Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38779 | |
Entity Registrant Name | Rhinebeck Bancorp, Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 83-2117268 | |
Entity Address, Address Line One | 2 Jefferson Plaza | |
Entity Address, City or Town | Poughkeepsie | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 12601 | |
City Area Code | 845 | |
Local Phone Number | 454-8555 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | RBKB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,072,607 | |
Entity Central Index Key | 0001751783 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 13,825 | $ 14,178 |
Federal funds sold | 15,298 | 7,524 |
Interest bearing depository accounts | 1,549 | 427 |
Total cash and cash equivalents | 30,672 | 22,129 |
Available for sale securities (at fair value) | 182,645 | 191,985 |
Loans receivable (net of allowance for credit losses of $7,973 and $8,124, respectively) | 993,346 | 1,008,851 |
Federal Home Loan Bank stock | 5,614 | 6,514 |
Accrued interest receivable | 4,611 | 4,616 |
Cash surrender value of life insurance | 30,215 | 30,031 |
Deferred tax assets (net of valuation allowance of $593 and $598, respectively) | 10,070 | 9,936 |
Premises and equipment, net | 14,592 | 17,567 |
Other real estate owned | 25 | |
Goodwill | 2,235 | 2,235 |
Intangible assets, net | 225 | 246 |
Other assets | 24,559 | 19,067 |
Total assets | 1,298,784 | 1,313,202 |
Deposits | ||
Non-interest bearing | 236,957 | 249,793 |
Interest bearing | 800,067 | 780,710 |
Total deposits | 1,037,024 | 1,030,503 |
Mortgagors' escrow accounts | 7,301 | 9,274 |
Advances from the Federal Home Loan Bank | 108,064 | 128,064 |
Subordinated debt | 5,155 | 5,155 |
Accrued expenses and other liabilities | 26,968 | 26,521 |
Total liabilities | 1,184,512 | 1,199,517 |
Stockholders' Equity | ||
Preferred stock (par value $0.01 per share; 5,000,000 authorized, no shares issued) | ||
Common stock (par value $0.01; authorized 25,000,000; issued and outstanding 11,072,607) | 111 | 111 |
Additional paid-in capital | 45,951 | 45,959 |
Unearned common stock held by the employee stock ownership plan | (3,219) | (3,273) |
Retained earnings | 101,507 | 100,386 |
Accumulated other comprehensive loss: | ||
Net unrealized loss on available for sale securities, net of taxes | (26,657) | (26,077) |
Defined benefit pension plan, net of taxes | (3,421) | (3,421) |
Total accumulated other comprehensive loss | (30,078) | (29,498) |
Total stockholders' equity | 114,272 | 113,685 |
Total liabilities and stockholders' equity | $ 1,298,784 | $ 1,313,202 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Consolidated Statements of Financial Condition | ||
Allowance for credit losses | $ 7,973 | $ 8,124 |
Deferred tax valuation allowance | $ 593 | $ 598 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, share authorized | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 11,072,607 | 11,072,607 |
Common stock, shares outstanding | 11,072,607 | 11,072,607 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and Dividend Income | ||
Interest and fees on loans | $ 14,381 | $ 13,395 |
Interest and dividends on securities | 1,037 | 1,018 |
Other income | 217 | 189 |
Total interest and dividend income | 15,635 | 14,602 |
Interest Expense | ||
Interest expense on deposits | 5,134 | 3,970 |
Interest expense on borrowings | 1,605 | 768 |
Total interest expense | 6,739 | 4,738 |
Net interest income | 8,896 | 9,864 |
Provision for credit losses | 83 | 1,014 |
Net interest income after provision for credit losses | 8,813 | 8,850 |
Non-interest Income | ||
Service charges on deposit accounts | 743 | 708 |
Net gain on sales of loans | 46 | 10 |
Increase in cash surrender value of life insurance | 184 | 160 |
Net gain from sale of other real estate owned | 4 | |
(Loss) gain on disposal of premises and equipment | (18) | 17 |
Investment advisory income | 381 | 309 |
Other | 166 | 172 |
Total non-interest income | 1,506 | 1,376 |
Non-interest Expense | ||
Salaries and employee benefits | 4,992 | 5,240 |
Occupancy | 1,053 | 1,079 |
Data processing | 495 | 472 |
Professional fees | 414 | 366 |
Marketing | 121 | 104 |
FDIC deposit insurance and other insurance | 253 | 282 |
Amortization of intangible assets | 21 | 24 |
Other | 1,528 | 1,636 |
Total non-interest expense | 8,877 | 9,203 |
Income before income taxes | 1,442 | 1,023 |
Provision for income taxes | 321 | 225 |
Net income | $ 1,121 | $ 798 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.10 | $ 0.07 |
Diluted (in dollars per share) | $ 0.10 | $ 0.07 |
Weighted average shares outstanding, basic (in shares) | 10,748,006 | 10,881,885 |
Weighted average shares outstanding, diluted (in shares) | 10,844,287 | 11,021,395 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statements of Comprehensive Income | ||
Net Income | $ 1,121 | $ 798 |
Other Comprehensive Income | ||
Net unrealized (losses) gains on available for sale securities | (734) | 2,811 |
Tax effect | 154 | (590) |
Unrealized (losses) gains on available for sale securities, net of tax | (580) | 2,221 |
Other comprehensive (loss) income: | (580) | 2,221 |
Total Comprehensive Income | $ 541 | $ 3,019 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in Capital | Unearned Common Stock held by the ESOP Cumulative Effect, Period of Adoption, Adjusted Balance | Unearned Common Stock held by the ESOP | Retained Earnings Cumulative effect of change in accounting principle | Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Accumulated Other Comprehensive Loss Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Loss | Cumulative effect of change in accounting principle | Cumulative Effect, Period of Adoption, Adjusted Balance | Total |
Balance at Dec. 31, 2022 | $ 113 | $ 113 | $ 47,075 | $ 47,075 | $ (3,491) | $ (3,491) | $ (633) | $ 95,991 | $ 96,624 | $ (32,189) | $ (32,189) | $ (633) | $ 107,499 | $ 108,132 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 798 | 798 | ||||||||||||
Other comprehensive income (loss) | 2,221 | 2,221 | ||||||||||||
ESOP shares committed to be allocated | (5) | 54 | 49 | |||||||||||
Share-based compensation expense | 150 | 150 | ||||||||||||
Balance at Mar. 31, 2023 | 113 | 47,220 | (3,437) | 96,789 | (29,968) | 110,717 | ||||||||
Balance at Dec. 31, 2023 | 111 | 45,959 | (3,273) | 100,386 | (29,498) | 113,685 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 1,121 | 1,121 | ||||||||||||
Other comprehensive income (loss) | (580) | (580) | ||||||||||||
ESOP shares committed to be allocated | (8) | 54 | 46 | |||||||||||
Balance at Mar. 31, 2024 | $ 111 | $ 45,951 | $ (3,219) | $ 101,507 | $ (30,078) | $ 114,272 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Net income | $ 1,121 | $ 798 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization and accretion of premiums and discounts on investments, net | 61 | 72 |
Net realized gain on sale of other real estate owned | (4) | |
Provision for credit losses | 83 | 1,014 |
Loans originated for sale | (1,957) | (1,510) |
Proceeds from sale of loans | 2,017 | 1,079 |
Net gain on sale of loans | (46) | (10) |
Amortization of intangible assets | 21 | 24 |
Depreciation and amortization | 344 | 358 |
Net loss (gain) from disposal of premises and equipment | 18 | (17) |
Deferred income tax expense (benefit) | 20 | (338) |
Increase in cash surrender value of insurance | (184) | (160) |
Net increase in accrued interest receivable | 5 | 1,256 |
Expense of earned ESOP shares | 46 | 49 |
Share-based compensation expense | 150 | |
Net increase in other assets | (5,492) | (1,227) |
Net increase in accrued expenses and other liabilities | 447 | 1,568 |
Net cash (used in) provided by operating activities | (3,500) | 3,106 |
Cash Flows from Investing Activities | ||
Proceeds from maturities and principal repayments of securities | 8,545 | 4,226 |
Net purchases of FHLB Stock | 900 | (2,192) |
Net decrease (increase) in loans | 15,408 | (11,601) |
Purchases of bank premises and equipment | (244) | (63) |
Proceeds from disposal of premises and equipment | 2,857 | 27 |
Net increase of other real estate owned | 29 | |
Net cash provided by (used in) investing activities | 27,495 | (9,603) |
Cash Flows from Financing Activities | ||
Net decrease in demand deposits, NOW, money market and savings accounts | (8,403) | (104,127) |
Net increase in time deposits | 14,924 | 67,718 |
Net decrease in mortgagors' escrow accounts | (1,973) | (1,062) |
Net (decrease) increase in short-term debt | (20,000) | 28,727 |
Net increase in long-term debt | 20,000 | |
Net cash (used in) provided by financing activities | (15,452) | 11,256 |
Net increase in cash and cash equivalents | 8,543 | 4,759 |
Cash and Cash Equivalents | ||
Beginning balance | 22,129 | 31,384 |
Ending balance | 30,672 | 36,143 |
Supplemental Disclosures of Cash Flow Information | ||
Interest | 6,547 | 4,465 |
Income taxes | $ 108 | $ 106 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Nature of Business and Significant Accounting Policies | |
Nature of Business and Significant Accounting Policies | 1. Nature of Business and Significant Accounting Policies The financial statements include the accounts of Rhinebeck Bancorp, Inc. (the “Company”), a stock holding company, and its wholly-owned subsidiary, Rhinebeck Bank (the “Bank”), a New York chartered stock savings bank. The primary purpose of the Company is to act as a holding company for the Bank. The Bank provides a full range of banking and financial services to consumer and commercial customers through its thirteen branches and two representative offices located in Dutchess, Ulster, Orange, and Albany counties. Financial services, including investment advisory and financial product sales, are offered through a division of the Bank doing business as Rhinebeck Asset Management. The unaudited consolidated financial statements reflect all adjustments, which in the opinion of management are necessary for a fair presentation of the results of the interim periods and are of a normal and recurring nature. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other period. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of the Company at and for the year ended December 31, 2023 contained in the Company’s Annual Report on Form 10-K For more information regarding the Company’s significant accounting policies, see the Notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K Annual Report on Form 10-K Basis of Financial Statements Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, as of the date of the consolidated statements of financial condition and reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses (“ACL”), the evaluation of goodwill for impairment and the valuation of deferred tax assets. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. Reclassifications Certain amounts in the prior year consolidated financial statements may be reclassified as required to conform to the current year’s presentation. These reclassifications have no effect on our previously reported net income or shareholders’ equity. Impact of Recent Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. In annual periods, this requires disclosure of an entity’s accounting policy related to the entity’s presentation of cash flows associated with derivative instruments and the related gains and losses in the statement of cash flows. This also requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods. The effective dates of ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. Under ASU 2023-07, public entities must disclose significant expense categories and amounts for each reportable segment, where significant expense categories are defined as those that are regularly reported to an entity’s chief operating decision-maker and included in a segment’s reported measures of profit or loss. Additionally, public entities must disclose the amount of other segment items and a description of its composition. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023. As the Company has only one reportable segment, ASU 2023-07 does not have an impact on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures.” Emerging Growth Company Status As an emerging growth company, the Company may delay adoption of new or revised financial accounting standards until such date that the standards are required to be adopted by non-issuer companies. If such standards would not apply to non-issuer companies, no deferral would be applicable. The Company is taking advantage of the benefits of the extended transition periods allowed under the Jumpstart Our Business Startups Act. Accordingly, the Company’s consolidated financial statements may not be comparable to those of public companies that adopt new or revised financial accounting standards as of an earlier date. The effective dates of the recent accounting standards reflect those that relate to non-issuer companies. The Company expects to lose its emerging growth company status on December 31, 2024. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investment Securities | |
Investment Securities | 2. Investment Securities The amortized cost, gross unrealized gains and losses and fair values of available for sale securities are as follows: March 31, 2024 Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value U.S. Treasury securities $ 20,048 $ — $ (905) $ 19,143 U.S. government agency mortgage-backed securities–residential 152,958 — (28,824) 124,134 U.S. government agency securities 24,772 — (1,676) 23,096 Municipal securities (1) 3,161 — (279) 2,882 Corporate bonds 14,700 — (1,966) 12,734 Other 750 — (94) 656 Total $ 216,389 $ — $ (33,744) $ 182,645 December 31, 2023 Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value U.S. Treasury securities $ 25,072 $ — $ (1,066) $ 24,006 U.S. government agency mortgage-backed securities–residential 156,523 — (27,943) 128,580 U.S. government agency securities 24,774 — (1,616) 23,158 Municipal securities (1) 3,163 — (260) 2,903 Corporate bonds 14,700 — (2,060) 12,640 Other 763 — (65) 698 Total $ 224,995 $ — $ (33,010) $ 191,985 (1) The issuers of municipal securities are all within New York State. The following tables present the fair value and unrealized losses of the Company’s available for sale securities with gross unrealized losses aggregated by the length of time the individual securities have been in a continuous unrealized loss position: March 31, 2024 Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ — $ — $ 19,143 $ (905) $ 19,143 $ (905) U.S. government agency mortgage-backed securities-residential — — 124,101 (28,824) 124,101 (28,824) U.S. government agency securities — — 23,095 (1,676) 23,095 (1,676) Municipal securities — — 2,766 (279) 2,766 (279) Corporate bonds — — 12,734 (1,966) 12,734 (1,966) Other 629 (94) — — 629 (94) Total $ 629 $ (94) $ 181,839 $ (33,650) $ 182,468 $ (33,744) December 31, 2023 Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ — $ — $ 24,006 $ (1,066) $ 24,006 $ (1,066) U.S. government agency mortgage-backed securities-residential — — 128,580 (27,943) 128,580 (27,943) U.S. government agency securities — — 23,158 (1,616) 23,158 (1,616) Municipal securities 512 (18) 2,276 (242) 2,788 (260) Corporate bonds — — 12,640 (2,060) 12,640 (2,060) Other 672 (65) — — 672 (65) Total $ 1,184 $ (83) $ 190,660 $ (32,927) $ 191,844 $ (33,010) At March 31, 2024, the Company had 231 individual available-for-sale securities in an unrealized loss position with unrealized losses totaling $33,744 with an aggregate depreciation of 15.61% from the Company’s amortized cost. The Company evaluates securities in an unrealized loss position for impairment related to credit losses on at least a quarterly basis. Securities in unrealized loss positions are first assessed as to whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If one of the criteria is met, the security’s amortized cost basis is written down to fair value through current earnings. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, we compare 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 for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Unrealized losses on asset backed securities, state and municipal securities, and corporate bonds have not been recognized into income because the issuers are of high credit quality, we do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. No allowance for credit losses for available-for-sale securities was recorded as of March 31, 2024. Federal agency obligations, residential mortgage backed pass-through securities and commercial mortgage-backed pass-through securities are issued by U.S. Government agencies and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not legally backed by the full faith and credit of the federal government. Nonetheless, at this time we do not foresee any set of circumstances in which the government would not fund its commitments on these investments. The amortized cost and fair value of available for sale debt securities at March 31, 2024 and December 31, 2023, by contractual maturities, are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary: March 31, 2024 December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Maturity: Within 1 year $ 11,442 $ 11,285 $ 15,449 $ 15,170 After 1 but within 5 years 31,839 29,553 32,860 30,569 After 5 but within 10 years 19,400 17,017 19,400 16,968 After 10 years — — — — Total Maturities 62,681 57,855 67,709 62,707 Mortgage-backed securities 152,958 124,134 156,523 128,580 Other 750 656 763 698 Total $ 216,389 $ 182,645 $ 224,995 $ 191,985 At March 31, 2024 and December 31, 2023, available for sale securities with a carrying value of $12,634 and $13,130, respectively, were pledged to secure Federal Home Loan Bank of New York (“FHLB”) borrowings. In addition, at March 31, 2024 and December 31, 2023, $69,180 and $75,769 of available for sale securities were pledged to secure borrowings at the Federal Reserve Bank of New York (“FRB”), respectively. During the three months ended March 31, 2024, there were no sales of available for sale securities and no realized gains or losses The Company elected not to measure an allowance for credit losses for accrued interest receivable, because a timely write-off policy exists. A security is placed on non-accrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on non-accrual is reversed against interest income. There were no securities on non-accrual status and therefore there was no accrued interest related to securities reversed against interest income for the periods ended March 31, 2024 and December 31, 2023. Total accrued interest receivable on available for sale securities totaled $578 and $602 at March 31, 2024 and December 31, 2023, respectively, and was reported in accrued interest receivable on the consolidated statements of financial condition. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Loans and Allowance for Credit Losses | |
