment
Remaining lease term	12 years

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Employee Benefit Plans, Stock Split and Off-Balance Sheet Financial Instruments (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 28, 2023	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Accounting Policies [Abstract]
Age		21 years
Minimum service term		3 months
Vesting period		3 years
Employer contribution under 401(k) plan		$ 1,000	$ 1,000
Employer contribution under ESOP		858	1,100
One-time contribution under ESOP		536	671
Stock compensation related expenses under ESOP		$ 523	$ 426
Shares purchased under ESOP (in shares) | shares		81,316	0
Shares committed to be released (in shares) | shares		93,296
Unallocated shares (in shares) | shares		173,264
Shares held by ESOP (in shares) | shares		610,735
Stock split, conversion ratio	2
Common stock, par value (in dollars per share) | $ / shares		$ 1	$ 1
Reserve for unfunded commitments		$ 1,000	$ 173

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Revenue Recognition and Operating Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Wealth management income	$ 4,928	$ 4,733
Number of operating segments | segment	3
Wealth management income
Segment Reporting, Revenue Reconciling Item [Line Items]
Wealth management income	$ 4,928	4,733
Wire Transfer Fees, ATM/Debit Card Commissions, And Title Fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Wealth management income	$ 750	$ 1,100

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Pronouncements Adopted in 2023 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans and other financing receivables, net of the allowance for credit losses	$ 1,873,699		$ 1,724,854
Total ACL on loans and leases	22,107		18,828	$ 18,758
Reserve for unfunded commitments	(1,000)		(173)
Commercial mortgage
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases	4,375		4,095	4,950
Home equity lines and loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases	998		188	224
Residential mortgage
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases	1,020		948	283
Construction
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases	485		3,075	2,042
Commercial and industrial
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases	4,518		4,012	6,533
Small business loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases	7,005		4,909	3,737
Consumer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases	0		3	3
Leases, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases	$ 3,706		1,598	$ 986
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans and other financing receivables, net of the allowance for credit losses		$ (1,200)
Unfunded loan commitment		(974)
Total ACL on loans and leases			1,596
Reserve for unfunded commitments			(1,256)
Cumulative Effect, Period of Adoption, Adjustment | Commercial mortgage
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			(526)
Cumulative Effect, Period of Adoption, Adjustment | Home equity lines and loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			439
Cumulative Effect, Period of Adoption, Adjustment | Residential mortgage
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			17
Cumulative Effect, Period of Adoption, Adjustment | Construction
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			(1,763)
Cumulative Effect, Period of Adoption, Adjustment | Commercial and industrial
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			(1,023)
Cumulative Effect, Period of Adoption, Adjustment | Small business loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			1,110
Cumulative Effect, Period of Adoption, Adjustment | Consumer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			(3)
Cumulative Effect, Period of Adoption, Adjustment | Leases, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			3,345
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to retained earnings		$ (2,200)
Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			20,424
Reserve for unfunded commitments			(1,429)
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial mortgage
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			3,569
Cumulative Effect, Period of Adoption, Adjusted Balance | Home equity lines and loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			627
Cumulative Effect, Period of Adoption, Adjusted Balance | Residential mortgage
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			965
Cumulative Effect, Period of Adoption, Adjusted Balance | Construction
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			1,312
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial and industrial
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			2,989
Cumulative Effect, Period of Adoption, Adjusted Balance | Small business loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			6,019
Cumulative Effect, Period of Adoption, Adjusted Balance | Consumer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			0
Cumulative Effect, Period of Adoption, Adjusted Balance | Leases, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total ACL on loans and leases			$ 4,943

Earnings per Common Share (Deta

Earnings per Common Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
	Feb. 28, 2023	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Earnings Per Share [Abstract]
Stock split, conversion ratio	2
Numerator for earnings per share:
Net income available to common stockholders | $		$ 13,243	$ 21,829
Denominators for earnings per share:
Weighted average shares outstanding (in shares)		11,289	11,992
Average unearned ESOP shares (in shares)		(174)	(200)
Basic weighted averages shares outstanding (in shares)		11,115	11,792
Dilutive effects of assumed exercises of stock options (in shares)		144	268
Dilutive effects of SERP shares (in shares)		128	144
Diluted weighted averages shares outstanding (in shares)		11,387	12,204
Basic earnings per share (in USD per share) | $ / shares		$ 1.19	$ 1.85
Diluted earnings per share (in USD per share) | $ / shares		$ 1.16	$ 1.79
Antidilutive shares excluded from computation of average dilutive earnings per share (in shares)		489	464

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 899
Goodwill, ending balance	899
Amortization expense	(204)
Finite lived, intangible assets, ending balance	2,705
Total Intangible Assets	2,971	$ 3,175
Total	3,870	4,074
Accumulated Amortization	1,600	$ 1,400
Customer relationships
Goodwill [Roll Forward]
Indefinite-lived intangible assets (excluding goodwill), beginning balance	266
Indefinite-lived intangible assets (excluding goodwill), ending balance	266
Non competition agreements
Goodwill [Roll Forward]
Finite lived, intangible assets, beginning balance	2,909
Amortization expense	(204)
Finite lived, intangible assets, ending balance	$ 2,705
Amortization Period	20 years

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Future Amortization (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 204
2025	204
2026	204
2027	204
2028	204
Thereafter	1,685
Total future amortization	$ 2,705

Securities - Amortized Cost and

Securities - Amortized Cost and Fair Value (Details) $ in Thousands	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Securities available-for-sale:
Amortized cost	$ 156,492	$ 148,976
Gross unrealized gains	491	59
Gross unrealized losses	(10,964)	(13,689)
Allowance for Credit Losses	0
Fair value	$ 146,019	$ 135,346
# of Securities in unrealized loss position | security	133	135,000
Securities held-to-maturity:
Amortized cost	$ 35,781	$ 37,479
Gross unrecognized gains	52	0
Gross unrecognized losses	(3,103)	(4,394)
Allowance for Credit Losses
Fair value	$ 32,730	$ 33,085
# of Securities in unrecognized loss position | security	21	25,000
U.S. asset backed securities
Securities available-for-sale:
Amortized cost	$ 17,012	$ 15,581
Gross unrealized gains	25	14
Gross unrealized losses	(213)	(314)
Allowance for Credit Losses	0
Fair value	$ 16,824	$ 15,281
# of Securities in unrealized loss position | security	11	12,000
U.S. government agency MBS
Securities available-for-sale:
Amortized cost	$ 22,750	$ 12,272
Gross unrealized gains	364	5
Gross unrealized losses	(480)	(538)
Allowance for Credit Losses	0
Fair value	$ 22,634	$ 11,739
# of Securities in unrealized loss position | security	14	12,000
U.S. government agency CMO
Securities available-for-sale:
Amortized cost	$ 21,850	$ 25,520
Gross unrealized gains	0	40
Gross unrealized losses	(2,277)	(2,242)
Allowance for Credit Losses	0
Fair value	$ 19,573	$ 23,318
# of Securities in unrealized loss position | security	30	29,000
State and municipal securities
Securities available-for-sale:
Amortized cost	$ 40,093	$ 44,700
Gross unrealized gains	0	0
Gross unrealized losses	(3,877)	(5,862)
Allowance for Credit Losses	0
Fair value	$ 36,216	$ 38,838
# of Securities in unrealized loss position | security	31	34,000
Securities held-to-maturity:
Amortized cost	$ 35,781	$ 37,479
Gross unrecognized gains	52	0
Gross unrecognized losses	(3,103)	(4,394)
Allowance for Credit Losses	0
Fair value	$ 32,730	$ 33,085
# of Securities in unrecognized loss position | security	21	25,000
U.S. Treasuries
Securities available-for-sale:
Amortized cost	$ 32,982	$ 32,980
Gross unrealized gains	0	0
Gross unrealized losses	(2,560)	(3,457)
Allowance for Credit Losses	0
Fair value	$ 30,422	$ 29,523
# of Securities in unrealized loss position | security	25	25,000
Non-U.S. government agency CMO
Securities available-for-sale:
Amortized cost	$ 13,605	$ 9,722
Gross unrealized gains	102	0
Gross unrealized losses	(552)	(633)
Allowance for Credit Losses	0
Fair value	$ 13,155	$ 9,089
# of Securities in unrealized loss position | security	9	11,000
Corporate bonds
Securities available-for-sale:
Amortized cost	$ 8,200	$ 8,201
Gross unrealized gains	0	0
Gross unrealized losses	(1,005)	(643)
Allowance for Credit Losses	0
Fair value	$ 7,195	$ 7,558
# of Securities in unrealized loss position | security	13	12,000

Securities - Additional Informa

Securities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Securities
Securities available-for-sale, amortized cost	$ 156,492	$ 148,976
Asset Pledged as Collateral
Securities
Securities available-for-sale, amortized cost	$ 60,100	$ 89,000

Securities - Continuous Unreali

Securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Activity in available-for-sale securities:
Less than 12 Months, Fair Value	$ 14,566	$ 45,243
Less than 12 Months, Unrealized Losses	(193)	(2,849)
12 Months or More, Fair Value	110,242	80,226
12 Months or More, Unrealized Losses	(10,771)	(10,840)
Total Fair Value	124,808	125,469
Total Unrealized Losses	(10,964)	(13,689)
Securities held-to-maturity:
Less than 12 Months, Fair Value	1,021	10,130
Less than 12 Months, Unrecognized Loss	(6)	(364)
12 Months or More, Fair Value	29,404	22,543
12 Months or More, Unrecognized Loss	(3,097)	(4,030)
Total Fair Value	30,425	32,673
Gross unrealized losses	(3,103)	(4,394)
U.S. asset backed securities
Activity in available-for-sale securities:
Less than 12 Months, Fair Value	4,981	6,531
Less than 12 Months, Unrealized Losses	(25)	(80)
12 Months or More, Fair Value	6,195	4,863
12 Months or More, Unrealized Losses	(188)	(234)
Total Fair Value	11,176	11,394
Total Unrealized Losses	(213)	(314)
U.S. government agency MBS
Activity in available-for-sale securities:
Less than 12 Months, Fair Value	4,864	6,022
Less than 12 Months, Unrealized Losses	(35)	(230)
12 Months or More, Fair Value	8,170	4,637
12 Months or More, Unrealized Losses	(445)	(308)
Total Fair Value	13,034	10,659
Total Unrealized Losses	(480)	(538)
U.S. government agency CMO
Activity in available-for-sale securities:
Less than 12 Months, Fair Value	2,687	9,859
Less than 12 Months, Unrealized Losses	(36)	(821)
12 Months or More, Fair Value	16,886	9,549
12 Months or More, Unrealized Losses	(2,241)	(1,421)
Total Fair Value	19,573	19,408
Total Unrealized Losses	(2,277)	(2,242)
State and municipal securities
Activity in available-for-sale securities:
Less than 12 Months, Fair Value	0	7,487
Less than 12 Months, Unrealized Losses	0	(726)
12 Months or More, Fair Value	36,216	31,351
12 Months or More, Unrealized Losses	(3,877)	(5,136)
Total Fair Value	36,216	38,838
Total Unrealized Losses	(3,877)	(5,862)
Securities held-to-maturity:
Less than 12 Months, Fair Value	1,021	10,130
Less than 12 Months, Unrecognized Loss	(6)	(364)
12 Months or More, Fair Value	29,404	22,543
12 Months or More, Unrecognized Loss	(3,097)	(4,030)
Total Fair Value	30,425	32,673
Gross unrealized losses	(3,103)	(4,394)
U.S. Treasuries
Activity in available-for-sale securities:
Less than 12 Months, Fair Value	0	1,902
Less than 12 Months, Unrealized Losses	0	(97)
12 Months or More, Fair Value	30,422	27,622
12 Months or More, Unrealized Losses	(2,560)	(3,360)
Total Fair Value	30,422	29,524
Total Unrealized Losses	(2,560)	(3,457)
Non-U.S. government agency CMO
Activity in available-for-sale securities:
Less than 12 Months, Fair Value	1,127	8,423
Less than 12 Months, Unrealized Losses	(4)	(464)
12 Months or More, Fair Value	6,065	666
12 Months or More, Unrealized Losses	(548)	(169)
Total Fair Value	7,192	9,089
Total Unrealized Losses	(552)	(633)
Corporate bonds
Activity in available-for-sale securities:
Less than 12 Months, Fair Value	907	5,019
Less than 12 Months, Unrealized Losses	(93)	(431)
12 Months or More, Fair Value	6,288	1,538
12 Months or More, Unrealized Losses	(912)	(212)
Total Fair Value	7,195	6,557
Total Unrealized Losses	$ (1,005)	$ (643)