Loans and Allowance for Credit Losses | 3. Loans and Allowance for Credit Losses A summary of the Company’s loan portfolio is as follows: March 31, December 31, 2024 2023 Commercial real estate loans: Construction $ 20,438 $ 20,208 Non-residential 329,241 324,493 Multi-family 87,881 83,376 Residential real estate loans 78,846 77,259 Commercial and industrial loans (1) 91,291 88,927 Consumer loans: Indirect automobile 367,011 394,245 Home equity 11,494 11,990 Other consumer 7,641 8,095 Total gross loans 993,843 1,008,593 Dealer reserves 7,476 8,382 Allowance for credit losses (7,973) (8,124) Total net loans $ 993,346 $ 1,008,851 (1) Includes $226 and $272 in U.S. Small Business Administration (“SBA”), paycheck protection program (“PPP”) loans at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023, the unpaid principal balances of loans held for sale included in the residential real estate category above were $893 and $908, respectively. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and non-accrual loans: March 31, 2024 Greater Than 30-59 Days 60-89 Days 90 Days Past Total Loans Current Past Due Past Due Due Receivable Non-accrual Commercial real estate: Construction $ 20,438 $ — $ — $ — $ 20,438 $ — Non-residential 324,593 2,035 — 2,613 329,241 2,613 Multifamily 87,881 — — — 87,881 — Residential real estate 76,577 1,039 1,154 76 78,846 1,143 Commercial and industrial 90,658 318 128 187 91,291 187 Consumer: Indirect automobile 356,740 8,265 1,570 436 367,011 476 Home equity 11,295 14 46 139 11,494 139 Other consumer 7,366 233 40 2 7,641 2 Total $ 975,548 $ 11,904 $ 2,938 $ 3,453 $ 993,843 $ 4,560 December 31, 2023 Greater Than 30-59 Days 60-89 Days 90 Days Past Total Loans Current Past Due Past Due Due Receivable Non-accrual Commercial real estate: Construction $ 20,208 $ — $ — $ — $ 20,208 $ — Non-residential 319,467 1,276 2,129 1,621 324,493 1,621 Multifamily 83,376 — — — 83,376 — Residential real estate 75,998 888 37 336 77,259 1,624 Commercial and industrial 88,646 17 83 181 88,927 181 Consumer: Indirect automobile 382,042 10,155 1,478 570 394,245 631 Home equity 11,843 — 48 99 11,990 99 Other consumer 7,844 202 24 25 8,095 25 Total $ 989,424 $ 12,538 $ 3,799 $ 2,832 $ 1,008,593 $ 4,181 All of our non-accrual loans are individually analyzed for credit loss. The Company has one individually analyzed home equity loan of $98 that was accruing interest at March 31, 2024. The following table presents the Company’s amortized cost basis of non-accrual loans for which there is no related ACL: March 31, 2024 December 31, 2023 Commercial real estate: Non-residential $ 1,375 $ 1,152 Residential real estate 1,143 1,624 Commercial and industrial 172 150 Consumer: Indirect automobile 150 160 Home equity 139 99 Other consumer 2 25 Total $ 2,981 $ 3,210 The following table presents the Company’s amortized cost basis of only those non-accrual loans with a related ACL: March 31, 2024 December 31, 2023 Non-accrual loans Related ACL Non-accrual loans Related ACL Commercial real estate: Non-residential $ 1,238 $ 290 $ 469 $ 16 Commercial and industrial 15 1 31 32 Consumer: Indirect automobile 326 99 471 167 Total $ 1,579 $ 390 $ 971 $ 215 For the three months ended March 31, 2024, $56 in accrued interest was reversed during the period for non-accrual loans. Total accrued interest receivable associated with loans totaled $4,033 and $4,014, at March 31, 2024 and December 31, 2023, respectively, and was reported in accrued interest receivable on the consolidated statements of financial condition. The Company has transferred a portion of its originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying statements of financial condition. The Company and participating lenders share ratably in any gains or losses that may result from a loan’s performance under its contractual terms. The Company continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments to participating lenders and disburses required escrow funds to relevant parties. At March 31, 2024 and December 31, 2023, the Company was servicing loans for participants aggregating $48,318 and $44,418, respectively. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $99 and $152 at March 31, 2024 and December 31, 2023, respectively, and are all individually analyzed for credit loss. The Company services certain loans that it has sold to third parties. The aggregate balances of loans serviced for others were $279,235 and $282,269 as of March 31, 2024 and December 31, 2023, respectively. Included in these loans serviced for others are loans serviced for the Federal Home Loan Mortgage Corporation with a recourse provision whereby the Company is obligated to bear all costs when a default, including foreclosure, occurs. At March 31, 2024 and December 31, 2023, the maximum contingent liability associated with loans sold with recourse was $1,155 and $1,873, respectively, which is not recorded in the consolidated financial statements. Losses are borne in priority order by the borrower, private mortgage insurance and The balances of capitalized servicing rights, included in other assets at March 31, 2024 and December 31, 2023 were $1,880 and $1,977, respectively. Fair value exceeds carrying value, and thus, no impairment charges related to servicing rights were recognized during the three-month period ended March 31, 2024 or the year ended December 31, 2023. Activity in the Company’s ACL for loans for the three months ended March 31, 2024 is summarized in the table below. Commercial Residential Commercial Real Estate Real Estate and Industrial Indirect Consumer Totals Three months ended March 31, 2024 Allowance for credit losses: Beginning balance $ 2,716 $ 346 $ 606 $ 4,348 $ 108 $ 8,124 Provision for (reversal of) credit losses 323 9 (7) (238) 12 99 Loans charged-off — — (34) (895) (32) (961) Recoveries — — 1 699 11 711 Ending balance $ 3,039 $ 355 $ 566 $ 3,914 $ 99 $ 7,973 Ending balance: Loans individually analyzed $ 291 $ — $ — $ 99 $ — $ 390 Loans collectively analyzed $ 2,748 $ 355 $ 566 $ 3,815 $ 99 $ 7,583 Loan receivables: Ending balance $ 437,560 $ 78,846 $ 91,291 $ 367,011 $ 19,135 $ 993,843 Ending balance: Loans individually analyzed $ 2,613 $ 1,143 $ 187 $ 476 $ 239 $ 4,658 Loans collectively analyzed $ 434,947 $ 77,703 $ 91,104 $ 366,535 $ 18,896 $ 989,185 Activity in the Company’s allowance for credit losses for the three months ended March 31, 2023 and December 31, 2023 is summarized in the tables below. The adoption of ASC 326 row presents adjustments recorded on January 1, 2023 through retained earnings. Commercial Residential Commercial Real Estate Real Estate and Industrial Indirect Consumer Totals Three months ended March 31, 2023 Allowance for credit losses: Beginning balance $ 3,031 $ 103 $ 881 $ 3,868 $ 60 $ 7,943 Adoption of ASC 326 (860) 54 (383) 1,710 59 580 Provision for credit losses 170 13 703 104 4 994 Loans charged-off — — — (989) (22) (1,011) Recoveries — — — 585 12 597 Ending balance $ 2,341 $ 170 $ 1,201 $ 5,278 $ 113 $ 9,103 The Company has also recorded an ACL for unfunded commitments, which was recorded in other liabilities. The provision for unfunded commitments is recorded within the provision for credit losses on the Company’s income statement. Activity in the Company’s ACL for unfunded commitments for the three months ended March 31, 2024 is summarized in the tables below. The adoption of ASC 326 row presents adjustments recorded on January 1, 2023 through retained earnings. Commercial Commercial Real Estate Residential and Industrial Indirect Consumer Totals Three months ended March 31, 2024 Allowance for credit losses: Beginning balance $ 172 $ — $ 72 $ — $ 13 $ 257 Reversal of credit losses (14) — (1) — (1) (16) Ending balance $ 158 $ — $ 71 $ — $ 12 $ 241 Commercial Commercial Real Estate Residential and Industrial Indirect Consumer Totals Three months ended March 31, 2023 Allowance for credit losses: Beginning balance $ — $ — $ — $ — $ — $ — Adoption of ASC 326 149 — 65 — 7 221 Provision for credit losses 19 — 1 — — 20 Ending balance $ 158 $ — $ 71 $ — $ 12 $ 241 The following table summarizes the provision for credit losses for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 Provision for credit losses - loans $ 99 $ 994 (Reversal of) provision for credit losses - unfunded commitments (16) 20 Provision for credit losses $ 83 $ 1,014 In the normal course of business, the Company grants loans to officers, directors and other related parties. Balances and activity of such loans during the periods presented were not material. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, multifamily, construction and commercial loans. To assist in the review process, the Company engages an independent third-party to review a significant portion of loans within these segments. Consumer loans are rated as performing or non-performing based on payment status in accordance with regulatory retail credit guidance. Management uses the results of these reviews as part of its annual review process. In addition, management utilizes delinquency reports, the watch list and other loan reports to monitor credit quality of other loan segments. Credit Quality Indicators The Company uses the following definitions for risk ratings: Watch Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered Pass The following table presents the credit risk profile of the Company’s loan portfolio (excluding loans in process) based on rating category, as well as gross write-offs for the three months ended March 31, 2024, and by fiscal year of origination as of March 31, 2024. Revolving Loans by Origination Year Loans 2024 2023 2022 2021 2020 Prior Amortized Cost Total Commercial construction Watch 641 15,399 4,398 - - - - 20,438 Total commercial construction 641 15,399 4,398 - - - - 20,438 Commercial non-residential Pass $ 2,021 $ 34,387 $ 52,760 $ 26,360 $ 16,493 $ 87,069 $ - $ 219,090 Watch 2,776 16,542 16,259 7,470 11,645 37,747 - 92,439 Special mention - - - 896 360 6,084 - 7,340 Substandard - - 2,895 1,386 460 5,631 - 10,372 Total commercial non-residential 4,797 50,929 71,914 36,112 28,958 136,531 - 329,241 Multifamily Pass $ - $ 804 $ 18,681 $ 30,175 $ 2,084 $ 5,832 $ - $ 57,576 Watch - 1,000 6,732 11,895 - 10,331 - 29,958 Substandard - - - - - 347 347 Total multifamily - 1,804 25,413 42,070 2,084 16,510 - 87,881 Residential Performing $ 3,034 $ 28,170 $ 25,068 $ 2,122 $ 2,708 $ 16,601 $ - $ 77,703 Non-performing - - - - - 1,143 - 1,143 Total residential 3,034 28,170 25,068 2,122 2,708 17,744 - 78,846 Commercial and industrial Pass $ 2,382 $ 12,044 $ 25,244 $ 10,193 $ 1,241 $ 1,940 $ 10,446 $ 63,490 Watch 676 2,005 3,129 296 470 1,591 16,483 24,650 Special mention - 224 - 275 108 24 - 631 Substandard - - - - - 869 1,651 2,520 Total commercial and industrial 3,058 14,273 28,373 10,764 1,819 4,424 28,580 91,291 Current-period gross write-offs - - - - - 32 2 34 Indirect automobile Performing $ 15,025 $ 93,746 $ 145,617 $ 64,530 $ 28,830 $ 18,787 $ - $ 366,535 Non-performing - 50 161 182 53 30 - 476 Total indirect automobile 15,025 93,796 145,778 64,712 28,883 18,817 - 367,011 Current-period gross write-offs - 153 414 210 61 57 - 895 Home equity Performing $ - $ - $ - $ - $ - $ 4,155 $ 7,200 $ 11,355 Non-performing - - - - - 99 40 139 Total home equity - - - - - 4,254 7,240 11,494 Other consumer Performing $ 694 $ 2,507 $ 3,057 $ 729 $ 308 $ 116 $ 228 $ 7,639 Non-performing - - - 2 - - - 2 Total other consumer 694 2,507 3,057 731 308 116 228 7,641 Current-period gross write-offs - 4 - 3 24 - 1 32 Total Loans Pass/performing $ 23,156 $ 171,658 $ 270,427 $ 134,109 $ 51,664 $ 134,500 $ 17,874 $ 803,388 Watch 4,093 34,946 30,518 19,661 12,115 49,669 16,483 167,485 Special mention 0 224 0 1,171 468 6,108 - 7,971 Substandard - - 2,895 1,386 460 6,500 1,651 12,892 Non-performing - 50 161 184 53 1,272 40 1,760 Total Loans $ 27,249 $ 206,878 $ 304,001 $ 156,511 $ 64,760 $ 198,396 $ 36,048 $ 993,843 Total Current-period gross write-offs $ 0 $ 157 $ 414 $ 213 $ 85 $ 89 $ 3 $ 961 The following table presents the credit risk profile of the Company’s loan portfolio (excluding loans in process) based on rating category, as well as gross write-offs for the year ended December 31, 2023, and by fiscal year of origination as of December 31, 2023. Revolving Loans by Origination Year Loans 2023 2022 2021 2020 2019 Prior Amortized Cost Total Commercial construction Pass $ - $ 8,227 $ - $ - $ - $ - $ - $ 8,227 Watch 9,328 2,653 - - - - - 11,981 Total commercial construction 9,328 10,880 - - - - - 20,208 Commercial non-residential Pass $ 34,508 $ 43,534 $ 26,600 $ 16,673 $ 39,943 $ 44,412 $ - $ 205,670 Watch 16,575 19,235 14,854 12,747 7,573 38,004 - 108,988 Special mention - - - - 5,884 963 - 6,847 Substandard - - - - 465 2,523 - 2,988 Total commercial non-residential 51,083 62,769 41,454 29,420 53,865 85,902 - 324,493 Multifamily Pass $ 807 $ 18,765 $ 30,374 $ 2,100 $ 1,540 $ 4,348 $ - $ 57,934 Watch 1,000 6,754 6,925 - 1,265 9,498 - 25,442 Total multifamily 1,807 25,519 37,299 2,100 2,805 13,846 - 83,376 Residential Performing $ 28,670 $ 25,260 $ 2,150 $ 2,732 $ 2,626 $ 14,197 $ - $ 75,635 Non-performing - 257 - - - 1,367 - 1,624 Total residential 28,670 25,517 2,150 2,732 2,626 15,564 - 77,259 Current-period gross write-offs - - - - - - - - Commercial and industrial Pass $ 12,637 $ 26,070 $ 10,804 $ 1,474 $ 962 $ 1,254 $ 11,662 $ 64,863 Watch 2,082 3,227 321 620 482 1,603 14,204 22,539 Special mention 224 - 301 - 33 - - 558 Substandard - - - - 83 841 43 967 Total commercial and industrial 14,943 29,297 11,426 2,094 1,560 3,698 25,909 88,927 Current-period gross write-offs - - 710 - - 126 - 836 Indirect automobile Performing $ 101,230 $ 160,439 $ 72,941 $ 34,196 $ 19,035 $ 5,773 $ - $ 393,614 Non-performing 31 259 196 69 63 13 - 631 Total indirect automobile 101,261 160,698 73,137 34,265 19,098 5,786 - 394,245 Current-period gross write-offs 198 1,492 1,034 418 309 126 - 3,577 Home equity Performing $ - $ - $ - $ - $ 34 $ 4,064 $ 7,793 $ 11,891 Non-performing - - - - - 99 - 99 Total home equity - - - - 34 4,163 7,793 11,990 Other consumer Performing $ 2,928 $ 3,477 $ 856 $ 411 $ 138 $ 22 $ 238 $ 8,070 Non-performing - - - 24 - - 1 25 Total other consumer 2,928 3,477 856 435 138 22 239 8,095 Current-period gross write-offs 8 30 10 11 - 3 - 62 Total Loans Pass/performing $ 180,780 $ 285,772 $ 143,725 $ 57,586 $ 64,278 $ 74,070 $ 19,693 $ 825,904 Watch 28,985 31,869 22,100 13,367 9,320 49,105 14,204 168,950 Special mention 224 - 301 0 5,917 963 - 7,405 Substandard - - - - 548 3,364 43 3,955 Non-performing 31 516 196 93 63 1,479 1 2,379 Total Loans $ 210,020 $ 318,157 $ 166,322 $ 71,046 $ 80,126 $ 128,981 $ 33,941 $ 1,008,593 Total Current-period gross write-offs $ 206 $ 1,522 $ 1,754 $ 429 $ 309 $ 255 $ - $ 4,475 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets | |
Goodwill and Intangible Assets | 4. Goodwill and Intangible Assets The Company evaluates goodwill annually in the fourth quarter of the fiscal year or more often if events occur or circumstances change that indicate an impairment may exist. Management has determined that no write-down was required for the first three months of 2024 or 2023. The changes in the carrying value of the customer list and core deposit intangibles are as follows: Three Months Ended March 31, 2024 2023 Beginning balance $ 246 $ 334 Amortization (21) (24) Ending balance $ 225 $ 310 Accumulated amortization and impairment $ 1,052 $ 967 Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized over their estimated useful lives. Purchased customer accounts primarily consist of records and files that contain information about investment holdings. The values assigned to customer lists and core deposit intangibles are based upon the application of the income approach. The intangibles are expected to have useful lives of approximately 13 years. The Company recognized $21 and $24 of amortization expense related to its intangible assets for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the future amortization expense for amortizable intangible assets for the years ended December 31, was as follows: 2024 $ 58 2025 60 2026 29 2027 21 2028 16 Thereafter 41 Total $ 225 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits | |
Deposits | 5. Deposits Deposits balances are summarized as follows: March 31, December 31, 2024 2023 Non-interest bearing demand deposits $ 236,957 $ 249,793 Interest bearing accounts: NOW (1) 126,058 125,628 Savings 144,932 146,172 Money market 196,107 190,864 Time certificates of deposit 332,970 318,046 Total interest bearing accounts 800,067 780,710 Total deposits $ 1,037,024 $ 1,030,503 (1) Negotiable order of withdrawal The Company has established a relationship to participate in a reciprocal deposit program with other financial institutions. The reciprocal deposit program provides access to Federal Deposit Insurance Corporation (“FDIC”) insurance deposit products in aggregate amounts exceeding the current limits for depositors. At March 31, 2024 and December 31, 2023, total reciprocal deposits were $43,488 and $40,009. Included in time certificates of deposit at March 31, 2024 and December 31, 2023 were reciprocal deposits totaling $27,580 and $23,357, respectively, with original maturities of one The Company had no brokered deposits at either March 31, 2024 or December 31, 2023. Time certificates of deposit in denominations of $250 or greater were $100,385 and $100,063 as of March 31, 2024 and December 31, 2023, respectively. Contractual maturities of time certificates of deposit at March 31, 2024 are summarized below: March 31, 2024 Within 1 year $ 324,632 1 – 2 years 5,115 2 – 3 years 1,561 3 – 4 years 428 4 – 5 years 1,234 Total $ 332,970 |
Long-Term Debt and FHLB Stock
Long-Term Debt and FHLB Stock | 3 Months Ended |
Mar. 31, 2024 | |
Long-Term Debt and FHLB Stock | |
Long-Term Debt and FHLB Stock | 6. Long-Term Debt and FHLB Stock FHLB Borrowings and Stock The Bank is a member of the FHLB. At March 31, 2024 and December 31, 2023, the Bank had access to a preapproved secured line of credit with the FHLB of $649,283 and $656,516, respectively. Borrowings under this line require collateralization through the pledge of specific loans and securities. At March 31, 2024 and December 31, 2023, the Bank had pledged assets of $227,899 and $228,172, respectively. The Company had no outstanding overnight line of credit balances with the FHLB at either March 31, 2024 or December 31, 2023. These borrowings would mature the following business day. The outstanding principal amounts and the related terms and rates at March 31, 2024 were as follows: Term Principal Maturity Rate Due in one year Long term Fixed short-term $ 10,000 April 23, 2024 5.70 % $ 10,000 $ — Fixed short-term 10,000 May 17, 2024 5.59 % 10,000 — Fixed short-term 10,000 June 17, 2024 5.60 % 10,000 — Fixed short-term 10,000 July 17, 2024 5.59 % 10,000 — Fixed short-term 10,000 August 6, 2024 5.42 % 10,000 — Fixed short-term 10,000 September 6, 2024 5.39 % 10,000 — Fixed medium-term 20,000 March 20, 2025 4.47 % — 20,000 Fixed medium-term 722 October 31, 2025 4.87 % — 722 Fixed medium-term 5,000 November 3, 2025 4.87 % — 5,000 Fixed medium-term 728 December 5, 2025 4.34 % — 728 Fixed medium-term 1,233 September 21, 2026 5.20 % — 1,233 Fixed medium-term 381 November 9, 2026 5.04 % — 381 Fixed medium-term 20,000 May 2, 2028 3.88 % — 20,000 Total $ 108,064 Weighted Average Rate 4.99 % $ 60,000 $ 48,064 The Bank is required to maintain an investment in FHLB capital stock, as collateral, in an amount equal to a certain percentage of its outstanding debt. FHLB stock is considered restricted stock and is carried at cost. The Bank evaluates FHLB stock for impairment based on the ultimate recovery ability of the cost. No impairment was recognized at either March 31, 2024 or December 31, 2023. Subordinated Debt In addition to the Bank, the Company has one other wholly-owned subsidiary, RSB Capital Trust I (the “Trust”). In 2005, the Trust issued $5,000 of pooled trust preferred securities in a private placement and issued 155 shares of common stock at $1 par value per share, to the Company. The Trust, which has no independent assets or operations, was formed in 2005 for the sole purpose of issuing trust preferred securities and investing the proceeds thereof in an equivalent amount of junior subordinated debentures. The proceeds from the issuance of the trust preferred securities were down-streamed to the Bank and are currently considered Tier 1 capital for purposes of determining the Bank’s capital ratios. The duration of the Trust is 30 years. The subordinated debt securities of $5,155 are unsecured obligations of the Company and are subordinate and junior in right of payment to all present and future senior indebtedness of the Company. The Company has entered into a guarantee, which together with its obligations under the subordinated debt securities and the declaration of trust governing the Trust, including its obligations to pay costs, expenses, debts and liabilities, provides a full and unconditional guarantee of amounts on the capital securities. The subordinated debentures, which bear interest at the three month term Secured Overnight Financing Rate (“SOFR”) plus 2% and a relative spread adjustment of 0.26% was 7.58% and 7.64% at March 31, 2024 and December 31, 2023, respectively. The subordinated debentures mature on May 23, 2035. Other Borrowings The Bank has an unsecured, uncommitted $10,000 line of credit with Zions Bank. There were no advances outstanding under this line of credit at either March 31, 2024 or December 31, 2023. The Bank also has an unsecured, uncommitted $50,000 line of credit with Pacific Coast Bankers Bank. There were no advances outstanding under this line of credit at either March 31, 2024 or December 31, 2023. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2024 | |