Securities - Contractual Maturi

Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Contractual Maturities, Available-for-sale, Amortized Cost
Due in one year or less	$ 0
Due after one year through five years	32,982
Due after five years through ten years	16,746
Due after ten years	48,559
Subtotal	98,287
Mortgage-related securities	58,205
Securities available-for-sale, amortized cost	156,492	$ 148,976
Contractual Maturities, Available-for-sale, Fair Value
Due in one year or less	0
Due after one year through five years	30,423
Due after five years through ten years	15,208
Due after ten years	45,026
Subtotal	90,657
Mortgage-related securities	55,362
Fair value	146,019	135,346
Contractual Maturities, Held-to-maturity, Amortized Cost
Due in one year or less	0
Due after one year through five years	3,911
Due after five years through ten years	4,332
Due after ten years	27,538
Subtotal	35,781
Mortgage-related securities	0
Amortized cost	35,781	37,479
Contractual Maturities, Held-to-maturity, Fair Value
Due in one year or less	0
Due after one year through five years	3,797
Due after five years through ten years	3,676
Due after ten years	25,257
Subtotal	32,730
Mortgage-related securities	0
Fair value	$ 32,730	$ 33,085

Securities - Sale of Investment

Securities - Sale of Investment Securities, Available for Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Sales	$ 13,514	$ 0
Gross loss on sale of available for sale investments	$ 58	$ 0

Loans and Other Finance Recei_3

Loans and Other Finance Receivables - Loans Outstanding by Category (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loans Receivable
Total loans	$ 1,888,448	$ 1,735,598
Residential mortgage real estate loans accounted under fair value option, at fair value	13,726	14,502
Residential mortgage real estate loans accounted under fair value option, at amortized cost	16,198	16,930
Unearned lease income included in leases, net	(19,210)	(25,715)
Unamortized net deferred loan origination costs	7,358	8,084
Real estate loans:
Loans Receivable
Total loans	1,321,194	1,118,591
Real estate loans: | Commercial mortgage
Loans Receivable
Total loans	737,863	565,400
Real estate loans: | Home equity lines and loans
Loans Receivable
Total loans	76,287	59,399
Real estate loans: | Residential mortgage
Loans Receivable
Total loans	260,604	221,837
Real estate loans: | Construction
Loans Receivable
Total loans	246,440	271,955
Commercial and industrial
Loans Receivable
Total loans	302,891	341,378
Small business loans
Loans Receivable
Total loans	142,342	136,155
Consumer
Loans Receivable
Total loans	389	488
Leases, net
Loans Receivable
Total loans	$ 121,632	$ 138,986

Loans and Other Finance Recei_4

Loans and Other Finance Receivables - Age Analysis of Past Due Loans and Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Age Analysis of Past Due Loans and Leases
Total loans	$ 1,888,448	$ 1,735,598
Total Accruing Loans and leases	1,854,685	1,714,362
Nonaccrual loans and leases	$ 33,763	$ 21,236
% Delinquent	2.10%	1.67%
Residential mortgage real estate loans accounted under fair value option, at fair value	$ 13,726	$ 14,502
Home equity lines and loans
Age Analysis of Past Due Loans and Leases
Nonaccrual loans and leases	1,037
Residential mortgage
Age Analysis of Past Due Loans and Leases
Nonaccrual loans and leases	4,536
Construction
Age Analysis of Past Due Loans and Leases
Nonaccrual loans and leases	1,206
Commercial and industrial
Age Analysis of Past Due Loans and Leases
Total loans	302,891	341,378
Total Accruing Loans and leases	287,478	328,831
Nonaccrual loans and leases	$ 15,413	$ 12,547
% Delinquent	5.09%	3.70%
Small business loans
Age Analysis of Past Due Loans and Leases
Total loans	$ 142,342	$ 136,155
Total Accruing Loans and leases	132,902	131,690
Nonaccrual loans and leases	$ 9,440	$ 4,465
% Delinquent	7.69%	3.97%
Leases, net
Age Analysis of Past Due Loans and Leases
Total loans	$ 121,632	$ 138,986
Total Accruing Loans and leases	119,501	138,084
Nonaccrual loans and leases	$ 2,131	$ 902
% Delinquent	3.56%	1.49%
Real estate loans:
Age Analysis of Past Due Loans and Leases
Total loans	$ 1,321,194	$ 1,118,591
Real estate loans: | Commercial mortgage
Age Analysis of Past Due Loans and Leases
Total loans	737,863	565,400
Total Accruing Loans and leases	737,863	565,260
Nonaccrual loans and leases	$ 0	$ 140
% Delinquent	0.08%	0.02%
Real estate loans: | Home equity lines and loans
Age Analysis of Past Due Loans and Leases
Total loans	$ 76,287	$ 59,399
Total Accruing Loans and leases	75,250	58,302
Nonaccrual loans and leases	$ 1,037	$ 1,097
% Delinquent	2.10%	2.09%
Real estate loans: | Residential mortgage
Age Analysis of Past Due Loans and Leases
Total loans	$ 260,604	$ 221,837
Total Accruing Loans and leases	256,068	219,752
Nonaccrual loans and leases	$ 4,536	$ 2,085
% Delinquent	2.16%	2.86%
Real estate loans: | Construction
Age Analysis of Past Due Loans and Leases
Total loans	$ 246,440	$ 271,955
Total Accruing Loans and leases	245,234	271,955
Nonaccrual loans and leases	$ 1,206	$ 0
% Delinquent	0.49%	0.44%
Consumer
Age Analysis of Past Due Loans and Leases
Total loans	$ 389	$ 488
Total Accruing Loans and leases	389	488
Nonaccrual loans and leases	$ 0	$ 0
% Delinquent	0%	0%
Mortgage loans in process of foreclosure | loan	4
Foreclosure proceedings	$ 937
30-89 days past due
Age Analysis of Past Due Loans and Leases
Total loans	5,936	$ 7,827
30-89 days past due | Residential mortgage | Residential mortgage
Age Analysis of Past Due Loans and Leases
Residential mortgage real estate loans accounted under fair value option, at fair value	0	184
30-89 days past due | Commercial and industrial
Age Analysis of Past Due Loans and Leases
Total loans	0	101
30-89 days past due | Small business loans
Age Analysis of Past Due Loans and Leases
Total loans	1,499	939
30-89 days past due | Leases, net
Age Analysis of Past Due Loans and Leases
Total loans	2,197	1,173
30-89 days past due | Real estate loans: | Commercial mortgage
Age Analysis of Past Due Loans and Leases
Total loans	571	0
30-89 days past due | Real estate loans: | Home equity lines and loans
Age Analysis of Past Due Loans and Leases
Total loans	566	146
30-89 days past due | Real estate loans: | Residential mortgage
Age Analysis of Past Due Loans and Leases
Total loans	1,103	4,262
30-89 days past due | Real estate loans: | Construction
Age Analysis of Past Due Loans and Leases
Total loans	0	1,206
30-89 days past due | Consumer
Age Analysis of Past Due Loans and Leases
Total loans	0	0
Current
Age Analysis of Past Due Loans and Leases
Total loans	1,848,749	1,706,535
Current | Residential mortgage | Residential mortgage
Age Analysis of Past Due Loans and Leases
Residential mortgage real estate loans accounted under fair value option, at fair value	12,900	13,800
Current | Commercial and industrial
Age Analysis of Past Due Loans and Leases
Total loans	287,478	328,730
Current | Small business loans
Age Analysis of Past Due Loans and Leases
Total loans	131,403	130,751
Current | Leases, net
Age Analysis of Past Due Loans and Leases
Total loans	117,304	136,911
Current | Real estate loans: | Commercial mortgage
Age Analysis of Past Due Loans and Leases
Total loans	737,292	565,260
Current | Real estate loans: | Home equity lines and loans
Age Analysis of Past Due Loans and Leases
Total loans	74,684	58,156
Current | Real estate loans: | Residential mortgage
Age Analysis of Past Due Loans and Leases
Total loans	254,965	215,490
Current | Real estate loans: | Construction
Age Analysis of Past Due Loans and Leases
Total loans	245,234	270,749
Current | Consumer
Age Analysis of Past Due Loans and Leases
Total loans	389	488
Nonaccrual loans and leases | Residential mortgage | Residential mortgage
Age Analysis of Past Due Loans and Leases
Residential mortgage real estate loans accounted under fair value option, at fair value	786	558
Financial Asset, Equal to or Greater than 90 Days Past Due
Age Analysis of Past Due Loans and Leases
Total loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial and industrial
Age Analysis of Past Due Loans and Leases
Total loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due | Small business loans
Age Analysis of Past Due Loans and Leases
Total loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due | Leases, net
Age Analysis of Past Due Loans and Leases
Total loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due | Real estate loans: | Commercial mortgage
Age Analysis of Past Due Loans and Leases
Total loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due | Real estate loans: | Home equity lines and loans
Age Analysis of Past Due Loans and Leases
Total loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due | Real estate loans: | Residential mortgage
Age Analysis of Past Due Loans and Leases
Total loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due | Real estate loans: | Construction
Age Analysis of Past Due Loans and Leases
Total loans	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer
Age Analysis of Past Due Loans and Leases
Total loans	0	0
Financial Asset, Past Due
Age Analysis of Past Due Loans and Leases
Total loans	5,936	7,827
Financial Asset, Past Due | Commercial and industrial
Age Analysis of Past Due Loans and Leases
Total loans	0	101
Financial Asset, Past Due | Small business loans
Age Analysis of Past Due Loans and Leases
Total loans	1,499	939
Financial Asset, Past Due | Leases, net
Age Analysis of Past Due Loans and Leases
Total loans	2,197	1,173
Financial Asset, Past Due | Real estate loans: | Commercial mortgage
Age Analysis of Past Due Loans and Leases
Total loans	571	0
Financial Asset, Past Due | Real estate loans: | Home equity lines and loans
Age Analysis of Past Due Loans and Leases
Total loans	566	146
Financial Asset, Past Due | Real estate loans: | Residential mortgage
Age Analysis of Past Due Loans and Leases
Total loans	1,103	4,262
Financial Asset, Past Due | Real estate loans: | Construction
Age Analysis of Past Due Loans and Leases
Total loans	0	1,206
Financial Asset, Past Due | Consumer
Age Analysis of Past Due Loans and Leases
Total loans	$ 0	$ 0