Employee Benefits | |
Employee Benefits | 7. Employee Benefits Pension Plan The Bank maintains a noncontributory defined benefit pension plan covering substantially all of its employees 21 years of age or older who had completed at least one year of service as of June 30, 2012, the effective date on which the Board of Directors of the Bank voted to freeze the defined benefit plan. The following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated statements of financial condition: March 31, December 31, 2024 2023 Projected and accumulated benefit obligation $ (17,986) $ (17,868) Plan assets at fair value 18,139 18,062 Funded status included in accrued expenses and other liabilities $ 153 $ 194 The net periodic pension cost and amounts recognized in other expense are as follows: Three months ended March 31, 2024 2023 Interest cost $ 213 $ 215 Expected return on plan assets (249) (232) Amortization of unrecognized loss 74 93 Net periodic cost $ 38 $ 76 The expected long-term rate of return on plan assets has been determined by applying historical average investment returns from published indexes relating to the current allocation of assets in the plan. Plan assets are invested in pooled separate accounts consisting of underlying investments in eight diversified investment funds. As of March 31, 2024, the investment funds included six equity funds and two fixed income bond funds, each with its own investment objectives, investment strategies and risks, as detailed in the Company’s investment policy statement. The Company determines the appropriate strategic asset allocation versus plan liabilities, as governed by the investment policy statement. The assets of the plan are invested under the supervision of the Company’s investment committee in accordance with the investment policy statement. The investment options of the plan are chosen in a manner consistent with generally accepted standards of fiduciary responsibility. The investment performance of the Company’s individual investment managers, with the assistance of the Company’s investment consultant, is monitored on a quarterly basis and is reviewed at least annually relative to the objectives and guidelines as stated in the Company’s investment policy statement. The Company did not contribute to the plan in the first three months of 2024 or 2023. The fair value of the Company’s pension plan assets, by fair value hierarchy, are as follows: March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Investment in separate accounts Fixed income $ 12,686 $ — $ — $ 12,686 Equity 5,453 — — 5,453 Total assets at fair value $ 18,139 $ — $ — $ 18,139 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Investment in separate accounts Fixed income $ 12,293 $ — $ — $ 12,293 Equity 5,769 — — 5,769 Total assets at fair value $ 18,062 $ — $ — $ 18,062 The pooled separate accounts are valued at the net asset per unit, based on either the observable net asset value of the underlying investment or the net asset value of the underlying pool of securities. Net asset value is based on the value of the underlying assets owned by the fund, minus its liabilities and then divided by the number of shares outstanding. For a detailed disclosure on the Bank’s pension and employee benefits plans, please refer to Note 9 of the Company’s Consolidated Financial Statements for the year ended December 31, 2023 included in the Annual Report on Form 10-K Defined Contribution Plan The Bank sponsors a 401(k) defined contribution plan. Participants are permitted, in accordance with the provisions of Section 401(k) of the Internal Revenue Code, to contribute up to 25% of their earnings (as defined) into the plan with the Bank matching up to 6%, subject to Internal Revenue Service limitations. The Bank’s contributions charged to operations amounted to $269 and $286 for the three months ended March 31, 2024 and 2023, respectively. Deferred Compensation Arrangements Directors’ Plan, (formerly the “Trustees Plan”) The Bank’s Deferred Compensation Plan for Fees of Directors, as amended and restated effective January 1, 2005 (the “Directors’ Plan”), covers directors who elect to defer receipt of all or a portion of their fees until separation from service. Upon resignation, retirement, or death, the participant’s total deferred compensation, including earnings thereon, will be paid out. At March 31, 2024 and December 31, 2023, total amounts due to participants of $3,483 and $3,278, respectively, were included in accrued expenses and other liabilities. Total expenses related to the Directors’ Plan were $63 and $51 for the three months ended March 31, 2024 and 2023, respectively, which were included in other non-interest expense in the consolidated statements of income. Executive Long-Term Incentive and Retention Plan The Bank maintains an Executive Long-Term Incentive and Retention Plan (the “Executive Plan”). Participation in the Executive Plan is limited to officers of the Company designated as participants by the Board of Directors. Under the Executive Plan, the Board of Directors may grant annual incentive awards equal to a percentage of a participant’s base salary at the rate in effect on the last day of the Executive Plan year, as determined by the Board of Directors based on the attainment of criteria established annually by the Board of Directors. Incentive awards under the Executive Plan are credited to the participant’s incentive benefit account as of the last day of the Executive Plan year to which the award relates and earn interest at a rate determined annually by the Board of Directors. Participants vest in their benefit accounts in accordance with the vesting schedule approved by the Board of Directors, which ranges from one Group Term Replacement Plan Under the terms of the “Group Term Replacement Plan”, the Company provides postretirement life insurance benefits to certain officers. The liability related to these postretirement benefits is accrued over the individual participants’ service period and aggregated $1,655 and $1,642 at March 31, 2024 and December 31, 2023, respectively. The Company recognized expenses of $13 for both of the three-month periods ended March 31, 2024 and March 31, 2023, related to this plan, which are included in salaries and employee benefits expense in the consolidated statements of income. Other Director and Officer Postretirement Benefits The Company has individual fee continuation agreements with certain directors and a supplemental retirement agreement with an executive officer, each of which provide fixed postretirement benefits to be paid to the directors or the officer, or their beneficiaries, for periods ranging from 15 to 20 years. In addition, the Company has agreements with certain directors which provide certain postretirement life insurance benefits. The liability related to these postretirement benefits is accrued over the individual participants’ service period and aggregated $2,072 and $2,068 at March 31, 2024 and December 31, 2023, respectively. The Company recognized expenses of $14 and $16 for the three months ended March 31, 2024 and 2023, respectively, related to these benefits, which are included in other non-interest expenses in the consolidated statements of income. Employee Stock Ownership Plan On January 1, 2019, the Bank established an Employee Stock Ownership Plan (“ESOP”) to provide Company stock to eligible employees. The plan is a tax-qualified retirement plan for the benefit of Bank employees. On January 16, 2019, the Company granted a loan to the ESOP to purchase 436,425 shares of the Company’s common stock at a price of $10.00 per share. The loan obtained by the ESOP from the Company is payable annually over 20 years at a rate per annum equal to the Prime Rate, reset annually on January 1st (8.50% at January 1, 2024). Loan payments are funded by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. The balance of the ESOP loan at March 31, 2024 was $3,612. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares committed to be released annually is 21,821 through 2039. Shares held by the ESOP include the following: March 31, December 31, 2024 2023 Allocated 109,107 87,286 Committed to be allocated 5,454 21,821 Unallocated 321,864 327,318 Paid out to participants (10,988) (10,988) Total shares 425,437 425,437 The fair value of unallocated shares was $2,720 at March 31, 2024. Total compensation expense recognized in connection with the ESOP for the three months ended March 31, 2024 and 2023 was $46 and $49, respectively. Share-Based Compensation Plan On May 26, 2020, stockholders of the Company approved the 2020 Equity Incentive Plan (the “EIP”). The EIP authorizes the issuance to participants of up to 763,743 shares of Rhinebeck Bancorp common stock pursuant to grants of incentive and non-qualified stock options, restricted stock awards and restricted stock units. Of this number, the maximum number of shares of Rhinebeck Bancorp common stock that may be issued under the EIP pursuant to the exercise of stock options is 545,531 shares, and the maximum number of shares of Rhinebeck Bancorp common stock that may be issued as restricted stock awards or restricted stock units is 218,212 shares. These amounts represented 4.90% and 1.96%, respectively, of the number of shares of common stock issued in the stock offering of Rhinebeck Bancorp. Pursuant to terms of the EIP, on August 25, 2020, the Board of Directors granted restricted stock and stock options to employees and directors. All of these awards vested annually over a three-year period from the date of the grant and the term of each option is ten years. As of March 31, 2024, there were 105,146 stock options and 49,778 restricted stock awards that remained available for future grants. The fair value of each option granted under the EIP is estimated on the date of grant using the Black-Scholes Option-Pricing Model. The expected volatility is based on the historical volatility of a peer group of comparable SEC-reporting bank holding companies. The dividend yield assumption is based on the Company’s expectation of dividend payouts. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the date of grant. The Company has elected to recognize forfeitures as they occur. A summary of options under the 2020 EIP as of March 31, 2024 is presented below: Weighted - Weighted-Average Number of Average Remaining Contractual Shares Exercise Price Term (in Years) Options outstanding at beginning of year 436,263 $ 6.62 6.64 Expired (1,333) 6.57 - Options outstanding at March 31, 2024 434,930 $ 6.62 6.50 Options exercisable at March 31, 2024 434,930 $ 6.62 6.50 At March 31, 2024, the aggregate intrinsic value of the stock options outstanding, which fluctuates based on changes in the fair market value of the Company’s stock, was $806 . The aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of period and the weighted-average exercise price, multiplied by the number of shares) that would have been issued had all option holders exercised their options on March 31, 2024. As of March 31, 2024, all of the outstanding stock options and restricted stock awards granted under the 2020 EIP had vested, therefore there were no compensation costs for the three months ended March 31, 2024. For the three months ended March 31, 2023, share-based compensation of options and restricted stock under the plan totaled $150. . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Leases | 8. Leases As of March 31, 2024, the Company leased real estate for seven branch offices and two administrative offices under various lease agreements. All of our leases are classified as operating leases. The calculated amount of the right-of-use assets and lease liabilities are impacted by the length of the lease term and the discount rate used to present the value of the minimum lease payments. The Company’s leases have maturities which range from 2024 to 2041, some of which include lessee options to extend the lease term. If the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. The weighted average remaining life of the lease terms for these leases was 10.6 years and 10.8 years as of March 31, 2024 and December 31, 2023, respectively. As most of our leases do not provide an implicit rate, the Company used its incremental borrowing rate, the rate of interest to borrow on a collateralized basis for a similar term, at each lease commencement date. The Company utilized a weighted average discount rate of 2.60% in determining the lease liability as of both March 31, 2024 and December 31, 2023. For the three months ended March 31, 2024 and 2023, total operating lease costs were $182 and $178, respectively, and were included in occupancy and other expense. The right-of-use asset, included in other assets, was $6,157 and $6,307 and the corresponding lease liability, included in accrued expenses and other liabilities, was $6,218 and $6,375 as of March 31, 2024 and December 31, 2023, respectively. Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2024 were as follows: Years ending December 31: 2024 $ 573 2025 739 2026 720 2027 676 2028 677 Thereafter 3,778 Total future minimum lease payments 7,163 Amounts representing interest (945) Present Value of Net Future Minimum Lease Payments $ 6,218 |
Commitments and Contingencies a
Commitments and Contingencies and Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies and Derivatives | |
Commitments and Contingencies and Derivatives | 9. Commitments and Contingencies and Derivatives Legal Matters The Company is involved in various legal proceedings which have arisen in the normal course of business. Management believes that resolution of these matters will not have a material effect on the Company’s financial condition or results of operations. Employment Agreements The Company has entered into employment agreements with certain officers. The agreements provide for base salaries and incentive compensation based on performance criteria outlined in the agreements. The agreements also provide for insurance and various other benefits. Financial Instruments with Off-Balance-Sheet Risk In the normal course of business, the Company is a party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include standby letters of credit and commitments to extend credit, which include new loan commitments, undisbursed portions of construction loans and other lines of credit and loans sold with recourse. We are obligated under a recourse provision associated with certain first mortgage renovation loans sold in the secondary market to bear all costs when a default, including a foreclosure, occurs. These financial instruments involve, to varying degrees, elements of interest rate risk in excess of the amounts recognized in the statements of financial condition. The contractual amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. Financial instruments whose contract amounts represent off-balance sheet credit risk are as follows: March 31, December 31, 2024 2023 Commitments to extend credit summarized as follows: Future loan commitments $ 3,401 $ 5,318 Undisbursed construction loans 40,747 42,482 Undisbursed home equity lines of credit 10,788 10,727 Undisbursed commercial and other line of credit 70,957 69,258 Standby letters of credit 3,115 4,965 Loans sold with recourse 1,155 1,873 Total $ 130,163 $ 134,623 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. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Since these commitments could expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon an extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include residential and commercial property, deposits and securities. Interest Rate Swaps The Company enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate loan agreement to a fixed-rate loan agreement. Under these agreements, the Company simultaneously enters into a variable-rate loan and an interest rate swap agreement with a customer. The Company then enters into a corresponding and offsetting swap agreement with a third party to hedge the exposure created by the customer agreements. The interest rate swaps with both the customers and third parties are not designated as hedges under FASB ASC Topic 815, Derivatives and Hedging, and are marked to market through earnings. The fair values of the swaps are recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The accrued interest receivable payable Summary information regarding these derivatives is presented below: March 31, December 31, 2024 2023 Notational amount $ 88,780 $ 65,420 Fair value $ 5,735 $ 5,343 Weighted average pay rates 5.03 % 5.064 % Weighted average receive rates 7.44 % 7.49 % Weighted average maturity (in years) 9.04 8.88 Number of Contracts 16 14 In addition, as of March 31, 2024, the Company has four forward rate swaps with a notional value of $30,560 and a fair value of $856 with effective dates at various points in 2024 and 2025. These forward swaps have a fixed weighted average pay rate of 5.75% and the related weighted average adjustable receive rates will be determined at the time the forward swaps become effective. As of December 31, 2023, there were five forward swaps with a notional value of $30,211, a fair value of $970 and a fixed average pay rate of 4.95%. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Matters | |
Regulatory Matters | 10. Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’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 the Bank’s 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 in the tables below) of total, common equity Tier 1 and additional Tier I capital (as defined in 12 C.F.R. § 324.20) to risk-weighted assets and of Tier I capital to average assets. Management believes, as of March 31, 2024 and December 31, 2023, that the Bank met all capital adequacy requirements to which they are subject. The most recent notification from the FDIC categorized the Bank as “well capitalized” under the regulatory framework. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, common equity Tier 1, Tier I risk-based and Tier I leverage ratios as set forth in the table below. There are no conditions or events since then which management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios were: To be Well Capitalized under For Capital Adequacy Prompt Corrective Action Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio March 31, 2024 Rhinebeck Bank Total capital (to risk-weighted assets) $ 145,962 12.99 % $ 89,892 8.00 % $ 112,366 10.00 % Tier 1 capital (to risk-weighted assets) 137,749 12.26 % 67,419 6.00 % 89,892 8.00 % Common equity tier one capital (to risk weighted assets) 137,749 12.26 % 50,564 4.50 % 73,038 6.50 % Tier 1 capital (to average assets) 137,749 10.28 % 53,582 4.00 % 66,977 5.00 % December 31, 2023 Rhinebeck Bank Total capital (to risk-weighted assets) $ 144,675 12.70 % $ 91,154 8.00 % $ 113,942 10.00 % Tier 1 capital (to risk-weighted assets) 136,295 11.96 % 68,365 6.00 % 91,154 8.00 % Common equity tier one capital (to risk weighted assets) 136,295 11.96 % 51,274 4.50 % 74,062 6.50 % Tier 1 capital (to average assets) 136,295 10.10 % 53,990 4.00 % 67,488 5.00 % |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value | |
Fair Value | 11. Fair Value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. A description of the valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial and non-financial instruments not recorded at fair value, is set forth below. Cash and Cash Equivalents The carrying amount is a reasonable estimate of fair value. Available for Sale Securities Where quoted prices are available in an active market for identical securities, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include marketable equity securities and U.S. Treasury obligations. If quoted prices are not available, then fair values are estimated by using pricing models (i.e., matrix pricing) or quoted prices of securities with similar characteristics and are classified within Level 2 of the valuation hierarchy. Examples of such instruments include government agency bonds, mortgage-backed securities and municipal bonds. Level 3 securities include securities for which significant unobservable inputs are utilized. Available for sale securities are recorded at fair value on a recurring basis. FHLB Stock The carrying value of FHLB stock approximates fair value based on the redemption provisions of the FHLB. Loans Loans receivable are carried at cost. For variable rate loans, which reprice frequently, carrying values are a reasonable estimate of fair values adjusted for credit losses inherent in the portfolios. The fair value of fixed rate loans is estimated by discounting the future cash flows using the year end rates, estimated using local market data, at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, adjusted for credit losses inherent in the portfolios. The Company does not record loans at fair value on a recurring basis. However, from time to time, nonrecurring fair value adjustments to collateral-dependent individually analyzed loans are recorded to reflect partial write-downs based on the observable market price or current appraised value of collateral. Other Real Estate Owned Other real estate owned represents real estate acquired through foreclosure and is carried at fair value less estimated selling costs. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. These assets are included as Level 3 fair values, based upon the lowest level of input that is utilized in the fair value measurements. Accrued Interest The carrying amounts of accrued interest approximate fair value. Mortgage Servicing Rights The fair value of mortgage servicing rights is based on a valuation model that calculates the present value of estimated future net servicing income. Mortgage servicing rights are carried at the lower of amortized cost or estimated fair value and are included in other assets on the consolidated statements of financial condition. Deposits Deposit liabilities are carried at cost. The fair value of NOW, savings and money market deposits is the amount payable on demand at the reporting date. The fair value of time certificates of deposit is estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities estimated using local market data to a schedule of aggregated expected maturities on such deposits. Mortgagors’ Escrow Accounts The fair value is estimated using a discounted cash flow calculation that applies interest rates currently being offered on deposited escrow accounts of similarly expected maturities. Advances from the FHLB The fair value of the advances is estimated using a discounted cash flow calculation that applies current FHLB interest rates for advances of similar maturity to a schedule of maturities of such advances. Subordinated Debt Based on the floating rate characteristic of these instruments, the carrying value is considered to approximate fair value. Off-Balance-Sheet Instruments Fair values for off-balance-sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standings. Such amounts are not significant. Loan Level Interest Rate Swaps The fair value is based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves. The following tables detail the assets that are carried at fair value on a recurring basis as of the periods shown and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: Quoted Prices in Active Markets Significant Significant for Identical Observable Unobservable Balance Assets (Level 1) Inputs (Level 2) Inputs (Level 3) March 31, 2024 Assets: U.S. Treasury securities $ 19,143 $ 19,143 $ — $ — U.S. government agency mortgage-backed securities-residential 124,134 — 124,134 — U.S. government agency securities 23,096 — 23,096 — Municipal securities 2,882 — 2,767 115 Corporate Bonds 12,734 — 12,734 — Other 656 — 656 — Total available for sale securities 182,645 19,143 163,387 115 Loan level interest rate swaps 6,591 — 6,591 — Total assets $ 189,236 $ 19,143 $ 169,978 $ 115 Liabilities: Loan level interest rate swaps $ 6,591 $ — $ 6,591 $ — Total liabilities $ 6,591 $ — $ 6,591 $ — December 31, 2023 Assets: U.S. Treasury securities $ 24,006 $ 24,006 $ — $ — U.S. government agency mortgage-backed securities – residential 128,580 — 128,580 — U.S. government agency securities 23,158 — 23,158 — Municipal securities 2,903 — 2,788 115 Corporate Bonds 12,640 — 12,640 — Other 698 — 698 — Total available for sale securities 191,985 24,006 167,864 115 Loan level interest rate swaps 6,278 — 6,278 — Total assets $ 198,263 $ 24,006 $ 174,142 $ 115 Liabilities: Loan level interest rate swaps $ 6,278 $ — $ 6,278 $ — Total liabilities $ 6,278 $ — $ 6,278 $ — The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of March 31, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: Quoted Prices in Active Markets Significant Significant for Identical Observable Unobservable Balance Assets (Level 1) Inputs (Level 2) Inputs (Level 3) March 31, 2024 Individually analyzed loans, with specific reserves $ 1,189 $ — $ — $ 1,189 Total $ 1,189 $ — $ — $ 1,189 December 31, 2023 Individually analyzed loans, with specific reserves $ 758 $ — $ — $ 758 Other real estate owned 25 — — 25 Total $ 783 $ — $ — $ 783 Loans that were individually analyzed using the fair value of the collateral had recorded investments of $1,579 and $973 with valuation allowances of $390 and $215 and fair values of $1,189 and $758 at March 31, 2024 and December 31, 2023, respectively. The valuation allowance represents specific allocations to the allowance for credit losses. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information About Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range Estimate Techniques Input (Weighted Average) March 31, 2024 Individually analyzed loans, with specific reserves $ 1,189 Appraisal of collateral (1) Liquidation expenses (3) 0% to 8% Appraisal adjustments (2) 0% to 20% December 31, 2023 Individually analyzed loans, with specific reserves $ 758 Appraisal of collateral (1) Liquidation expenses (3) 0% to 8% Appraisal adjustments (2) 0% to 20% Other real estate owned 25 Appraisal of collateral (1) Liquidation expenses (3) 0% to 6% Appraisal adjustments (2) 0% to 20% (1) Fair value is generally through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraised value. (3) Estimated costs to sell. The estimated fair value amounts for 2024 and 2023 have been measured as of their respective reporting dates and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than amounts reported at each year-end. The information presented should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company’s assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. As of the following dates, the carrying value and fair values of the Company’s financial instruments were: March 31, December 31, 2024 2023 Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents (Level 1) $ 30,672 $ 30,672 $ 22,129 $ 22,129 Available for sale securities (Level 1) 19,143 19,143 24,006 24,006 Available for sale securities (Level 2) 163,387 163,387 167,864 167,864 Available for sale securities (Level 3) 115 115 115 115 Loan level interest rate swaps (Level 2) 6,591 6,591 6,278 6,278 FHLB stock (Level 2) 5,614 5,614 6,514 6,514 Loans, net (Level 3) 993,346 972,258 1,008,851 979,037 Accrued interest receivable (Level 2) 4,611 4,611 4,616 4,616 Mortgage servicing rights (Level 3) 1,880 4,520 1,977 4,720 Financial Liabilities: Deposits (Level 2) 1,037,024 962,985 1,030,503 948,140 Mortgagors' escrow accounts (Level 2) 7,301 7,301 9,274 9,274 FHLB advances (Level 2) 108,064 107,057 128,064 127,592 Subordinated debt (Level 2) 5,155 5,155 5,155 5,155 Loan level interest rate swaps (Level 2) 6,591 6,591 6,278 6,278 Accrued interest payable (Level 2) 1,681 1,681 1,488 1,488 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Loss. | |
Accumulated Other Comprehensive Loss | 12. Accumulated Other Comprehensive Loss The components of other comprehensive loss at March 31, 2024 and December 31, 2023 were as follows: March 31, December 31, 2024 2023 Securities available for sale: Net unrealized loss on securities available for sale $ (33,744) $ (33,009) Related deferred tax 7,087 6,932 Net accumulated other comprehensive loss (26,657) (26,077) Defined benefit pension plan: Unrecognized net actuarial loss and prior service cost (4,330) (4,330) Related deferred tax 909 909 Net accumulated other comprehensive loss (3,421) (3,421) Total accumulated other comprehensive loss $ (30,078) $ (29,498) (1) Related deferred tax is calculated using an income tax rate of 21.0%. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share | |
Earnings Per Share | 13. Earnings Per Share Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents (such as options) were issued during the period. There were no anti-dilutive options for the three months ended March 31, 2024 or 2023. Unearned ESOP shares are not deemed outstanding for earnings per share calculations. Three Months Ended March 31, 2024 2023 Net income applicable to common stock $ 1,121 $ 798 Average number of common shares outstanding 11,072,607 11,228,299 Less: Average unearned ESOP shares 324,601 346,414 Average number of common shares outstanding used to calculate basic earnings per common share 10,748,006 10,881,885 Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share — 34,822 Additional common stock equivalents (stock options) used to calculate diluted earnings per share 96,281 104,688 Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share 10,844,287 11,021,395 Earnings per Common share: Basic $ 0.10 $ 0.07 Diluted $ 0.10 $ 0.07 |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Nature of Business and Significant Accounting Policies | |
Basis of Financial Statements Presentation | Basis of Financial Statements Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, as of the date of the consolidated statements of financial condition and reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses (“ACL”), the evaluation of goodwill for impairment and the valuation of deferred tax assets. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Reclassifications | Reclassifications Certain amounts in the prior year consolidated financial statements may be reclassified as required to conform to the current year’s presentation. These reclassifications have no effect on our previously reported net income or shareholders’ equity. |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. In annual periods, this requires disclosure of an entity’s accounting policy related to the entity’s presentation of cash flows associated with derivative instruments and the related gains and losses in the statement of cash flows. This also requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods. The effective dates of ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. Under ASU 2023-07, public entities must disclose significant expense categories and amounts for each reportable segment, where significant expense categories are defined as those that are regularly reported to an entity’s chief operating decision-maker and included in a segment’s reported measures of profit or loss. Additionally, public entities must disclose the amount of other segment items and a description of its composition. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023. As the Company has only one reportable segment, ASU 2023-07 does not have an impact on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures.” |
Emerging Growth Company Status | Emerging Growth Company Status As an emerging growth company, the Company may delay adoption of new or revised financial accounting standards until such date that the standards are required to be adopted by non-issuer companies. If such standards would not apply to non-issuer companies, no deferral would be applicable. The Company is taking advantage of the benefits of the extended transition periods allowed under the Jumpstart Our Business Startups Act. Accordingly, the Company’s consolidated financial statements may not be comparable to those of public companies that adopt new or revised financial accounting standards as of an earlier date. The effective dates of the recent accounting standards reflect those that relate to non-issuer companies. The Company expects to lose its emerging growth company status on December 31, 2024. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Securities | |
Schedule of amortized cost, gross unrealized gains and losses and fair values of available for sale securities | The amortized cost, gross unrealized gains and losses and fair values of available for sale securities are as follows: March 31, 2024 Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value U.S. Treasury securities $ 20,048 $ — $ (905) $ 19,143 U.S. government agency mortgage-backed securities–residential 152,958 — (28,824) 124,134 U.S. government agency securities 24,772 — (1,676) 23,096 Municipal securities (1) 3,161 — (279) 2,882 Corporate bonds 14,700 — (1,966) 12,734 Other 750 — (94) 656 Total $ 216,389 $ — $ (33,744) $ 182,645 December 31, 2023 Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value U.S. Treasury securities $ 25,072 $ — $ (1,066) $ 24,006 U.S. government agency mortgage-backed securities–residential 156,523 — (27,943) 128,580 U.S. government agency securities 24,774 — (1,616) 23,158 Municipal securities (1) 3,163 — (260) 2,903 Corporate bonds 14,700 — (2,060) 12,640 Other 763 — (65) 698 Total $ 224,995 $ — $ (33,010) $ 191,985 (1) The issuers of municipal securities are all within New York State. |
Schedule of gross unrealized losses and fair value, securities in continuous unrealized loss position | The following tables present the fair value and unrealized losses of the Company’s available for sale securities with gross unrealized losses aggregated by the length of time the individual securities have been in a continuous unrealized loss position: March 31, 2024 Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ — $ — $ 19,143 $ (905) $ 19,143 $ (905) U.S. government agency mortgage-backed securities-residential — — 124,101 (28,824) 124,101 (28,824) U.S. government agency securities — — 23,095 (1,676) 23,095 (1,676) Municipal securities — — 2,766 (279) 2,766 (279) Corporate bonds — — 12,734 (1,966) 12,734 (1,966) Other 629 (94) — — 629 (94) Total $ 629 $ (94) $ 181,839 $ (33,650) $ 182,468 $ (33,744) December 31, 2023 Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ — $ — $ 24,006 $ (1,066) $ 24,006 $ (1,066) U.S. government agency mortgage-backed securities-residential — — 128,580 (27,943) 128,580 (27,943) U.S. government agency securities — — 23,158 (1,616) 23,158 (1,616) Municipal securities 512 (18) 2,276 (242) 2,788 (260) Corporate bonds — — 12,640 (2,060) 12,640 (2,060) Other 672 (65) — — 672 (65) Total $ 1,184 $ (83) $ 190,660 $ (32,927) $ 191,844 $ (33,010) |
Schedule of maturities of debt securities | The amortized cost and fair value of available for sale debt securities at March 31, 2024 and December 31, 2023, by contractual maturities, are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary: March 31, 2024 December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Maturity: Within 1 year $ 11,442 $ 11,285 $ 15,449 $ 15,170 After 1 but within 5 years 31,839 29,553 32,860 30,569 After 5 but within 10 years 19,400 17,017 19,400 16,968 After 10 years — — — — Total Maturities 62,681 57,855 67,709 62,707 Mortgage-backed securities 152,958 124,134 156,523 128,580 Other 750 656 763 698 Total $ 216,389 $ 182,645 $ 224,995 $ 191,985 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans and Allowance for Credit Losses | |
Schedule of summary loan portfolio | A summary of the Company’s loan portfolio is as follows: March 31, December 31, 2024 2023 Commercial real estate loans: Construction $ 20,438 $ 20,208 Non-residential 329,241 324,493 Multi-family 87,881 83,376 Residential real estate loans 78,846 77,259 Commercial and industrial loans (1) 91,291 88,927 Consumer loans: Indirect automobile 367,011 394,245 Home equity 11,494 11,990 Other consumer 7,641 8,095 Total gross loans 993,843 1,008,593 Dealer reserves 7,476 8,382 Allowance for credit losses (7,973) (8,124) Total net loans $ 993,346 $ 1,008,851 (1) Includes $226 and $272 in U.S. Small Business Administration (“SBA”), paycheck protection program (“PPP”) loans at March 31, 2024 and December 31, 2023, respectively. |
Schedule of classes of the loan portfolio by the aging categories of performing loans and nonaccrual loans | The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and non-accrual loans: March 31, 2024 Greater Than 30-59 Days 60-89 Days 90 Days Past Total Loans Current Past Due Past Due Due Receivable Non-accrual Commercial real estate: Construction $ 20,438 $ — $ — $ — $ 20,438 $ — Non-residential 324,593 2,035 — 2,613 329,241 2,613 Multifamily 87,881 — — — 87,881 — Residential real estate 76,577 1,039 1,154 76 78,846 1,143 Commercial and industrial 90,658 318 128 187 91,291 187 Consumer: Indirect automobile 356,740 8,265 1,570 436 367,011 476 Home equity 11,295 14 46 139 11,494 139 Other consumer 7,366 233 40 2 7,641 2 Total $ 975,548 $ 11,904 $ 2,938 $ 3,453 $ 993,843 $ 4,560 December 31, 2023 Greater Than 30-59 Days 60-89 Days 90 Days Past Total Loans Current Past Due Past Due Due Receivable Non-accrual Commercial real estate: Construction $ 20,208 $ — $ — $ — $ 20,208 $ — Non-residential 319,467 1,276 2,129 1,621 324,493 1,621 Multifamily 83,376 — — — 83,376 — Residential real estate 75,998 888 37 336 77,259 1,624 Commercial and industrial 88,646 17 83 181 88,927 181 Consumer: Indirect automobile 382,042 10,155 1,478 570 394,245 631 Home equity 11,843 — 48 99 11,990 99 Other consumer 7,844 202 24 25 8,095 25 Total $ 989,424 $ 12,538 $ 3,799 $ 2,832 $ 1,008,593 $ 4,181 |
Schedule of amortized cost basis of nonaccrual loans | The following table presents the Company’s amortized cost basis of non-accrual loans for which there is no related ACL: March 31, 2024 December 31, 2023 Commercial real estate: Non-residential $ 1,375 $ 1,152 Residential real estate 1,143 1,624 Commercial and industrial 172 150 Consumer: Indirect automobile 150 160 Home equity 139 99 Other consumer 2 25 Total $ 2,981 $ 3,210 The following table presents the Company’s amortized cost basis of only those non-accrual loans with a related ACL: March 31, 2024 December 31, 2023 Non-accrual loans Related ACL Non-accrual loans Related ACL Commercial real estate: Non-residential $ 1,238 $ 290 $ 469 $ 16 Commercial and industrial 15 1 31 32 Consumer: Indirect automobile 326 99 471 167 Total $ 1,579 $ 390 $ 971 $ 215 |
Schedule of loan balances by segment | Activity in the Company’s ACL for loans for the three months ended March 31, 2024 is summarized in the table below. Commercial Residential Commercial Real Estate Real Estate and Industrial Indirect Consumer Totals Three months ended March 31, 2024 Allowance for credit losses: Beginning balance $ 2,716 $ 346 $ 606 $ 4,348 $ 108 $ 8,124 Provision for (reversal of) credit losses 323 9 (7) (238) 12 99 Loans charged-off — — (34) (895) (32) (961) Recoveries — — 1 699 11 711 Ending balance $ 3,039 $ 355 $ 566 $ 3,914 $ 99 $ 7,973 Ending balance: Loans individually analyzed $ 291 $ — $ — $ 99 $ — $ 390 Loans collectively analyzed $ 2,748 $ 355 $ 566 $ 3,815 $ 99 $ 7,583 Loan receivables: Ending balance $ 437,560 $ 78,846 $ 91,291 $ 367,011 $ 19,135 $ 993,843 Ending balance: Loans individually analyzed $ 2,613 $ 1,143 $ 187 $ 476 $ 239 $ 4,658 Loans collectively analyzed $ 434,947 $ 77,703 $ 91,104 $ 366,535 $ 18,896 $ 989,185 Activity in the Company’s allowance for credit losses for the three months ended March 31, 2023 and December 31, 2023 is summarized in the tables below. The adoption of ASC 326 row presents adjustments recorded on January 1, 2023 through retained earnings. Commercial Residential Commercial Real Estate Real Estate and Industrial Indirect Consumer Totals Three months ended March 31, 2023 Allowance for credit losses: Beginning balance $ 3,031 $ 103 $ 881 $ 3,868 $ 60 $ 7,943 Adoption of ASC 326 (860) 54 (383) 1,710 59 580 Provision for credit losses 170 13 703 104 4 994 Loans charged-off — — — (989) (22) (1,011) Recoveries — — — 585 12 597 Ending balance $ 2,341 $ 170 $ 1,201 $ 5,278 $ 113 $ 9,103 |