Loans and Other Finance Recei_5

Loans and Other Finance Receivables - Schedule of Financing Receivables, Nonaccrual (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Without ACL	$ 15,860
Nonaccrual With ACL	17,903
Nonaccrual loans and leases	33,763	$ 21,236
Home equity lines and loans
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	1,037
Residential mortgage
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	4,536
Construction
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	1,206
Real estate loans: | Home equity lines and loans
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Without ACL	1,037
Nonaccrual With ACL	0
Nonaccrual loans and leases	1,037	1,097
Real estate loans: | Residential mortgage
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Without ACL	4,536
Nonaccrual With ACL	0
Nonaccrual loans and leases	4,536	2,085
Real estate loans: | Construction
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Without ACL	1,206
Nonaccrual With ACL	0
Nonaccrual loans and leases	1,206	0
Commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Without ACL	3,343
Nonaccrual With ACL	12,070
Nonaccrual loans and leases	15,413	12,547
Small business loans
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Without ACL	3,607
Nonaccrual With ACL	5,833
Nonaccrual loans and leases	9,440	4,465
Leases, net
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Without ACL	2,131
Nonaccrual With ACL	0
Nonaccrual loans and leases	$ 2,131	$ 902

Loans and Other Finance Recei_6

Loans and Other Finance Receivables - Schedule of Non-Accruing Collateral-Dependent Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	$ 33,763	$ 21,236
Home equity lines and loans
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	1,037
Residential mortgage
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	4,536
Construction
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	1,206
Commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	15,413
Small business loans
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	9,440
Leases, net
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	2,131
Real Estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	14,989
Real Estate | Home equity lines and loans
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	1,037
Real Estate | Residential mortgage
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	4,536
Real Estate | Construction
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	1,206
Real Estate | Commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	1,890
Real Estate | Small business loans
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	6,320
Real Estate | Leases, net
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	0
Equipment and Other
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	18,774
Equipment and Other | Home equity lines and loans
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	0
Equipment and Other | Residential mortgage
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	0
Equipment and Other | Construction
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	0
Equipment and Other | Commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	13,523
Equipment and Other | Small business loans
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	3,120
Equipment and Other | Leases, net
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans and leases	$ 2,131

Allowance for Credit Losses (_3

Allowance for Credit Losses (the Allowance) - Roll-forward of Allowance By Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		$ 18,828	$ 18,758
Charge-offs		(5,876)	(2,628)
Recoveries		325	210
Provision (recovery of provision) for credit losses	$ 7,234	7,234	2,488
Ending Balance	22,107	22,107	18,828
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		1,596
Ending Balance			1,596
Commercial mortgage
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		4,095	4,950
Charge-offs		0	0
Recoveries		0	0
Provision (recovery of provision) for credit losses		806	(855)
Ending Balance	4,375	4,375	4,095
Commercial mortgage | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		(526)
Ending Balance			(526)
Home equity lines and loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		188	224
Charge-offs		(87)	(12)
Recoveries		5	43
Provision (recovery of provision) for credit losses		453	(67)
Ending Balance	998	998	188
Home equity lines and loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		439
Ending Balance			439
Residential mortgage
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		948	283
Charge-offs		0	0
Recoveries		0	2
Provision (recovery of provision) for credit losses		55	663
Ending Balance	1,020	1,020	948
Residential mortgage | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		17
Ending Balance			17
Construction
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		3,075	2,042
Charge-offs		0	0
Recoveries		0	0
Provision (recovery of provision) for credit losses		(827)	1,033
Ending Balance	485	485	3,075
Construction | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		(1,763)
Ending Balance			(1,763)
Commercial and industrial
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		4,012	6,533
Charge-offs		(266)	0
Recoveries		57	97
Provision (recovery of provision) for credit losses		1,738	(2,618)
Ending Balance	4,518	4,518	4,012
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		(1,023)
Ending Balance			(1,023)
Small business loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		4,909	3,737
Charge-offs		(1,488)	0
Recoveries		5	0
Provision (recovery of provision) for credit losses		2,469	1,172
Ending Balance	7,005	7,005	4,909
Small business loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		1,110
Ending Balance			1,110
Consumer
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		3	3
Charge-offs		(2)	0
Recoveries		4	4
Provision (recovery of provision) for credit losses		(2)	(4)
Ending Balance	0	0	3
Consumer | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		(3)
Ending Balance			(3)
Leases, net
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		1,598	986
Charge-offs		(4,033)	(2,616)
Recoveries		254	64
Provision (recovery of provision) for credit losses		2,542	3,164
Ending Balance	$ 3,706	3,706	1,598
Leases, net | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance, prior to adoption of ASU No. 2016-13 for CECL		$ 3,345
Ending Balance			$ 3,345

Allowance for Credit Losses (_4

Allowance for Credit Losses (the Allowance) - Provision for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Text Block [Abstract]
Provision (recovery of provision) for credit losses	$ 7,234	$ 7,234	$ 2,488
Recovery of provision for credit losses - unfunded	(419)		0
Provision (recovery of provision) for credit losses	$ 6,815	$ 6,815	$ 2,488

Allowance for Credit Losses (_5

Allowance for Credit Losses (the Allowance) - Allowance Allocated by Portfolio Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	$ 6,496	$ 2,225
Allowance on loans and leases collectively evaluated for impairment	15,611	16,603
Total	22,107	18,828	$ 18,758
Carrying value of loans and leases individually evaluated for impairment	32,977	24,178
Carrying value of loans and leases collectively evaluated for impairment	1,841,745	1,696,918
Total	1,874,722	1,721,096
Commercial mortgage
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	0	0
Allowance on loans and leases collectively evaluated for impairment	4,375	4,095
Total	4,375	4,095	4,950
Carrying value of loans and leases individually evaluated for impairment	0	2,445
Carrying value of loans and leases collectively evaluated for impairment	737,863	562,955
Total	737,863	565,400
Home equity lines and loans
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	0	0
Allowance on loans and leases collectively evaluated for impairment	998	188
Total	998	188	224
Carrying value of loans and leases individually evaluated for impairment	1,037	1,097
Carrying value of loans and leases collectively evaluated for impairment	75,250	58,302
Total	76,287	59,399
Residential mortgage
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	0	0
Allowance on loans and leases collectively evaluated for impairment	1,020	948
Total	1,020	948	283
Carrying value of loans and leases individually evaluated for impairment	3,750	1,454
Carrying value of loans and leases collectively evaluated for impairment	243,128	205,881
Total	246,878	207,335
Construction
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	0	0
Allowance on loans and leases collectively evaluated for impairment	485	3,075
Total	485	3,075	2,042
Carrying value of loans and leases individually evaluated for impairment	1,206	1,206
Carrying value of loans and leases collectively evaluated for impairment	245,234	270,749
Total	246,440	271,955
Commercial and industrial
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	3,691	776
Allowance on loans and leases collectively evaluated for impairment	827	3,236
Total	4,518	4,012	6,533
Carrying value of loans and leases individually evaluated for impairment	15,413	12,547
Carrying value of loans and leases collectively evaluated for impairment	287,478	328,831
Total	302,891	341,378
Small business loans
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	2,805	1,449
Allowance on loans and leases collectively evaluated for impairment	4,200	3,460
Total	7,005	4,909	3,737
Carrying value of loans and leases individually evaluated for impairment	9,440	4,527
Carrying value of loans and leases collectively evaluated for impairment	132,902	131,628
Total	142,342	136,155
Consumer
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	0	0
Allowance on loans and leases collectively evaluated for impairment	0	3
Total	0	3	3
Carrying value of loans and leases individually evaluated for impairment	0	0
Carrying value of loans and leases collectively evaluated for impairment	389	488
Total	389	488
Leases, net
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	0	0
Allowance on loans and leases collectively evaluated for impairment	3,706	1,598
Total	3,706	1,598	$ 986
Carrying value of loans and leases individually evaluated for impairment	2,131	902
Carrying value of loans and leases collectively evaluated for impairment	119,501	138,084
Total	$ 121,632	$ 138,986