Schedule of unfunded commitments | Activity in the Company’s ACL for unfunded commitments for the three months ended March 31, 2024 is summarized in the tables below. The adoption of ASC 326 row presents adjustments recorded on January 1, 2023 through retained earnings. Commercial Commercial Real Estate Residential and Industrial Indirect Consumer Totals Three months ended March 31, 2024 Allowance for credit losses: Beginning balance $ 172 $ — $ 72 $ — $ 13 $ 257 Reversal of credit losses (14) — (1) — (1) (16) Ending balance $ 158 $ — $ 71 $ — $ 12 $ 241 Commercial Commercial Real Estate Residential and Industrial Indirect Consumer Totals Three months ended March 31, 2023 Allowance for credit losses: Beginning balance $ — $ — $ — $ — $ — $ — Adoption of ASC 326 149 — 65 — 7 221 Provision for credit losses 19 — 1 — — 20 Ending balance $ 158 $ — $ 71 $ — $ 12 $ 241 |
Summary of provision for credit losses | The following table summarizes the provision for credit losses for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 Provision for credit losses - loans $ 99 $ 994 (Reversal of) provision for credit losses - unfunded commitments (16) 20 Provision for credit losses $ 83 $ 1,014 |
Schedule of loans by risk rating and portfolio segment | The following table presents the credit risk profile of the Company’s loan portfolio (excluding loans in process) based on rating category, as well as gross write-offs for the three months ended March 31, 2024, and by fiscal year of origination as of March 31, 2024. Revolving Loans by Origination Year Loans 2024 2023 2022 2021 2020 Prior Amortized Cost Total Commercial construction Watch 641 15,399 4,398 - - - - 20,438 Total commercial construction 641 15,399 4,398 - - - - 20,438 Commercial non-residential Pass $ 2,021 $ 34,387 $ 52,760 $ 26,360 $ 16,493 $ 87,069 $ - $ 219,090 Watch 2,776 16,542 16,259 7,470 11,645 37,747 - 92,439 Special mention - - - 896 360 6,084 - 7,340 Substandard - - 2,895 1,386 460 5,631 - 10,372 Total commercial non-residential 4,797 50,929 71,914 36,112 28,958 136,531 - 329,241 Multifamily Pass $ - $ 804 $ 18,681 $ 30,175 $ 2,084 $ 5,832 $ - $ 57,576 Watch - 1,000 6,732 11,895 - 10,331 - 29,958 Substandard - - - - - 347 347 Total multifamily - 1,804 25,413 42,070 2,084 16,510 - 87,881 Residential Performing $ 3,034 $ 28,170 $ 25,068 $ 2,122 $ 2,708 $ 16,601 $ - $ 77,703 Non-performing - - - - - 1,143 - 1,143 Total residential 3,034 28,170 25,068 2,122 2,708 17,744 - 78,846 Commercial and industrial Pass $ 2,382 $ 12,044 $ 25,244 $ 10,193 $ 1,241 $ 1,940 $ 10,446 $ 63,490 Watch 676 2,005 3,129 296 470 1,591 16,483 24,650 Special mention - 224 - 275 108 24 - 631 Substandard - - - - - 869 1,651 2,520 Total commercial and industrial 3,058 14,273 28,373 10,764 1,819 4,424 28,580 91,291 Current-period gross write-offs - - - - - 32 2 34 Indirect automobile Performing $ 15,025 $ 93,746 $ 145,617 $ 64,530 $ 28,830 $ 18,787 $ - $ 366,535 Non-performing - 50 161 182 53 30 - 476 Total indirect automobile 15,025 93,796 145,778 64,712 28,883 18,817 - 367,011 Current-period gross write-offs - 153 414 210 61 57 - 895 Home equity Performing $ - $ - $ - $ - $ - $ 4,155 $ 7,200 $ 11,355 Non-performing - - - - - 99 40 139 Total home equity - - - - - 4,254 7,240 11,494 Other consumer Performing $ 694 $ 2,507 $ 3,057 $ 729 $ 308 $ 116 $ 228 $ 7,639 Non-performing - - - 2 - - - 2 Total other consumer 694 2,507 3,057 731 308 116 228 7,641 Current-period gross write-offs - 4 - 3 24 - 1 32 Total Loans Pass/performing $ 23,156 $ 171,658 $ 270,427 $ 134,109 $ 51,664 $ 134,500 $ 17,874 $ 803,388 Watch 4,093 34,946 30,518 19,661 12,115 49,669 16,483 167,485 Special mention 0 224 0 1,171 468 6,108 - 7,971 Substandard - - 2,895 1,386 460 6,500 1,651 12,892 Non-performing - 50 161 184 53 1,272 40 1,760 Total Loans $ 27,249 $ 206,878 $ 304,001 $ 156,511 $ 64,760 $ 198,396 $ 36,048 $ 993,843 Total Current-period gross write-offs $ 0 $ 157 $ 414 $ 213 $ 85 $ 89 $ 3 $ 961 The following table presents the credit risk profile of the Company’s loan portfolio (excluding loans in process) based on rating category, as well as gross write-offs for the year ended December 31, 2023, and by fiscal year of origination as of December 31, 2023. Revolving Loans by Origination Year Loans 2023 2022 2021 2020 2019 Prior Amortized Cost Total Commercial construction Pass $ - $ 8,227 $ - $ - $ - $ - $ - $ 8,227 Watch 9,328 2,653 - - - - - 11,981 Total commercial construction 9,328 10,880 - - - - - 20,208 Commercial non-residential Pass $ 34,508 $ 43,534 $ 26,600 $ 16,673 $ 39,943 $ 44,412 $ - $ 205,670 Watch 16,575 19,235 14,854 12,747 7,573 38,004 - 108,988 Special mention - - - - 5,884 963 - 6,847 Substandard - - - - 465 2,523 - 2,988 Total commercial non-residential 51,083 62,769 41,454 29,420 53,865 85,902 - 324,493 Multifamily Pass $ 807 $ 18,765 $ 30,374 $ 2,100 $ 1,540 $ 4,348 $ - $ 57,934 Watch 1,000 6,754 6,925 - 1,265 9,498 - 25,442 Total multifamily 1,807 25,519 37,299 2,100 2,805 13,846 - 83,376 Residential Performing $ 28,670 $ 25,260 $ 2,150 $ 2,732 $ 2,626 $ 14,197 $ - $ 75,635 Non-performing - 257 - - - 1,367 - 1,624 Total residential 28,670 25,517 2,150 2,732 2,626 15,564 - 77,259 Current-period gross write-offs - - - - - - - - Commercial and industrial Pass $ 12,637 $ 26,070 $ 10,804 $ 1,474 $ 962 $ 1,254 $ 11,662 $ 64,863 Watch 2,082 3,227 321 620 482 1,603 14,204 22,539 Special mention 224 - 301 - 33 - - 558 Substandard - - - - 83 841 43 967 Total commercial and industrial 14,943 29,297 11,426 2,094 1,560 3,698 25,909 88,927 Current-period gross write-offs - - 710 - - 126 - 836 Indirect automobile Performing $ 101,230 $ 160,439 $ 72,941 $ 34,196 $ 19,035 $ 5,773 $ - $ 393,614 Non-performing 31 259 196 69 63 13 - 631 Total indirect automobile 101,261 160,698 73,137 34,265 19,098 5,786 - 394,245 Current-period gross write-offs 198 1,492 1,034 418 309 126 - 3,577 Home equity Performing $ - $ - $ - $ - $ 34 $ 4,064 $ 7,793 $ 11,891 Non-performing - - - - - 99 - 99 Total home equity - - - - 34 4,163 7,793 11,990 Other consumer Performing $ 2,928 $ 3,477 $ 856 $ 411 $ 138 $ 22 $ 238 $ 8,070 Non-performing - - - 24 - - 1 25 Total other consumer 2,928 3,477 856 435 138 22 239 8,095 Current-period gross write-offs 8 30 10 11 - 3 - 62 Total Loans Pass/performing $ 180,780 $ 285,772 $ 143,725 $ 57,586 $ 64,278 $ 74,070 $ 19,693 $ 825,904 Watch 28,985 31,869 22,100 13,367 9,320 49,105 14,204 168,950 Special mention 224 - 301 0 5,917 963 - 7,405 Substandard - - - - 548 3,364 43 3,955 Non-performing 31 516 196 93 63 1,479 1 2,379 Total Loans $ 210,020 $ 318,157 $ 166,322 $ 71,046 $ 80,126 $ 128,981 $ 33,941 $ 1,008,593 Total Current-period gross write-offs $ 206 $ 1,522 $ 1,754 $ 429 $ 309 $ 255 $ - $ 4,475 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets | |
Schedule of changes in the carrying value of customer list and core deposit intangibles | The changes in the carrying value of the customer list and core deposit intangibles are as follows: Three Months Ended March 31, 2024 2023 Beginning balance $ 246 $ 334 Amortization (21) (24) Ending balance $ 225 $ 310 Accumulated amortization and impairment $ 1,052 $ 967 |
Schedule of future amortization expense for amortizable intangible assets | As of March 31, 2024, the future amortization expense for amortizable intangible assets for the years ended December 31, was as follows: 2024 $ 58 2025 60 2026 29 2027 21 2028 16 Thereafter 41 Total $ 225 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deposits | |
Schedule of deposits | Deposits balances are summarized as follows: March 31, December 31, 2024 2023 Non-interest bearing demand deposits $ 236,957 $ 249,793 Interest bearing accounts: NOW (1) 126,058 125,628 Savings 144,932 146,172 Money market 196,107 190,864 Time certificates of deposit 332,970 318,046 Total interest bearing accounts 800,067 780,710 Total deposits $ 1,037,024 $ 1,030,503 (1) Negotiable order of withdrawal |
Schedule of contractual maturities of time certificates of deposit | Contractual maturities of time certificates of deposit at March 31, 2024 are summarized below: March 31, 2024 Within 1 year $ 324,632 1 – 2 years 5,115 2 – 3 years 1,561 3 – 4 years 428 4 – 5 years 1,234 Total $ 332,970 |
Long-Term Debt and FHLB Stock (
Long-Term Debt and FHLB Stock (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Long-Term Debt and FHLB Stock | |
Schedule of outstanding principal amounts and related terms of FHLBNY borrowings | The outstanding principal amounts and the related terms and rates at March 31, 2024 were as follows: Term Principal Maturity Rate Due in one year Long term Fixed short-term $ 10,000 April 23, 2024 5.70 % $ 10,000 $ — Fixed short-term 10,000 May 17, 2024 5.59 % 10,000 — Fixed short-term 10,000 June 17, 2024 5.60 % 10,000 — Fixed short-term 10,000 July 17, 2024 5.59 % 10,000 — Fixed short-term 10,000 August 6, 2024 5.42 % 10,000 — Fixed short-term 10,000 September 6, 2024 5.39 % 10,000 — Fixed medium-term 20,000 March 20, 2025 4.47 % — 20,000 Fixed medium-term 722 October 31, 2025 4.87 % — 722 Fixed medium-term 5,000 November 3, 2025 4.87 % — 5,000 Fixed medium-term 728 December 5, 2025 4.34 % — 728 Fixed medium-term 1,233 September 21, 2026 5.20 % — 1,233 Fixed medium-term 381 November 9, 2026 5.04 % — 381 Fixed medium-term 20,000 May 2, 2028 3.88 % — 20,000 Total $ 108,064 Weighted Average Rate 4.99 % $ 60,000 $ 48,064 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Employee Benefits | |
Schedule of plan's funded status and amounts recognized in consolidated statement of financial condition | The following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated statements of financial condition: March 31, December 31, 2024 2023 Projected and accumulated benefit obligation $ (17,986) $ (17,868) Plan assets at fair value 18,139 18,062 Funded status included in accrued expenses and other liabilities $ 153 $ 194 |
Schedule of net periodic pension (benefit) cost and amounts recognized in other comprehensive income | The net periodic pension cost and amounts recognized in other expense are as follows: Three months ended March 31, 2024 2023 Interest cost $ 213 $ 215 Expected return on plan assets (249) (232) Amortization of unrecognized loss 74 93 Net periodic cost $ 38 $ 76 |
Schedule of fair value of pension plan assets, by fair value hierarchy | The fair value of the Company’s pension plan assets, by fair value hierarchy, are as follows: March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Investment in separate accounts Fixed income $ 12,686 $ — $ — $ 12,686 Equity 5,453 — — 5,453 Total assets at fair value $ 18,139 $ — $ — $ 18,139 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Investment in separate accounts Fixed income $ 12,293 $ — $ — $ 12,293 Equity 5,769 — — 5,769 Total assets at fair value $ 18,062 $ — $ — $ 18,062 |
Schedule of employee stock ownership plan | Shares held by the ESOP include the following: March 31, December 31, 2024 2023 Allocated 109,107 87,286 Committed to be allocated 5,454 21,821 Unallocated 321,864 327,318 Paid out to participants (10,988) (10,988) Total shares 425,437 425,437 |
Summary of options | A summary of options under the 2020 EIP as of March 31, 2024 is presented below: Weighted - Weighted-Average Number of Average Remaining Contractual Shares Exercise Price Term (in Years) Options outstanding at beginning of year 436,263 $ 6.62 6.64 Expired (1,333) 6.57 - Options outstanding at March 31, 2024 434,930 $ 6.62 6.50 Options exercisable at March 31, 2024 434,930 $ 6.62 6.50 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Schedule of future minimum payments for operating leases | Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2024 were as follows: Years ending December 31: 2024 $ 573 2025 739 2026 720 2027 676 2028 677 Thereafter 3,778 Total future minimum lease payments 7,163 Amounts representing interest (945) Present Value of Net Future Minimum Lease Payments $ 6,218 |
Commitments and Contingencies_2
Commitments and Contingencies and Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies and Derivatives | |
Schedule of contract amounts represent off-balance sheet credit risk | Financial instruments whose contract amounts represent off-balance sheet credit risk are as follows: March 31, December 31, 2024 2023 Commitments to extend credit summarized as follows: Future loan commitments $ 3,401 $ 5,318 Undisbursed construction loans 40,747 42,482 Undisbursed home equity lines of credit 10,788 10,727 Undisbursed commercial and other line of credit 70,957 69,258 Standby letters of credit 3,115 4,965 Loans sold with recourse 1,155 1,873 Total $ 130,163 $ 134,623 |
Schedule of information regarding derivatives | Summary information regarding these derivatives is presented below: March 31, December 31, 2024 2023 Notational amount $ 88,780 $ 65,420 Fair value $ 5,735 $ 5,343 Weighted average pay rates 5.03 % 5.064 % Weighted average receive rates 7.44 % 7.49 % Weighted average maturity (in years) 9.04 8.88 Number of Contracts 16 14 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Matters | |
Schedule of actual capital amounts and ratios | The Bank’s actual capital amounts and ratios were: To be Well Capitalized under For Capital Adequacy Prompt Corrective Action Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio March 31, 2024 Rhinebeck Bank Total capital (to risk-weighted assets) $ 145,962 12.99 % $ 89,892 8.00 % $ 112,366 10.00 % Tier 1 capital (to risk-weighted assets) 137,749 12.26 % 67,419 6.00 % 89,892 8.00 % Common equity tier one capital (to risk weighted assets) 137,749 12.26 % 50,564 4.50 % 73,038 6.50 % Tier 1 capital (to average assets) 137,749 10.28 % 53,582 4.00 % 66,977 5.00 % December 31, 2023 Rhinebeck Bank Total capital (to risk-weighted assets) $ 144,675 12.70 % $ 91,154 8.00 % $ 113,942 10.00 % Tier 1 capital (to risk-weighted assets) 136,295 11.96 % 68,365 6.00 % 91,154 8.00 % Common equity tier one capital (to risk weighted assets) 136,295 11.96 % 51,274 4.50 % 74,062 6.50 % Tier 1 capital (to average assets) 136,295 10.10 % 53,990 4.00 % 67,488 5.00 % |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value | |
Schedule of assets carried at fair value on a recurring basis | The following tables detail the assets that are carried at fair value on a recurring basis as of the periods shown and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: Quoted Prices in Active Markets Significant Significant for Identical Observable Unobservable Balance Assets (Level 1) Inputs (Level 2) Inputs (Level 3) March 31, 2024 Assets: U.S. Treasury securities $ 19,143 $ 19,143 $ — $ — U.S. government agency mortgage-backed securities-residential 124,134 — 124,134 — U.S. government agency securities 23,096 — 23,096 — Municipal securities 2,882 — 2,767 115 Corporate Bonds 12,734 — 12,734 — Other 656 — 656 — Total available for sale securities 182,645 19,143 163,387 115 Loan level interest rate swaps 6,591 — 6,591 — Total assets $ 189,236 $ 19,143 $ 169,978 $ 115 Liabilities: Loan level interest rate swaps $ 6,591 $ — $ 6,591 $ — Total liabilities $ 6,591 $ — $ 6,591 $ — December 31, 2023 Assets: U.S. Treasury securities $ 24,006 $ 24,006 $ — $ — U.S. government agency mortgage-backed securities – residential 128,580 — 128,580 — U.S. government agency securities 23,158 — 23,158 — Municipal securities 2,903 — 2,788 115 Corporate Bonds 12,640 — 12,640 — Other 698 — 698 — Total available for sale securities 191,985 24,006 167,864 115 Loan level interest rate swaps 6,278 — 6,278 — Total assets $ 198,263 $ 24,006 $ 174,142 $ 115 Liabilities: Loan level interest rate swaps $ 6,278 $ — $ 6,278 $ — Total liabilities $ 6,278 $ — $ 6,278 $ — |
Schedule of assets carried at fair value and measured at fair value on a nonrecurring basis | The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of March 31, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: Quoted Prices in Active Markets Significant Significant for Identical Observable Unobservable Balance Assets (Level 1) Inputs (Level 2) Inputs (Level 3) March 31, 2024 Individually analyzed loans, with specific reserves $ 1,189 $ — $ — $ 1,189 Total $ 1,189 $ — $ — $ 1,189 December 31, 2023 Individually analyzed loans, with specific reserves $ 758 $ — $ — $ 758 Other real estate owned 25 — — 25 Total $ 783 $ — $ — $ 783 |
Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information About Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range Estimate Techniques Input (Weighted Average) March 31, 2024 Individually analyzed loans, with specific reserves $ 1,189 Appraisal of collateral (1) Liquidation expenses (3) 0% to 8% Appraisal adjustments (2) 0% to 20% December 31, 2023 Individually analyzed loans, with specific reserves $ 758 Appraisal of collateral (1) Liquidation expenses (3) 0% to 8% Appraisal adjustments (2) 0% to 20% Other real estate owned 25 Appraisal of collateral (1) Liquidation expenses (3) 0% to 6% Appraisal adjustments (2) 0% to 20% (1) Fair value is generally through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraised value. (3) Estimated costs to sell. |
Schedule of carrying value and fair values of the financial instruments | As of the following dates, the carrying value and fair values of the Company’s financial instruments were: March 31, December 31, 2024 2023 Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents (Level 1) $ 30,672 $ 30,672 $ 22,129 $ 22,129 Available for sale securities (Level 1) 19,143 19,143 24,006 24,006 Available for sale securities (Level 2) 163,387 163,387 167,864 167,864 Available for sale securities (Level 3) 115 115 115 115 Loan level interest rate swaps (Level 2) 6,591 6,591 6,278 6,278 FHLB stock (Level 2) 5,614 5,614 6,514 6,514 Loans, net (Level 3) 993,346 972,258 1,008,851 979,037 Accrued interest receivable (Level 2) 4,611 4,611 4,616 4,616 Mortgage servicing rights (Level 3) 1,880 4,520 1,977 4,720 Financial Liabilities: Deposits (Level 2) 1,037,024 962,985 1,030,503 948,140 Mortgagors' escrow accounts (Level 2) 7,301 7,301 9,274 9,274 FHLB advances (Level 2) 108,064 107,057 128,064 127,592 Subordinated debt (Level 2) 5,155 5,155 5,155 5,155 Loan level interest rate swaps (Level 2) 6,591 6,591 6,278 6,278 Accrued interest payable (Level 2) 1,681 1,681 1,488 1,488 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Loss. | |
Schedule of accumulated other comprehensive loss components | The components of other comprehensive loss at March 31, 2024 and December 31, 2023 were as follows: March 31, December 31, 2024 2023 Securities available for sale: Net unrealized loss on securities available for sale $ (33,744) $ (33,009) Related deferred tax 7,087 6,932 Net accumulated other comprehensive loss (26,657) (26,077) Defined benefit pension plan: Unrecognized net actuarial loss and prior service cost (4,330) (4,330) Related deferred tax 909 909 Net accumulated other comprehensive loss (3,421) (3,421) Total accumulated other comprehensive loss $ (30,078) $ (29,498) (1) Related deferred tax is calculated using an income tax rate of 21.0%. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share | |