Allowance for Credit Losses (_6

Allowance for Credit Losses (the Allowance) - Carrying value based on credit quality indicators (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) loan
Loans and Leases by Credit Ratings
Loans, net of fees and costs	$ 1,895,806	$ 1,743,682
Total loans, writeoffs	(5,876)	(2,628)
Total loans	1,888,448	1,735,598
Loans at fair value	13,726	14,502
Evaluated by performance status
Loans and Leases by Credit Ratings
2023	72,275
2023, Writeoff	(128)
2022	213,533
2022, Writeoff	(2,165)
2021	53,795
2021, Writeoff	(1,450)
2020	17,592
2020, Writeoff	(290)
2019	2,679
2019, Writeoff	(33)
Prior	15,266
Prior, Writeoff	0
Revolving Loans	70,046
Revolving loans, writeoff	(56)
Loans, net of fees and costs	445,186
Total loans, writeoffs	(4,122)
Total loans		346,809
Performing
Loans and Leases by Credit Ratings
2023	72,012
2022	210,989
2021	53,427
2020	16,330
2019	2,679
Prior	13,909
Revolving Loans	68,649
Loans, net of fees and costs	437,995
Total loans		344,453
Non- performing
Loans and Leases by Credit Ratings
2023	263
2022	2,544
2021	368
2020	1,262
2019	0
Prior	1,357
Revolving Loans	1,397
Loans, net of fees and costs	7,191
Total loans		2,356
Evaluated based on credit quality indicators
Loans and Leases by Credit Ratings
2023	236,944
2023, Writeoff	(209)
2022	315,940
2022, Writeoff	(55)
2021	252,137
2021, Writeoff	0
2020	152,463
2020, Writeoff	(13)
2019	76,296
2019, Writeoff	(912)
Prior	198,661
Prior, Writeoff	0
Revolving Loans Converted to Term Loans	1,301
Revolving loans converted to term loans, writeoff	0
Revolving Loans	195,794
Revolving loans, writeoff	(565)
Loans, net of fees and costs	1,429,536
Total loans, writeoffs	(1,754)
Total loans		1,374,287
Pass/Watch
Loans and Leases by Credit Ratings
2023	236,195
2022	314,408
2021	242,241
2020	145,007
2019	69,509
Prior	170,088
Revolving Loans Converted to Term Loans	634
Revolving Loans	170,210
Loans, net of fees and costs	1,348,292
Total loans		1,281,804
Special Mention
Loans and Leases by Credit Ratings
2023	500
2022	9
2021	1,329
2020	5,334
2019	4,852
Prior	15,665
Revolving Loans Converted to Term Loans	667
Revolving Loans	9,678
Loans, net of fees and costs	38,034
Total loans		43,766
Substandard
Loans and Leases by Credit Ratings
2023	249
2022	1,523
2021	8,567
2020	2,122
2019	1,935
Prior	12,908
Revolving Loans Converted to Term Loans	0
Revolving Loans	15,906
Loans, net of fees and costs	43,210
Total loans		48,717
Doubtful
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Converted to Term Loans	0
Revolving Loans	0
Loans, net of fees and costs	0
Total loans		0
Commercial mortgage
Loans and Leases by Credit Ratings
2023	106,541
2023, Writeoff	0
2022	160,302
2022, Writeoff	0
2021	159,218
2021, Writeoff	0
2020	101,960
2020, Writeoff	0
2019	62,358
2019, Writeoff	0
Prior	145,557
Prior, Writeoff	0
Revolving Loans Converted to Term Loans	1,178
Revolving loans converted to term loans, writeoff	0
Revolving Loans	749
Revolving loans, writeoff	0
Loans, net of fees and costs	737,863
Total loans, writeoffs	0	0
Commercial mortgage | Evaluated based on credit quality indicators
Loans and Leases by Credit Ratings
Total loans		565,400
Commercial mortgage | Pass/Watch
Loans and Leases by Credit Ratings
2023	106,341
2022	160,302
2021	158,647
2020	97,535
2019	56,382
Prior	133,349
Revolving Loans Converted to Term Loans	511
Revolving Loans	423
Loans, net of fees and costs	713,490
Total loans		536,705
Commercial mortgage | Special Mention
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	0
2020	4,425
2019	4,341
Prior	9,975
Revolving Loans Converted to Term Loans	667
Revolving Loans	0
Loans, net of fees and costs	19,408
Total loans		25,309
Commercial mortgage | Substandard
Loans and Leases by Credit Ratings
2023	200
2022	0
2021	571
2020	0
2019	1,635
Prior	2,233
Revolving Loans Converted to Term Loans	0
Revolving Loans	326
Loans, net of fees and costs	4,965
Total loans		3,386
Commercial mortgage | Doubtful
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Converted to Term Loans	0
Revolving Loans	0
Loans, net of fees and costs	0
Total loans		0
Construction
Loans and Leases by Credit Ratings
2023	67,776
2023, Writeoff	0
2022	88,737
2022, Writeoff	0
2021	23,122
2021, Writeoff	0
2020	27,336
2020, Writeoff	0
2019	2,818
2019, Writeoff	0
Prior	7,628
Prior, Writeoff	0
Revolving Loans Converted to Term Loans	123
Revolving loans converted to term loans, writeoff	0
Revolving Loans	28,900
Revolving loans, writeoff	0
Loans, net of fees and costs	246,440
Total loans, writeoffs	0	0
Construction | Evaluated based on credit quality indicators
Loans and Leases by Credit Ratings
Total loans		271,955
Construction | Pass/Watch
Loans and Leases by Credit Ratings
2023	67,776
2022	88,737
2021	21,793
2020	27,336
2019	2,307
Prior	2,093
Revolving Loans Converted to Term Loans	123
Revolving Loans	25,976
Loans, net of fees and costs	236,141
Total loans		260,085
Construction | Special Mention
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	1,329
2020	0
2019	511
Prior	4,329
Revolving Loans Converted to Term Loans	0
Revolving Loans	2,924
Loans, net of fees and costs	9,093
Total loans		11,870
Construction | Substandard
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	1,206
Revolving Loans Converted to Term Loans	0
Revolving Loans	0
Loans, net of fees and costs	1,206
Total loans		0
Construction | Doubtful
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Converted to Term Loans	0
Revolving Loans	0
Loans, net of fees and costs	0
Total loans		0
Commercial and industrial
Loans and Leases by Credit Ratings
2023	26,814
2023, Writeoff	(209)
2022	38,757
2022, Writeoff	(55)
2021	27,429
2021, Writeoff	0
2020	8,449
2020, Writeoff	(2)
2019	4,448
2019, Writeoff	0
Prior	44,556
Prior, Writeoff	0
Revolving Loans Converted to Term Loans	0
Revolving loans converted to term loans, writeoff	0
Revolving Loans	152,438
Revolving loans, writeoff	0
Loans, net of fees and costs	302,891
Total loans, writeoffs	(266)	0
Total loans	302,891	341,378
Commercial and industrial | Evaluated based on credit quality indicators
Loans and Leases by Credit Ratings
Total loans		341,378
Commercial and industrial | Pass/Watch
Loans and Leases by Credit Ratings
2023	26,314
2022	38,748
2021	24,523
2020	8,449
2019	4,148
Prior	33,726
Revolving Loans Converted to Term Loans	0
Revolving Loans	131,304
Loans, net of fees and costs	267,212
Total loans		295,502
Commercial and industrial | Special Mention
Loans and Leases by Credit Ratings
2023	500
2022	9
2021	0
2020	0
2019	0
Prior	1,361
Revolving Loans Converted to Term Loans	0
Revolving Loans	6,440
Loans, net of fees and costs	8,310
Total loans		6,587
Commercial and industrial | Substandard
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	2,906
2020	0
2019	300
Prior	9,469
Revolving Loans Converted to Term Loans	0
Revolving Loans	14,694
Loans, net of fees and costs	27,369
Total loans		39,289
Commercial and industrial | Doubtful
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Converted to Term Loans	0
Revolving Loans	0
Loans, net of fees and costs	0
Total loans		0
Small business loans
Loans and Leases by Credit Ratings
2023	35,813
2023, Writeoff	0
2022	28,144
2022, Writeoff	0
2021	42,368
2021, Writeoff	0
2020	14,718
2020, Writeoff	(11)
2019	6,672
2019, Writeoff	(912)
Prior	920
Prior, Writeoff	0
Revolving Loans Converted to Term Loans	0
Revolving loans converted to term loans, writeoff	0
Revolving Loans	13,707
Revolving loans, writeoff	(565)
Loans, net of fees and costs	142,342
Total loans, writeoffs	(1,488)	0
Total loans	142,342	136,155
Small business loans | Evaluated based on credit quality indicators
Loans and Leases by Credit Ratings
Total loans		136,155
Small business loans | Pass/Watch
Loans and Leases by Credit Ratings
2023	35,764
2022	26,621
2021	37,278
2020	11,687
2019	6,672
Prior	920
Revolving Loans Converted to Term Loans	0
Revolving Loans	12,507
Loans, net of fees and costs	131,449
Total loans		131,690
Small business loans | Special Mention
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	0
2020	909
2019	0
Prior	0
Revolving Loans Converted to Term Loans	0
Revolving Loans	314
Loans, net of fees and costs	1,223
Total loans		0
Small business loans | Substandard
Loans and Leases by Credit Ratings
2023	49
2022	1,523
2021	5,090
2020	2,122
2019	0
Prior	0
Revolving Loans Converted to Term Loans	0
Revolving Loans	886
Loans, net of fees and costs	9,670
Total loans		4,465
Small business loans | Doubtful
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Converted to Term Loans	0
Revolving Loans	0
Loans, net of fees and costs	0
Total loans		0
Home equity lines and loans
Loans and Leases by Credit Ratings
2023	343
2023, Writeoff	0
2022	795
2022, Writeoff	0
2021	314
2021, Writeoff	0
2020	352
2020, Writeoff	0
2019	2,191
2019, Writeoff	(33)
Prior	2,295
Prior, Writeoff	0
Revolving Loans	69,997
Revolving loans, writeoff	(54)
Loans, net of fees and costs	76,287
Total loans, writeoffs	(87)	(12)
Home equity lines and loans | Performing
Loans and Leases by Credit Ratings
2023	343
2022	795
2021	314
2020	352
2019	2,191
Prior	2,295
Revolving Loans	68,600
Loans, net of fees and costs	74,890
Home equity lines and loans | Non- performing
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	1,397
Loans, net of fees and costs	1,397
Home equity lines and loans | Evaluated based on credit quality indicators
Loans and Leases by Credit Ratings
Total loans		59,399
Home equity lines and loans | Pass/Watch
Loans and Leases by Credit Ratings
Total loans		57,822
Home equity lines and loans | Special Mention
Loans and Leases by Credit Ratings
Total loans		0
Home equity lines and loans | Substandard
Loans and Leases by Credit Ratings
Total loans		1,577
Home equity lines and loans | Doubtful
Loans and Leases by Credit Ratings
Total loans		0
Residential mortgage
Loans and Leases by Credit Ratings
2023	48,576
2023, Writeoff	0
2022	155,569
2022, Writeoff	0
2021	22,237
2021, Writeoff	0
2020	7,303
2020, Writeoff	0
2019	456
2019, Writeoff	0
Prior	12,737
Prior, Writeoff	0
Revolving Loans	0
Revolving loans, writeoff	0
Loans, net of fees and costs	246,878
Total loans, writeoffs	0	0
Residential mortgage | Evaluated by performance status
Loans and Leases by Credit Ratings
Total loans		207,335
Residential mortgage | Performing
Loans and Leases by Credit Ratings
2023	48,576
2022	154,219
2021	22,237
2020	6,260
2019	456
Prior	11,380
Revolving Loans	0
Loans, net of fees and costs	243,128
Total loans		205,881
Residential mortgage | Non- performing
Loans and Leases by Credit Ratings
2023	0
2022	1,350
2021	0
2020	1,043
2019	0
Prior	1,357
Revolving Loans	0
Loans, net of fees and costs	3,750
Total loans		$ 1,454
Number of loans (in loans) | loan		4
Loans at fair value		$ 558
Leases, net
Loans and Leases by Credit Ratings
2023	23,317
2023, Writeoff	(128)
2022	57,134
2022, Writeoff	(2,165)
2021	31,244
2021, Writeoff	(1,450)
2020	9,937
2020, Writeoff	(290)
2019	0
2019, Writeoff	0
Prior	0
Prior, Writeoff	0
Revolving Loans	0
Revolving loans, writeoff	0
Loans, net of fees and costs	121,632
Total loans, writeoffs	(4,033)	(2,616)
Total loans	121,632	138,986
Leases, net | Evaluated by performance status
Loans and Leases by Credit Ratings
Total loans		138,986
Leases, net | Performing
Loans and Leases by Credit Ratings
2023	23,054
2022	55,940
2021	30,876
2020	9,718
2019	0
Prior	0
Revolving Loans	0
Loans, net of fees and costs	119,588
Total loans		138,084
Leases, net | Non- performing
Loans and Leases by Credit Ratings
2023	263
2022	1,194
2021	368
2020	219
2019	0
Prior	0
Revolving Loans	0
Loans, net of fees and costs	2,044
Total loans		902
Consumer
Loans and Leases by Credit Ratings
2023	39
2023, Writeoff	0
2022	35
2022, Writeoff	0
2021	0
2021, Writeoff	0
2020	0
2020, Writeoff	0
2019	32
2019, Writeoff	0
Prior	234
Prior, Writeoff	0
Revolving Loans	49
Revolving loans, writeoff	(2)
Loans, net of fees and costs	389
Total loans, writeoffs	(2)	0
Total loans	389	488
Consumer | Evaluated by performance status
Loans and Leases by Credit Ratings
Total loans		488
Consumer | Performing
Loans and Leases by Credit Ratings
2023	39
2022	35
2021	0
2020	0
2019	32
Prior	234
Revolving Loans	49
Loans, net of fees and costs	389
Total loans		488
Consumer | Non- performing
Loans and Leases by Credit Ratings
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	0
Loans, net of fees and costs	$ 0
Total loans		$ 0

Allowance for Credit Losses (_7

Allowance for Credit Losses (the Allowance) - Impaired Loans (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Impaired loans with related allowance:
Recorded investment	$ 14,829
Principal balance	15,825
Related allowance	2,225
Impaired loans without related allowance:
Recorded investment	9,349
Principal balance	9,406
Grand Total
Recorded investment	24,178
Principal balance	25,231
Related allowance	2,225
Commercial and industrial
Impaired loans with related allowance:
Recorded investment	11,099
Principal balance	12,095
Related allowance	776
Impaired loans without related allowance:
Recorded investment	1,448
Principal balance	1,494
Grand Total
Related allowance	776
Commercial mortgage
Impaired loans without related allowance:
Recorded investment	2,445
Principal balance	2,456
Small business loans
Impaired loans with related allowance:
Recorded investment	3,730
Principal balance	3,730
Related allowance	1,449
Impaired loans without related allowance:
Recorded investment	797
Principal balance	797
Grand Total
Related allowance	1,449
Home equity lines and loans
Impaired loans without related allowance:
Recorded investment	1,097
Principal balance	1,097
Residential mortgage
Impaired loans without related allowance:
Recorded investment	1,454
Principal balance	1,454
Construction
Impaired loans without related allowance:
Recorded investment	1,206
Principal balance	1,206
Leases, net
Impaired loans without related allowance:
Recorded investment	902
Principal balance	$ 902

Allowance for Credit Losses (_8

Allowance for Credit Losses (the Allowance) - Troubled Debt Restructuring (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract]
TDRs included in nonperforming loans and leases	$ 207
TDRs in compliance with modified terms	3,573
Total TDRs	$ 3,780

Allowance for Credit Losses (_9

Allowance for Credit Losses (the Allowance) - Loan Modifications Granted Categorized as TDRs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 loan	Dec. 31, 2022 USD ($) loan
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract]
Number of loan modifications | loan	8	1
Commercial mortgage loan value | $		$ 684

Allowance for Credit Losses _10

Allowance for Credit Losses (the Allowance) - Modifications To Debtors Experiencing Financial Difficulty (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 loan
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Number of loan modifications | loan	8	1
Amortized Cost Basis	$ 4,281
Related Reserve	$ 0
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Number of Loans | loan	4
Amortized Cost Basis	$ 3,050
Related Reserve	$ 727
Number of loans modified, accrual and nonaccrual | loan	12
Small business loans
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Number of loan modifications | loan	6
Amortized Cost Basis	$ 1,880
Percentage of Total Class of Financing Receivable (as a percent)	1.30%
Related Reserve	$ 0
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Number of Loans | loan	3
Amortized Cost Basis	$ 1,726
Percentage of Total Class of Financing Receivable (as a percent)	0.012
Related Reserve	$ 38
Small business loans | Extend maturity date
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Number of loan modifications | loan	6
Small business loans | Extend term and allow additional lender funding
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Number of Loans | loan	3
Commercial and industrial
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Number of loan modifications | loan	2
Amortized Cost Basis	$ 2,401
Percentage of Total Class of Financing Receivable (as a percent)	0.80%
Related Reserve	$ 0
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Number of Loans | loan	1
Amortized Cost Basis	$ 1,324
Percentage of Total Class of Financing Receivable (as a percent)	0.004
Related Reserve	$ 689
Commercial and industrial | Extend maturity date
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Number of loan modifications | loan	2
Commercial and industrial | Extend term and allow additional lender funding
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Number of Loans | loan	1

Bank Premises and Equipment (De

Bank Premises and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Bank Premises and Equipment
Less: accumulated depreciation	$ (13,766)	$ (12,825)
Total	13,557	13,349
Depreciation	1,600	1,400
Buildings
Bank Premises and Equipment
Property, plant and equipment, gross	9,287	9,150
Leasehold improvements
Bank Premises and Equipment
Property, plant and equipment, gross	4,234	3,347
Land
Bank Premises and Equipment
Property, plant and equipment, gross	600	600
Land Improvements
Bank Premises and Equipment
Property, plant and equipment, gross	218	218
Furniture, fixtures and equipment
Bank Premises and Equipment
Property, plant and equipment, gross	3,587	3,577
Computer equipment and data processing software
Bank Premises and Equipment
Property, plant and equipment, gross	9,397	9,242
Construction in process
Bank Premises and Equipment
Property, plant and equipment, gross	$ 0	$ 40

Deposits - Components of Deposi

Deposits - Components of Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Demand, non-interest bearing	$ 239,289	$ 301,727
Demand, interest bearing	150,898	219,838
Savings accounts	14,469	36,125
Money market accounts	733,334	661,439
Time deposits	685,472	493,350
Total deposits	1,823,462	1,712,479
Brokered time deposits	429,900	375,300
Time deposits over FDIC insurance limit	$ 458,800	$ 394,300

Deposits - Scheduled Maturities

Deposits - Scheduled Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Scheduled maturities
2024	$ 533,161
2025	101,912
2026	50,084
2027	15
2028	300
Total	$ 685,472	$ 493,350

Short-Term Borrowings and Lon_3

Short-Term Borrowings and Long-Term Debt - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Short-Term Borrowings
Borrowings	$ 141,224,000	$ 113,147,000
Letters of credit
Short-Term Borrowings
Maximum borrowing capacity	626,800,000	561,700,000
Proceeds from long term debt	$ 104,300,000
Federal funds purchased
Short-Term Borrowings
Number of borrowing facilities | item	1
Maximum borrowing capacity	$ 0
Federal funds purchased, facility two
Short-Term Borrowings
Maximum borrowing capacity	15,000,000
Federal Reserve discount window
Short-Term Borrowings
Maximum borrowing capacity	7,800,000
Borrowings	0	0
BTFP Advances
Short-Term Borrowings
Maximum borrowing capacity	33,000,000
Borrowings	$ 33,000,000	$ 0

Short-Term Borrowings and Lon_4

Short-Term Borrowings and Long-Term Debt - Short-Term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-Term Borrowings
Short term borrowings	$ 141,224	$ 113,147
Open Repo Plus Weekly Maturing 06/10/2024
Short-Term Borrowings
Interest rate	5.68%
Short term borrowings	$ 104,792	113,147
BTFP Advances
Short-Term Borrowings
Interest rate	4.76%
Short term borrowings	$ 33,000	0
Mid-term Repo Fixed Maturing On 09/30/2024
Short-Term Borrowings
Interest rate	4.60%
Short term borrowings	$ 3,432	$ 0

Short-Term Borrowings and Lon_5

Short-Term Borrowings and Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Mid-term Repo Fixed Maturing On 12/22/2025
Long Term Debt
Interest rate (as a percent)	4.23%
Long term debt	$ 8,935	$ 8,935
Mid Term Repo Fixed Maturing On 07/14/2023
Long Term Debt
Interest rate (as a percent)	4.57%
Long term debt	$ 15,245	0
Mid Term Repo Fixed Maturing On 10/14/2025
Long Term Debt
Interest rate (as a percent)	5.16%
Long term debt	$ 9,492	0
FHLB, Mid-term Repo Fixed
Long Term Debt
Long term debt	$ 33,672	$ 8,935

Subordinated Debentures (Detail

Subordinated Debentures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Subordinated Debt
Subordinated Borrowing [Line Items]
Debt Origination Costs	$ (748)	$ (826)
Long-term debt	$ 49,836	40,346
2023 Debentures
Subordinated Borrowing [Line Items]
Interest rate	8%
2023 Debentures | Subordinated Debt
Subordinated Borrowing [Line Items]
Subordinated debentures	$ 9,740	0
2019 Debentures
Subordinated Borrowing [Line Items]
Interest rate	5.38%
2019 Debentures | Subordinated Debt
Subordinated Borrowing [Line Items]
Subordinated debentures	$ 40,000	40,000
2013 Debentures
Subordinated Borrowing [Line Items]
Interest rate	6.50%
2013 Debentures | Subordinated Debt
Subordinated Borrowing [Line Items]
Subordinated debentures	$ 497	653
2011 Debentures
Subordinated Borrowing [Line Items]
Interest rate	6%
2011 Debentures | Subordinated Debt
Subordinated Borrowing [Line Items]
Subordinated debentures	$ 347	463
2008 Debentures
Subordinated Borrowing [Line Items]
Interest rate	6%
2008 Debentures | Subordinated Debt
Subordinated Borrowing [Line Items]
Subordinated debentures	$ 0	$ 56

Servicing Assets - Residential

Servicing Assets - Residential Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of the period	$ 12,346
Balance at end of the period	11,748	$ 12,346
Mortgage Servicing Rights
Servicing Assets at Fair Value [Line Items]
Loans serviced	945,200	1,000,000
Servicing fee income	2,500	2,600
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of the period	9,942	10,756
Servicing rights capitalized	20	668
Amortization of servicing rights	(1,343)	(1,488)
Change in valuation allowance	2	6
Balance at end of the period	8,621	9,942
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Valuation allowance, beginning of period	(2)	(8)
Impairment	0	(4)
Recovery	2	10
Valuation allowance, end of period	$ 0	$ (2)

Servicing Assets - MSR Sensitiv

Servicing Assets - MSR Sensitivity Analysis (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value of residential mortgage servicing rights	$ 11,221	$ 11,567
Weighted average life (months)	28 months	22 months
Prepayment speed	8.57%	8.05%
10% adverse change	$ (506)	$ (268)
20% adverse change	$ (973)	$ (525)
Discount rate	9.50%	9.50%
10% adverse change	$ (415)	$ (404)
20% adverse change	$ (799)	$ (777)

Servicing Assets - SBA Loans (D

Servicing Assets - SBA Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of the period	$ 12,346
Balance at end of the period	11,748	$ 12,346
SBA Loan Servicing Rights
Servicing Assets at Fair Value [Line Items]
Loans serviced	225,800	166,100
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of the period	2,404	2,009
Servicing rights capitalized	1,525	1,395
Amortization of servicing rights	(898)	(732)
Change in valuation allowance	96	(268)
Balance at end of the period	3,127	2,404
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Valuation allowance, beginning of period	(364)	(96)
Impairment	(178)	(408)
Recovery	274	140
Valuation allowance, end of period	$ (268)	$ (364)