Schedule of earnings per share, basic and diluted | Three Months Ended March 31, 2024 2023 Net income applicable to common stock $ 1,121 $ 798 Average number of common shares outstanding 11,072,607 11,228,299 Less: Average unearned ESOP shares 324,601 346,414 Average number of common shares outstanding used to calculate basic earnings per common share 10,748,006 10,881,885 Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share — 34,822 Additional common stock equivalents (stock options) used to calculate diluted earnings per share 96,281 104,688 Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share 10,844,287 11,021,395 Earnings per Common share: Basic $ 0.10 $ 0.07 Diluted $ 0.10 $ 0.07 |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 31, 2024 item segment | |
Nature of Business and Significant Accounting Policies | |
Number of branches | 13 |
Number of representative offices | 2 |
Number of reportable segments | segment | 1 |
Investment Securities (Schedule
Investment Securities (Schedule of amortized cost, gross unrealized gains and losses and fair values of available for sale securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | $ 216,389 | $ 224,995 |
Gross Unrealized Losses | (33,744) | (33,010) |
Fair Value | 182,645 | 191,985 |
U.S. Treasury securities | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 20,048 | 25,072 |
Gross Unrealized Losses | (905) | (1,066) |
Fair Value | 19,143 | 24,006 |
U.S. government agency mortgage-backed securities-residential | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 152,958 | 156,523 |
Gross Unrealized Losses | (28,824) | (27,943) |
Fair Value | 124,134 | 128,580 |
U.S. government agency securities | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 24,772 | 24,774 |
Gross Unrealized Losses | (1,676) | (1,616) |
Fair Value | 23,096 | 23,158 |
Municipal securities | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 3,161 | 3,163 |
Gross Unrealized Losses | (279) | (260) |
Fair Value | 2,882 | 2,903 |
Corporate Bonds | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 14,700 | 14,700 |
Gross Unrealized Losses | (1,966) | (2,060) |
Fair Value | 12,734 | 12,640 |
Other | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 750 | 763 |
Gross Unrealized Losses | (94) | (65) |
Fair Value | $ 656 | $ 698 |
Investment Securities (Schedu_2
Investment Securities (Schedule of gross unrealized losses and fair value, securities in continuous unrealized loss position) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months Fair Value | $ 629 | $ 1,184 |
Less Than 12 Months Unrealized Losses | (94) | (83) |
12 Months or Longer Fair Value | 181,839 | 190,660 |
12 Months or Longer Unrealized Losses | (33,650) | (32,927) |
Fair Value | 182,468 | 191,844 |
Unrealized Losses | (33,744) | (33,010) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 Months or Longer Fair Value | 19,143 | 24,006 |
12 Months or Longer Unrealized Losses | (905) | (1,066) |
Fair Value | 19,143 | 24,006 |
Unrealized Losses | (905) | (1,066) |
U.S. government agency mortgage-backed securities-residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 Months or Longer Fair Value | 124,101 | 128,580 |
12 Months or Longer Unrealized Losses | (28,824) | (27,943) |
Fair Value | 124,101 | 128,580 |
Unrealized Losses | (28,824) | (27,943) |
U.S. government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 Months or Longer Fair Value | 23,095 | 23,158 |
12 Months or Longer Unrealized Losses | (1,676) | (1,616) |
Fair Value | 23,095 | 23,158 |
Unrealized Losses | (1,676) | (1,616) |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months Fair Value | 512 | |
Less Than 12 Months Unrealized Losses | (18) | |
12 Months or Longer Fair Value | 2,766 | 2,276 |
12 Months or Longer Unrealized Losses | (279) | (242) |
Fair Value | 2,766 | 2,788 |
Unrealized Losses | (279) | (260) |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 Months or Longer Fair Value | 12,734 | 12,640 |
12 Months or Longer Unrealized Losses | (1,966) | (2,060) |
Fair Value | 12,734 | 12,640 |
Unrealized Losses | (1,966) | (2,060) |
Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months Fair Value | 629 | 672 |
Less Than 12 Months Unrealized Losses | (94) | (65) |
Fair Value | 629 | 672 |
Unrealized Losses | $ (94) | $ (65) |
Investment Securities (Schedu_3
Investment Securities (Schedule of maturities of debt securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Within 1 year | $ 11,442 | $ 15,449 |
After 1 but within 5 years | 31,839 | 32,860 |
After 5 but within 10 years | 19,400 | 19,400 |
Total Maturities | 62,681 | 67,709 |
Mortgage-backed securities | 152,958 | 156,523 |
Other | 750 | 763 |
Amortized Cost | 216,389 | 224,995 |
Fair Value | ||
Within 1 year | 11,285 | 15,170 |
After 1 but within 5 years | 29,553 | 30,569 |
After 5 but within 10 years | 17,017 | 16,968 |
Total Maturities | 57,855 | 62,707 |
Mortgage-backed securities | 124,134 | 128,580 |
Other | 656 | 698 |
Fair Value | $ 182,645 | $ 191,985 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) security | Dec. 31, 2023 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||
Number of individual available-for-sale securities with unrealized losses | security | 231 | |
Unrealized Losses | $ 33,744 | $ 33,010 |
Aggregate percentage of depreciation | 15.61% | |
Allowance for credit losses for available-for-sale securities | $ 0 | |
Available for sale securities on non-accrual status | 0 | 0 |
Accrued interest related to securities reversed | 0 | 0 |
Accrued interest receivable on available for sale securities | $ 578 | $ 602 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | Interest Receivable |
Proceeds from the sale of available for sale securities and calls | $ 0 | |
Gains on sales of investment securities | 0 | |
Losses on sales of investment securities | 0 | |
Federal Home Loan Bank Advances [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities pledged to secure Federal Home Loan Bank of New York ("FHLBNY") borrowings | 12,634 | $ 13,130 |
Asset Pledged as Collateral [Member] | Federal Reserve Bank Advances [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities pledged to secure Federal Home Loan Bank of New York ("FHLBNY") borrowings | $ 69,180 | $ 75,769 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Schedule of summary loan portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | $ 993,843 | $ 1,008,593 | ||
Net deferred loan costs | 7,476 | 8,382 | ||
Allowance for credit losses | (7,973) | (8,124) | $ (9,103) | $ (7,943) |
Total net loans | 993,346 | 1,008,851 | ||
Indirect automobile | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | 367,011 | |||
Allowance for credit losses | (3,914) | (4,348) | (5,278) | (3,868) |
Commercial real estate | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | 437,560 | |||
Allowance for credit losses | (3,039) | (2,716) | (2,341) | (3,031) |
Commercial real estate | Construction | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | 20,438 | 20,208 | ||
Commercial real estate | Non-residential | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | 329,241 | 324,493 | ||
Commercial real estate | Multifamily | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | 87,881 | 83,376 | ||
Residential | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | 78,846 | 77,259 | ||
Allowance for credit losses | (355) | (346) | (170) | (103) |
Unpaid principal balances of loans held for sale | 893 | 908 | ||
Commercial and industrial | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | 91,291 | 88,927 | ||
Allowance for credit losses | (566) | (606) | (1,201) | (881) |
Commercial and industrial | Small Business Administration Paycheck Protection Program | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | 226 | 272 | ||
Consumer | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | 19,135 | |||
Allowance for credit losses | (99) | (108) | $ (113) | $ (60) |
Consumer | Indirect automobile | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | 367,011 | 394,245 | ||
Consumer | Home equity | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | 11,494 | 11,990 | ||
Consumer | Other consumer | ||||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||||
Total gross loans | $ 7,641 | $ 8,095 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Schedule of classes of the loan portfolio by the aging categories of performing loans and nonaccrual loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | $ 993,843 | $ 1,008,593 |
Non-accrual | 4,560 | 4,181 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 975,548 | 989,424 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 11,904 | 12,538 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,938 | 3,799 |
Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,453 | 2,832 |
Indirect automobile | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 367,011 | |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 437,560 | |
Commercial real estate | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 20,438 | 20,208 |
Commercial real estate | Construction | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 20,438 | 20,208 |
Commercial real estate | Non-residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 329,241 | 324,493 |
Non-accrual | 2,613 | 1,621 |
Commercial real estate | Non-residential | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 324,593 | 319,467 |
Commercial real estate | Non-residential | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,035 | 1,276 |
Commercial real estate | Non-residential | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,129 | |
Commercial real estate | Non-residential | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,613 | 1,621 |
Commercial real estate | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 87,881 | 83,376 |
Commercial real estate | Multifamily | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 87,881 | 83,376 |
Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 78,846 | 77,259 |
Non-accrual | 1,143 | 1,624 |
Residential | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 76,577 | 75,998 |
Residential | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,039 | 888 |
Residential | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,154 | 37 |
Residential | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 76 | 336 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 91,291 | 88,927 |
Non-accrual | 187 | 181 |
Commercial and industrial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 90,658 | 88,646 |
Commercial and industrial | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 318 | 17 |
Commercial and industrial | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 128 | 83 |
Commercial and industrial | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 187 | 181 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 19,135 | |
Consumer | Indirect automobile | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 367,011 | 394,245 |
Non-accrual | 476 | 631 |
Consumer | Indirect automobile | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 356,740 | 382,042 |
Consumer | Indirect automobile | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 8,265 | 10,155 |
Consumer | Indirect automobile | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,570 | 1,478 |
Consumer | Indirect automobile | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 436 | 570 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 11,494 | 11,990 |
Non-accrual | 139 | 99 |
Consumer | Home equity | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 11,295 | 11,843 |
Consumer | Home equity | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 14 | |
Consumer | Home equity | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 46 | 48 |
Consumer | Home equity | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 139 | 99 |
Consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 7,641 | 8,095 |
Non-accrual | 2 | 25 |
Consumer | Other consumer | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 7,366 | 7,844 |
Consumer | Other consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 233 | 202 |
Consumer | Other consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 40 | 24 |
Consumer | Other consumer | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | $ 2 | $ 25 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Schedule of amortized cost basis of non-accrual loans with no related ACL) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no related ACL | $ 2,981 | $ 3,210 |
Commercial real estate | Non-residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no related ACL | 1,375 | 1,152 |
Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no related ACL | 1,143 | 1,624 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no related ACL | 172 | 150 |
Consumer | Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no related ACL | 150 | 160 |
Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no related ACL | 139 | 99 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no related ACL | $ 2 | $ 25 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses (Schedule of amortized cost basis of non-accrual loans with a related ACL) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with a related ACL | $ 1,579 | $ 971 |
Related ACL | 390 | 215 |
Commercial real estate | Non-residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with a related ACL | 1,238 | 469 |
Related ACL | 290 | 16 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with a related ACL | 15 | 31 |
Related ACL | 1 | 32 |
Consumer | Indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with a related ACL | 326 | 471 |
Related ACL | $ 99 | $ 167 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) loan | Dec. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually analyzed loans | $ 4,658 | |
Financing Receivable, Accrued Interest, Writeoff | 56 | |
Accrued interest receivable | 4,033 | $ 4,014 |
Aggregate balances of loans serviced to participants | 48,318 | 44,418 |
Amount of consumer mortgages and loans secured by residential real estate properties in process of foreclosure | 99 | 152 |
Aggregate balances of loans serviced to third party | 279,235 | 282,269 |
Balance of capitalized servicing rights | 1,880 | 1,977 |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | 0 | 0 |
Financial instruments represent off-balance sheet credit risk, asset | 130,163 | 134,623 |
Loans sold with recourse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial instruments represent off-balance sheet credit risk, asset | 1,155 | $ 1,873 |
Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually analyzed loans | 1,143 | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually analyzed loans | 239 | |
Consumer | Home equity | Consumer Borrower | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually analyzed loans | $ 98 | |
Financing Receivable Individually Evaluated For Impairment, Number Of Contracts | loan | 1 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Schedule of loan balances by segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for loan losses: | |||
Beginning balance | $ 8,124 | $ 7,943 | $ 7,943 |
Provision for (reversal of) credit losses | 99 | 994 | |
Loans charged-off | (961) | (1,011) | (4,475) |
Recoveries | 711 | 597 | |
Ending balance | 7,973 | 9,103 | 8,124 |
Allowance for loan losses: | |||
Loans individually analyzed | 390 | ||
Loans collectively analyzed | 7,583 | ||
Loan receivables: | |||
Ending balance | 993,843 | 1,008,593 | |
Ending balance: Loans individually analyzed | 4,658 | ||
Ending balance: Loans collectively analyzed | 989,185 | ||
Indirect automobile | |||
Allowance for loan losses: | |||
Beginning balance | 4,348 | 3,868 | 3,868 |
Provision for (reversal of) credit losses | (238) | 104 | |
Loans charged-off | (895) | (989) | |
Recoveries | 699 | 585 | |
Ending balance | 3,914 | 5,278 | 4,348 |
Allowance for loan losses: | |||
Loans individually analyzed | 99 | ||
Loans collectively analyzed | 3,815 | ||
Loan receivables: | |||
Ending balance | 367,011 | ||
Ending balance: Loans individually analyzed | 476 | ||
Ending balance: Loans collectively analyzed | 366,535 | ||
Cumulative effect of adoption | |||
Allowance for loan losses: | |||
Beginning balance | 580 | 580 | |
Cumulative effect of adoption | Indirect automobile | |||
Allowance for loan losses: | |||
Beginning balance | 1,710 | 1,710 | |
Commercial real estate | |||
Allowance for loan losses: | |||
Beginning balance | 2,716 | 3,031 | 3,031 |
Provision for (reversal of) credit losses | 323 | 170 | |
Ending balance | 3,039 | 2,341 | 2,716 |
Allowance for loan losses: | |||
Loans individually analyzed | 291 | ||
Loans collectively analyzed | 2,748 | ||
Loan receivables: | |||
Ending balance | 437,560 | ||
Ending balance: Loans individually analyzed | 2,613 | ||
Ending balance: Loans collectively analyzed | 434,947 | ||
Commercial real estate | Cumulative effect of adoption | |||
Allowance for loan losses: | |||
Beginning balance | (860) | (860) | |
Residential | |||
Allowance for loan losses: | |||
Beginning balance | 346 | 103 | 103 |
Provision for (reversal of) credit losses | 9 | 13 | |
Ending balance | 355 | 170 | 346 |
Allowance for loan losses: | |||
Loans collectively analyzed | 355 | ||
Loan receivables: | |||
Ending balance | 78,846 | 77,259 | |
Ending balance: Loans individually analyzed | 1,143 | ||
Ending balance: Loans collectively analyzed | 77,703 | ||
Residential | Cumulative effect of adoption | |||
Allowance for loan losses: | |||
Beginning balance | 54 | 54 | |
Commercial and industrial | |||
Allowance for loan losses: | |||
Beginning balance | 606 | 881 | 881 |
Provision for (reversal of) credit losses | (7) | 703 | |
Loans charged-off | (34) | (836) | |
Recoveries | 1 | ||
Ending balance | 566 | 1,201 | 606 |
Allowance for loan losses: | |||
Loans collectively analyzed | 566 | ||
Loan receivables: | |||
Ending balance | 91,291 | 88,927 | |
Ending balance: Loans individually analyzed | 187 | ||
Ending balance: Loans collectively analyzed | 91,104 | ||
Commercial and industrial | Cumulative effect of adoption | |||
Allowance for loan losses: | |||
Beginning balance | (383) | (383) | |
Consumer | |||
Allowance for loan losses: | |||
Beginning balance | 108 | 60 | 60 |
Provision for (reversal of) credit losses | 12 | 4 | |
Loans charged-off | (32) | (22) | |
Recoveries | 11 | 12 | |
Ending balance | 99 | 113 | 108 |
Allowance for loan losses: | |||
Loans collectively analyzed | 99 | ||
Loan receivables: | |||
Ending balance | 19,135 | ||
Ending balance: Loans individually analyzed | 239 | ||
Ending balance: Loans collectively analyzed | 18,896 | ||
Consumer | Indirect automobile | |||
Allowance for loan losses: | |||
Loans charged-off | (895) | (3,577) | |
Loan receivables: | |||
Ending balance | $ 367,011 | 394,245 | |
Consumer | Cumulative effect of adoption | |||
Allowance for loan losses: | |||
Beginning balance | $ 59 | $ 59 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Schedule of ACL for unfunded commitments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance for credit losses: | ||
Beginning balance | $ 257 | |
(Reversal of) provision for credit losses | (16) | $ 20 |
Ending balance | 241 | 241 |
Cumulative effect of adoption | ||
Allowance for credit losses: | ||
Beginning balance | 221 | |
Commercial real estate | ||
Allowance for credit losses: | ||
Beginning balance | 172 | |
(Reversal of) provision for credit losses | (14) | 19 |
Ending balance | 158 | 158 |
Commercial real estate | Cumulative effect of adoption | ||
Allowance for credit losses: | ||
Beginning balance | 149 | |
Commercial and industrial | ||
Allowance for credit losses: | ||
Beginning balance | 72 | |
(Reversal of) provision for credit losses | (1) | 1 |
Ending balance | 71 | 71 |
Commercial and industrial | Cumulative effect of adoption | ||
Allowance for credit losses: | ||
Beginning balance | 65 | |
Consumer | ||
Allowance for credit losses: | ||
Beginning balance | 13 | |
(Reversal of) provision for credit losses | (1) | |
Ending balance | $ 12 | 12 |
Consumer | Cumulative effect of adoption | ||
Allowance for credit losses: | ||
Beginning balance | $ 7 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Schedule of provision for credit losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Loans and Allowance for Credit Losses | ||
Provision for credit losses - loans | $ 99 | $ 994 |
(Reversal of) provision for credit losses - unfunded commitments | (16) | 20 |
Provision for credit losses | $ 83 | $ 1,014 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses (Schedule of loans by risk rating and portfolio segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | $ 27,249 | $ 210,020 | |
Year 2 | 206,878 | 318,157 | |
Year 3 | 304,001 | 166,322 | |
Year 4 | 156,511 | 71,046 | |
Year 5 | 64,760 | 80,126 | |
Prior | 198,396 | 128,981 | |
Revolving Loans Amortized Cost | 36,048 | 33,941 | |
Total gross loans | 993,843 | 1,008,593 | |
Current-period gross write-offs | |||
Year 1 | 0 | 206 | |
Year 2 | 157 | 1,522 | |
Year 3 | 414 | 1,754 | |
Year 4 | 213 | 429 | |
Year 5 | 85 | 309 | |
Prior | 89 | 255 | |
Revolving Loans Amortized Cost | 3 | ||
Total | 961 | $ 1,011 | 4,475 |
Non-performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 31 | ||
Year 2 | 50 | 516 | |
Year 3 | 161 | 196 | |
Year 4 | 184 | 93 | |
Year 5 | 53 | 63 | |
Prior | 1,272 | 1,479 | |
Revolving Loans Amortized Cost | 40 | 1 | |
Total gross loans | 1,760 | 2,379 | |
Pass | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 23,156 | 180,780 | |
Year 2 | 171,658 | 285,772 | |
Year 3 | 270,427 | 143,725 | |
Year 4 | 134,109 | 57,586 | |
Year 5 | 51,664 | 64,278 | |
Prior | 134,500 | 74,070 | |
Revolving Loans Amortized Cost | 17,874 | 19,693 | |
Total gross loans | 803,388 | 825,904 | |
Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 4,093 | 28,985 | |
Year 2 | 34,946 | 31,869 | |
Year 3 | 30,518 | 22,100 | |
Year 4 | 19,661 | 13,367 | |
Year 5 | 12,115 | 9,320 | |
Prior | 49,669 | 49,105 | |
Revolving Loans Amortized Cost | 16,483 | 14,204 | |
Total gross loans | 167,485 | 168,950 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 0 | 224 | |
Year 2 | 224 | ||
Year 3 | 0 | 301 | |
Year 4 | 1,171 | 0 | |
Year 5 | 468 | 5,917 | |
Prior | 6,108 | 963 | |
Total gross loans | 7,971 | 7,405 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 3 | 2,895 | ||
Year 4 | 1,386 | ||
Year 5 | 460 | 548 | |
Prior | 6,500 | 3,364 | |
Revolving Loans Amortized Cost | 1,651 | 43 | |
Total gross loans | 12,892 | 3,955 | |
Indirect automobile | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans | 367,011 | ||
Current-period gross write-offs | |||
Total | 895 | 989 | |
Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans | 437,560 | ||
Commercial real estate | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 641 | 9,328 | |
Year 2 | 15,399 | 10,880 | |
Year 3 | 4,398 | ||
Total gross loans | 20,438 | 20,208 | |
Commercial real estate | Construction | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 2 | 8,227 | ||
Total gross loans | 8,227 | ||
Commercial real estate | Construction | Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 641 | 9,328 | |
Year 2 | 15,399 | 2,653 | |
Year 3 | 4,398 | ||
Total gross loans | 20,438 | 11,981 | |
Commercial real estate | Non-residential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 4,797 | 51,083 | |
Year 2 | 50,929 | 62,769 | |
Year 3 | 71,914 | 41,454 | |
Year 4 | 36,112 | 29,420 | |
Year 5 | 28,958 | 53,865 | |
Prior | 136,531 | 85,902 | |
Total gross loans | 329,241 | 324,493 | |
Commercial real estate | Non-residential | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 2,021 | 34,508 | |
Year 2 | 34,387 | 43,534 | |
Year 3 | 52,760 | 26,600 | |
Year 4 | 26,360 | 16,673 | |
Year 5 | 16,493 | 39,943 | |
Prior | 87,069 | 44,412 | |
Total gross loans | 219,090 | 205,670 | |
Commercial real estate | Non-residential | Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 2,776 | 16,575 | |
Year 2 | 16,542 | 19,235 | |
Year 3 | 16,259 | 14,854 | |
Year 4 | 7,470 | 12,747 | |
Year 5 | 11,645 | 7,573 | |
Prior | 37,747 | 38,004 | |
Total gross loans | 92,439 | 108,988 | |
Commercial real estate | Non-residential | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 4 | 896 | ||
Year 5 | 360 | 5,884 | |
Prior | 6,084 | 963 | |
Total gross loans | 7,340 | 6,847 | |
Commercial real estate | Non-residential | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 3 | 2,895 | ||
Year 4 | 1,386 | ||
Year 5 | 460 | 465 | |
Prior | 5,631 | 2,523 | |
Total gross loans | 10,372 | 2,988 | |
Commercial real estate | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 1,807 | ||
Year 2 | 1,804 | 25,519 | |
Year 3 | 25,413 | 37,299 | |
Year 4 | 42,070 | 2,100 | |
Year 5 | 2,084 | 2,805 | |
Prior | 16,510 | 13,846 | |
Total gross loans | 87,881 | 83,376 | |
Commercial real estate | Multifamily | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 807 | ||
Year 2 | 804 | 18,765 | |
Year 3 | 18,681 | 30,374 | |
Year 4 | 30,175 | 2,100 | |
Year 5 | 2,084 | 1,540 | |
Prior | 5,832 | 4,348 | |
Total gross loans | 57,576 | 57,934 | |
Commercial real estate | Multifamily | Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 1,000 | ||
Year 2 | 1,000 | 6,754 | |
Year 3 | 6,732 | 6,925 | |
Year 4 | 11,895 | ||
Year 5 | 1,265 | ||
Prior | 10,331 | 9,498 | |
Total gross loans | 29,958 | 25,442 | |
Commercial real estate | Multifamily | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Prior | 347 | ||
Total gross loans | 347 | ||
Residential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 3,034 | 28,670 | |
Year 2 | 28,170 | 25,517 | |
Year 3 | 25,068 | 2,150 | |
Year 4 | 2,122 | 2,732 | |
Year 5 | 2,708 | 2,626 | |
Prior | 17,744 | 15,564 | |
Total gross loans | 78,846 | 77,259 | |
Residential | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 3,034 | 28,670 | |
Year 2 | 28,170 | 25,260 | |
Year 3 | 25,068 | 2,150 | |
Year 4 | 2,122 | 2,732 | |
Year 5 | 2,708 | 2,626 | |
Prior | 16,601 | 14,197 | |
Total gross loans | 77,703 | 75,635 | |
Residential | Non-performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 2 | 257 | ||
Prior | 1,143 | 1,367 | |
Total gross loans | 1,143 | 1,624 | |
Commercial and industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 3,058 | 14,943 | |
Year 2 | 14,273 | 29,297 | |
Year 3 | 28,373 | 11,426 | |
Year 4 | 10,764 | 2,094 | |
Year 5 | 1,819 | 1,560 | |
Prior | 4,424 | 3,698 | |
Revolving Loans Amortized Cost | 28,580 | 25,909 | |
Total gross loans | 91,291 | 88,927 | |
Current-period gross write-offs | |||
Year 3 | 710 | ||
Prior | 32 | 126 | |
Revolving Loans Amortized Cost | 2 | ||
Total | 34 | 836 | |
Commercial and industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 2,382 | 12,637 | |
Year 2 | 12,044 | 26,070 | |
Year 3 | 25,244 | 10,804 | |
Year 4 | 10,193 | 1,474 | |
Year 5 | 1,241 | 962 | |
Prior | 1,940 | 1,254 | |
Revolving Loans Amortized Cost | 10,446 | 11,662 | |
Total gross loans | 63,490 | 64,863 | |
Commercial and industrial | Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 676 | 2,082 | |
Year 2 | 2,005 | 3,227 | |
Year 3 | 3,129 | 321 | |
Year 4 | 296 | 620 | |
Year 5 | 470 | 482 | |
Prior | 1,591 | 1,603 | |
Revolving Loans Amortized Cost | 16,483 | 14,204 | |
Total gross loans | 24,650 | 22,539 | |
Commercial and industrial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 224 | ||
Year 2 | 224 | ||
Year 3 | 301 | ||
Year 4 | 275 | ||
Year 5 | 108 | 33 | |
Prior | 24 | ||
Total gross loans | 631 | 558 | |
Commercial and industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 5 | 83 | ||
Prior | 869 | 841 | |
Revolving Loans Amortized Cost | 1,651 | 43 | |
Total gross loans | 2,520 | 967 | |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans | 19,135 | ||
Current-period gross write-offs | |||
Total | 32 | $ 22 | |
Consumer | Indirect automobile | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 15,025 | 101,261 | |
Year 2 | 93,796 | 160,698 | |
Year 3 | 145,778 | 73,137 | |
Year 4 | 64,712 | 34,265 | |
Year 5 | 28,883 | 19,098 | |
Prior | 18,817 | 5,786 | |
Total gross loans | 367,011 | 394,245 | |
Current-period gross write-offs | |||
Year 1 | 198 | ||
Year 2 | 153 | 1,492 | |
Year 3 | 414 | 1,034 | |
Year 4 | 210 | 418 | |
Year 5 | 61 | 309 | |
Prior | 57 | 126 | |
Total | 895 | 3,577 | |
Consumer | Indirect automobile | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 15,025 | 101,230 | |
Year 2 | 93,746 | 160,439 | |
Year 3 | 145,617 | 72,941 | |
Year 4 | 64,530 | 34,196 | |
Year 5 | 28,830 | 19,035 | |
Prior | 18,787 | 5,773 | |
Total gross loans | 366,535 | 393,614 | |
Consumer | Indirect automobile | Non-performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 31 | ||
Year 2 | 50 | 259 | |
Year 3 | 161 | 196 | |
Year 4 | 182 | 69 | |
Year 5 | 53 | 63 | |
Prior | 30 | 13 | |
Total gross loans | 476 | 631 | |
Consumer | Home equity | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 5 | 34 | ||
Prior | 4,254 | 4,163 | |
Revolving Loans Amortized Cost | 7,240 | 7,793 | |
Total gross loans | 11,494 | 11,990 | |
Consumer | Home equity | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 5 | 34 | ||
Prior | 4,155 | 4,064 | |
Revolving Loans Amortized Cost | 7,200 | 7,793 | |
Total gross loans | 11,355 | 11,891 | |
Consumer | Home equity | Non-performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Prior | 99 | 99 | |
Revolving Loans Amortized Cost | 40 | ||
Total gross loans | 139 | 99 | |
Consumer | Other consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 694 | 2,928 | |
Year 2 | 2,507 | 3,477 | |
Year 3 | 3,057 | 856 | |
Year 4 | 731 | 435 | |
Year 5 | 308 | 138 | |
Prior | 116 | 22 | |
Revolving Loans Amortized Cost | 228 | 239 | |
Total gross loans | 7,641 | 8,095 | |
Current-period gross write-offs | |||
Year 1 | 8 | ||
Year 2 | 4 | 30 | |
Year 3 | 10 | ||
Year 4 | 3 | 11 | |
Year 5 | 24 | ||
Prior | 3 | ||
Revolving Loans Amortized Cost | 1 | ||
Total | 32 | 62 | |
Consumer | Other consumer | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 1 | 694 | 2,928 | |
Year 2 | 2,507 | 3,477 | |
Year 3 | 3,057 | 856 | |
Year 4 | 729 | 411 | |
Year 5 | 308 | 138 | |
Prior | 116 | 22 | |
Revolving Loans Amortized Cost | 228 | 238 | |
Total gross loans | 7,639 | 8,070 | |
Consumer | Other consumer | Non-performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Year 4 | 2 | 24 | |
Revolving Loans Amortized Cost | 1 | ||
Total gross loans | $ 2 | $ 25 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of changes in the carrying value of customer list and core deposit intangibles) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning balance | $ 246 | $ 334 |
Amortization | (21) | (24) |
Ending balance | 225 | 310 |
Accumulated amortization and impairment | $ 1,052 | $ 967 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Goodwill and Intangible Assets | |||
Impairment loss on goodwill | $ 0 | $ 0 | |
Useful life of purchased customer accounts | 13 years | ||
Amortization of Intangible Assets | $ 21 | $ 24 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Schedule of future amortization expense for amortizable intangible assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets | ||||
2024 | $ 58 | |||
2025 | 60 | |||
2026 | 29 | |||
2027 | 21 | |||
2028 | 16 | |||
Thereafter | 41 | |||
Total | $ 225 | $ 246 | $ 310 | $ 334 |
Deposits (Schedule of deposits)
Deposits (Schedule of deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits | ||
Non-interest bearing demand deposits | $ 236,957 | $ 249,793 |
Interest bearing accounts: | ||
NOW | 126,058 | 125,628 |
Savings | 144,932 | 146,172 |
Money market | 196,107 | 190,864 |
Time certificates of deposit | 332,970 | 318,046 |
Total interest bearing accounts | 800,067 | 780,710 |
Total deposits | $ 1,037,024 | $ 1,030,503 |
Deposits (Schedule of contractu
Deposits (Schedule of contractual maturities of time certificates of deposit) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits | ||
Within 1 year | $ 324,632 | |
1 - 2 years | 5,115 | |
2 - 3 years | 1,561 | |
3 - 4 years | 428 | |
4 - 5 years | 1,234 | |
Total | $ 332,970 | $ 318,046 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits [Line Items] | ||
Total reciprocal deposits | $ 43,488 | $ 40,009 |
Time Deposits, Reciprocal Deposits | 27,580 | 23,357 |
Money market accounts, reciprocal deposits | 15,908 | 16,652 |
Brokered Deposits | 0 | 0 |
Time certificates of deposit in denominations of $250 or greater | $ 100,385 | $ 100,063 |
Maximum | ||
Deposits [Line Items] | ||
Maturity terms | 3 years | |
Minimum | ||
Deposits [Line Items] | ||
Maturity terms | 1 year |
Long-Term Debt and FHLB Stock_2
Long-Term Debt and FHLB Stock (Schedule of outstanding principal amounts and related terms of FHLBNY borrowings) (Details) - Federal Home Loan Bank of New York ("FHLBNY") $ in Thousands | Mar. 31, 2024 USD ($) |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 108,064 |
Rate | 4.99% |
Due in one year | $ 60,000 |
Long term | 48,064 |
Fixed short-term on April 23, 2024 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 10,000 |
Rate | 5.70% |
Due in one year | $ 10,000 |
Fixed short-term on May 17, 2024 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 10,000 |
Rate | 5.59% |
Due in one year | $ 10,000 |
Fixed short-term on June 17, 2024 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 10,000 |
Rate | 5.60% |
Due in one year | $ 10,000 |
Fixed short-term on July 17, 2024 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 10,000 |
Rate | 5.59% |
Due in one year | $ 10,000 |
Fixed Short Term On August 6 , 2024 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 10,000 |
Rate | 5.42% |
Due in one year | $ 10,000 |
Fixed Short Term On September 6, 2024 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 10,000 |
Rate | 5.39% |
Due in one year | $ 10,000 |
Fixed medium-term on March 20, 2025 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 20,000 |
Rate | 4.47% |
Due in one year | $ 0 |
Long term | 20,000 |
Fixed medium-term on October 31, 2025 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 722 |
Rate | 4.87% |
Due in one year | $ 0 |
Long term | 722 |
Fixed medium-term on November 3, 2025 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 5,000 |
Rate | 4.87% |
Due in one year | $ 0 |
Long term | 5,000 |
Fixed medium-term on December 5, 2025 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 728 |
Rate | 4.34% |
Due in one year | $ 0 |
Long term | 728 |
Fixed medium-term on September 21, 2026 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 1,233 |
Rate | 5.20% |
Due in one year | $ 0 |
Long term | 1,233 |
Fixed medium-term on November 9, 2026 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 381 |
Rate | 5.04% |
Due in one year | $ 0 |
Long term | 381 |
Fixed medium-term on May 2, 2028 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Principal amount | $ 20,000 |
Rate | 3.88% |
Due in one year | $ 0 |
Long term | $ 20,000 |
Long-Term Debt and FHLB Stock_3
Long-Term Debt and FHLB Stock (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) subsidiary $ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2005 USD ($) $ / shares shares | |
Long-Term Debt And Federal Home Loan Bank [Line Items] | |||
Number Of Wholly Owned Subsidiaries | subsidiary | 1 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |
Advances from the Federal Home Loan Bank | $ 108,064,000 | $ 128,064,000 | |
Zions Bank | |||
Long-Term Debt And Federal Home Loan Bank [Line Items] | |||
Line of credit, maximum borrowing capacity | 10,000,000 | 10,000,000 | |
Line of credit facility, maximum amount outstanding during period | 0 | 0 | |
Pacific Community Bankers Bank | |||
Long-Term Debt And Federal Home Loan Bank [Line Items] | |||
Line of credit, maximum borrowing capacity | 50,000,000 | 50,000,000 | |
Line of credit facility, maximum amount outstanding during period | $ 0 | $ 0 | |
Subordinated Debt. | |||
Long-Term Debt And Federal Home Loan Bank [Line Items] | |||
Interest rate, variable rate basis | three month term Secured Overnight Financing Rate (“SOFR”) | three month term Secured Overnight Financing Rate (“SOFR”) | |
Effective interest during period | 7.58% | 7.64% | |
Subordinated debt securities | $ 5,155,000 | ||
Stated maturity date | May 23, 2035 | ||
Subordinated Debt. | SOFR | |||
Long-Term Debt And Federal Home Loan Bank [Line Items] | |||
Interest variable rate | 2% | 2% | |
Relative spread adjustment | 0.26% | 0.26% | |
Subordinated Debt. | RSB Capital Trust I | |||
Long-Term Debt And Federal Home Loan Bank [Line Items] | |||
Trust term | 30 years | ||
Subordinated Debt. | Private placement | RSB Capital Trust I | |||
Long-Term Debt And Federal Home Loan Bank [Line Items] | |||
Number of preferred securities issued | $ 5,000 | ||
Common stock issued | shares | 155 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 1 | ||
Federal Home Loan Bank of New York ("FHLBNY") | |||
Long-Term Debt And Federal Home Loan Bank [Line Items] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 649,283,000 | $ 656,516,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 227,899,000 | 228,172,000 | |
Impairment Related To Federal Home Loan Stock | 0 | 0 | |
Federal Home Loan Bank of New York ("FHLBNY") | Maturity Overnight [Member] | |||
Long-Term Debt And Federal Home Loan Bank [Line Items] | |||
Advances from the Federal Home Loan Bank | $ 0 | $ 0 |
Employee Benefits (Schedule of
Employee Benefits (Schedule of plan's funded status and amounts recognized in consolidated statement of financial condition) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Employee Benefits | ||
Projected and accumulated benefit obligation | $ (17,986) | $ (17,868) |
Plan assets at fair value | 18,139 | 18,062 |
Funded status included in accrued expenses and other liabilities | $ 153 | $ 194 |
Employee Benefits (Schedule o_2
Employee Benefits (Schedule of net periodic pension (benefit) cost and amounts recognized in other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee Benefits | ||
Interest cost | $ 213 | $ 215 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Expected return on plan assets | $ (249) | $ (232) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Amortization of unrecognized loss | $ 74 | $ 93 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Net periodic (benefit) cost | $ 38 | $ 76 |
Employee Benefits (Narrative) (
Employee Benefits (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) fund | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Schedule Of Employee Benefits [Line Items] | |||
Number of investment funds | fund | 8 | ||
Number of equity funds | fund | 6 | ||
Number of fixed income funds | fund | 2 | ||
Employer contribution | $ 0 | $ 0 | |
Percentage of internal revenue contribution | 25% | ||
Percentage of internal revenue service limitations | 6% | ||
Employer contribution in defined contribution plan | $ 269 | 286 | |
Accrued expenses and other liabilities | 26,968 | $ 26,521 | |
Non-interest expense | 8,877 | 9,203 | |
Group Term Replacement Plan | |||
Schedule Of Employee Benefits [Line Items] | |||
Liability related to these postretirement benefits | 1,655 | 1,642 | |
Postemployment benefit expense | 13 | 13 | |
Other Director and Officer Postretirement Benefits | |||
Schedule Of Employee Benefits [Line Items] | |||
Non-interest expense | 14 | 16 | |
Liability related to these postretirement benefits | 2,072 | 2,068 | |
Officers | Executive Plan | |||
Schedule Of Employee Benefits [Line Items] | |||
Accrued expenses and other liabilities | 1,980 | 1,962 | |
Non-interest expense | 45 | 131 | |
Directors' Plan | Directors | |||
Schedule Of Employee Benefits [Line Items] | |||
Accrued expenses and other liabilities | 3,483 | $ 3,278 | |
Non-interest expense | $ 63 | $ 51 | |
Minimum | Other Director and Officer Postretirement Benefits | |||
Schedule Of Employee Benefits [Line Items] | |||
Post retirement benefit period | 15 years | ||
Minimum | Officers | Executive Plan | |||
Schedule Of Employee Benefits [Line Items] | |||
Terms of services | 1 year | ||
Maximum | Other Director and Officer Postretirement Benefits | |||
Schedule Of Employee Benefits [Line Items] | |||
Post retirement benefit period | 20 years | ||
Maximum | Officers | Executive Plan | |||
Schedule Of Employee Benefits [Line Items] | |||
Terms of services | 5 years |
Employee Benefits (Schedule o_3