Servicing Assets - SBA Sensitiv

Servicing Assets - SBA Sensitivity Analysis (Details) - SBA Loan Servicing Rights - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value of SBA loan servicing rights	$ 3,376	$ 2,422
Weighted average life (months)	3 years 6 months	3 years 9 months 18 days
Prepayment speed	14.70%	12.73%
10% adverse change	$ (125)	$ (73)
20% adverse change	$ (241)	$ (141)
Discount rate	14.66%	18.96%
10% adverse change	$ (74)	$ (53)
20% adverse change	$ (145)	$ (104)

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
ROU assets	$ 9,400	$ 9,000
Total operating lease liabilities	$ 9,442	$ 8,900
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Weighted average remaining lease term (in years)	6 years 2 months 12 days
Weighted average discount rate	3.23%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	2 months
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	12 years

Lease Commitments - Lease Cost

Lease Commitments - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 2,319	$ 2,242
Short term lease expense	8	13
Variable lease expense	52	0
Total lease expense	$ 2,379	$ 2,255

Lease Commitments - Cash Flow I

Lease Commitments - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 2,131	$ 2,150
Lease liabilities arising from obtaining right-of-use assets	$ 2,476	$ 10,936

Lease Commitments - Maturity of

Lease Commitments - Maturity of Lease Liabilities Under ASC 842 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 2,167
2025	1,736
2026	1,649
2027	1,493
2028	741
Thereafter	3,029
Total	10,815
Less: Present value discount	(1,373)
Total operating lease liabilities	$ 9,442	$ 8,900

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 28, 2023 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Mar. 25, 2023 shares
Stock-Based Compensation
Stock split, conversion ratio	2
Granted (in shares)		98,000	246,500
Range of exercise prices, lower limit (in dollars per share) | $ / shares		$ 5.90
Range of exercise prices, upper limit (in dollars per share) | $ / shares		$ 17.76
Aggregate intrinsic value of options outstanding | $		$ 3,100
Aggregate intrinsic value of options exercisable | $		$ 2,800
Granted (in dollars per share) | $ / shares		$ 2.37	$ 5.38
Proceeds from exercise of stock options | $		$ 279	$ 711
Excess tax benefit | $		$ 3	$ 116
Forfeited (in shares)		22,000	29,606
Accounting Standards Update 2016-09, 1
Stock-Based Compensation
Forfeited (in shares)		22,000	29,606
Employee stock option
Stock-Based Compensation
Weighted average remaining contractual life (in years)		7 years 4 months 24 days
Aggregate intrinsic value of options exercisable | $		$ 179
Expected dividends		3.60%	2.60%
Risk free interest rate		4.73%	2.93%
Expected life		5 years 9 months	5 years 9 months
Expected votality rate		33.42%	37.73%
Granted (in dollars per share) | $ / shares		$ 2.37	$ 5.38
Share-based payment arrangement, expense | $		$ 650	$ 1,000
Unrecognized compensation costs no yet recognized | $		1,100
Restricted Stock
Stock-Based Compensation
Granted (in shares)			0
Share-based payment arrangement, expense | $		0	$ 70
Unrecognized compensation costs no yet recognized | $		$ 0	$ 0
Restricted Stock | Awards Vesting in one year
Stock-Based Compensation
Vesting period		1 year
Vesting percentage			100%
2004 Plan
Stock-Based Compensation
Shares authorized (in shares)	892,182
Stock dividend percentage		5%
Number of shares available for future grants (in shares)		0
2016 Plan
Stock-Based Compensation
Shares authorized (in shares)				1,673,800
Number of shares available for future grants (in shares)		119,540
Term of award		10 years
Vesting period		3 years
Vesting percentage		25%
2016 Plan | Employee stock option
Stock-Based Compensation
Granted (in shares)		1,222,000
2016 Plan | Restricted Stock
Stock-Based Compensation
Granted (in shares)		86,416

Stock-Based Compensation - Opti

Stock-Based Compensation - Options Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares
Outstanding, at the beginning of the period (in shares)	1,053,688	923,928
Exercised (in shares)	(29,890)	(87,134)
Granted (in shares)	98,000	246,500
Forfeited (in shares)	(22,000)	(29,606)
Outstanding, at the end of the period (in shares)	1,099,798	1,053,688
Exercisable at the end of the period (in shares)	846,294
Nonvested at the end of the period (in shares)	253,504
Weighted average exercise price
Outstanding, at the beginning of the period (in dollars per share)	$ 11.67	$ 10.19
Exercised (in dollars per share)	8.86	8.67
Granted (in dollars per share)	10.08	16.22
Forfeitures (in dollars per share)	14.38	12.14
Outstanding, at the end of the period (in dollars per share)	11.55	11.67
Exercisable at the end of the period (in dollars per share)	10.87
Nonvested at the end of the period (in dollars per share)	13.83
Weighted average exercise price
Outstanding, at the beginning of the period (in dollars per share)	3.67	3.10
Exercised (in dollars per share)	2.56	2.43
Granted (in dollars per share)	2.37	5.38
Forfeited (in dollars per share)	4.84	3.92
Outstanding, at the end of the period (in dollars per share)	3.56	3.67
Exercisable at end of period (in dollars per share)	3.32
Nonvested at end of period (in dollars per share)	4.35
Employee stock option
Weighted average exercise price
Granted (in dollars per share)	$ 2.37	$ 5.38

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Outstanding (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares
Outstanding, at the beginning of the period (in shares)	53,210
Granted (in shares)		0
Vested (in shares)	(53,210)
Outstanding, at the end of the period (in shares)	0	53,210
Weighted Average Grant Date Fair Value
Outstanding, at the beginning of the period (in dollars per share)	$ 9.33
Granted (in dollars per share)		$ 0
Vested (in dollars per share)	9.33
Outstanding, at the end of the period (in dollars per share)	$ 0	$ 9.33

Income Taxes - Federal and Stat

Income Taxes - Federal and State (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Federal:
Current	$ 3,594	$ 4,580
Deferred	(217)	903
Total	3,377	5,483
State:
Current	364	494
Deferred	(17)	114
Total	347	608
Effective income tax rate	$ 3,724	$ 6,091

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal income tax at statutory rate	$ 3,563	$ 5,863
State tax expense, net of federal benefit	274	480
Tax exempt interest	(219)	(276)
Bank owned life insurance	(166)	(116)
Stock based compensation	123	36
ESOP	26	48
Other	123	56
Effective income tax rate	$ 3,724	$ 6,091
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal income tax at statutory rate (as a percent)	21%	21%
State tax expense, net of federal benefit (as a percent)	1.60%	1.70%
Tax exempt interest (as a percent)	(1.30%)	(1.00%)
Bank owned life insurance (as a percent)	(1.00%)	(0.40%)
Stock based compensation (as a percent)	0.70%	0.10%
ESOP (as a percent)	0.20%	0.20%
Other (as a percent)	0.80%	0.20%
Effective income tax rate (as a percent)	22%	21.80%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Allowance for credit losses	$ 4,949	$ 4,212
Unrealized loss on available for sale securities	2,718	3,327
Accrued retirement	826	891
Mortgage pipeline fair-value adjustment	538	535
Deferred rent	81	96
Mortgage repurchase reserve	114	192
Unfunded commitment reserve	226	0
Other	153	179
Total deferred tax asset	9,605	9,432
Deferred tax liabilities:
Property and equipment	(752)	(948)
Loan servicing rights	(2,630)	(2,762)
Intangibles	(106)	(23)
Hedge instrument fair-value adjustment	(42)	(12)
Prepaid expenses	(237)	(341)
Deferred loan costs	(1,637)	(1,410)
Total deferred tax liability	(5,404)	(5,496)
Net deferred tax asset	$ 4,201	$ 3,936

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	22%	21.80%
Investment in low income housing tax credits	$ 4,900	$ 5,300
Tax credit recognized	343	294
Tax credit, amortization	340	381
Tax benefit from losses	$ 168	$ 131

Transactions with Executive O_3

Transactions with Executive Officers, Directors and Principal Stockholders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions [Roll Forward]
Loans receivable from related parties - beginning at end of period	$ 2,046	$ 5,098
Advances for related parties	447	5,196
Proceeds repayments from related party	(415)	(6,070)
Effect of changes in composition of related parties	(499)	(2,178)
Loans receivable from related parties - balance at end of period	$ 1,579	$ 2,046

Transactions with Executive O_4

Transactions with Executive Officers, Directors and Principal Stockholders - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Related Party Transaction [Line Items]
Deposits	$ 1,712,479	$ 1,823,462
Subordinated debentures	40,346	49,836
Amounts of transactions	14
Related Party
Related Party Transaction [Line Items]
Deposits	32,600	30,600
Subordinated debentures	$ 208	$ 1,100

Financial Instruments with Of_3

Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies - Summary of Financial Instrument Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments to fund loans and commitments under lines of credit
Other Commitments [Line Items]
Off-balance sheet financial instruments	$ 517,743	$ 506,203
Letters of credit
Other Commitments [Line Items]
Off-balance sheet financial instruments	$ 10,924	$ 19,042

Financial Instruments with Off0

Financial Instruments with Off0Balance Sheet Risk, Commitments and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Text Block [Abstract]
Indemnification or repurchase of loan	$ 860	$ 734
Repurchase reverse	$ 508	$ 858
Number of loans repurchased | loan	5	8
Unpaid principal balance for loans repurchased	$ 1,300	$ 1,800

Regulatory Matters (Details)

Regulatory Matters (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Regulatory Asset [Line Items]
Tier 1 leverage ratio, actual ratio	0.0946
The Bank
Regulatory Asset [Line Items]
Tier 1 leverage ratio, actual amount	$ 211,355	$ 196,584
Tier 1 leverage ratio, actual ratio	0.0946	0.0995
Tier 1 leverage ratio, for capital adequacy purposes, amount	$ 89,399	$ 78,995
Tier 1 leverage ratio, for capital adequacy purposes, ratio	0.0400	0.0400
Tier 1 leverage ratio, to be well capitalized under prompt corrective action provisions, amount	$ 111,749	$ 98,743
Tier 1 leverage ratio, to be well capitalized under prompt corrective action provisions, ratio	0.0500	0.0500
Common tier 1 risk-based capital ratio, actual amount	$ 211,355	$ 196,584
Common tier 1 risk-based capital ratio, actual ratio	0.1010	0.1073
Common tier 1 risk-based capital ratio, for capital adequacy purpose, amount	$ 146,448	$ 128,305
Common tier 1 risk-based capital ratio, for capital adequacy purpose, ratio	0.0700	0.0700
Common tier 1 risk-based capital ratio, to be well capitalized under prompt corrective action provisions, amount	$ 135,987	$ 119,140
Common tier 1 risk-based capital ratio, to be well capitalized under prompt corrective action provisions, ratio	0.0650	0.0650
Tier 1 risk-based capital, amount	$ 211,355	$ 196,584
Tier 1 risk-based capital ratio	0.1010	0.1073
Tier 1 risk-based capital, for capital adequacy, with buffer, amount	$ 177,829	$ 155,799
Tier 1 risk-based capital, for capital adequacy, with buffer, ratio	0.0850	0.0850
Tier 1 risk-based capital, to be well capitalized under prompt corrective action provisions, amount	$ 167,369	$ 146,634
Tier 1 risk-based capital, to be well capitalized under prompt corrective action provisions, ratio	0.0800	0.0800
Total risk-based capital ratio, amount	$ 233,671	$ 217,593
Total risk-based capital ratio	0.1117	0.1187
Total risk-based capital ratio, for capital adequacy purpose, amount	$ 219,672	$ 192,457
Total risk-based capital ratio, for capital adequacy purpose, ratio	0.1050	0.1050
Total risk-based capital ratio, for capital adequacy purpose, amount, to be well capitalized under prompt corrective action provisions, amount	$ 209,211	$ 183,293
Total risk-based capital ratio, for capital adequacy purpose, amount, to be well capitalized under prompt corrective action provisions, ratio	0.1000	0.1000

Fair Value Measurements and D_3

Fair Value Measurements and Disclosures - Financial Assets Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Fair value	$ 146,019	$ 135,346
Equity investments	2,121	2,086
Total	190,424	178,110
Liabilities
Total	3,613
U.S. asset backed securities
Assets
Fair value	16,824	15,281
U.S. government agency MBS
Assets
Fair value	22,634	11,739
U.S. government agency CMO
Assets
Fair value	19,573	23,318
State and municipal securities
Assets
Fair value	36,216	38,838
Non-U.S. government agency CMO
Assets
Fair value	13,155	9,089
Corporate bonds
Assets
Fair value	7,195	7,558
Forward commitments
Assets
Derivative assets, Fair value		0
Recurring
Assets
Equity investments	2,121	2,086
Mortgage loans held for sale	24,816	22,243
Mortgage loans held for investment	13,726	14,502
Liabilities
Total		3,895
Recurring | U.S. asset backed securities
Assets
Fair value	16,824	15,281
Recurring | U.S. government agency MBS
Assets
Fair value	22,634	11,739
Recurring | U.S. government agency CMO
Assets
Fair value	19,573	23,318
Recurring | State and municipal securities
Assets
Fair value	36,216	38,838
Recurring | U.S. Treasuries
Assets
Fair value	30,422	29,523
Recurring | Non-U.S. government agency CMO
Assets
Fair value	13,155	9,089
Recurring | Corporate bonds
Assets
Fair value	7,195	7,558
Recurring | Interest rate lock commitments
Assets
Derivative assets, Fair value	214	87
Liabilities
Derivative Liability	17	79
Recurring | Forward commitments
Liabilities
Derivative Liability	41
Recurring | Customer derivatives - interest rate swaps
Assets
Derivative assets, Fair value	3,528	3,846
Liabilities
Derivative Liability	3,544	3,799
Recurring | Risk Participation Agreements
Liabilities
Derivative Liability	11	17
Recurring | Level 1
Assets
Equity investments	0	0
Mortgage loans held for sale	0	0
Mortgage loans held for investment	0	0
Total	30,422	29,523
Liabilities
Total	0	0
Recurring | Level 1 | U.S. asset backed securities
Assets
Fair value	0	0
Recurring | Level 1 | U.S. government agency MBS
Assets
Fair value	0	0
Recurring | Level 1 | U.S. government agency CMO
Assets
Fair value	0	0
Recurring | Level 1 | State and municipal securities
Assets
Fair value	0	0
Recurring | Level 1 | U.S. Treasuries
Assets
Fair value	30,422	29,523
Recurring | Level 1 | Non-U.S. government agency CMO
Assets
Fair value	0	0
Recurring | Level 1 | Corporate bonds
Assets
Fair value	0	0
Recurring | Level 1 | Interest rate lock commitments
Assets
Derivative assets, Fair value	0	0
Liabilities
Derivative Liability	0	0
Recurring | Level 1 | Forward commitments
Assets
Derivative assets, Fair value		0
Liabilities
Derivative Liability	0
Recurring | Level 1 | Customer derivatives - interest rate swaps
Assets
Derivative assets, Fair value	0	0
Liabilities
Derivative Liability	0	0
Recurring | Level 1 | Risk Participation Agreements
Liabilities
Derivative Liability	0	0
Recurring | Level 2
Assets
Equity investments	2,121	2,086
Mortgage loans held for sale	24,816	22,243
Mortgage loans held for investment	13,726	14,502
Total	159,788	148,500
Liabilities
Total	3,596	3,816
Recurring | Level 2 | U.S. asset backed securities
Assets
Fair value	16,824	15,281
Recurring | Level 2 | U.S. government agency MBS
Assets
Fair value	22,634	11,739
Recurring | Level 2 | U.S. government agency CMO
Assets
Fair value	19,573	23,318
Recurring | Level 2 | State and municipal securities
Assets
Fair value	36,216	38,838
Recurring | Level 2 | U.S. Treasuries
Assets
Fair value	0	0
Recurring | Level 2 | Non-U.S. government agency CMO
Assets
Fair value	13,155	9,089
Recurring | Level 2 | Corporate bonds
Assets
Fair value	7,195	7,558
Recurring | Level 2 | Interest rate lock commitments
Assets
Derivative assets, Fair value	0	0
Liabilities
Derivative Liability	0	0
Recurring | Level 2 | Forward commitments
Assets
Derivative assets, Fair value		0
Liabilities
Derivative Liability	41
Recurring | Level 2 | Customer derivatives - interest rate swaps
Assets
Derivative assets, Fair value	3,528	3,846
Liabilities
Derivative Liability	3,544	3,799
Recurring | Level 2 | Risk Participation Agreements
Liabilities
Derivative Liability	11	17
Recurring | Level 3
Assets
Equity investments	0	0
Mortgage loans held for sale	0	0
Mortgage loans held for investment	0	0
Total	214	87
Liabilities
Total	17	79
Recurring | Level 3 | U.S. asset backed securities
Assets
Fair value	0	0
Recurring | Level 3 | U.S. government agency MBS
Assets
Fair value	0	0
Recurring | Level 3 | U.S. government agency CMO
Assets
Fair value	0	0
Recurring | Level 3 | State and municipal securities
Assets
Fair value	0	0
Recurring | Level 3 | U.S. Treasuries
Assets
Fair value	0	0
Recurring | Level 3 | Non-U.S. government agency CMO
Assets
Fair value	0	0
Recurring | Level 3 | Corporate bonds
Assets
Fair value	0	0
Recurring | Level 3 | Interest rate lock commitments
Assets
Derivative assets, Fair value	214	87
Liabilities
Derivative Liability	17	79
Recurring | Level 3 | Forward commitments
Assets
Derivative assets, Fair value		0
Liabilities
Derivative Liability	0
Recurring | Level 3 | Customer derivatives - interest rate swaps
Assets
Derivative assets, Fair value	0	0
Liabilities
Derivative Liability	0	0
Recurring | Level 3 | Risk Participation Agreements
Liabilities
Derivative Liability	$ 0	$ 0

Fair Value Measurements and D_4

Fair Value Measurements and Disclosures - Financial Assets Measured At Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial assets measured at fair value on a nonrecurring basis
Total	$ 190,424	$ 178,110
Nonrecurring | Level 3
Financial assets measured at fair value on a nonrecurring basis
Mortgage servicing rights	8,621	9,942
SBA loan servicing rights	3,127	2,404
Total	24,700	14,627
Nonrecurring | Level 3 | Commercial and industrial
Financial assets measured at fair value on a nonrecurring basis
Individually evaluated loans	9,818	0
Nonrecurring | Level 3 | Small business loans
Financial assets measured at fair value on a nonrecurring basis
Individually evaluated loans	$ 3,134	$ 2,281

Fair Value Measurements and D_5

Fair Value Measurements and Disclosures - Level 3 Valuation (Details) - Level 3 - Valuation, Income Approach - Measurement Input, Appraised Value $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans	$ 12,952	$ 2,281
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, measurement input (as a percent)	0.02	0.02
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, measurement input (as a percent)	0.33	0.15

Fair Value Measurements and D_6

Fair Value Measurements and Disclosures - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial assets:
Residential mortgage real estate loans accounted under fair value option, at fair value	$ 13,726	$ 14,502
Level 1 | Carrying amount
Financial assets:
Cash and cash equivalents	56,697	38,391
Level 1 | Fair value
Financial assets:
Cash and cash equivalents	56,697	38,391
Level 2 | Carrying amount
Financial assets:
Mortgage loans held for sale	24,816	22,243
Mortgage loans held for investment	13,726	14,502
Financial liabilities:
Deposits	1,823,462	1,712,479
Borrowings	174,896	122,082
Subordinated debentures	49,836	40,346
Level 2 | Fair value
Financial assets:
Mortgage loans held for sale	24,816	22,243
Mortgage loans held for investment	13,726	14,502
Financial liabilities:
Deposits	1,834,700	1,575,600
Borrowings	176,400	122,082
Subordinated debentures	50,223	40,020
Level 3 | Carrying amount
Financial assets:
Residential mortgage real estate loans accounted under fair value option, at fair value	1,882,080	1,729,180
Level 3 | Fair value
Financial assets:
Residential mortgage real estate loans accounted under fair value option, at fair value	$ 1,832,558	$ 1,679,955

Fair Value Measurements and D_7

Fair Value Measurements and Disclosures - Fair Value on a Recurring Basis (Details) - Interest rate lock commitments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of the period	$ 87	$ 1,122
Decrease in value	127	(1,035)
Balance at end of the period	$ 214	$ 87

Fair Value Measurements and D_8

Fair Value Measurements and Disclosures - Valuation Techniques for Level 3 Interest Rate Lock (Details) - Interest rate lock commitments - Level 3 - Valuation Technique, Consensus Pricing Model $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset	$ 214	$ 87
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.01	0.01
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.99	0.99
Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.7948	0.8405

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Summary of the fair value gains and losses on derivative financial instruments
Derivative, notional amount	$ 226,652	$ 127,456
Total comprehensive income, unrealized gains	(412)	0
Derivative liability fair value	410	(38)
Interest Rate Swap, One
Summary of the fair value gains and losses on derivative financial instruments
Derivative, notional amount			$ 25,000
Derivative, fixed interest rate (as a percent)			4.07%
Interest Rate Swap, Three
Summary of the fair value gains and losses on derivative financial instruments
Derivative, notional amount			$ 25,000
Derivative, fixed interest rate (as a percent)			4.117%
Interest Rate Swap, Two
Summary of the fair value gains and losses on derivative financial instruments
Derivative, notional amount			$ 25,000
Derivative, fixed interest rate (as a percent)			4.027%
Interest Rate Swaps
Summary of the fair value gains and losses on derivative financial instruments
Derivative, notional amount	75,000	0
Derivative liability fair value	$ 539	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments - Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative Financial Instruments
Notional Amount	$ 226,652	$ 127,456
Asset (Liability) Fair Value	(410)	38
Interest rate lock commitments
Derivative Financial Instruments
Notional Amount	39,134	32,698
Asset (Liability) Fair Value	197	8
Interest rate lock commitments | Other assets
Derivative Financial Instruments
Notional Amount	33,735	16,590
Asset (Liability) Fair Value	214	87
Interest rate lock commitments | Other liabilities
Derivative Financial Instruments
Notional Amount	5,399	16,108
Asset (Liability) Fair Value	(17)	(79)
Forward commitments
Derivative Financial Instruments
Notional Amount	4,250	0
Asset (Liability) Fair Value	(41)	0
Forward commitments | Other assets
Derivative Financial Instruments
Notional Amount	0	0
Asset (Liability) Fair Value	0	0
Forward commitments | Other liabilities
Derivative Financial Instruments
Notional Amount	4,250	0
Asset (Liability) Fair Value	(41)	0
Customer derivatives - interest rate swaps
Derivative Financial Instruments
Notional Amount	101,186	87,558
Asset (Liability) Fair Value	(16)	47
Customer derivatives - interest rate swaps | Other assets
Derivative Financial Instruments
Notional Amount	50,593	43,779
Asset (Liability) Fair Value	3,528	3,846
Customer derivatives - interest rate swaps | Other liabilities
Derivative Financial Instruments
Notional Amount	50,593	43,779
Asset (Liability) Fair Value	(3,544)	(3,799)
Risk Participation Agreements
Derivative Financial Instruments
Notional Amount	7,082	7,200
Asset (Liability) Fair Value	(11)	(17)
Risk Participation Agreements | Other assets
Derivative Financial Instruments
Notional Amount	0	0
Asset (Liability) Fair Value	0	0
Risk Participation Agreements | Other liabilities
Derivative Financial Instruments
Notional Amount	7,082	7,200
Asset (Liability) Fair Value	(11)	(17)
Interest Rate Swaps
Derivative Financial Instruments
Notional Amount	75,000	0
Asset (Liability) Fair Value	(539)	0
Interest Rate Swaps | Other assets
Derivative Financial Instruments
Notional Amount	0	0
Asset (Liability) Fair Value	0	0
Interest Rate Swaps | Other liabilities
Derivative Financial Instruments
Notional Amount	75,000	0
Asset (Liability) Fair Value	$ (539)	$ 0

Derivative Financial Instrume_5

Derivative Financial Instruments - Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of the fair value gains and losses on derivative financial instruments
Net fair value gains (losses) on derivative financial instruments	$ (448)	$ (703)
Net realized gains (loss) on derivative hedging activities	28	5,400
Interest rate lock commitments
Summary of the fair value gains and losses on derivative financial instruments
Net fair value gains (losses) on derivative financial instruments	189	(911)
Forward commitments
Summary of the fair value gains and losses on derivative financial instruments
Net fair value gains (losses) on derivative financial instruments	(41)	41
Customer derivatives - interest rate swaps
Summary of the fair value gains and losses on derivative financial instruments
Net fair value gains (losses) on derivative financial instruments	(63)	105
Risk Participation Agreements
Summary of the fair value gains and losses on derivative financial instruments
Net fair value gains (losses) on derivative financial instruments	6	62
Interest Rate Swaps
Summary of the fair value gains and losses on derivative financial instruments
Net fair value gains (losses) on derivative financial instruments	$ (539)	$ 0

Segments - Narrative (Details)

Segments - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 office
Mortgage
Segments
Number of loan production offices	8

Segments - Business Segments (D

Segments - Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Net-interest Income:
Net interest income		$ 68,942	$ 70,128
Provision for credit losses	$ 6,815	6,815	2,488
Net interest income after provision for credit losses		62,127	67,640
Non-interest Income
Mortgage banking income		16,537	25,325
Wealth management income		4,928	4,733
SBA income		4,485	4,467
Net change in fair values		255	(3,955)
Net gain on hedging activity		28	5,439
Other		5,732	5,715
Total non-interest income		31,965	41,724
Non-interest expense		77,125	81,444
Income before income taxes		16,967	27,920
Total Assets	2,246,193	2,246,193	2,062,228
Bank
Net-interest Income:
Net interest income		68,835	68,570
Provision for credit losses		6,815	2,488
Net interest income after provision for credit losses		62,020	66,082
Non-interest Income
Mortgage banking income		306	436
SBA income		4,485	4,467
Net change in fair values		(59)	167
Net gain on hedging activity		0	0
Other		3,011	2,486
Total non-interest income		7,743	7,556
Non-interest expense		48,827	45,122
Income before income taxes		20,936	28,516
Total Assets	2,186,017	2,186,017	2,011,835
Wealth
Net-interest Income:
Net interest income		(27)	697
Provision for credit losses		0	0
Net interest income after provision for credit losses		(27)	697
Non-interest Income
Mortgage banking income		0	0
SBA income		0	0
Net change in fair values		0	0
Net gain on hedging activity		0	0
Other		0	(1)
Total non-interest income		4,928	4,732
Non-interest expense		3,661	3,399
Income before income taxes		1,240	2,030
Total Assets	7,251	7,251	8,142
Mortgage
Net-interest Income:
Net interest income		134	861
Provision for credit losses		0	0
Net interest income after provision for credit losses		134	861
Non-interest Income
Mortgage banking income		16,231	24,889
SBA income		0	0
Net change in fair values		314	(4,122)
Net gain on hedging activity		28	5,439
Other		2,721	3,230
Total non-interest income		19,294	29,436
Non-interest expense		24,637	32,923
Income before income taxes		(5,209)	(2,626)
Total Assets	$ 52,925	52,925	42,251
Wealth management income
Non-interest Income
Wealth management income		4,928	4,733
Wealth management income | Bank
Non-interest Income
Wealth management income		0	0
Wealth management income | Wealth
Non-interest Income
Wealth management income		4,928	4,733
Wealth management income | Mortgage
Non-interest Income
Wealth management income		$ 0	$ 0

Parent Company Financial Stat_3

Parent Company Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash and due from banks	$ 10,067	$ 11,299
Other assets	25,740	24,072
Total assets	2,246,193	2,062,228
Liabilities:
Subordinated debentures	49,836	40,346
Accrued interest payable	10,324	2,389
Other liabilities	29,653	31,652
Total liabilities	2,088,171	1,908,948
Stockholders’ equity:
Common stock, $1 par value: 25,000,000 shares authorized; 13,186,198 and 13,156,308 shares issued, respectively; and 11,183,015 and 11,465,572 shares outstanding, respectively.	$ 13,186	$ 13,156
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	25,000,000	25,000,000
Common stock, issued (in shares)	13,186,198	13,156,308
Common stock, outstanding (in shares)	11,183,015	11,465,572
Surplus	$ 80,325	$ 79,072
Treasury stock - 2,003,183 and 1,690,736 shares, respectively, at cost	$ (26,079)	$ (21,821)
Treasury stock (in shares)	2,003,183	1,690,736
Unearned common stock held by employee stock ownership plan	$ (1,204)	$ (1,403)
Retained earnings	101,216	95,815
Accumulated other comprehensive loss	(9,422)	(11,539)
Total stockholders’ equity	158,022	153,280	$ 165,360
Total liabilities and stockholders’ equity	2,246,193	2,062,228
Parent Company | Reportable Legal Entities
Assets:
Cash and due from banks	2,600	4,839
Investments in subsidiaries	204,132	186,686
Other assets	2,239	1,382
Total assets	208,971	192,907
Liabilities:
Subordinated debentures	48,992	39,175
Accrued interest payable	220	6
Other liabilities	1,737	446
Total liabilities	50,949	39,627
Stockholders’ equity:
Common stock, $1 par value: 25,000,000 shares authorized; 13,186,198 and 13,156,308 shares issued, respectively; and 11,183,015 and 11,465,572 shares outstanding, respectively.	$ 13,186	$ 13,156
Common stock, issued (in shares)	13,186,198	13,156,308
Surplus	$ 80,325	$ 79,072
Treasury stock - 2,003,183 and 1,690,736 shares, respectively, at cost	$ (26,079)	$ (21,821)
Treasury stock (in shares)	2,003,183	1,690,736
Unearned common stock held by employee stock ownership plan	$ (1,204)	$ (1,403)
Retained earnings	101,216	95,815
Accumulated other comprehensive loss	(9,422)	(11,539)
Total stockholders’ equity	158,022	153,280
Total liabilities and stockholders’ equity	$ 208,971	$ 192,907

Parent Company Financial Stat_4

Parent Company Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]
Other income	$ 122	$ 0
Total interest income	136,589	88,721
Interest expense	67,647	18,593
Income before income taxes	16,967	27,920
Income tax benefit	3,724	6,091
Net income	13,243	21,829
Total comprehensive income	15,360	9,582
Parent Company | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Dividends from Bank	9,655	27,813
Interest income	2	8
Total interest income	9,779	27,821
Interest expense	2,484	2,268
Other expenses	1,168	1,412
Income before equity in undistributed income of subsidiaries	6,127	24,141
Equity in undistributed income of subsidiaries	6,376	(3,084)
Income before income taxes	12,503	21,057
Income tax benefit	(740)	(772)
Net income	13,243	21,829
Total other comprehensive income (loss)	2,117	(12,247)
Total comprehensive income	$ 15,360	$ 9,582

Parent Company Financial Stat_5

Parent Company Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Net income	$ 13,243	$ 21,829
Adjustments to reconcile net income to net cash provided by operating activities:
Stock based compensation	1,173	1,475
Amortization of issuance costs on subordinated debt	87	117
Increase in accrued interest payable	7,935	2,358
Net cash provided by operating activities	18,854	84,671
Cash flows used in investing activities:
Net cash used in investing activities	(164,185)	(393,148)
Cash flows provided by financing activities:
Proceeds from issuance of subordinated debt	9,740	0
Net purchase of treasury stock	(4,258)	(12,961)
Dividends paid	(5,614)	(10,930)
Share based awards and exercises	309	754
Net cash provided by financing activities	163,637	323,388
Net change in cash and cash equivalents	18,306	14,911
Cash and cash equivalents at beginning of period	38,391	23,480
Cash and cash equivalents at end of period	56,697	38,391
Parent Company | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net income	13,243	21,829
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries	(6,376)	3,084
Stock based compensation	1,173	1,475
Amortization of issuance costs on subordinated debt	118	118
Other, net	(2,748)	(1,369)
Net cash provided by operating activities	5,624	25,137
Cash flows used in investing activities:
Investment in subsidiaries	(8,000)	0
Net cash used in investing activities	(8,000)	0
Cash flows provided by financing activities:
Proceeds from issuance of subordinated debt	9,699	0
Net purchase of treasury stock	(4,258)	(12,961)
Dividends paid	(5,614)	(10,926)
Share based awards and exercises	309	754
Net cash provided by financing activities	136	(23,133)
Net change in cash and cash equivalents	(2,240)	2,004
Cash and cash equivalents at beginning of period	4,840	2,836
Cash and cash equivalents at end of period	$ 2,600	$ 4,840