Employee Benefits (Schedule of fair value of pension plan assets, by fair value hierarchy) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets at fair value | $ 18,139 | $ 18,062 |
Defined Benefit Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets at fair value | 18,139 | 18,062 |
Defined Benefit Pension Plan | Investment in separate accounts fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets at fair value | 12,686 | 12,293 |
Defined Benefit Pension Plan | Investment in separate accounts equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets at fair value | 5,453 | 5,769 |
Quoted Prices Active Markets for Identical Assets (Level 1) | Defined Benefit Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets at fair value | 18,139 | 18,062 |
Quoted Prices Active Markets for Identical Assets (Level 1) | Defined Benefit Pension Plan | Investment in separate accounts fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets at fair value | 12,686 | 12,293 |
Quoted Prices Active Markets for Identical Assets (Level 1) | Defined Benefit Pension Plan | Investment in separate accounts equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets at fair value | $ 5,453 | $ 5,769 |
Employee Benefits (Employee Sto
Employee Benefits (Employee Stock Ownership Plan (ESOP) Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jan. 01, 2024 | Jan. 16, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Number of share purchase under ESOP | 425,437 | 425,437 | |||
Committed to be allocated | 5,454 | 21,821 | |||
Compensation expense | $ 46 | $ 49 | |||
Employee Stock Ownership Plan (ESOP) | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Number of share purchase under ESOP | 436,425 | ||||
Common stock price per share | $ 10 | ||||
Terms of repurchase share under ESOP | 20 years | ||||
Interest rate | 8.50% | ||||
Balance of ESOP loan | $ 3,612 | ||||
Committed to be allocated | 21,821 | ||||
Fair value of unallocated shares | $ 2,720 | ||||
Compensation expense | $ 46 | $ 49 |
Employee Benefits (Schedule o_4
Employee Benefits (Schedule of employee stock ownership plan) (Details) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Employee Benefits | ||
Allocated | 109,107 | 87,286 |
Committed to be allocated | 5,454 | 21,821 |
Unallocated | 321,864 | 327,318 |
Paid out to participants | (10,988) | (10,988) |
Total shares | 425,437 | 425,437 |
Employee Benefits (Share-Based
Employee Benefits (Share-Based Compensation Plan Narrative) (Details) - EIP - USD ($) $ in Thousands | 3 Months Ended | ||
May 26, 2020 | Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 763,743 | ||
Vesting period | 3 years | ||
Maximum term | 10 years | ||
Allocated share-based compensation expense | $ 0 | $ 150 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 545,531 | ||
Percentage of shares of common stock issued | 4.90% | ||
Available for future grants | 105,146 | ||
Aggregate intrinsic value of options outstanding | $ 806 | ||
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 218,212 | ||
Percentage of shares of common stock issued | 1.96% | ||
Available for future grants | 49,778 |
Employee Benefits (Summary of o
Employee Benefits (Summary of options) (Details) - EIP - Employee Stock Option [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Number of Shares | ||
Options outstanding at beginning of year | 436,263 | |
Options Expired | (1,333) | |
Options outstanding at end of period | 434,930 | 436,263 |
Options exercisable at end of period | 434,930 | |
Weighted - Average Exercise Price | ||
Weighted - Average Exercise Price, beginning of year | $ 6.62 | |
Weighted - Average Exercise Price, expired | 6.57 | |
Weighted - Average Exercise Price, end of period | 6.62 | $ 6.62 |
Weighted - Average Exercise Price, exercisable | $ 6.62 | |
Weighted-Average Contractual Term | ||
Weighted-Average Contractual Term, outstanding | 6 years 6 months | 6 years 7 months 20 days |
Weighted-Average Contractual Term, exercisable | 6 years 6 months |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) item | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Leases | |||
Number of leased branch offices | item | 7 | ||
Number of leased administrative offices | item | 2 | ||
Weighted average remaining life of the lease terms | 10 years 7 months 6 days | 10 years 9 months 18 days | |
Weighted average discount rate | 2.60% | 2.60% | |
Operating lease costs | $ 182 | $ 178 | |
Operating lease ROU | $ 6,157 | $ 6,307 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets. | Other Assets. | |
Operating lease liability | $ 6,218 | $ 6,375 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities |
Leases - Future minimum payment
Leases - Future minimum payments for operating leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases | ||
2024 | $ 573 | |
2025 | 739 | |
2026 | 720 | |
2027 | 676 | |
2028 | 677 | |
Thereafter | 3,778 | |
Total future minimum lease payments | 7,163 | |
Amounts representing interest | (945) | |
Present value of net future minimum lease payments | $ 6,218 | $ 6,375 |
Commitments and Contingencies_3
Commitments and Contingencies and Derivatives (Schedule of contract amounts represent off-balance sheet credit risk) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments represent off-balance sheet credit risk, asset | $ 130,163 | $ 134,623 |
Future loan commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments represent off-balance sheet credit risk, asset | 3,401 | 5,318 |
Construction | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments represent off-balance sheet credit risk, asset | 40,747 | 42,482 |
Home equity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments represent off-balance sheet credit risk, asset | 10,788 | 10,727 |
Undisbursed commercial and other line of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments represent off-balance sheet credit risk, asset | 70,957 | 69,258 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments represent off-balance sheet credit risk, asset | 3,115 | 4,965 |
Loans sold with recourse | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments represent off-balance sheet credit risk, asset | $ 1,155 | $ 1,873 |
Commitments and Contingencies_4
Commitments and Contingencies and Derivatives (Schedule of information regarding derivatives) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) contract item | Dec. 31, 2023 USD ($) contract item | |
Derivative [Line Items] | ||
Accrued interest receivable | $ 4,611 | $ 4,616 |
Interest rate swap | ||
Derivative [Line Items] | ||
Notional amount | 88,780 | 65,420 |
Fair value | $ 5,735 | $ 5,343 |
Weighted average pay rates | 5.03% | 5.064% |
Weighted average receive rate | 7.44% | 7.49% |
Weighted average maturity (in years) | 9 years 14 days | 8 years 10 months 17 days |
Number of Contracts | contract | 16 | 14 |
Interest rate swap | Other assets | ||
Derivative [Line Items] | ||
Accrued interest receivable | $ 166 | $ 132 |
Interest rate swap | Other liabilities | ||
Derivative [Line Items] | ||
Accrued interest payable | 166 | 132 |
Interest rate swap contracts effective in future periods | ||
Derivative [Line Items] | ||
Notional amount | 30,560 | 30,211 |
Fair value | $ 856 | $ 970 |
Weighted average pay rates | 5.75% | 4.95% |
Number of Contracts | item | 4 | 5 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of actual capital amounts and ratios) (Details) - Rhinebeck Bank $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets) Actual Amount | $ 145,962 | $ 144,675 |
Total capital (to risk-weighted assets) Actual Ratio | 0.1299 | 0.1270 |
Total capital (to risk-weighted assets) For Capital Adequacy Purposes Amount | $ 89,892 | $ 91,154 |
Total capital (to risk-weighted assets) For Capital Adequacy Purposes Ratio | 0.0800 | 0.0800 |
Total capital (to risk-weighted assets) To be Well Capitalized under Prompt Corrective Action Provisions Amount | $ 112,366 | $ 113,942 |
Total capital (to risk-weighted assets) To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 0.1000 | 0.1000 |
Tier 1 capital (to risk-weighted assets) Actual Amount | $ 137,749 | $ 136,295 |
Tier 1 capital (to risk-weighted assets) Actual Ratio | 0.1226 | 0.1196 |
Tier 1 capital (to risk-weighted assets) For Capital Adequacy Purposes Amount | $ 67,419 | $ 68,365 |
Tier 1 capital (to risk-weighted assets) For Capital Adequacy Purposes Ratio | 0.0600 | 0.0600 |
Tier 1 capital (to risk-weighted assets) To be Well Capitalized under Prompt Corrective Action Provisions Amount | $ 89,892 | $ 91,154 |
Tier 1 capital (to risk-weighted assets) To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 0.0800 | 0.0800 |
Common equity tier one capital (to risk weighted assets) Actual Amount | $ 137,749 | $ 136,295 |
Common equity tier one capital (to risk weighted assets) Actual Ratio | 0.1226 | 0.1196 |
Common equity tier one capital (to risk weighted assets) For Capital Adequacy Purposes Amount | $ 50,564 | $ 51,274 |
Common equity tier one capital (to risk weighted assets) For Capital Adequacy Purposes Ratio | 0.0450 | 0.0450 |
Common equity tier one capital (to risk weighted assets) To be Well Capitalized under Prompt Corrective Action Provisions Amount | $ 73,038 | $ 74,062 |
Common equity tier one capital (to risk weighted assets) To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 0.0650 | 0.0650 |
Tier 1 capital (to average assets) Actual Amount | $ 137,749 | $ 136,295 |
Tier 1 capital (to average assets) Actual Ratio | 0.1028 | 0.1010 |
Tier 1 capital (to average assets) For Capital Adequacy Purposes Amount | $ 53,582 | $ 53,990 |
Tier 1 capital (to average assets) For Capital Adequacy Purposes Ratio | 0.0400 | 0.0400 |
Tier 1 capital (to average assets) To be Well Capitalized under Prompt Corrective Action Provisions Amount | $ 66,977 | $ 67,488 |
Tier 1 capital (to average assets) To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 0.0500 | 0.0500 |
Fair Value (Schedule of assets
Fair Value (Schedule of assets carried at fair value on a recurring basis) (Details) - Recurring basis - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 189,236 | $ 198,263 |
Total liabilities | 6,591 | 6,278 |
Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 182,645 | 191,985 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,143 | 24,006 |
U.S. government agency mortgage-backed securities-residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 124,134 | 128,580 |
U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 23,096 | 23,158 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2,882 | 2,903 |
Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,734 | 12,640 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 656 | 698 |
Loan level interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 6,591 | 6,278 |
Total liabilities | 6,591 | 6,278 |
Quoted Prices Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,143 | 24,006 |
Quoted Prices Active Markets for Identical Assets (Level 1) | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,143 | 24,006 |
Quoted Prices Active Markets for Identical Assets (Level 1) | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,143 | 24,006 |
Significant Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 169,978 | 174,142 |
Total liabilities | 6,591 | 6,278 |
Significant Observable Inputs (Level 2) | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 163,387 | 167,864 |
Significant Observable Inputs (Level 2) | U.S. government agency mortgage-backed securities-residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 124,134 | 128,580 |
Significant Observable Inputs (Level 2) | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 23,096 | 23,158 |
Significant Observable Inputs (Level 2) | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2,767 | 2,788 |
Significant Observable Inputs (Level 2) | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,734 | 12,640 |
Significant Observable Inputs (Level 2) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 656 | 698 |
Significant Observable Inputs (Level 2) | Loan level interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 6,591 | 6,278 |
Total liabilities | 6,591 | 6,278 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 115 | 115 |
Significant Unobservable Inputs (Level 3) | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 115 | 115 |
Significant Unobservable Inputs (Level 3) | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 115 | $ 115 |
Fair Value (Schedule of asset_2
Fair Value (Schedule of assets carried at fair value and measured at fair value on a nonrecurring basis) (Details) - Nonrecurring basis - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | $ 1,189 | $ 783 |
Impaired loans, with specific reserves | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | 1,189 | 758 |
Ending balance: Loans individually analyzed | 390 | 215 |
Impaired loans, recorded investments | 1,579 | 973 |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | 25 | |
Quoted Prices Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | 0 | 0 |
Quoted Prices Active Markets for Identical Assets (Level 1) | Impaired loans, with specific reserves | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | 0 | 0 |
Quoted Prices Active Markets for Identical Assets (Level 1) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | 0 | |
Significant Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | 0 | 0 |
Significant Observable Inputs (Level 2) | Impaired loans, with specific reserves | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | 0 | 0 |
Significant Observable Inputs (Level 2) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | 1,189 | 783 |
Significant Unobservable Inputs (Level 3) | Impaired loans, with specific reserves | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | $ 1,189 | 758 |
Significant Unobservable Inputs (Level 3) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held at fair value | $ 25 |
Fair Value (Schedule of additio
Fair Value (Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis) (Details) - Nonrecurring basis $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets held at fair value | $ 1,189 | $ 783 |
Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets held at fair value | 25 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets held at fair value | $ 1,189 | $ 783 |
Impaired Loans, Valuation Technique [Extensible List] | Appraisal of collateral | Appraisal of collateral |
Other Real Estate Owned, Valuation Technique [Extensible List] | Appraisal of collateral | |
Significant Unobservable Inputs (Level 3) | Impaired loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets held at fair value | $ 1,189 | $ 758 |
Significant Unobservable Inputs (Level 3) | Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets held at fair value | $ 25 | |
Significant Unobservable Inputs (Level 3) | Appraisal of collateral | Liquidation expenses | Minimum | Impaired loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, unobservable input (in percent) | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Appraisal of collateral | Liquidation expenses | Minimum | Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, unobservable input (in percent) | 0 | |
Significant Unobservable Inputs (Level 3) | Appraisal of collateral | Liquidation expenses | Maximum | Impaired loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, unobservable input (in percent) | 0.08 | 0.08 |
Significant Unobservable Inputs (Level 3) | Appraisal of collateral | Liquidation expenses | Maximum | Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, unobservable input (in percent) | 0.06 | |
Significant Unobservable Inputs (Level 3) | Appraisal of collateral | Appraisal adjustments | Minimum | Impaired loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, unobservable input (in percent) | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Appraisal of collateral | Appraisal adjustments | Minimum | Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, unobservable input (in percent) | 0 | |
Significant Unobservable Inputs (Level 3) | Appraisal of collateral | Appraisal adjustments | Maximum | Impaired loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, unobservable input (in percent) | 0.20 | 0.20 |
Significant Unobservable Inputs (Level 3) | Appraisal of collateral | Appraisal adjustments | Maximum | Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, unobservable input (in percent) | 0.20 |
Fair Value (Schedule of carryin
Fair Value (Schedule of carrying value and fair values of the financial instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Quoted Prices Active Markets for Identical Assets (Level 1) | Carrying Value | ||
Financial Assets: | ||
Cash and cash equivalents | $ 30,672 | $ 22,129 |
Available for sale securities | 19,143 | 24,006 |
Quoted Prices Active Markets for Identical Assets (Level 1) | Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 30,672 | 22,129 |
Available for sale securities | 19,143 | 24,006 |
Significant Observable Inputs (Level 2) | Carrying Value | ||
Financial Assets: | ||
Available for sale securities | 163,387 | 167,864 |
Loan level interest rate swaps | 6,591 | 6,278 |
FHLB stock | 5,614 | 6,514 |
Accrued interest receivable | 4,611 | 4,616 |
Financial Liabilities: | ||
Deposits | 1,037,024 | 1,030,503 |
Mortgagors escrow accounts | 7,301 | 9,274 |
FHLB advances | 108,064 | 128,064 |
Subordinated debt | 5,155 | 5,155 |
Loan level interest rate swaps | 6,591 | 6,278 |
Accrued interest payable | 1,681 | 1,488 |
Significant Observable Inputs (Level 2) | Fair Value | ||
Financial Assets: | ||
Available for sale securities | 163,387 | 167,864 |
Loan level interest rate swaps | 6,591 | 6,278 |
FHLB stock | 5,614 | 6,514 |
Accrued interest receivable | 4,611 | 4,616 |
Financial Liabilities: | ||
Deposits | 962,985 | 948,140 |
Mortgagors escrow accounts | 7,301 | 9,274 |
FHLB advances | 107,057 | 127,592 |
Subordinated debt | 5,155 | 5,155 |
Loan level interest rate swaps | 6,591 | 6,278 |
Accrued interest payable | 1,681 | 1,488 |
Significant Unobservable Inputs (Level 3) | Carrying Value | ||
Financial Assets: | ||
Available for sale securities | 115 | 115 |
Loans, net | 993,346 | 1,008,851 |
Mortgage servicing rights | 1,880 | 1,977 |
Significant Unobservable Inputs (Level 3) | Fair Value | ||
Financial Assets: | ||
Available for sale securities | 115 | 115 |
Loans, net | 972,258 | 979,037 |
Mortgage servicing rights | $ 4,520 | $ 4,720 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of accumulated other comprehensive loss components) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive loss | $ (30,078) | $ (29,498) | |
Income tax rate | 21% | 21% | |
Securities available for sale | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss Before tax | $ (33,744) | (33,009) | |
Related deferred tax | 7,087 | 6,932 | |
Total accumulated other comprehensive loss | (26,657) | (26,077) | |
Defined benefit pension plan | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss Before tax | (4,330) | (4,330) | |
Related deferred tax | 909 | 909 | |
Total accumulated other comprehensive loss | $ (3,421) | $ (3,421) |
Earnings Per Share - EPS Year O
Earnings Per Share - EPS Year Over Year (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income applicable to common stock | $ 1,121 | $ 798 |
Average number of common shares outstanding | 11,072,607 | 11,228,299 |
Less: Average unearned ESOP shares | 324,601 | 346,414 |
Average number of common shares outstanding used to calculate basic earnings per common share | 10,748,006 | 10,881,885 |
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | 34,822 | |
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | 96,281 | 104,688 |
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share | 10,844,287 | 11,021,395 |
Earnings per Common share: | ||
Basic (in dollars per share) | $ 0.10 | $ 0.07 |
Diluted (in dollars per share) | $ 0.10 | $ 0.07 |
Employee Stock Option [Member] | ||
Earnings per Common share: | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 1,121 | $ 798 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |