Orange County Bancorp (OBT) 10-K29 Mar 242023 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 20, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-40711
Entity Registrant Name	ORANGE COUNTY BANCORP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1135778
Entity Address, Address Line One	212 Dolson Avenue
Entity Address, City or Town	Middletown
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10940
City Area Code	845
Local Phone Number	341-5000
Title of 12(b) Security	Common Stock, Par Value $0.50 per Share
Trading Symbol	OBT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 186.2
Entity Common Stock, Shares Outstanding		5,657,458
Entity Central Index Key	0001754226
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Crowe LLP
Auditor Location	Livingston, New Jersey
Auditor Firm ID	173

CONSOLIDATED STATEMENTS OF COND

CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and due from banks	$ 147,383	$ 86,081
Investment securities - available-for-sale (amortized cost $560,994, net of allowance for credit losses of $0 at December 31, 2023 and $609,954, net of allowance for credit losses of $0 at December 31, 2022)	489,948	533,461
Restricted investment in bank stocks	14,525	9,562
Loans	1,747,062	1,569,430
Allowance for credit losses	(25,182)	(21,832)
Loans, net	1,721,880	1,547,598
Premises and equipment, net	16,160	14,739
Accrued interest receivable	5,934	6,320
Bank owned life insurance	41,447	40,463
Goodwill	5,359	5,359
Intangible assets	1,107	1,392
Other assets	41,725	42,359
TOTAL ASSETS	2,485,468	2,287,334
Deposits:
Noninterest bearing	699,203	723,228
Interest bearing	1,339,546	1,251,159
Total deposits	2,038,749	1,974,387
FHLB advances, short term	224,500	131,500
FHLB advances, long term	10,000
Subordinated notes, net of issuance costs	19,520	19,447
Accrued expenses and other liabilities	27,323	23,862
TOTAL LIABILITIES	2,320,092	2,149,196
STOCKHOLDERS' EQUITY
Common stock, $0.50 par value; 15,000,000 shares authorized; 5,683,304 issued; 5,651,311 and 5,642,621 outstanding, at December 31, 2023 and December 31, 2022, respectively	2,842	2,842
Surplus	120,392	120,107
Retained Earnings	107,361	84,635
Accumulated other comprehensive income (loss), net of taxes	(64,108)	(68,196)
Treasury stock, at cost; 31,993 and 40,683 shares at December 31, 2023 and December 31, 2022, respectively	(1,111)	(1,250)
TOTAL STOCKHOLDERS' EQUITY	165,376	138,138
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,485,468	$ 2,287,334

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF CONDITION
Available-for-sale amortized cost	$ 560,994	$ 609,954
Available-for-sale allowance for credit losses	$ 0	$ 0
Common stock, Par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, Authorized (in shares)	15,000,000	15,000,000
Common stock, Issued (in shares)	5,683,304	5,683,304
Common stock, Outstanding (in shares)	5,651,311	5,642,621
Treasury stock (in shares)	31,993	40,683

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INTEREST INCOME
Interest and fees on loans	$ 96,264	$ 69,327
Interest on investment securities:
Taxable	12,723	9,871
Tax exempt	2,285	2,286
Interest on Federal funds sold and other	6,498	2,739
TOTAL INTEREST INCOME	117,770	84,223
INTEREST EXPENSE
Savings and NOW accounts	13,126	4,113
Time deposits	6,393	346
FHLB advances	8,938	599
Note payable		154
Subordinated notes	922	923
TOTAL INTEREST EXPENSE	29,379	6,135
NET INTEREST INCOME	88,391	78,088
Provision for credit losses- investments	5,000
Provision for credit losses (1)	2,868	9,517
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	80,523	68,571
NONINTEREST INCOME
Service charges on deposit accounts	809	693
Trust income	5,098	4,764
Investment advisory income	5,241	4,537
Investment securities gains, net	107
Earnings on bank owned life insurance	984	950
Other	1,180	1,052
TOTAL NONINTEREST INCOME	13,419	11,996
NONINTEREST EXPENSE
Salaries	24,747	22,461
Employee benefits	7,439	5,579
Occupancy expense	4,761	4,467
Professional fees	4,753	4,066
Directors' fees and expenses	1,451	1,157
Computer software expense	5,050	4,803
FDIC assessment	1,403	1,411
Advertising expenses	1,657	1,601
Advisor expenses related to trust income	120	215
Telephone expenses	712	679
Intangible amortization	285	286
Other	4,415	3,565
TOTAL NONINTEREST EXPENSE	56,793	50,290
Income before income taxes	37,149	30,277
Provision for income taxes	7,671	5,914
NET INCOME	$ 29,478	$ 24,363
Basic earnings per share (in dollars per share)	$ 5.24	$ 4.33
Diluted earnings per share (in dollars per share)	$ 5.24	$ 4.33
Weighted average shares outstanding, Basic (in shares)	5,629,150	5,621,630
Weighted average shares outstanding, Diluted (in shares)	5,629,150	5,621,630

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net Income	$ 29,478	$ 24,363
Unrealized gains/(losses) on securities:
Unrealized holding gains/(losses) arising during the period	554	(75,137)
Credit loss expense	5,000
Reclassification adjustment for (gains) included in net income	(107)
Tax effect	1,144	(15,779)
Net of tax	4,303	(59,358)
Defined benefit pension plans:
Net gain/(loss) arising during the period	(539)	(6,786)
Reclassification adjustment for amortization of prior service cost and net gains included in net periodic pension cost	281	(28)
Tax effect	(55)	(1,431)
Net of tax	(203)	(5,383)
Deferred compensation liability:
Unrealized loss	(15)	(15)
Tax effect	(3)	(3)
Net of tax	(12)	(12)
Total other comprehensive loss	4,088	(64,753)
Total comprehensive income/(loss)	$ 33,566	$ (40,390)

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	Surplus Cumulative Effect, Period of Adoption, Adjusted Balance	Surplus	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Treasury Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Total
Beginning balance at Dec. 31, 2021		$ 2,842		$ 119,825			$ 64,941		$ (3,443)		$ (1,329)			$ 182,836
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income							24,363							24,363
Other comprehensive income (loss), net of taxes									(64,753)					(64,753)
Cash dividends declared							(4,669)							(4,669)
Treasury stock purchased											(308)			(308)
Restricted stock expense				166										166
Stock-based compensation				116							387			503
Ending balance at Dec. 31, 2022	$ 2,842	2,842	$ 120,107	120,107	$ (1,561)	$ 83,074	84,635	$ (68,196)	(68,196)	$ (1,250)	(1,250)	$ (1,561)	$ 136,577	138,138
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income							29,478							29,478
Other comprehensive income (loss), net of taxes									4,088					4,088
Cash dividends declared							(5,191)							(5,191)
Treasury stock purchased											(447)			(447)
Restricted stock expense				53										53
Stock-based compensation				232							586			818
Ending balance at Dec. 31, 2023		$ 2,842		$ 120,392			$ 107,361		$ (64,108)		$ (1,111)			$ 165,376

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Cash dividends declared per share	$ 0.92	$ 0.83
Treasury stock purchased (in shares)	9,205	7,652
Stock-based compensation (in shares)	17,895	12,897

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 29,478	$ 24,363
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses (1)	7,868	9,517
Depreciation	1,681	1,407
Accretion on loans	(3,014)	(3,598)
Amortization of intangibles	285	286
Amortization of subordinated notes issuance costs	73	71
Deferred income tax provision (benefit)	103	(958)
Investment securities (gains) losses	(107)
Restricted stock expense	53	166
Stock-based compensation	818	503
Net amortization of investment premiums	1,234	1,666
Earnings on bank owned life insurance	(984)	(950)
Net change in:
Accrued interest receivable	386	323
Other assets	3,176	(3,176)
Other liabilities	3,450	863
Net cash from operating activities	44,500	30,483
Cash flows from investing activities
Purchases of investment securities available-for-sale	(6,842)	(211,749)
Proceeds from sales of investment securities available-for-sale	7,296
Proceeds from paydowns of investment securities available-for-sale	37,697	57,648
Proceeds from maturities and calls of investment securities available-for-sale	4,128	8,634
Purchase of restricted investment in bank stocks	(53,973)	(12,098)
Proceeds from redemptions of restricted investment in bank stocks	49,010	4,752
Net increase in loans	(179,137)	(279,749)
Purchase of premises and equipment	(3,536)	(1,545)
Disposal of premises and equipment	435
Net cash used by investing activities	(144,922)	(434,107)
Cash flows from financing activities
Net increase in deposits	64,362	60,003
Net change in FHLB advances, short term	93,000	131,500
Proceeds from FHLB advances, long term	10,000
Repayments of note payable		(3,000)
Cash dividends paid	(5,191)	(4,669)
Purchases of treasury stock	(447)	(308)
Net cash from financing activities	161,724	183,526
Net change in cash and cash equivalents	61,302	(220,098)
Beginning cash and cash equivalents	86,081	306,179
Ending cash and cash equivalents	147,383	86,081
Supplemental cash flow information:
Interest paid	27,533	6,118
Income taxes paid	7,822	7,255
Supplemental noncash disclosures:
Lease liabilities arising from obtaining right-of-use assets	$ 1,050	$ 1,430

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	ORANGE COUNTY BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 — Summary of Significant Accounting Policies Nature of Operations and Principles of Consolidation: The Company provides commercial and consumer banking services to individuals, small businesses and local municipal governments as well as trust and investment services through the Bank and HVIA. The Company is headquartered in Middletown, New York, with eight locations in Orange County, New York, eight in Westchester County, New York, two in Rockland County, New York and one in Bronx County, New York. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial real estate, commercial & industrial and residential mortgage loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial & industrial and residential real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the areas in which they operate. Assets held by the Company in an agency or fiduciary capacity for its customers are excluded from the consolidated financial statements since they do not constitute assets of the Company. Assets held by the Company amounted to $1.6 billion and $1.3 billion at December 31, 2023 and 2022, respectively. Use of Estimates: To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Adoption of New Accounting Standards: Financial Instruments - Credit Losses (Topic 326) The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet commitments. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with the incurred loss model previously applicable under GAAP. The Company recorded a net decrease to retained earnings of approximately $1.6 million as of January 1, 2023 for the cumulative effect of adopting ASC 326. The transition adjustment includes a $1.9 million addition to our allowance for credit losses. The increase in ACL upon CECL adoption was related to a $1.5 million increase in ACL for loans and a $442 thousand increase in ACL for unfunded commitments, as required under CECL. The following table illustrates the impact to our financial statements as of January 1, 2023 upon adoption of ASC 326: January 1, 2023 Impact to Consolidated Statement of Condition from ASC_326 Adoption Tax Effect Impact to Retained Earnings from ASC-326 Adoption (In thousands) Allowance for credit losses on loans $ 1,483 $ (282) $ 1,201 Allowance for credit losses on off-balance sheet commitments 442 (82) 360 Total impact from ASC 326 adoption $ 1,925 $ (364) $ 1,561 Cash and Cash Equivalents: Securities: Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. A debt security is placed on nonaccrual status at the time any principal of interest payment becomes 90 days delinquent. Interest accrued but not recovered for a security placed on nonaccrual is reversed against interest income. For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The Company does not estimate expected losses on accrued interest receivable on investments, as accrued interest receivable is reversed or written off when the full collection of the accrued interest receivable related to an investment becomes doubtful. Loans: fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Interest income on loans is discontinued and placed on non-accrual status at the time the loan is 120 days (in the case of residential mortgage loans) or 90 days (in the case of commercial loans) delinquent unless the loan is well-secured and in process of collection. Loans are charged off to the extent principal or interest is deemed uncollectible. Secured consumer loans, except those secured by the borrower’s primary or secondary residence, are charged off upon becoming 180 days past due, or whenever collection is doubtful, whichever occurs first. All unsecured consumer loans are charged off when they become 180 days delinquent or if it is determined that the debt is uncollectible, whichever occurs first. Past-due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated loans. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. There is allowance for credit losses recorded for accrued interest receivable related to non-accrual loans as the accrued interest receivable is reversed at the time of non-accrual status or 90 days past due. Allowance for Credit Losses: Topic 326, The allowance for credit losses ("ACL") on loans held for investment is the combination of the allowance for credit losses and the reserve for unfunded loan commitments. The allowance for credit losses is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Statements of Condition. The estimate of credit loss incorporates assumptions for both the likelihood and amount of funding over the estimated life of the commitments, including adjustments for current conditions and reasonable and supportable forecasts. Management periodically reviews and updates its assumptions for estimated funding rates. The amortized cost basis of loans does not include accrued interest receivable, which is included in "accrued interest receivable" on the Consolidated Statements of Condition. The "Provision for credit losses" on the Consolidated Statements of Income is a combination of the provision for credit losses and the provision for unfunded loan commitments. Allowance for Loan Losses under incurred methodology prior to CECL Adoption on January 1, 2022 The allowance for loan and lease losses was a valuation allowance for loan losses that was management’s estimate of probable incurred losses in the loan portfolio. Under this accounting method, the process to determine reserves utilized analytical tools and management judgment and was reviewed on a quarterly basis. When management was reasonably certain that a loan balance was not fully collectable, an impairment analysis was completed whereby a specific reserve could be established or a full or partial charge off was recorded against the allowance. Subsequent recoveries, if any, were credited to the allowance. Management estimated the allowance balance required using past loan loss experience, the size and composition of the portfolio, information about specific borrower situations, estimated collateral values, asset quality information, economic conditions and other factors. Allocations of the allowance could be made for specific loans via a specific reserve, but the entire allowance was available for any loan that, in management’s judgment, should be charged off. The allowance consisted of specific and general components. The specific component of the allowance relates to loans that were individually classified as impaired. A loan was impaired when, based on current information and events, it was probable that the Bank would be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered in determining impairment included payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally were not classified as impaired. Management determined the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans are individually evaluated for impairment when they were classified as substandard. If a loan was considered impaired, a portion of the allowance could be allocated so that the loan was reported, net, at the present value of estimated future cash flows using the loan’s existing rate or if repayment is expected solely from the underlying collateral, the loan principal balance was compared to the fair value of collateral less estimated disposition costs to determine the need, if any, for a charge off. ACL in accordance with CECL methodology With respect to pools of similar loans that are collectively evaluated, an appropriate level of allowance is determined by portfolio segment using a discounted cash flow ("DCF") model. The DCF model captures losses over the historical charge-off and prepayment cycle and applies those losses at a loan level over the remaining maturity of the loan. The model then calculates a historical loss rate using the average losses over the reporting period, which is then applied to each segment utilizing a standard reversion rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, including but not limited to unemployment rates, national gross domestic product and other indices. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. Also included in the ACL are qualitative factors based on the risks present for each portfolio segment. These qualitative factors include the following: changes in policies and procedures; changes in nature/volume of portfolio; levels of delinquencies and non-accruals; concentration of credit; quality of the bank’s loan review system; experience, ability and depth of management; national and local economic trends and conditions; and competitive, legal, and regulatory environment impacts. All of these factors are susceptible to change, which may be significant. As a result of this detailed process, the ACL results in two forms of allocations, quantitative and qualitative. These two components represent the total ACL deemed adequate to cover current expected credit losses in the loan portfolio. When management identifies loans that do not share common risk characteristics (i.e., are not similar to other loans within a pool) they are evaluated on an individual basis. These loans are not included in the collective evaluation. For loans identified as having a likelihood of foreclosure or that the borrower is experiencing financial difficulty, a collateral dependent approach is used. These are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient method to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan's collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. The CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Several of the steps in the methodology involve judgment and are subjective in nature including, among other things: segmenting the loan portfolio; determining the amount of loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the reasonable and supportable forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts, which are inherently imprecise and will change from period to period. Although the allowance for credit losses is considered appropriate, there can be no assurance that it will be sufficient to absorb future losses. In determining an appropriate amount for the allowance, the Bank segments and evaluates the loan portfolio based on Federal call report codes, which are based on collateral or purpose. The following portfolio classes have been identified: ● 1-4 family residential construction loans; ● Other construction loans and all land development and other land loans; ● Loans secured by farmland (including farm residential and other improvements); ● Revolving, open-end loans secured by 1-4 residential properties; ● Loans secured by first liens; ● Loans secured by junior liens; ● Loans secured by multifamily (5 or more) residential properties; ● Loans secured by owner-occupied, nonfarm nonresidential properties; ● Commercial and Industrial loans; ● Credit cards; ● Other revolving credit plans; ● Automobile loans; ● Obligations (other than securities and leases); and ● Unknown Commercial and Industrial Lending: Commercial and industrial loans are generally secured with short-term assets; however, in many cases, additional collateral such as real estate is provided as additional security for the loan. Loan-to-value maximum values have been established by the Bank and are specific to the type of collateral. Collateral values may be determined using invoices, inventory reports, accounts receivable aging reports, collateral appraisals, etc. In underwriting commercial and industrial loans, an analysis of the borrower’s character, capacity to repay the loan, the adequacy of the borrower’s capital and collateral as well as an evaluation of conditions affecting the borrower is performed. Analysis of the borrower’s past, present and future cash flows is also an important aspect of the Bank’s analysis. Commercial loans generally present a higher level of risk than other types of loans due primarily to the effect of general economic conditions. Commercial Real Estate Lending — In underwriting these loans, the Bank performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, and the reliability and predictability of the cash flow generated by the property securing the loan. Appraisals on properties securing commercial real estate loans originated by the Bank are performed by independent appraisers. Commercial real estate loans generally present a higher level of risk than other types of loans due primarily to the effect of general economic conditions. Commercial Real Estate Construction Lending: The Bank’s commercial real estate construction loans are generally secured with the subject property. Terms of construction loans depend on the specifics of the project such as estimated absorption rates, estimated time to complete, etc. In underwriting commercial real estate construction loans, the Bank performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, the reliability and predictability of the cash flow generated by the project using feasibility studies, market data, etc. Appraisals on properties securing commercial real estate construction loans originated by the Bank are performed by independent appraisers. Commercial real estate construction loans generally present a higher level of risk than other types of loans due primarily to the effect of general economic conditions and uncertainties of construction costs. Residential Real Estate Lending: The Bank offers fixed-rate loans with terms up to a maximum of 30 years for both permanent structures and those under construction. The Bank’s one- to four-family residential real estate loan originations are secured primarily by properties located in its primary market area and surrounding areas. The majority of the Bank’s residential real estate loans originate with a loan-to-value of 80% or less. Loans in excess of 80% are required to have private mortgage insurance. In underwriting one- to four-family residential real estate loans, the Bank evaluates both the borrower’s ability to make monthly payments and the value of the property securing the loan. Properties securing real estate loans made by the Bank are appraised by independent appraisers. The Bank generally requires borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. The Bank has not engaged in sub- prime residential mortgage originations. Residential real estate loans generally present a lower level of risk than other types of loans because they are secured by the borrower’s primary residence. Home Equity Lending: Home equity lines and loans are secured by the borrower’s primary residence with a maximum loan-to-value of 85% and a maximum term of 15 years on home equity loans and a 10-year 15-year In underwriting home equity lines and loans, a thorough analysis of the borrower’s financial ability to repay the loan as agreed is performed. The ability to repay shall be determined by the borrower’s employment history, current financial conditions, and credit background. The analysis is based primarily on the customer’s ability to repay and secondarily on the collateral or security. Home equity lines and loans generally present a lower level of risk than other types of consumer loans because they are secured by the borrower’s primary residence. The subordinate nature of some home equity lines and loans may make these loans of higher risk than other residential real estate loans. Consumer Lending: Consumer loan terms vary according to the type and value of collateral and creditworthiness of the borrower. In underwriting consumer loans, a thorough analysis of the borrower’s financial ability to repay the loan as agreed is performed. The ability to repay shall be determined by the borrower’s employment history, current financial conditions, and credit background. Consumer loans may entail greater credit risk than do residential real estate loans particularly in the case of consumer loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. Transfers of Financial Assets: Foreclosed Assets: Premises and Equipment: Leases: Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option. Trust and Investment Advisory Income: and advisory services, employee benefit account and IRA administration, estate settlement, tax service fees, shareholder service fees and brokerage. These fees are generally based on asset values and fluctuate with the market. Some revenue is not directly tied to asset value but is based on a flat fee for services provided. For many of our revenue sources, amounts are not received in the same accounting period in which they are earned. However, each source of wealth management fees is recorded on the accrual method of accounting. Included in other assets on the balance sheet is a receivable for trust fees and advisory fees that have been earned but not yet collected. Federal Home Loan Bank (FHLB) Stock: Federal Reserve Bank (FRB) Stock: Bank Owned Life Insurance: The Bank has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Goodwill and Other Intangible Assets: Intangible assets consist of acquired customer relationship intangible assets arising from wealth management acquisitions and are amortized on a straight lined basis over their estimated useful lives. Loan Commitments and Related Financial Instruments: Stock-Based Compensation: Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s accounting policy is to recognize forfeitures as they occur. Income Taxes: A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in other expense. Retirement Plans: Earnings per Common Share: Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities for this calculation. As of December 31, 2023 and 2022, there are approximately in participating securities for these periods. Earnings and dividends per share are restated for any stock splits and stock dividends through the date of issuance of the financial statements. The Company currently maintains a simple capital structure, which includes restricted stock with participation rights to dividends, thus there are no dilutive effects on earnings per share. Comprehensive Income (Loss): Loss Contingencies: Restrictions on Cash: Dividend Restriction: Fair Value of Financial Instruments: Segment Disclosure: Reclassifications: Recent Accounting Pronouncements: modifications granted to borrowers experiencing financial difficulty to determine whether the modification is considered a continuation of an existing loan or a new loan. The vintage disclosure component of the ASU requires entities to disclose current-period gross writeoffs by origination year for financing receivables and investment leases within the scope of Subtopic 326-20. The Company adopted ASU 2022-02 concurrently with the adoption of ASU 2016-13. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: 1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes. 2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: 1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and 2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state and foreign. ASU 2023-09 is effective for the Company beginning January 1, 2025. The Company is evaluating the effect that ASU 2023-09 will have on its consolidated financial statements.

Investment Securities

Investment Securities	12 Months Ended
Investment Securities	Dec. 31, 2023
Investment Securities
Investment Securities	Note 2 — Investment Securities The amortized cost, fair value, and allowance for credit losses of investment securities at December 31, 2023 and 2022 were as follows: Gross Gross Amortized Unrealized Unrealized ACL Fair Cost Gains Losses Adjustment Value Available-for-sale December 31, 2023 U.S. government agencies and treasuries $ 96,736 $ 21 $ (9,690) $ — $ 87,067 Mortgage-backed securities - residential 257,804 45 (30,931) — 226,918 Mortgage-backed securities - commercial 79,589 — (16,286) — 63,303 Corporate Securities 23,529 — (4,253) — 19,276 Obligations of states and political subdivisions 103,336 91 (10,043) — 93,384 Total debt securities $ 560,994 $ 157 $ (71,203) $ — $ 489,948 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale December 31, 2022 U.S. government agencies and treasuries $ 104,734 $ 25 $ (11,009) $ 93,750 Mortgage-backed securities - residential 283,774 17 (34,640) 249,151 Mortgage-backed securities - commercial 80,916 — (13,152) 67,764 Corporate Securities 28,559 — (2,901) 25,658 Obligations of states and political subdivisions 111,971 48 (14,881) 97,138 Total debt securities $ 609,954 $ 90 $ (76,583) $ 533,461 Proceeds from sales of securities and associated gains and losses during 2023 and 2022. 2023 2022 Proceeds $ 7,296 $ — Gross gains 130 — Gross losses 23 — The amortized cost and fair value of debt securities as of December 31, 2023 are shown by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. Available-for-sale Amortized Fair Cost Value Due in one year or less $ 7,969 $ 7,960 Due after one through five years 30,901 28,824 Due after five through ten years 54,520 47,200 Due after ten years 130,211 115,743 223,601 199,727 Mortgage-backed securities 337,393 290,221 Total debt securities $ 560,994 $ 489,948 Securities pledged at year-end 2023 and 2022 had a carrying amount of $317,855 and $323,674 and were pledged to secure public deposits. Mortgage-backed securities are issued by FNMA, FHLMC, or GNMA. Obligations of states and political subdivisions consist of general obligations of municipalities in the state of New York. At year-end 2023 and 2022, there were no holdings of securities of any one issuer, other than the US Government and its agencies, in an amount greater than 10% of shareholders’ equity. The following table summarizes securities with unrealized losses for which an allowance for credit loss has not been recorded at December 31, 2023 and 2022, aggregated by major security types and length of time in continuous loss position: Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Available-for-sale December 31, 2023 U.S. government agencies and treasuries $ 438 $ (1) $ 83,003 $ (9,689) $ 83,441 $ (9,690) Mortgage-backed securities - residential 9,169 (171) 215,301 (30,760) 224,470 (30,931) Mortgage-backed securities - commercial 1,223 (10) 62,080 (16,276) 63,303 (16,286) Corporate Securities — — 19,276 (4,253) 19,276 (4,253) Obligations of states and political subdivisions 513 (2) 83,470 (10,041) 83,983 (10,043) Total debt securities $ 11,343 $ (184) $ 463,130 $ (71,019) $ 474,473 $ (71,203) Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Available-for-sale December 31, 2022 U.S. government agencies $ 47,064 $ (2,414) $ 41,718 $ (8,595) $ 88,782 $ (11,009) Mortgage-backed securities - residential 129,352 (9,290) 118,762 (25,350) 248,114 (34,640) Mortgage-backed securities - commercial 21,190 (2,849) 46,574 (10,303) 67,764 (13,152) Corporate Securities 12,503 (1,007) 13,155 (1,894) 25,658 (2,901) Obligations of states and political subdivisions 57,287 (6,763) 32,479 (8,118) 89,766 (14,881) Total debt securities $ 267,396 $ (22,323) $ 252,688 $ (54,260) $ 520,084 $ (76,583) Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. Based on a comparison of the present value of expected cash flows to the amortized cost as well as a potential market for sale, the Company determined that there was no value to its corporate bond issued by Signature Bank due to its failure. Accordingly, the Company wrote off the amount of the corporate bond totaling $5.0 million during the quarter ended June 30, 2023. The amount of the write-down was initially recorded through an allowance for credit losses. The Company also evaluated available for sale debt securities that are in an unrealized loss position as of December 31, 2023 included in the table above and has determined that the declines in fair value are mainly attributable to interest rates, credit spreads, market volatility and liquidity conditions, not credit quality or other factors. There was Accrued interest on investments, which is excluded from the amortized cost of available for sale debt securities, totaled $2.3 million and $2.5 million at December 31, 2023 and December 31, 2022, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition. The following is a discussion of the credit quality characteristics and assessment of potential credit losses of major portfolio segments carrying material unrealized losses as of December 31, 2023. As of December 31, 2023, the Company’s security portfolio consisted of 276 securities, 243 of which were in an unrealized loss position. As of December 31, 2022, the Company’s security portfolio consisted of 296 securities, 264 of which were in an unrealized loss position. Unrealized losses are related to the Company’s mortgage backed and U.S. government agency securities as discussed below. Obligations of U.S. Governmental agencies and sponsored enterprises: The contractual cash flows for these securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies and have a long history of no credit losses. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due at December 31, 2023. The decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these securities, and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to have credit impairment. Furthermore, the Company considers these obligations to carry zero credit loss estimates, Commercial and Residential Mortgage-Backed Securities: The Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), and Government National Mortgage Association ("GNMA") guarantee the contractual cash flows of all of the Company's collateralized residential and commercial mortgage obligations. The securities are investment grade rated and there were no material underlying credit downgrades during 2023. The decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these securities, the Company does not consider these securities to have credit impairment at December 31, 2023. All securities are performing and the Company considers these securities to carry a very low risk of loss, Corporate Securities: The Company’s corporate securities portfolio is comprised of subordinated debt issues of community and regional banks. Management considers the credit quality of these investments on an individual basis. Management reviews the collectability of these securities, taking into consideration such factors as the financial condition of issuers, reported regulatory capital ratios of the issuers, and credit ratings when available, among other pertinent factors. All corporate bond debt securities continue to accrue interest and make payments as expected with no defaults or deferrals on the part of the issuers. During 2023, the Company wrote-off an investment in corporate subordinated debt held in this category. At December 31, 2023, the Company considers the potential credit risk of the issuers to be immaterial, and Obligations of states and political subdivisions: At year-end 2023, securities in the Company’s portfolio of AFS Obligations of states and political subdivisions were in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company feels the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during 2023. The Company does not have the intent to sell these securities, and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to have credit impairment at December 31, 2023. All securities are performing and The following table presents the activity in the allowance for credit losses associated with investment securities for the twelve months ended December 31, 2023: Allowance for credit losses -investments: Beginning balance $ — Provision for credit losses 5,000 Charge-offs 5,000 Recoveries — Ending balance $ —

Loans

Loans	12 Months Ended
Loans	Dec. 31, 2023
Loans
Loans	Note 3 — Loans Loans at year-end were as follows: 2023 2022 Commercial and industrial $ 273,562 $ 258,901 Commercial real estate 1,259,356 1,098,054 Commercial real estate construction 85,725 109,570 Residential real estate 78,321 74,277 Home equity 13,546 12,329 Consumer 36,552 16,299 Total Loans 1,747,062 1,569,430 Allowance for credit losses (25,182) (21,832) Net Loans $ 1,721,880 $ 1,547,598 Included in commercial and industrial loans as of December 31, 2023 and 2022 were PPP loans of $215 thousand and $1.7 million. Allowance for Credit Losses The Company engaged a third-party vendor to assist in the CECL calculation and internal governance framework to oversee the quarterly estimation process for the allowance for credit losses (“ACL”). The ACL calculation methodology relies on regression-based discounted cash flow (“DCF”) models that correlate relationships between certain financial metrics and external market and macroeconomic variables. The Company uses Probability of Default (“PD”) and Loss Given Default (“LGD”) with quantitative factors and qualitative considerations in the calculation of the allowance for credit losses for collectively evaluated loans. The Company uses a reasonable and supportable period of one year, at which point loss assumptions revert back to historical loss information by means of a one-year reversion period. Following are some of the key factors and assumptions that are used in the Company’s CECL calculations: ● methods based on probability of default and loss given default which are modeled based on macroeconomic scenarios; ● a reasonable and supportable forecast period determined based on management’s current review of macroeconomic environment; ● a reversion period after the reasonable and supportable forecast period; ● estimated prepayment rates based on the Company’s historical experience and future macroeconomic environment; ● estimated credit utilization rates based on the Company’s historical experience and future macroeconomic environment; and ● incorporation of qualitative factors not captured within the modeled results. The qualitative factors include but are not limited to changes in lending policies, business conditions, changes in the nature and size of the portfolio, portfolio concentrations, and external factors such as competition. Allowance for Credit Losses are aggregated for the major loan segments, with similar risk characteristics, summarized below. However, for the purposes of calculating the reserves, these segments may be further broken down into loan classes by risk characteristics that include but are not limited to regulatory call codes, industry type, geographic location, and collateral type. Residential real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential real estate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower. Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as general economic conditions. Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence. Commercial and industrial lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In many cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance. Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral value securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. Consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan. The following table presents the activity in the allowance for credit losses by portfolio segment for each of the years ending December 31, 2023 and 2022 (Note: The activity presented does not include provisions recorded to support the reserve associated with off balance sheet commitments.): Year Ended December 31, 2023 Commercial Commercial And Commercial Real Estate Residential Home Industrial Real Estate Construction Real Estate Equity Consumer Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 5,510 $ 14,364 $ 1,252 $ 345 $ 63 $ 298 $ 21,832 Impact of adopting ASC 326 72 1,792 (8) (227) (17) (129) 1,483 Provision for credit losses * 731 1,544 (472) 963 5 243 3,014 Charge-offs (1,569) — — — — (37) (1,606) Recoveries 75 173 — — — 211 459 Ending balance $ 4,819 $ 17,873 $ 772 $ 1,081 $ 51 $ 586 $ 25,182 * Additional provision related to off balance sheet exposure was a credit of $146 thousand for the year Year Ended December 31, 2022 Commercial Commercial and Commercial Real Estate Residential Home Industrial Real Estate Construction Real Estate Equity Consumer Total Allowance for loan losses: Beginning balance $ 4,901 $ 11,183 $ 964 $ 272 $ 80 $ 261 $ 17,661 Provision for credit losses 5,505 3,129 288 138 (17) 474 9,517 Charge-offs (4,962) — — (65) — (479) (5,506) Recoveries 66 52 — — — 42 160 Ending balance $ 5,510 $ 14,364 $ 1,252 $ 345 $ 63 $ 298 $ 21,832 The following table presents the balance in the allowance for credit losses and the amortized cost in loans by portfolio segment and based on impairment method as of December 31, 2023 and 2022: Commercial Commercial and Commercial Real Estate Residential Home Industrial Real Estate Construction Real Estate Equity Consumer Total December 31, 2023 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 157 $ 308 $ — $ 94 $ — $ — $ 559 collectively evaluated for impairment 4,662 17,565 772 987 51 586 24,623 Total ending allowance balance $ 4,819 $ 17,873 $ 772 $ 1,081 $ 51 $ 586 $ 25,182 Loans: Ending balance: individually evaluated for impairment $ 556 $ 21,210 $ — $ 1,239 $ — $ 94 $ 23,099 collectively evaluated for impairment 273,006 1,238,146 85,725 77,082 13,546 36,458 1,723,963 Total ending loans balance $ 273,562 $ 1,259,356 $ 85,725 $ 78,321 $ 13,546 $ 36,552 $ 1,747,062 Commercial Commercial and Commercial Real Estate Residential Home Industrial Real Estate Construction Real Estate Equity Consumer Total December 31, 2022 Allowance for loan losses: Ending balance: individually evaluated for impairment $ 653 $ 380 $ — $ — $ — $ — $ 1,033 collectively evaluated for impairment 4,857 13,984 1,252 345 63 298 20,799 Total ending allowance balance $ 5,510 $ 14,364 $ 1,252 $ 345 $ 63 $ 298 $ 21,832 Loans: Ending balance: individually evaluated for impairment $ 1,003 $ 22,956 $ — $ 1,254 $ 51 $ 104 $ 25,368 collectively evaluated for impairment 257,898 1,075,098 109,570 73,023 12,278 16,195 1,544,062 Total ending loans balance $ 258,901 $ 1,098,054 $ 109,570 $ 74,277 $ 12,329 $ 16,299 $ 1,569,430 Included in the commercial and industrial loans collectively evaluated for impairment are PPP loans of $215 thousand and $1.7 million as of December 31, 2023 and 2022. PPP loans receivable are guaranteed by the SBA and have no allocation of the allowance for loan losses. Individually Analyzed Loans Effective January 1, 2023, the Company began analyzing loans on an individual basis when management determined that the loan no longer exhibited risk characteristics consistent with the risk characteristics existing in its designated pool of loans, under the Corporation's CECL methodology. Loans individually analyzed include certain non-accrual commercial, as well as certain accruing loans previously identified under prior troubled debt restructuring (TDR) guidance. As of December 31, 2023, the amortized cost basis of individually analyzed loans was $23.6 million, of which $16.8 million were considered collateral dependent. For collateral dependent loans where the borrower is experiencing financial difficulty and repayment is likely to be substantially provided through the sale or operation of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan, at measurement date. Certain assets held as collateral may be exposed to future deterioration in fair value, particularly due to changes in real estate markets or usage. The following table presents the amortized cost basis and related allowance for credit loss of individually analyzed loans considered to be collateral dependent as of December 31, 2023 (in thousands): At December 31, 2023 Principal Balance Related Allowance (Dollars in thousands) Commercial and industrial $ — $ — Commercial real estate (1) 15,594 100 Commercial real estate construction — — Residential real estate (2) 1,239 94 Home equity — — Consumer — — Total $ 16,833 $ 194 (1) Commercial real estate – secured by various types of commercial real estate (2) Residential real estate – secured by residential real estate Differing from the methodology for analyzing loans on an individual basis used as of December 31, 2023, as described above, prior to January 1, 2023, the Corporation considered a loan to be impaired for credit analysis purposes when, based on currently available information, it was deemed probable that the Corporation would not be able to collect on the loan's contractually determined principal and interest payments. Impaired loans included loans on non-accrual status and troubled debt restructurings (TDRs). The Corporation identified loss allocations for impaired loans on an individual basis, and in conformity with its methodology under the incurred loss framework. The following table presents information related to impaired loans by class of loans as of and for the year ended December 31, 2022: Unpaid Allowance for Average Interest Cash Basis Principal Recorded Loan Losses Recorded Income Interest Balance Investment Allocated Investment Recognized Recognized December 31, 2022 With no related allowance recorded Commercial and industrial $ — $ — $ — $ — $ — $ — Commercial real estate 17,884 17,316 — 17,622 633 633 Commercial real estate construction — — — 578 — — Residential real estate 1,266 1,254 — 739 20 20 Home equity 55 51 — — — — Consumer — — — — — — Total $ 19,205 $ 18,621 $ — $ 18,939 $ 653 $ 653 With an allowance recorded: Commercial and industrial $ 1,011 $ 1,003 $ 653 $ 7,516 $ 209 $ 209 Commercial real estate 5,665 5,640 380 2,274 119 119 Commercial real estate construction — — — — — — Residential real estate — — — — — — Home equity — — — — — — Consumer 104 104 — 109 6 6 Total $ 6,780 $ 6,747 $ 1,033 $ 9,899 $ 334 $ 334 The following tables present the amortized cost in non-accrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2023 and December 31, 2022. Non-Accrual with No Allowance Loans Past Due Over 90 Days for Credit Loss Non-accrual Still Accruing 2023 2023 2022 2023 2022 Commercial and industrial $ 285 $ 556 $ 1,003 $ — $ 1,850 Commercial real estate 2,391 2,692 3,882 — — Commercial real estate construction — — — — — Residential real estate 591 1,179 1,188 — — Home equity — — 51 — — Consumer — — — — 477 Total $ 3,267 $ 4,427 $ 6,124 $ — $ 2,327 The following table presents the aging of the amortized cost in past-due loans as of December 31, 2023 and 2022 by class of loans: 30-59 Days 60-89 Days Greater Than Total Loans Past Due Past Due 90 Days Past Due Not Past Due December 31, 2023 Commercial and industrial $ 229 $ — $ 327 $ 556 $ 273,006 Commercial real estate 20 — 300 320 1,259,035 Commercial real estate construction — — — — 85,725 Residential real estate — — 1,167 1,167 77,155 Home equity — — — — 13,546 Consumer — — — — 36,552 Total $ 249 $ — $ 1,794 $ 2,043 $ 1,745,019 30-59 Days 60-89 Days Greater Than Total Loans Past Due Past Due 90 Days Past Due Not Past Due December 31, 2022 Commercial and industrial $ 1,497 $ 1,583 $ 2,854 $ 5,934 $ 252,967 Commercial real estate 563 — 952 1,515 1,096,539 Commercial real estate construction — — — — 109,570 Residential real estate 2 — 1,188 1,190 73,087 Home equity — — — — 12,329 Consumer 584 634 476 1,694 14,605 Total $ 2,646 $ 2,217 $ 5,470 $ 10,333 $ 1,559,097 As of December 31, 2023, loans in the process of foreclosure were $1,840 of which $1,504 were secured by residential real estate. As of December 31, 2022, loans in the process of foreclosure were $2,016 of which $578 were secured by residential real estate. Loan Modifications to Borrowers Experiencing Financial Difficulty: There were no loans to borrowers experiencing financial difficulty which were modified during the twelve months ended December 31, 2023 and 2022, respectively. Default is determined at 90 or more days past due, upon charge-off, or upon foreclosure. Modified loans in default are individually analyzed for the allowance for credit losses or if the modified loan is deemed uncollectible, the loan, or a portion of the loan, is written off and the allowance for credit losses is adjusted accordingly. Credit Quality Indicators: Special Mention . Substandard . Doubtful. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. The following table summarizes the Company’s loans by year of origination and internally assigned credit risk at December 31, 2023 and gross charge-offs for the twelve months ended December 31, 2023: Revolving Revolving Loans to 2023 2022 2021 2020 2019 Prior Loans Term Loans Total Commercial and industrial — Pass $ 46,009 56,896 48,103 44,329 26,500 39,953 — — $ 261,790 Special Mention 100 7,521 — — — 225 — — 7,846 Substandard 408 384 729 842 — 1,563 — — 3,926 Total Commercial and industrial $ 46,517 64,801 48,832 45,171 26,500 41,741 — — $ 273,562 Current period gross charge-offs 23 — — 510 439 597 — — 1,569 Commercial real estate Pass $ 197,300 328,445 237,198 162,619 88,322 202,800 3,298 — $ 1,219,982 Special Mention — — 9,957 — 2,959 12,042 — — 24,958 Substandard — — 430 2,391 6,133 5,462 — — 14,416 Total Commercial real estate $ 197,300 328,445 247,585 165,010 97,414 220,304 3,298 — $ 1,259,356 Current period gross charge-offs — — — — — — — — — Commercial real estate construction Pass $ 11,116 26,876 37,326 10,407 — — — — $ 85,725 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Commercial real estate construction $ 11,116 26,876 37,326 10,407 — — — — $ 85,725 Current period gross charge-offs — — — — — — — — — Residential real estate Pass $ 19,196 17,810 8,825 9,253 4,475 17,583 — — $ 77,142 Special Mention — — — — — — — — — Substandard — — — — 589 590 — — 1,179 Total Residential real estate $ 19,196 17,810 8,825 9,253 5,064 18,173 — — $ 78,321 Current period gross charge-offs — — — — — — — — — Home equity Pass $ 48 68 15 — 57 — 11,595 1,763 $ 13,546 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Home Equity $ 48 68 15 — 57 — 11,595 1,763 $ 13,546 Current period gross charge-offs — — — — — — — — — Consumer Pass $ 28,930 8 — 1,789 22 63 5,646 — $ 36,458 Special Mention — — — — — — — — — Substandard — — — — — 94 — — 94 Total Consumer $ 28,930 8 — 1,789 22 157 5,646 — $ 36,552 Current period gross charge-offs — — 11 — 25 1 — — 37 Total Loans $ 303,107 438,008 342,583 231,630 129,057 280,375 20,539 1,763 $ 1,747,062 Gross charge-offs $ 23 — 11 510 464 598 — — $ 1,606 Special Pass Mention Substandard Doubtful Loss Total December 31, 2022 Commercial and industrial $ 256,939 $ 575 $ 1,387 $ — $ — $ 258,901 Commercial real estate 1,074,952 7,399 15,703 — — 1,098,054 Commercial real estate construction 109,570 — — — — 109,570 Residential real estate 73,089 — 1,188 — — 74,277 Home equity 12,278 — 51 — — 12,329 Consumer 16,195 — 104 — — 16,299 Total $ 1,543,023 $ 7,974 $ 18,433 $ — $ — $ 1,569,430 Loans to certain directors and principal officers of the Company, including their immediate families and companies in which they are affiliated, had the following activity for the years ended December 31, 2023 and 2022. The table below presents all activity related to regulation O loans as of December 31, 2023 and 2022 are as follows: 2023 2022 Balance, beginning of year $ 16,891 $ 5,076 Additions — 11,876 Repayments (416) (61) Balance, end of year $ 16,475 $ 16,891

Fair Value

Fair Value	12 Months Ended
Fair Value	Dec. 31, 2023
Fair Value
Fair Value	Note 4 — Fair Value Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 Level 2 Level 3 The Company used the following methods and significant assumptions to estimate fair value: Investment Securities: Collateral Dependent Loans and Other Real Estate Owned: collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Collateral dependent loans are evaluated on a quarterly basis for additional impairment and adjusted in accordance with the allowance policy. Appraisals are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by a third-party appraisal management company that the Company has engaged in accordance with internal vendor management policies and approval of the Company’s Board of Directors. Once received, the appraisal review function is conducted by the appraisal management company and consists of a review of the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. Through this review, the appraisal management company evaluates the validity of the appraised value and the strength of the conclusions; which are subsequently confirmed by a member of the Credit Department. Discounts to the appraised value are then applied to recognize the carrying costs incurred until disposition, realtor fees, deterioration in the quality of the asset, and the age of the appraisal. The net effect of these adjustments were included in the charge-off to the allowance upon acquisition of the foreclosed property and/or upon partial charge-off of the collateral dependent loan. The most recent analysis of property appraisals including the appropriate discount rates are incorporated into the allowance methodology for the respective loan portfolio segments. Assets and liabilities measured at fair value on a recurring basis, are summarized below: Fair Value Measurements Using: Quoted Prices in Active Markets Significant Other Significant Total at for Identical Observable Unobservable December 31, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) U.S. government agencies and treasuries $ 87,067 $ — $ 87,067 $ — Mortgage-backed securities 290,221 — 290,221 — Corporate securities 19,276 — 16,541 2,735 Obligations of states and political subdivisions 93,384 — 93,384 — Total securities available-for-sale $ 489,948 $ — $ 487,213 $ 2,735 The Level 3 amount reflects the fair value of certain subordinated notes with limited availability of market pricing and determined based on discounted cash flows and other market value indicators. During 2023, there was a transfer from Level 2 to Level 3 related to subordinated debt of one entity with limited availability of market pricing. Fair Value Measurements Using: Quoted Prices in Active Markets Significant Other Significant Total at for Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) U.S. government agencies and treasuries 93,750 $ — $ 93,750 $ — Mortgage-backed securities 316,915 — 316,915 — Corporate securities 25,658 — 25,658 — Obligations of states and political subdivisions 97,138 — 97,138 — Total securities available-for-sale $ 533,461 $ — $ 533,461 $ — There were no transfers between Level 1 and Level 2 during 2023 or 2022 . Assets measured at fair value on a non-recurring basis as of December 31, 2023 and 2022 are summarized below: Fair Value Measurements Using: Quoted Prices in Active Markets Significant Other Significant Total at for Identical Observable Unobservable December 31, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Collateral dependent loans - Commercial Real Estate, Residential Real Estate $ 695 $ — $ — $ 695 Fair Value Measurements Using: Quoted Prices Significant in Active Other Significant Total at Markets for Observable Unobservable December 31, 2022 Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Impaired loans - Commercial Real Estate $ 204 $ — $ — $ 204 The fair value amounts shown in the above table are collateral dependent loans net of reserves allocated to said loans. The total reserves allocated to these collateral dependent loans are $194 for December 31, 2023 and $112 for December 31, 2022. The following table presents additional quantitative information about level 3 fair value measured at fair value on a non-recurring basis at December 31, 2023 and 2022: Fair Value Range December 31, 2023 Value Valuation Technique Unobservable Input (Average) Collateral dependent loans - $ 695 Appraisal of collateral (1) Appraisal and liquidation 20%-64 % adjustments (2) (57) % Fair Value Range December 31, 2022 Value Valuation Technique Unobservable Input (Weighted Average) Impaired loans - Commercial Real Estate $ 204 Appraisal of collateral (1) Appraisal and liquidation 20% adjustments (2) (20%) (1) Fair value is generally determined through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted downward 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 percent of the appraisal. The carrying amounts and estimated fair values of the Company’s financial instruments not carried at fair value are as follows at December 31, 2023 and 2022: December 31, 2023 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 147,383 $ 147,383 $ 147,383 $ — $ — Loans, net 1,721,880 1,634,581 — — 1,634,581 Accrued interest receivable 5,934 5,934 — 2,343 3,591 Restricted investment in bank stocks 14,525 NA — — — Financial liabilities: Deposits 2,038,749 2,037,798 1,817,232 220,566 — FHLB advances, short term 224,500 223,982 223,982 FHLB advances, long term 10,000 9,914 — 9,914 — Subordinated notes, net of issuance costs 19,520 25,490 — 25,490 — Accrued interest payable 2,113 2,113 — 2,113 — December 31, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 86,081 $ 86,081 $ 86,081 $ — $ — Loans, net 1,547,598 1,503,543 — — 1,503,543 Accrued interest receivable 6,320 6,320 — 2,448 3,872 Restricted investment in bank stocks 9,562 NA — — — Financial liabilities: Deposits 1,974,387 1,972,387 1,881,354 91,033 — FHLB advances, short term 131,500 131,255 — 131,255 — Subordinated notes, net of issuance costs 19,447 19,682 — 19,682 — Accrued interest payable 267 267 — 267 —

Premises and Equipment

Premises and Equipment	12 Months Ended
Premises and Equipment	Dec. 31, 2023
Premises and Equipment
Premises and Equipment	Note 5 — Premises and Equipment Year-end premises and equipment were as follows: 2023 2022 Land $ 4,661 $ 3,152 Buildings and improvements 13,194 13,741 Furniture and equipment 7,896 7,436 Leasehold improvements 8,119 6,874 33,870 31,203 Accumulated depreciation and amortization (17,710) (16,464) Premises and equipment, net $ 16,160 $ 14,739 Depreciation included in occupancy expense on the Consolidated Statements of Income amounted to $1,681 in 2023 and $1,407 in 2022.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
Goodwill and Intangible Assets	Dec. 31, 2023
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 6 — Goodwill and Intangible Assets Goodwill: 2023 2022 Beginning of year $ 5,359 $ 5,359 Acquired goodwill impairment — — End of year $ 5,359 $ 5,359 Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At December 31, 2023, the Company’s reporting unit had positive equity and the Company elected to perform a Step 0 qualitative analysis and concluded that there was no goodwill impairment. Acquired Intangible Assets: Gross Intangible Accumulated Asset Amortization December 31, 2023 Customer lists and intangible assets $ 4,284 (3,177) $ 4,284 (3,177) December 31, 2022 Customer lists and intangible assets $ 4,284 (2,892) $ 4,284 (2,892) Aggregate amortization expense was $285 for 2023 and $286 for 2022. Estimated amortization expense for each of the next three years in the fourth year.

Deposits

Deposits	12 Months Ended
Deposits	Dec. 31, 2023
Deposits
Deposits	Note 7 — Deposits A summarized analysis of the Bank’s deposits at December 31, 2023 and 2022 follows: 2023 2022 Non-interest bearing demand accounts $ 699,203 $ 723,228 Interest-bearing demand accounts 304,892 284,747 Money market accounts 584,976 615,149 Savings accounts 228,161 258,230 Certificates of Deposit 221,517 93,033 Total deposits $ 2,038,749 $ 1,974,387 Time deposits that meet or exceed the FDIC insurance limit of $250 at year-end 2023 and 2022 were $11,323, and $17,015, respectively. Scheduled maturities of time deposits for the next five years are as follows: 2024 $ 210,652 2025 8,969 2026 1,896 $ 221,517 Deposits of executive officers, directors and principal officers of the Company, including their immediate families and companies in which they are affiliated, amounted to $10,563 and $15,648 at December 31, 2023 and 2022, respectively.

FHLB Advances

FHLB Advances	12 Months Ended
FHLB Advances	Dec. 31, 2023
FHLB Advances
FHLB Advances	Note 8 — FHLB Advances At December 31, 2023 the FHLB advances represents borrowing under the overnight line of credit facility as follows: 2023 2022 Amount Rate Amount Rate Federal Home Loan Bank (FHLB) short term advances $ 224,500 5.64 % $ 131,500 4.61 % At December 31, 2023 the FHLB advances represents long term borrowing under the fixed rate term advance that matures in 2028 as follows: 2023 2022 Amount Rate Amount Rate Federal Home Loan Bank (FHLB) fixed rate term advances $ 10,000 3.97 % $ — — % Additionally, the Company has outstanding municipal letters of credit (“MULOC”) outstanding with FHLB for purposes of securing public funds held by the Company. MULOC outstanding were $108,000 and $153,000 as of December 31, 2023 and 2022, respectively. At December 31, 2023 the Bank has no securities and $929,019 of loans pledged to FHLB under a blanket lien arrangement. At December 31, 2022 the Bank had no securities and $866,014 of loans pledged to FHLB under a blanket agreement. Based on the collateral and the Company’s holding of FHLB stock, the Company was eligible to borrow up to an additional total of $495,604 at year-end 2023 and $441,511 at year-end 2022.

Borrowings

Borrowings	12 Months Ended
Borrowings	Dec. 31, 2023
Borrowings
Borrowings	Note 9 — Borrowings As part of the acquisition of HVIA, the Company maintained a note payable for an interest only term loan. The loan interest was payable in monthly installments of $14 thousand, was unsecured and was paid off as scheduled with a balloon payment on November 16, 2022. On September 24, 2020, the Company completed a private placement of $20 million in aggregate principal amount of fixed-to-floating rate subordinated notes (“Subordinated Notes”) to certain qualified institutional buyers and accredited institutional investors. In conjunction with the issuance, the Company incurred costs of $694, which are amortized over the life of the borrowings on a level yield basis and are included in interest on subordinated notes on the Consolidated Statements of Income. At December 31, 2023, there were $19.5 million of Subordinated Notes outstanding, which is net of the unamortized issuance costs. The Subordinated Notes have a maturity date of September 30, 2030 and bear interest, payable semi- annually, at the rate of 4.25% per annum, until September 30, 2025. Commencing on that date, the interest rate applicable to the outstanding principal amount due will reset quarterly to an interest rate per annum equal to the then current three-month secured overnight financing rate plus 413 basis points, payable quarterly until maturity. The Company may, at its option, beginning on September 30, 2025, but not prior thereto except upon the occurrence of certain events specified in the Subordinated Notes agreements, redeem the Subordinated Notes, in whole or in part, subject to obtaining any required regulatory approvals.

Pension and other Post Retireme

Pension and other Post Retirement Plans	12 Months Ended
Pension and other Post Retirement Plans	Dec. 31, 2023
Pension and other Post Retirement Plans
Pension and other Post Retirement Plans	Note 10 — Pension and other Post Retirement Plans The Bank has a funded noncontributory defined benefit pension plan that covers substantially all employees meeting certain eligibility requirements. The pension plan was closed to new participants and benefit accruals were frozen as of December 31, 2015. The plan provides defined benefits based on years of service and final average salary. The Company uses December 31 as the measurement date for its pension plans. Information about changes in obligations and plan assets of the defined benefit pension plan follows: 2023 2022 Change in projected benefit obligation: Beginning of year $ 21,289 $ 28,221 Service cost — — Interest cost 1,114 808 Benefits paid (1,470) (1,438) Actuarial loss 695 (6,302) End of year $ 21,628 $ 21,289 Change in fair value of assets: Beginning of year $ 31,778 $ 42,867 Contributions 1,000 1,453 Actual return on plan assets 1,982 (10,888) Benefits paid and expenses (1,652) (1,654) End of year $ 33,108 $ 31,778 2023 2022 Funded status at end of year (plan assets less benefit obligation) $ 11,479 $ 10,489 Amounts recognized in accumulated other comprehensive income (loss) at December 31 consist of: 2023 2022 Total net actuarial loss $ (10,565) $ (10,308) Transition asset — — $ (10,565) $ (10,308) The accumulated benefit obligation was $21,628 and $21,288 at year-end 2023 and 2022. Components of net periodic benefit cost and other amounts recognized in other comprehensive income: Year Ended December 31, 2023 2022 Service cost $ — $ — Interest cost 1,114 808 Expected return on plan assets (1,643) (1,985) Amortization of transition cost — (28) Amortization of net loss 281 — Net periodic benefit cost/(income) $ (248) $ (1,205) Net gain/(loss) $ 539 $ 6,786 Amortization of transition asset — 28 Amortization of prior service cost — — Amortization of net gain/(loss) (281) — Total recognized in other comprehensive income $ 258 6,814 Total recognized in net periodic benefit cost and other comprehensive income $ 10 $ 5,609 The components of net periodic benefit cost other than the service cost component are included in employee benefits in the Consolidated Statements of Income. Assumptions Weighted-average assumptions used to determine the benefit obligations at year-end: 2023 2022 Discount rate 5.17 % 5.44 % Rate of compensation increase — % — % Weighted-average assumptions used to determine net periodic pension cost: 2023 2022 Discount rate 5.44 % 2.94 % Expected long-term rate of return on plan assets 6.00 % 5.25 % Rate of compensation increase — % — % Investment Strategy and Allocation The Company is a participant in the New York State Bankers Retirement System (the “System”). The System’s overall investment strategy is to achieve a mix of approximately 97% of investments for long-term growth and 3% for near-term benefit payments with a wide diversification of asset types, fund strategies, and fund managers. The target allocations for the System assets are shown in the table below. Cash equivalents consist primarily of government issues (maturing in less than three months) and short term investment funds. Equity securities primarily include investments in common stock, depository receipts, preferred stock, commingled pension trust funds, exchange traded funds and real estate investment trusts. Fixed income securities include corporate bonds, government issues, credit card receivables, mortgage backed securities, municipals, commingled pension trust funds and other asset backed securities. Other investments are real estate interests and related investments held within a commingled pension trust fund. The weighted average expected long-term rate of return is estimated based on current trends in the System’s assets as well as projected future rates of return on those assets and reasonable actuarial assumptions based on the guidance provided by Actuarial Standard of Practice (“ASOP”) No. 27 “Selection of Economic Assumptions for Measuring Pension Obligations” for long term inflation, and the real and nominal rate of investment return for a specific mix of asset classes. The following assumptions were used in determining the long-term rate of return: Equity securities Dividend discount model, the smoothed earnings yield model and the equity risk premium model Fixed income securities Current yield-to-maturity and forecasts of future yields Other financial instruments Comparison of the specific investment’s risk to that of fixed income and equity instruments and other judgments The long-term rate of return considers historical returns. Adjustments were made to historical returns in order to reflect expectations of future returns. These adjustments were due to factor forecasts by economists and long-term U.S. Treasury yields to forecast long-term inflation. In addition, forecasts by economists and others for long-term GDP growth were factored into the development of assumptions for earnings growth and per capita income. The System currently prohibits its investment managers from purchasing any security greater than 5% of the portfolio at the time of purchase or greater than 8% at market value in any one issuer. Effective June 25, 2013, the issuer of any security purchased must be located in a country in the MSCI (Morgan Stanley Capital International) World Index. In addition, the following are prohibited: short sales, unregistered stocks and margin purchases of equity securities, mortgage backed derivatives that have an inverse floating rate coupon or that are interest only securities, any asset backed security that is not issued by the U.S. Government or its agencies or its instrumentalities, securities of less than Baa2/BBB quality may not be purchased, securities of less than A-quality may not in the aggregate exceed 13% of the investment manager’s portfolio. An investment manager’s portfolio of commercial mortgage- backed securities and asset backed securities shall not exceed 10% of the portfolio at the time of purchase. In addition, unhedged currency exposure in countries not defined as “high income economies” by the World Bank is prohibited. The Company’s pension plan asset allocation at year-end 2023 and 2022, target allocation and expected long-term rate of return by asset class are as follows: 2023 2022 Target Actual Target Actual Allocation Allocation Allocation Allocation Asset category: Cash equivalents — % 0.14 % — % 16.59 % Equity securities 30.00 % 31.51 % 30.00 % 25.05 % Fixed income securities 15.00 % 36.14 % 15.00 % 21.70 % Other financial instruments 55.00 % 32.21 % 55.00 % 36.66 % Total 100.00 % 100.00 % Fair Value of Plan Assets The Company used the following valuation methods and assumptions to estimate the fair value of assets held by the plan: Commingled Pension Trust Funds (CPTF): The fair value of the plan assets at December 31, 2023, by asset class, is as follows: Fair Value Measurements at December 31, 2023 Using: Quoted Prices in Active Significant Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Commingled pension trust funds-realty 33,108 — 33,108 — Total plan assets $ 33,108 $ — $ 33,108 $ — The fair value of the plan assets at December 31, 2022, by asset class, is as follows: Fair Value Measurements at December 31, 2022 Using: Quoted Prices in Active Significant Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Commingled pension trust funds-realty 31,778 — 31,778 — Total plan assets $ 31,778 $ — $ 31,778 $ — Contributions: Estimated Future Payments: Pension Benefits 2024 $ 1,655 2025 1,639 2026 1,641 2027 1,603 2028 1,566 Following 5 years $ 7,642 Supplemental Executive Retirement Plans The Bank maintains a Supplemental Executive Retirement Plan for two former Chief Executive Officers to restore pension benefits that are limited due to Internal Revenue Service regulations. The benefits accrued under this plan, which are included in accrued expenses and other liabilities in the Consolidated Statements of Condition, were $691 and $665 as of December 31, 2023 and 2022, respectively. The Bank recorded expense of $57 and $57 for the years ended December 31, 2023 and 2022, respectively, in relation to this plan. Supplemental benefits for this plan expected to be paid in each year from 2024 2027 each The Bank also maintains a performance based Supplemental Executive Retirement Plan for the Chief Executive Officer and two Executive Vice Presidents. Contributions to this plan are based on achieving certain growth and profitability targets. The Bank recorded expense of $48 and $93 for the years ended December 31, 2023 and 2022, respectively. Deferred Directors’ Fee Plan The Bank and the Company maintain unfunded Deferred Director’s Fee Plans within which each director may defer the receipt of meeting fees. The benefits accrued under these plans totaled $6,241 and $6,959 at December 31, 2023 and 2022, respectively, which are included in accrued expenses and other liabilities in the Consolidated Statements of Condition. The Bank and the Company recorded an expense of $343 and $420 in 2023 and 2022 in relation to these plans. Deferred Compensation Plan The Bank maintains an unfunded Deferred Compensation Plan for certain officers. The benefits accrued under this plan totaled $18 and $32 at December 31, 2023 and 2022, respectively, which are included in accrued expenses and other liabilities in the Consolidated Statements of Condition. The Bank recorded an expense of $1 and $2 in 2023 and 2022, respectively. Deferred Incentive Retirement Plan The Bank maintains an unfunded Deferred Incentive Retirement Plan for certain executive officers. The benefits accrued under this plan totaled $480 and $517 at December 31, 2023 and 2022, respectively, which are included in accrued expenses and other liabilities in the Consolidated Statements of Condition. The Bank recorded an expense of $18 and $24 in 2023 and 2022, respectively. 401(k) Savings Plan The Company has a 401(k) Plan (Plan) to provide retirement and incidental benefits for its employees. Employees may contribute up to 100% of their annual compensation to the Plan, limited to a maximum annual amount as set periodically by the Internal Revenue Service. Effective for Plan Years beginning January 1, 2016, the Company makes a safe harbor non-elective contribution equal to 3% of annual compensation for each eligible employee whether or not the employee elects to defer compensation to the plan. All safe harbor non-elective contributions vest immediately. In addition, effective for Plan Years beginning January 1, 2016, for those employees hired before April 1, 2016, the Plan provides for discretionary contributions according to the following schedule: Percentage of Participant Age Range Compensation 1.0 % Under age 35 2.0 % 35 years 5.0 % 45 years 8.5 % 55 years of age or older Employees are eligible for the discretionary contribution after completing one year Discretionary contributions were $456 and $440 for 2023 and 2022, respectively. Restricted Stock Grants The Company has a time based restricted stock plan. For the years ended December 31, 2023 and 2022 the Company recognized stock-based compensation costs of $53 and $166, respectively. The Company uses the fair value of the common stock on the date of award to measure compensation cost for restricted stock unit awards. Compensation cost is recognized over the vesting period of the award using the straight line method. There were no restricted stock units granted for year ended December 31, 2022 and 2023. The grants generally vest at the rate of 33% per year with full vesting on the third anniversary date of the grant. Unamortized expense at December 31, 2023 was $5. A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2023, and changes during the year ended December 31, 2023. There were no restricted stock awards during 2023. Accordingly, the table below presents vesting during the year: Weighted Average Fair Shares Value Non-vested at beginning of period 11,677 $ 29.24 Granted — $ Vested (7,569) $ 29.50 Forfeited (580) $ 28.75 Non-vested at end of period 3,528 $ 28.75 On September 22, 2021 restricted stock units (RSUs) were granted in the amount of 48,004 from the Company’s 2019 Equity Incentive Plan to directors of the Company and officers of Orange Bank & Trust Company (“Bank”) and Hudson Valley Investment Advisors (“HVIA”) in connection with the successful completion of the Company’s initial public stock offering and listing on the NASDAQ Capital Market. Non-employee directors received 16,500 restricted stock units while officers received 31,504 restricted stock units. The restricted stock units granted to officers will vest over three years in approximately 33% increments on the first, second third The following table summarizes the activity of RSUs during the year ended December 31, 2023: Restricted Stock Units Non-vested RSUs at beginning of period 59,747 Granted 35,628 Vested (17,895) Forfeited (4,967) Non-vested RSUs at end of period 72,513

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2023
Income Taxes
Income Taxes	Note 11 — Income Taxes Income tax expense was as follows: 2023 2022 Current expense Federal $ 7,324 $ 6,488 State 244 384 Total 7,568 6,872 Deferred expense (benefit) Federal (12) (934) State (195) (410) Total (207) (1,344) Change in valuation allowance 310 386 Total provision for income taxes $ 7,671 $ 5,914 Effective tax rates differ from the federal statutory rate of 21% for 2023 and 2022 applied to income before taxes due to the following: 2023 2022 Tax expense at statutory rate $ 7,859 $ 6,356 (Decrease) increase in taxes resulting from: Net earnings on bank-owned life insurance (207) (200) Tax-exempt municipal bond income, net of disallowed interest expense (431) (465) State income tax, net of federal tax benefit 39 (26) Valuation allowance 310 386 Other 101 (137) Total provision for income tax $ 7,671 $ 5,914 Year-end deferred tax assets and liabilities were due to the following: 2023 2022 Deferred tax assets: Allowance for credit losses $ 6,835 $ 5,991 Reserve for unfunded commitments 150 55 Deferred loan fees, net of costs 1,082 1,130 Deferred compensation 2,650 2,420 Available for sale securities 15,264 16,063 Non-accrual interest 256 298 State NOL 2,637 2,476 Pension/deferred compensation OCI 2,814 2,463 31,688 30,896 2023 2022 Deferred tax liabilities: Intangible assets (1,077) (1,004) Organization costs – holding company (36) (24) Organization costs – HVIA (30) (26) Pension (2,977) (2,797) Accumulated depreciation (730) (517) Accretion (67) (39) (4,917) (4,407) Net deferred tax asset before valuation allowance 26,771 27,089 Valuation allowance (7,930) (7,993) Net deferred tax asset $ 18,841 $ 19,096 The Company has recorded a federal deferred tax asset that based upon an analysis of the evidence, it expects such federal deferred tax asset to be recoverable. The federal deferred tax asset is included in other assets on the balance sheet. However, due to the change in New York State tax legislation passed in March 2014, management has determined that a full valuation allowance, totaling $7,930, against the New York State portion of the deferred tax asset, which includes state net operating losses, at December 31, 2023 and 2022 is appropriate. At December 31, 2023, the Company has net operating loss carryforwards available for income tax purposes of approximately $35.4 million, with expiration dates through 2031. The Company did not have any uncertain tax positions at December 31, 2023 and 2022. The Company’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Income. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the states of New York and New Jersey. The Company is no longer subject to examination by taxing authorities for years before 2019.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
Accumulated Other Comprehensive Income (Loss)	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss).
Accumulated Other Comprehensive Income (Loss)	Note 12 — Accumulated Other Comprehensive Income (Loss) The following is changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ending December 31, 2023 and 2022. Year Ended December 31, 2023 Unrealized Gains and Losses on Deferred Available-for- Defined Benefit Compensation Sale Securities Pension Items Liability Total Beginning balance $ (60,430) $ (7,889) $ 123 $ (68,196) Other comprehensive income/(loss) before reclassification 325 19 (12) 332 Credit loss expense 4,065 — 4,065 Less amounts reclassified from accumulated other comprehensive income (87) (222) — (309) Net current period other comprehensive income/(loss) 4,303 (203) (12) 4,088 Ending balance $ (56,127) $ (8,092) $ 111 $ (64,108) Year Ended December 31, 2022 Unrealized Gains and Losses on Deferred Available-for- Defined Benefit Compensation Sale Securities Pension Items Liability Total Beginning balance $ (1,072) $ (2,506) $ 135 $ (3,443) Other comprehensive income/(loss) before reclassification (59,358) (5,361) (12) (64,731) Less amounts reclassified from accumulated other comprehensive income — 22 22 Net current period other comprehensive income/(loss) (59,358) (5,383) (12) (64,753) Ending balance $ (60,430) $ (7,889) $ 123 $ (68,196) The following is significant amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ending December 31, 2023 and 2022. Amount Reclassified from Details about Accumulated Other Accumulated Other Comprehensive Affected Line Item in the Statement Comprehensive Income Components Income where Net Income is Presented 2023 2022 Unrealized gains and losses on available-for-sale securities Realized gains on securities available-for-sale $ 107 $ — Investment security gains, net Total before tax 107 — Tax effect 20 — Provision for income taxes Net of tax $ 87 $ — Amortization of defined benefit pension items Transition asset — (28) Employee benefits Actuarial gains $ 281 $ — Employee benefits Total before tax 281 (28) Tax effect 59 (6) Provision for income taxes Net of tax $ 222 $ (22) Total reclassifications for the period, net of tax $ 309 $ (22)

Regulatory Capital Matters

Regulatory Capital Matters	12 Months Ended
Regulatory Capital Matters	Dec. 31, 2023
Regulatory Capital Matters
Regulatory Capital Matters	Note 13 — Regulatory Capital Matters The Bank is subject to regulatory capital requirements administered by the federal banking agencies. Capital adequacy guidelines and prompt corrective regulations involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgements by regulators. Failure to meet the minimum capital requirements can initiate regulatory action. Under the Basel III rules, the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The net unrealized gain or loss on available for sale securities is excluded in computing regulatory capital. Management believes as of December 31, 2023, the Bank meets all capital adequacy requirements to which it is subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion and capital restoration plans are required. At year-end 2023 and 2022, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes changed that category. Actual and required capital amounts and ratios are presented below at year-end. To be Well Capitalized For Capital Adequacy For Capital Adequacy under Prompt Actual Purposes Purposes with Capital Buffer Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total capital to risk weighted assets $ 262,598 14.16 % $ 148,398 8.00 % $ 183,178 9.875 % $ 185,497 10.00 % Tier 1 (Core) capital to risk weighted assets 239,398 12.91 % 111,298 6.00 % 146,079 7.875 % 148,398 8.00 % Common Tier 1 (CET1) to risk weighted assets 239,398 12.91 % 83,474 4.50 % 118,254 6.375 % 120,573 6.50 % Tier 1 (Core) Capital to average assets 239,398 9.42 % 101,640 4.00 % N/A N/A 127,049 5.00 % December 31, 2022 Total capital to risk weighted assets $ 235,346 13.95 % $ 134,986 8.00 % $ 166,624 9.875 % $ 168,733 10.00 % Tier 1 (Core) capital to risk weighted assets 214,243 12.70 % 101,240 6.00 % 132,877 7.875 % 134,986 8.00 % Common Tier 1 (CET1) to risk weighted assets 214,243 12.70 % 75,930 4.50 % 107,567 6.375 % 109,677 6.50 % Tier 1 (Core) Capital to average assets 214,243 9.09 % 94,250 4.00 % N/A N/A 117,813 5.00 %

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2023
Leases
Leases	Note 14 — Leases The Company enters into leases in the normal course of business primarily for financial centers, back office operations locations, business development offices, and information technology equipment. The Company’s leases have remaining terms from one ten years five years The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option. In addition, the Company has elected to account for any non-lease components in its real estate leases as part of the associated lease component. The Company has also elected to not recognize leases with original lease terms of twelve months or less (short-term leases) on the Company’s balance sheet. Leases are classified as operating or financing leases at the lease commencement date. Currently, the Company does not have any leases classified as financing leases. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. The Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit in a lease is not known. The Company’s incremental borrowing rate is based on the FHLB advance rates, adjusted for the lease term and other factors. Right-of-use assets and lease liabilities are included in other assets and accrued expenses and other liabilities, respectively, in the Consolidated Statements of Condition. The right-of-use assets as of December 31, 2023 and 2022 were $3,218 and $4,029, respectively. Lease liabilities as of December 31, 2023 and 2022 were $3,218 and $4,029, respectively. Future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2023 are as follows: Years Ending December 31, 2024 $ 824 2025 800 2026 749 2027 537 2028 181 Thereafter 355 Total undiscounted lease payments $ 3,446 Discount $ 228 Total discounted lease payments $ 3,218 Operating lease weighted average remaining lease term (years) 4.76 years Operating lease weighted average discount rate 3.56 % Rent expense for all operating leases was $992 in 2023 and $911 in 2022.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
Revenue from Contracts with Customers	Dec. 31, 2023
Revenue from Contracts with Customers
Revenue from Contracts with Customers	Note 15 — Revenue from Contracts with Customers All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within Noninterest Income. The following table presents the Company’s gross sources of noninterest income for the twelve months ended December 31, 2023 and 2022. Year Ended December 31, 2023 2022 Noninterest Income Service charges on deposit accounts Overdraft fees $ 407 $ 328 Other 402 365 Trust income 5,098 4,764 Investment advisory income 5,241 4,537 Investment securities gains (losses) (a) 107 — Earnings on bank owned life insurance (a) 984 950 Other (b) 1,180 1,052 Total Noninterest Income $ 13,419 $ 11,996 (a) Not within the scope of ASC 606. (b) The Other category includes safe deposit income, checkbook fees, and debit card fee income, totaling $982 and $913 for 2023 and 2022, respectively, that are within the scope of ASC 606 and loan related fee income and miscellaneous income, totaling $198 and $139 for 2023 and 2022, respectively, which are outside the scope of ASC 606. A description of the Company’s revenue streams accounted for under ASC 606 follows: Service Charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Wealth Management Fees (Gross): The Company earns wealth management fees, which includes trust income and investment advisory income, from its contracts with trust and brokerage customers to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Company provides the contracted services and are generally assessed based on a tiered scale of the market value of the assets under management at month-end or quarter-end.

Financial Instruments with Off-

Financial Instruments with Off-Balance Sheet Risk	12 Months Ended
Financial Instruments with Off-Balance Sheet Risk	Dec. 31, 2023
Financial Instruments with Off-Balance Sheet Risk
Financial Instruments with Off-Balance Sheet Risk	Note 16 — Financial Instruments with Off-Balance Sheet Risk The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing need of its customers. These financial instruments consist primarily of commitments to extend credit (typically mortgages and commercial loans) and, to a lesser extent, standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the Consolidated Statements of Condition. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligation as it does for on balance sheet instruments. The Bank does not anticipate any material losses from these commitments. Commitments to extend credit, including commitments to grant loans and unfunded commitments under lines of 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. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extensions of credit, is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property and equipment and income-producing commercial properties. On loans secured by real estate, the Bank generally requires loan to value ratios of no greater than 80%. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements and similar transactions. The terms of the letters of credit vary and may have renewal features. The credit risk involved in using letters of credit is essentially the same as that involved in extending loans to customers. The Bank holds collateral supporting those commitments for which collateral is deemed necessary. Management believes that the proceeds obtained through a liquidation of such collateral would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. The Bank has not been required to perform on any financial guarantees, and has not incurred any losses on its commitments, during the past two years. A summary of the Bank’s Commitments at December 31, 2023 and 2022 were as follows: 2023 2022 Commitments to extend credit $ 409,536 $ 389,062 Standby letters of credit 17,297 13,552

Contingencies

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2023
Contingencies
Contingencies	Note 17 — Contingencies The Company is subject to claims and lawsuits which arise primarily in the ordinary course of business. Based on information presently available and advice received from legal counsel representing the Company in connection with any such claims and lawsuits, it is the opinion of management that the disposition or ultimate determination of any such claims and lawsuits will not have a material effect on the consolidated financial position, consolidated results or liquidity of the Company.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events
Subsequent Events	Note 18 — Subsequent Events On February 15, 2024 the Company’s board of director’s declared a quarterly cash dividend of $0.23 per share on the Company’s common stock. The dividend was paid on March 15, 2024 to shareholders of record as of March 4

Parent Company Information

Parent Company Information	12 Months Ended
Parent Company Information	Dec. 31, 2023
Parent Company Information
Parent Company Information	Note 19 — Parent Company Information Financial Information for the Company only is presented in the following tables: Condensed Statements of Condition December 31, 2023 2022 Assets Cash and due from banks $ 4,194 $ 4,596 Investment in subsidiaries 180,502 152,214 Goodwill and intangible assets 1,279 1,564 Other assets 198 366 Total assets $ 186,173 $ 158,740 December 31, 2023 2022 Liabilities and stockholders’ equity Subordinated notes, net of issuance costs $ 19,520 $ 19,447 Note payable — — Other liabilities 1,277 1,155 Total liabilities 20,797 20,602 Total stockholders’ equity 165,376 138,138 Total liabilities and stockholders’ equity $ 186,173 $ 158,740 Condensed Statements of Income and Comprehensive Income (Loss) Years ended December 31, 2023 2022 Operating Income Dividend income from operating subsidiaries $ 5,715 $ 6,792 Servicing Fee 389 553 Total operating income 6,104 7,345 Operating Expenses Interest on borrowings 922 1,077 Salaries and employee benefits 392 553 Professional fees 585 413 Directors’ fees and expenses 225 162 Intangible amortization 285 286 Other expenses and income taxes (23) (28) Total operating expenses 2,386 2,463 Equity in undistributed earnings of subsidiary 25,760 19,481 Net income $ 29,478 $ 24,363 Comprehensive income $ 33,566 $ (40,390) Condensed Statements of Cash Flows Years ended December 31, 2023 2022 Cash flows from operating activities Net income after equity in undistributed earnings of subsidiary $ 29,478 $ 24,363 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed earnings of subsidiary companies (25,760) (19,481) Stock-based compensation 818 503 Amortization of intangibles 285 286 Restricted stock expense 53 166 Other, net 362 295 Net cash provided by (used in) operating activities 5,236 6,132 Cash flows from investing activities Investment in operating subsidiary — (18,000) Net cash used in investing activities — (18,000) Cash flows from financing activities Repayment of note payable — (3,000) Dividends paid, common stock (5,191) (4,669) Purchases of treasury stock (447) (308) Net cash (used in) provided by financing activities (5,638) (7,977) Net increase in cash and cash equivalents (402) (19,845) Cash and cash equivalents at beginning of year 4,596 24,441 Cash and cash equivalents at end of year $ 4,194 $ 4,596

Segment Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2023
Segment Information
Segment Information	Note 20 — Segment Information The reportable segments are determined by the products and services offered by the Company, primarily distinguished between banking and wealth management. Loans, investments, and deposits provide the revenues in the banking operation, and trust fees and investment management fees provide the revenues in wealth management. All operations are domestic. Significant segment totals are reconciled to the financial statements as follows: For the twelve months ended December 31, 2023 Banking Wealth Management Total Segments Net interest income $ 88,391 $ — $ 88,391 Noninterest income 3,080 10,339 13,419 Provision for credit loss - investments (5,000) — (5,000) Provision for credit loss (2,868) — (2,868) Noninterest expenses (49,015) (7,778) (56,793) Income tax expense (7,133) (538) (7,671) Net income $ 27,455 $ 2,023 $ 29,478 Total assets $ 2,476,610 $ 8,858 $ 2,485,468 For the twelve months ended December 31, 2022 Banking Wealth Management Total Segments Net interest income $ 78,088 $ — $ 78,088 Noninterest income 2,695 9,301 11,996 Provision for loan loss (9,517) — (9,517) Noninterest expenses (42,898) (7,392) (50,290) Income tax expense (5,513) (401) (5,914) Net income $ 22,855 $ 1,508 $ 24,363 Total assets $ 2,279,469 $ 7,865 $ 2,287,334

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Summary of Significant Accounting Policies
Nature of Operations and Principles of Consolidation	Nature of Operations and Principles of Consolidation: The Company provides commercial and consumer banking services to individuals, small businesses and local municipal governments as well as trust and investment services through the Bank and HVIA. The Company is headquartered in Middletown, New York, with eight locations in Orange County, New York, eight in Westchester County, New York, two in Rockland County, New York and one in Bronx County, New York. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial real estate, commercial & industrial and residential mortgage loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial & industrial and residential real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the areas in which they operate. Assets held by the Company in an agency or fiduciary capacity for its customers are excluded from the consolidated financial statements since they do not constitute assets of the Company. Assets held by the Company amounted to $1.6 billion and $1.3 billion at December 31, 2023 and 2022, respectively.
Use of Estimates	Use of Estimates: To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.
Adoption of New Accounting Standards	Adoption of New Accounting Standards: Financial Instruments - Credit Losses (Topic 326) The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet commitments. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with the incurred loss model previously applicable under GAAP. The Company recorded a net decrease to retained earnings of approximately $1.6 million as of January 1, 2023 for the cumulative effect of adopting ASC 326. The transition adjustment includes a $1.9 million addition to our allowance for credit losses. The increase in ACL upon CECL adoption was related to a $1.5 million increase in ACL for loans and a $442 thousand increase in ACL for unfunded commitments, as required under CECL. The following table illustrates the impact to our financial statements as of January 1, 2023 upon adoption of ASC 326: January 1, 2023 Impact to Consolidated Statement of Condition from ASC_326 Adoption Tax Effect Impact to Retained Earnings from ASC-326 Adoption (In thousands) Allowance for credit losses on loans $ 1,483 $ (282) $ 1,201 Allowance for credit losses on off-balance sheet commitments 442 (82) 360 Total impact from ASC 326 adoption $ 1,925 $ (364) $ 1,561
Cash and Cash Equivalents	Cash and Cash Equivalents:
Securities	Securities: Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. A debt security is placed on nonaccrual status at the time any principal of interest payment becomes 90 days delinquent. Interest accrued but not recovered for a security placed on nonaccrual is reversed against interest income. For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The Company does not estimate expected losses on accrued interest receivable on investments, as accrued interest receivable is reversed or written off when the full collection of the accrued interest receivable related to an investment becomes doubtful.
Loans	Loans: fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Interest income on loans is discontinued and placed on non-accrual status at the time the loan is 120 days (in the case of residential mortgage loans) or 90 days (in the case of commercial loans) delinquent unless the loan is well-secured and in process of collection. Loans are charged off to the extent principal or interest is deemed uncollectible. Secured consumer loans, except those secured by the borrower’s primary or secondary residence, are charged off upon becoming 180 days past due, or whenever collection is doubtful, whichever occurs first. All unsecured consumer loans are charged off when they become 180 days delinquent or if it is determined that the debt is uncollectible, whichever occurs first. Past-due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated loans. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. There is allowance for credit losses recorded for accrued interest receivable related to non-accrual loans as the accrued interest receivable is reversed at the time of non-accrual status or 90 days past due.
Allowance for Credit Losses	Allowance for Credit Losses: Topic 326, The allowance for credit losses ("ACL") on loans held for investment is the combination of the allowance for credit losses and the reserve for unfunded loan commitments. The allowance for credit losses is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Statements of Condition. The estimate of credit loss incorporates assumptions for both the likelihood and amount of funding over the estimated life of the commitments, including adjustments for current conditions and reasonable and supportable forecasts. Management periodically reviews and updates its assumptions for estimated funding rates. The amortized cost basis of loans does not include accrued interest receivable, which is included in "accrued interest receivable" on the Consolidated Statements of Condition. The "Provision for credit losses" on the Consolidated Statements of Income is a combination of the provision for credit losses and the provision for unfunded loan commitments. Allowance for Loan Losses under incurred methodology prior to CECL Adoption on January 1, 2022 The allowance for loan and lease losses was a valuation allowance for loan losses that was management’s estimate of probable incurred losses in the loan portfolio. Under this accounting method, the process to determine reserves utilized analytical tools and management judgment and was reviewed on a quarterly basis. When management was reasonably certain that a loan balance was not fully collectable, an impairment analysis was completed whereby a specific reserve could be established or a full or partial charge off was recorded against the allowance. Subsequent recoveries, if any, were credited to the allowance. Management estimated the allowance balance required using past loan loss experience, the size and composition of the portfolio, information about specific borrower situations, estimated collateral values, asset quality information, economic conditions and other factors. Allocations of the allowance could be made for specific loans via a specific reserve, but the entire allowance was available for any loan that, in management’s judgment, should be charged off. The allowance consisted of specific and general components. The specific component of the allowance relates to loans that were individually classified as impaired. A loan was impaired when, based on current information and events, it was probable that the Bank would be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered in determining impairment included payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally were not classified as impaired. Management determined the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans are individually evaluated for impairment when they were classified as substandard. If a loan was considered impaired, a portion of the allowance could be allocated so that the loan was reported, net, at the present value of estimated future cash flows using the loan’s existing rate or if repayment is expected solely from the underlying collateral, the loan principal balance was compared to the fair value of collateral less estimated disposition costs to determine the need, if any, for a charge off. ACL in accordance with CECL methodology With respect to pools of similar loans that are collectively evaluated, an appropriate level of allowance is determined by portfolio segment using a discounted cash flow ("DCF") model. The DCF model captures losses over the historical charge-off and prepayment cycle and applies those losses at a loan level over the remaining maturity of the loan. The model then calculates a historical loss rate using the average losses over the reporting period, which is then applied to each segment utilizing a standard reversion rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, including but not limited to unemployment rates, national gross domestic product and other indices. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. Also included in the ACL are qualitative factors based on the risks present for each portfolio segment. These qualitative factors include the following: changes in policies and procedures; changes in nature/volume of portfolio; levels of delinquencies and non-accruals; concentration of credit; quality of the bank’s loan review system; experience, ability and depth of management; national and local economic trends and conditions; and competitive, legal, and regulatory environment impacts. All of these factors are susceptible to change, which may be significant. As a result of this detailed process, the ACL results in two forms of allocations, quantitative and qualitative. These two components represent the total ACL deemed adequate to cover current expected credit losses in the loan portfolio. When management identifies loans that do not share common risk characteristics (i.e., are not similar to other loans within a pool) they are evaluated on an individual basis. These loans are not included in the collective evaluation. For loans identified as having a likelihood of foreclosure or that the borrower is experiencing financial difficulty, a collateral dependent approach is used. These are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient method to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan's collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. The CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Several of the steps in the methodology involve judgment and are subjective in nature including, among other things: segmenting the loan portfolio; determining the amount of loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the reasonable and supportable forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts, which are inherently imprecise and will change from period to period. Although the allowance for credit losses is considered appropriate, there can be no assurance that it will be sufficient to absorb future losses. In determining an appropriate amount for the allowance, the Bank segments and evaluates the loan portfolio based on Federal call report codes, which are based on collateral or purpose. The following portfolio classes have been identified: ● 1-4 family residential construction loans; ● Other construction loans and all land development and other land loans; ● Loans secured by farmland (including farm residential and other improvements); ● Revolving, open-end loans secured by 1-4 residential properties; ● Loans secured by first liens; ● Loans secured by junior liens; ● Loans secured by multifamily (5 or more) residential properties; ● Loans secured by owner-occupied, nonfarm nonresidential properties; ● Commercial and Industrial loans; ● Credit cards; ● Other revolving credit plans; ● Automobile loans; ● Obligations (other than securities and leases); and ● Unknown
Commercial and Industrial Lending	Commercial and Industrial Lending: Commercial and industrial loans are generally secured with short-term assets; however, in many cases, additional collateral such as real estate is provided as additional security for the loan. Loan-to-value maximum values have been established by the Bank and are specific to the type of collateral. Collateral values may be determined using invoices, inventory reports, accounts receivable aging reports, collateral appraisals, etc. In underwriting commercial and industrial loans, an analysis of the borrower’s character, capacity to repay the loan, the adequacy of the borrower’s capital and collateral as well as an evaluation of conditions affecting the borrower is performed. Analysis of the borrower’s past, present and future cash flows is also an important aspect of the Bank’s analysis. Commercial loans generally present a higher level of risk than other types of loans due primarily to the effect of general economic conditions.
Commercial Real Estate Lending	Commercial Real Estate Lending — In underwriting these loans, the Bank performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, and the reliability and predictability of the cash flow generated by the property securing the loan. Appraisals on properties securing commercial real estate loans originated by the Bank are performed by independent appraisers. Commercial real estate loans generally present a higher level of risk than other types of loans due primarily to the effect of general economic conditions.
Commercial Real Estate Construction Lending	Commercial Real Estate Construction Lending: The Bank’s commercial real estate construction loans are generally secured with the subject property. Terms of construction loans depend on the specifics of the project such as estimated absorption rates, estimated time to complete, etc. In underwriting commercial real estate construction loans, the Bank performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, the reliability and predictability of the cash flow generated by the project using feasibility studies, market data, etc. Appraisals on properties securing commercial real estate construction loans originated by the Bank are performed by independent appraisers. Commercial real estate construction loans generally present a higher level of risk than other types of loans due primarily to the effect of general economic conditions and uncertainties of construction costs.
Residential Real Estate Lending	Residential Real Estate Lending: The Bank offers fixed-rate loans with terms up to a maximum of 30 years for both permanent structures and those under construction. The Bank’s one- to four-family residential real estate loan originations are secured primarily by properties located in its primary market area and surrounding areas. The majority of the Bank’s residential real estate loans originate with a loan-to-value of 80% or less. Loans in excess of 80% are required to have private mortgage insurance. In underwriting one- to four-family residential real estate loans, the Bank evaluates both the borrower’s ability to make monthly payments and the value of the property securing the loan. Properties securing real estate loans made by the Bank are appraised by independent appraisers. The Bank generally requires borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. The Bank has not engaged in sub- prime residential mortgage originations. Residential real estate loans generally present a lower level of risk than other types of loans because they are secured by the borrower’s primary residence.
Home Equity Lending	Home Equity Lending: Home equity lines and loans are secured by the borrower’s primary residence with a maximum loan-to-value of 85% and a maximum term of 15 years on home equity loans and a 10-year 15-year In underwriting home equity lines and loans, a thorough analysis of the borrower’s financial ability to repay the loan as agreed is performed. The ability to repay shall be determined by the borrower’s employment history, current financial conditions, and credit background. The analysis is based primarily on the customer’s ability to repay and secondarily on the collateral or security. Home equity lines and loans generally present a lower level of risk than other types of consumer loans because they are secured by the borrower’s primary residence. The subordinate nature of some home equity lines and loans may make these loans of higher risk than other residential real estate loans.
Consumer Lending	Consumer Lending: Consumer loan terms vary according to the type and value of collateral and creditworthiness of the borrower. In underwriting consumer loans, a thorough analysis of the borrower’s financial ability to repay the loan as agreed is performed. The ability to repay shall be determined by the borrower’s employment history, current financial conditions, and credit background. Consumer loans may entail greater credit risk than do residential real estate loans particularly in the case of consumer loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans.
Transfers of Financial Assets	Transfers of Financial Assets:
Foreclosed Assets	Foreclosed Assets:
Premises and Equipment	Premises and Equipment:
Leases	Leases: Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option.
Trust and Investment Advisory Income	Trust and Investment Advisory Income: and advisory services, employee benefit account and IRA administration, estate settlement, tax service fees, shareholder service fees and brokerage. These fees are generally based on asset values and fluctuate with the market. Some revenue is not directly tied to asset value but is based on a flat fee for services provided. For many of our revenue sources, amounts are not received in the same accounting period in which they are earned. However, each source of wealth management fees is recorded on the accrual method of accounting. Included in other assets on the balance sheet is a receivable for trust fees and advisory fees that have been earned but not yet collected.
Federal Home Loan Bank (FHLB) Stock	Federal Home Loan Bank (FHLB) Stock:
Federal Reserve Bank (FRB) Stock	Federal Reserve Bank (FRB) Stock:
Bank Owned Life Insurance	Bank Owned Life Insurance: The Bank has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets: Intangible assets consist of acquired customer relationship intangible assets arising from wealth management acquisitions and are amortized on a straight lined basis over their estimated useful lives.
Loan Commitments and Related Financial Instruments	Loan Commitments and Related Financial Instruments:
Stock-Based Compensation	Stock-Based Compensation: Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s accounting policy is to recognize forfeitures as they occur.
Income Taxes	Income Taxes: A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in other expense.
Retirement Plans	Retirement Plans:
Earnings per Common Share	Earnings per Common Share: Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities for this calculation. As of December 31, 2023 and 2022, there are approximately in participating securities for these periods. Earnings and dividends per share are restated for any stock splits and stock dividends through the date of issuance of the financial statements. The Company currently maintains a simple capital structure, which includes restricted stock with participation rights to dividends, thus there are no dilutive effects on earnings per share.
Comprehensive Income(Loss):	Comprehensive Income (Loss):
Loss Contingencies	Loss Contingencies:
Restrictions on Cash	Restrictions on Cash:
Dividend Restriction	Dividend Restriction:
Fair Value of Financial Instruments	Fair Value of Financial Instruments:
Segment Disclosure	Segment Disclosure:
Reclassifications	Reclassifications:
Recent Accounting Pronouncements	Recent Accounting Pronouncements: modifications granted to borrowers experiencing financial difficulty to determine whether the modification is considered a continuation of an existing loan or a new loan. The vintage disclosure component of the ASU requires entities to disclose current-period gross writeoffs by origination year for financing receivables and investment leases within the scope of Subtopic 326-20. The Company adopted ASU 2022-02 concurrently with the adoption of ASU 2016-13. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: 1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes. 2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: 1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and 2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state and foreign. ASU 2023-09 is effective for the Company beginning January 1, 2025. The Company is evaluating the effect that ASU 2023-09 will have on its consolidated financial statements.
Risk and Uncertainties

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2023
Summary of Significant Accounting Policies
Schedule of impact to our financial statements	January 1, 2023 Impact to Consolidated Statement of Condition from ASC_326 Adoption Tax Effect Impact to Retained Earnings from ASC-326 Adoption (In thousands) Allowance for credit losses on loans $ 1,483 $ (282) $ 1,201 Allowance for credit losses on off-balance sheet commitments 442 (82) 360 Total impact from ASC 326 adoption $ 1,925 $ (364) $ 1,561

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
Investment Securities (Tables)	Dec. 31, 2023
Investment Securities
Schedule of amortized cost and fair value of investment securities	Gross Gross Amortized Unrealized Unrealized ACL Fair Cost Gains Losses Adjustment Value Available-for-sale December 31, 2023 U.S. government agencies and treasuries $ 96,736 $ 21 $ (9,690) $ — $ 87,067 Mortgage-backed securities - residential 257,804 45 (30,931) — 226,918 Mortgage-backed securities - commercial 79,589 — (16,286) — 63,303 Corporate Securities 23,529 — (4,253) — 19,276 Obligations of states and political subdivisions 103,336 91 (10,043) — 93,384 Total debt securities $ 560,994 $ 157 $ (71,203) $ — $ 489,948 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale December 31, 2022 U.S. government agencies and treasuries $ 104,734 $ 25 $ (11,009) $ 93,750 Mortgage-backed securities - residential 283,774 17 (34,640) 249,151 Mortgage-backed securities - commercial 80,916 — (13,152) 67,764 Corporate Securities 28,559 — (2,901) 25,658 Obligations of states and political subdivisions 111,971 48 (14,881) 97,138 Total debt securities $ 609,954 $ 90 $ (76,583) $ 533,461 Proceeds from sales of securities and associated gains and losses during 2023 and 2022.
Schedule of sales of securities gains and losses	2023 2022 Proceeds $ 7,296 $ — Gross gains 130 — Gross losses 23 —
Schedule of contractual maturities of debt securities	Available-for-sale Amortized Fair Cost Value Due in one year or less $ 7,969 $ 7,960 Due after one through five years 30,901 28,824 Due after five through ten years 54,520 47,200 Due after ten years 130,211 115,743 223,601 199,727 Mortgage-backed securities 337,393 290,221 Total debt securities $ 560,994 $ 489,948
Schedule of securities with unrealized and unrecognized losses	Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Available-for-sale December 31, 2023 U.S. government agencies and treasuries $ 438 $ (1) $ 83,003 $ (9,689) $ 83,441 $ (9,690) Mortgage-backed securities - residential 9,169 (171) 215,301 (30,760) 224,470 (30,931) Mortgage-backed securities - commercial 1,223 (10) 62,080 (16,276) 63,303 (16,286) Corporate Securities — — 19,276 (4,253) 19,276 (4,253) Obligations of states and political subdivisions 513 (2) 83,470 (10,041) 83,983 (10,043) Total debt securities $ 11,343 $ (184) $ 463,130 $ (71,019) $ 474,473 $ (71,203) Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Available-for-sale December 31, 2022 U.S. government agencies $ 47,064 $ (2,414) $ 41,718 $ (8,595) $ 88,782 $ (11,009) Mortgage-backed securities - residential 129,352 (9,290) 118,762 (25,350) 248,114 (34,640) Mortgage-backed securities - commercial 21,190 (2,849) 46,574 (10,303) 67,764 (13,152) Corporate Securities 12,503 (1,007) 13,155 (1,894) 25,658 (2,901) Obligations of states and political subdivisions 57,287 (6,763) 32,479 (8,118) 89,766 (14,881) Total debt securities $ 267,396 $ (22,323) $ 252,688 $ (54,260) $ 520,084 $ (76,583)
Schedule of allowance for credit loss - investments activity	Allowance for credit losses -investments: Beginning balance $ — Provision for credit losses 5,000 Charge-offs 5,000 Recoveries — Ending balance $ —

Loans (Tables)

Loans (Tables)	12 Months Ended
Loans (Tables)	Dec. 31, 2023
Loans
Schedule of loans	2023 2022 Commercial and industrial $ 273,562 $ 258,901 Commercial real estate 1,259,356 1,098,054 Commercial real estate construction 85,725 109,570 Residential real estate 78,321 74,277 Home equity 13,546 12,329 Consumer 36,552 16,299 Total Loans 1,747,062 1,569,430 Allowance for credit losses (25,182) (21,832) Net Loans $ 1,721,880 $ 1,547,598
Schedule of activity in the allowance for loan losses and recorded investment in loans by portfolio segment and based on impairment method	The following table presents the activity in the allowance for credit losses by portfolio segment for each of the years ending December 31, 2023 and 2022 (Note: The activity presented does not include provisions recorded to support the reserve associated with off balance sheet commitments.): Year Ended December 31, 2023 Commercial Commercial And Commercial Real Estate Residential Home Industrial Real Estate Construction Real Estate Equity Consumer Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 5,510 $ 14,364 $ 1,252 $ 345 $ 63 $ 298 $ 21,832 Impact of adopting ASC 326 72 1,792 (8) (227) (17) (129) 1,483 Provision for credit losses * 731 1,544 (472) 963 5 243 3,014 Charge-offs (1,569) — — — — (37) (1,606) Recoveries 75 173 — — — 211 459 Ending balance $ 4,819 $ 17,873 $ 772 $ 1,081 $ 51 $ 586 $ 25,182 * Additional provision related to off balance sheet exposure was a credit of $146 thousand for the year Year Ended December 31, 2022 Commercial Commercial and Commercial Real Estate Residential Home Industrial Real Estate Construction Real Estate Equity Consumer Total Allowance for loan losses: Beginning balance $ 4,901 $ 11,183 $ 964 $ 272 $ 80 $ 261 $ 17,661 Provision for credit losses 5,505 3,129 288 138 (17) 474 9,517 Charge-offs (4,962) — — (65) — (479) (5,506) Recoveries 66 52 — — — 42 160 Ending balance $ 5,510 $ 14,364 $ 1,252 $ 345 $ 63 $ 298 $ 21,832 The following table presents the balance in the allowance for credit losses and the amortized cost in loans by portfolio segment and based on impairment method as of December 31, 2023 and 2022: Commercial Commercial and Commercial Real Estate Residential Home Industrial Real Estate Construction Real Estate Equity Consumer Total December 31, 2023 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 157 $ 308 $ — $ 94 $ — $ — $ 559 collectively evaluated for impairment 4,662 17,565 772 987 51 586 24,623 Total ending allowance balance $ 4,819 $ 17,873 $ 772 $ 1,081 $ 51 $ 586 $ 25,182 Loans: Ending balance: individually evaluated for impairment $ 556 $ 21,210 $ — $ 1,239 $ — $ 94 $ 23,099 collectively evaluated for impairment 273,006 1,238,146 85,725 77,082 13,546 36,458 1,723,963 Total ending loans balance $ 273,562 $ 1,259,356 $ 85,725 $ 78,321 $ 13,546 $ 36,552 $ 1,747,062 Commercial Commercial and Commercial Real Estate Residential Home Industrial Real Estate Construction Real Estate Equity Consumer Total December 31, 2022 Allowance for loan losses: Ending balance: individually evaluated for impairment $ 653 $ 380 $ — $ — $ — $ — $ 1,033 collectively evaluated for impairment 4,857 13,984 1,252 345 63 298 20,799 Total ending allowance balance $ 5,510 $ 14,364 $ 1,252 $ 345 $ 63 $ 298 $ 21,832 Loans: Ending balance: individually evaluated for impairment $ 1,003 $ 22,956 $ — $ 1,254 $ 51 $ 104 $ 25,368 collectively evaluated for impairment 257,898 1,075,098 109,570 73,023 12,278 16,195 1,544,062 Total ending loans balance $ 258,901 $ 1,098,054 $ 109,570 $ 74,277 $ 12,329 $ 16,299 $ 1,569,430
Schedule of average recorded investment and interest income of loans individually evaluated for impairment recognized by class of loans	Unpaid Allowance for Average Interest Cash Basis Principal Recorded Loan Losses Recorded Income Interest Balance Investment Allocated Investment Recognized Recognized December 31, 2022 With no related allowance recorded Commercial and industrial $ — $ — $ — $ — $ — $ — Commercial real estate 17,884 17,316 — 17,622 633 633 Commercial real estate construction — — — 578 — — Residential real estate 1,266 1,254 — 739 20 20 Home equity 55 51 — — — — Consumer — — — — — — Total $ 19,205 $ 18,621 $ — $ 18,939 $ 653 $ 653 With an allowance recorded: Commercial and industrial $ 1,011 $ 1,003 $ 653 $ 7,516 $ 209 $ 209 Commercial real estate 5,665 5,640 380 2,274 119 119 Commercial real estate construction — — — — — — Residential real estate — — — — — — Home equity — — — — — — Consumer 104 104 — 109 6 6 Total $ 6,780 $ 6,747 $ 1,033 $ 9,899 $ 334 $ 334
Schedule of amortized cost basis and related allowance for credit loss of individually analyzed loans considered to be collateral dependent	At December 31, 2023 Principal Balance Related Allowance (Dollars in thousands) Commercial and industrial $ — $ — Commercial real estate (1) 15,594 100 Commercial real estate construction — — Residential real estate (2) 1,239 94 Home equity — — Consumer — — Total $ 16,833 $ 194
Schedule of recorded investment in non-accrual and loans past due over 90 days still on accrual by class of loans	Non-Accrual with No Allowance Loans Past Due Over 90 Days for Credit Loss Non-accrual Still Accruing 2023 2023 2022 2023 2022 Commercial and industrial $ 285 $ 556 $ 1,003 $ — $ 1,850 Commercial real estate 2,391 2,692 3,882 — — Commercial real estate construction — — — — — Residential real estate 591 1,179 1,188 — — Home equity — — 51 — — Consumer — — — — 477 Total $ 3,267 $ 4,427 $ 6,124 $ — $ 2,327
Schedule of aging of the recorded investment in past-due loans	30-59 Days 60-89 Days Greater Than Total Loans Past Due Past Due 90 Days Past Due Not Past Due December 31, 2023 Commercial and industrial $ 229 $ — $ 327 $ 556 $ 273,006 Commercial real estate 20 — 300 320 1,259,035 Commercial real estate construction — — — — 85,725 Residential real estate — — 1,167 1,167 77,155 Home equity — — — — 13,546 Consumer — — — — 36,552 Total $ 249 $ — $ 1,794 $ 2,043 $ 1,745,019 30-59 Days 60-89 Days Greater Than Total Loans Past Due Past Due 90 Days Past Due Not Past Due December 31, 2022 Commercial and industrial $ 1,497 $ 1,583 $ 2,854 $ 5,934 $ 252,967 Commercial real estate 563 — 952 1,515 1,096,539 Commercial real estate construction — — — — 109,570 Residential real estate 2 — 1,188 1,190 73,087 Home equity — — — — 12,329 Consumer 584 634 476 1,694 14,605 Total $ 2,646 $ 2,217 $ 5,470 $ 10,333 $ 1,559,097
Schedule of risk category of loans by class of loans	Revolving Revolving Loans to 2023 2022 2021 2020 2019 Prior Loans Term Loans Total Commercial and industrial — Pass $ 46,009 56,896 48,103 44,329 26,500 39,953 — — $ 261,790 Special Mention 100 7,521 — — — 225 — — 7,846 Substandard 408 384 729 842 — 1,563 — — 3,926 Total Commercial and industrial $ 46,517 64,801 48,832 45,171 26,500 41,741 — — $ 273,562 Current period gross charge-offs 23 — — 510 439 597 — — 1,569 Commercial real estate Pass $ 197,300 328,445 237,198 162,619 88,322 202,800 3,298 — $ 1,219,982 Special Mention — — 9,957 — 2,959 12,042 — — 24,958 Substandard — — 430 2,391 6,133 5,462 — — 14,416 Total Commercial real estate $ 197,300 328,445 247,585 165,010 97,414 220,304 3,298 — $ 1,259,356 Current period gross charge-offs — — — — — — — — — Commercial real estate construction Pass $ 11,116 26,876 37,326 10,407 — — — — $ 85,725 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Commercial real estate construction $ 11,116 26,876 37,326 10,407 — — — — $ 85,725 Current period gross charge-offs — — — — — — — — — Residential real estate Pass $ 19,196 17,810 8,825 9,253 4,475 17,583 — — $ 77,142 Special Mention — — — — — — — — — Substandard — — — — 589 590 — — 1,179 Total Residential real estate $ 19,196 17,810 8,825 9,253 5,064 18,173 — — $ 78,321 Current period gross charge-offs — — — — — — — — — Home equity Pass $ 48 68 15 — 57 — 11,595 1,763 $ 13,546 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Home Equity $ 48 68 15 — 57 — 11,595 1,763 $ 13,546 Current period gross charge-offs — — — — — — — — — Consumer Pass $ 28,930 8 — 1,789 22 63 5,646 — $ 36,458 Special Mention — — — — — — — — — Substandard — — — — — 94 — — 94 Total Consumer $ 28,930 8 — 1,789 22 157 5,646 — $ 36,552 Current period gross charge-offs — — 11 — 25 1 — — 37 Total Loans $ 303,107 438,008 342,583 231,630 129,057 280,375 20,539 1,763 $ 1,747,062 Gross charge-offs $ 23 — 11 510 464 598 — — $ 1,606 Special Pass Mention Substandard Doubtful Loss Total December 31, 2022 Commercial and industrial $ 256,939 $ 575 $ 1,387 $ — $ — $ 258,901 Commercial real estate 1,074,952 7,399 15,703 — — 1,098,054 Commercial real estate construction 109,570 — — — — 109,570 Residential real estate 73,089 — 1,188 — — 74,277 Home equity 12,278 — 51 — — 12,329 Consumer 16,195 — 104 — — 16,299 Total $ 1,543,023 $ 7,974 $ 18,433 $ — $ — $ 1,569,430
Schedule of loans to certain directors and principal officers activity related to regulation O loans	2023 2022 Balance, beginning of year $ 16,891 $ 5,076 Additions — 11,876 Repayments (416) (61) Balance, end of year $ 16,475 $ 16,891

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
Fair Value (Tables)	Dec. 31, 2023
Fair Value
Summary of assets and liabilities measured at fair value	Fair Value Measurements Using: Quoted Prices in Active Markets Significant Other Significant Total at for Identical Observable Unobservable December 31, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) U.S. government agencies and treasuries $ 87,067 $ — $ 87,067 $ — Mortgage-backed securities 290,221 — 290,221 — Corporate securities 19,276 — 16,541 2,735 Obligations of states and political subdivisions 93,384 — 93,384 — Total securities available-for-sale $ 489,948 $ — $ 487,213 $ 2,735 The Level 3 amount reflects the fair value of certain subordinated notes with limited availability of market pricing and determined based on discounted cash flows and other market value indicators. During 2023, there was a transfer from Level 2 to Level 3 related to subordinated debt of one entity with limited availability of market pricing. Fair Value Measurements Using: Quoted Prices in Active Markets Significant Other Significant Total at for Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) U.S. government agencies and treasuries 93,750 $ — $ 93,750 $ — Mortgage-backed securities 316,915 — 316,915 — Corporate securities 25,658 — 25,658 — Obligations of states and political subdivisions 97,138 — 97,138 — Total securities available-for-sale $ 533,461 $ — $ 533,461 $ —
Schedule of assets measured at fair value on a non-recurring	Fair Value Measurements Using: Quoted Prices in Active Markets Significant Other Significant Total at for Identical Observable Unobservable December 31, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Collateral dependent loans - Commercial Real Estate, Residential Real Estate $ 695 $ — $ — $ 695 Fair Value Measurements Using: Quoted Prices Significant in Active Other Significant Total at Markets for Observable Unobservable December 31, 2022 Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Impaired loans - Commercial Real Estate $ 204 $ — $ — $ 204
Schedule of level 3 fair value measured at fair value on a non-recurring	Fair Value Range December 31, 2023 Value Valuation Technique Unobservable Input (Average) Collateral dependent loans - $ 695 Appraisal of collateral (1) Appraisal and liquidation 20%-64 % adjustments (2) (57) % Fair Value Range December 31, 2022 Value Valuation Technique Unobservable Input (Weighted Average) Impaired loans - Commercial Real Estate $ 204 Appraisal of collateral (1) Appraisal and liquidation 20% adjustments (2) (20%) (1) Fair value is generally determined through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted downward 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 percent of the appraisal.
Summary of carrying amounts and estimated fair values of financial instruments	December 31, 2023 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 147,383 $ 147,383 $ 147,383 $ — $ — Loans, net 1,721,880 1,634,581 — — 1,634,581 Accrued interest receivable 5,934 5,934 — 2,343 3,591 Restricted investment in bank stocks 14,525 NA — — — Financial liabilities: Deposits 2,038,749 2,037,798 1,817,232 220,566 — FHLB advances, short term 224,500 223,982 223,982 FHLB advances, long term 10,000 9,914 — 9,914 — Subordinated notes, net of issuance costs 19,520 25,490 — 25,490 — Accrued interest payable 2,113 2,113 — 2,113 — December 31, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 86,081 $ 86,081 $ 86,081 $ — $ — Loans, net 1,547,598 1,503,543 — — 1,503,543 Accrued interest receivable 6,320 6,320 — 2,448 3,872 Restricted investment in bank stocks 9,562 NA — — — Financial liabilities: Deposits 1,974,387 1,972,387 1,881,354 91,033 — FHLB advances, short term 131,500 131,255 — 131,255 — Subordinated notes, net of issuance costs 19,447 19,682 — 19,682 — Accrued interest payable 267 267 — 267 —

Premises and Equipment (Tables)

Premises and Equipment (Tables)	12 Months Ended
Premises and Equipment (Tables)	Dec. 31, 2023
Premises and Equipment
Schedule of premises and equipment	2023 2022 Land $ 4,661 $ 3,152 Buildings and improvements 13,194 13,741 Furniture and equipment 7,896 7,436 Leasehold improvements 8,119 6,874 33,870 31,203 Accumulated depreciation and amortization (17,710) (16,464) Premises and equipment, net $ 16,160 $ 14,739

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
Goodwill and Intangible Assets (Tables)	Dec. 31, 2023
Goodwill and Intangible Assets
Schedule of changes in Goodwill	2023 2022 Beginning of year $ 5,359 $ 5,359 Acquired goodwill impairment — — End of year $ 5,359 $ 5,359
Schedule of acquired intangible assets	Gross Intangible Accumulated Asset Amortization December 31, 2023 Customer lists and intangible assets $ 4,284 (3,177) $ 4,284 (3,177) December 31, 2022 Customer lists and intangible assets $ 4,284 (2,892) $ 4,284 (2,892)

Deposits (Tables)

Deposits (Tables)	12 Months Ended
Deposits (Tables)	Dec. 31, 2023
Deposits
Summary of analysis of deposits	2023 2022 Non-interest bearing demand accounts $ 699,203 $ 723,228 Interest-bearing demand accounts 304,892 284,747 Money market accounts 584,976 615,149 Savings accounts 228,161 258,230 Certificates of Deposit 221,517 93,033 Total deposits $ 2,038,749 $ 1,974,387
Schedule of maturities of time deposits	2024 $ 210,652 2025 8,969 2026 1,896 $ 221,517

FHLB Advances (Tables)

FHLB Advances (Tables)	12 Months Ended
FHLB Advances (Tables)	Dec. 31, 2023
FHLB Advances
Schedule of FHLB Advances	2023 2022 Amount Rate Amount Rate Federal Home Loan Bank (FHLB) short term advances $ 224,500 5.64 % $ 131,500 4.61 % 2023 2022 Amount Rate Amount Rate Federal Home Loan Bank (FHLB) fixed rate term advances $ 10,000 3.97 % $ — — %

Pension and other Post Retire_2

Pension and other Post Retirement Plans (Tables)	12 Months Ended
Pension and other Post Retirement Plans (Tables)	Dec. 31, 2023
Pension and other Post Retirement Plans
Schedule of discretionary contributions	Percentage of Participant Age Range Compensation 1.0 % Under age 35 2.0 % 35 years 5.0 % 45 years 8.5 % 55 years of age or older
Restricted Stock Awards
Pension and other Post Retirement Plans
Summary of restricted stock awards activity	Weighted Average Fair Shares Value Non-vested at beginning of period 11,677 $ 29.24 Granted — $ Vested (7,569) $ 29.50 Forfeited (580) $ 28.75 Non-vested at end of period 3,528 $ 28.75
Restricted Stock Units (RSUs)
Pension and other Post Retirement Plans
Summary of restricted stock awards activity	Restricted Stock Units Non-vested RSUs at beginning of period 59,747 Granted 35,628 Vested (17,895) Forfeited (4,967) Non-vested RSUs at end of period 72,513
Defined benefit pension plan
Pension and other Post Retirement Plans
Schedule of changes in obligations and plan assets	2023 2022 Change in projected benefit obligation: Beginning of year $ 21,289 $ 28,221 Service cost — — Interest cost 1,114 808 Benefits paid (1,470) (1,438) Actuarial loss 695 (6,302) End of year $ 21,628 $ 21,289 Change in fair value of assets: Beginning of year $ 31,778 $ 42,867 Contributions 1,000 1,453 Actual return on plan assets 1,982 (10,888) Benefits paid and expenses (1,652) (1,654) End of year $ 33,108 $ 31,778 2023 2022 Funded status at end of year (plan assets less benefit obligation) $ 11,479 $ 10,489
Schedule of amounts recognized in accumulated other comprehensive income (loss)	2023 2022 Total net actuarial loss $ (10,565) $ (10,308) Transition asset — — $ (10,565) $ (10,308)
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income	Year Ended December 31, 2023 2022 Service cost $ — $ — Interest cost 1,114 808 Expected return on plan assets (1,643) (1,985) Amortization of transition cost — (28) Amortization of net loss 281 — Net periodic benefit cost/(income) $ (248) $ (1,205) Net gain/(loss) $ 539 $ 6,786 Amortization of transition asset — 28 Amortization of prior service cost — — Amortization of net gain/(loss) (281) — Total recognized in other comprehensive income $ 258 6,814 Total recognized in net periodic benefit cost and other comprehensive income $ 10 $ 5,609
Schedule of assumptions	2023 2022 Discount rate 5.17 % 5.44 % Rate of compensation increase — % — % 2023 2022 Discount rate 5.44 % 2.94 % Expected long-term rate of return on plan assets 6.00 % 5.25 % Rate of compensation increase — % — %
Schedule of plan asset allocation	2023 2022 Target Actual Target Actual Allocation Allocation Allocation Allocation Asset category: Cash equivalents — % 0.14 % — % 16.59 % Equity securities 30.00 % 31.51 % 30.00 % 25.05 % Fixed income securities 15.00 % 36.14 % 15.00 % 21.70 % Other financial instruments 55.00 % 32.21 % 55.00 % 36.66 % Total 100.00 % 100.00 %
Schedule of fair value of plan assets	Fair Value Measurements at December 31, 2023 Using: Quoted Prices in Active Significant Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Commingled pension trust funds-realty 33,108 — 33,108 — Total plan assets $ 33,108 $ — $ 33,108 $ — Fair Value Measurements at December 31, 2022 Using: Quoted Prices in Active Significant Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Commingled pension trust funds-realty 31,778 — 31,778 — Total plan assets $ 31,778 $ — $ 31,778 $ —
Schedule of future benefit payments	Pension Benefits 2024 $ 1,655 2025 1,639 2026 1,641 2027 1,603 2028 1,566 Following 5 years $ 7,642

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2023
Income Taxes
Schedule of income tax expense	2023 2022 Current expense Federal $ 7,324 $ 6,488 State 244 384 Total 7,568 6,872 Deferred expense (benefit) Federal (12) (934) State (195) (410) Total (207) (1,344) Change in valuation allowance 310 386 Total provision for income taxes $ 7,671 $ 5,914
Schedule of income tax reconciliation	2023 2022 Tax expense at statutory rate $ 7,859 $ 6,356 (Decrease) increase in taxes resulting from: Net earnings on bank-owned life insurance (207) (200) Tax-exempt municipal bond income, net of disallowed interest expense (431) (465) State income tax, net of federal tax benefit 39 (26) Valuation allowance 310 386 Other 101 (137) Total provision for income tax $ 7,671 $ 5,914
Schedule of deferred tax assets and liabilities	2023 2022 Deferred tax assets: Allowance for credit losses $ 6,835 $ 5,991 Reserve for unfunded commitments 150 55 Deferred loan fees, net of costs 1,082 1,130 Deferred compensation 2,650 2,420 Available for sale securities 15,264 16,063 Non-accrual interest 256 298 State NOL 2,637 2,476 Pension/deferred compensation OCI 2,814 2,463 31,688 30,896 2023 2022 Deferred tax liabilities: Intangible assets (1,077) (1,004) Organization costs – holding company (36) (24) Organization costs – HVIA (30) (26) Pension (2,977) (2,797) Accumulated depreciation (730) (517) Accretion (67) (39) (4,917) (4,407) Net deferred tax asset before valuation allowance 26,771 27,089 Valuation allowance (7,930) (7,993) Net deferred tax asset $ 18,841 $ 19,096

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss).
Summary of changes in accumulated other comprehensive income (loss)	Year Ended December 31, 2023 Unrealized Gains and Losses on Deferred Available-for- Defined Benefit Compensation Sale Securities Pension Items Liability Total Beginning balance $ (60,430) $ (7,889) $ 123 $ (68,196) Other comprehensive income/(loss) before reclassification 325 19 (12) 332 Credit loss expense 4,065 — 4,065 Less amounts reclassified from accumulated other comprehensive income (87) (222) — (309) Net current period other comprehensive income/(loss) 4,303 (203) (12) 4,088 Ending balance $ (56,127) $ (8,092) $ 111 $ (64,108) Year Ended December 31, 2022 Unrealized Gains and Losses on Deferred Available-for- Defined Benefit Compensation Sale Securities Pension Items Liability Total Beginning balance $ (1,072) $ (2,506) $ 135 $ (3,443) Other comprehensive income/(loss) before reclassification (59,358) (5,361) (12) (64,731) Less amounts reclassified from accumulated other comprehensive income — 22 22 Net current period other comprehensive income/(loss) (59,358) (5,383) (12) (64,753) Ending balance $ (60,430) $ (7,889) $ 123 $ (68,196)
Summary of significant amounts reclassified out of each component of accumulated other comprehensive income (loss)	Amount Reclassified from Details about Accumulated Other Accumulated Other Comprehensive Affected Line Item in the Statement Comprehensive Income Components Income where Net Income is Presented 2023 2022 Unrealized gains and losses on available-for-sale securities Realized gains on securities available-for-sale $ 107 $ — Investment security gains, net Total before tax 107 — Tax effect 20 — Provision for income taxes Net of tax $ 87 $ — Amortization of defined benefit pension items Transition asset — (28) Employee benefits Actuarial gains $ 281 $ — Employee benefits Total before tax 281 (28) Tax effect 59 (6) Provision for income taxes Net of tax $ 222 $ (22) Total reclassifications for the period, net of tax $ 309 $ (22)

Regulatory Capital Matters (Tab

Regulatory Capital Matters (Tables)	12 Months Ended
Regulatory Capital Matters (Tables)	Dec. 31, 2023
Regulatory Capital Matters
Schedule of actual and required capital amounts and ratios	To be Well Capitalized For Capital Adequacy For Capital Adequacy under Prompt Actual Purposes Purposes with Capital Buffer Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total capital to risk weighted assets $ 262,598 14.16 % $ 148,398 8.00 % $ 183,178 9.875 % $ 185,497 10.00 % Tier 1 (Core) capital to risk weighted assets 239,398 12.91 % 111,298 6.00 % 146,079 7.875 % 148,398 8.00 % Common Tier 1 (CET1) to risk weighted assets 239,398 12.91 % 83,474 4.50 % 118,254 6.375 % 120,573 6.50 % Tier 1 (Core) Capital to average assets 239,398 9.42 % 101,640 4.00 % N/A N/A 127,049 5.00 % December 31, 2022 Total capital to risk weighted assets $ 235,346 13.95 % $ 134,986 8.00 % $ 166,624 9.875 % $ 168,733 10.00 % Tier 1 (Core) capital to risk weighted assets 214,243 12.70 % 101,240 6.00 % 132,877 7.875 % 134,986 8.00 % Common Tier 1 (CET1) to risk weighted assets 214,243 12.70 % 75,930 4.50 % 107,567 6.375 % 109,677 6.50 % Tier 1 (Core) Capital to average assets 214,243 9.09 % 94,250 4.00 % N/A N/A 117,813 5.00 %

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases
Schedule of future minimum lease payments under lease agreements	Years Ending December 31, 2024 $ 824 2025 800 2026 749 2027 537 2028 181 Thereafter 355 Total undiscounted lease payments $ 3,446 Discount $ 228 Total discounted lease payments $ 3,218 Operating lease weighted average remaining lease term (years) 4.76 years Operating lease weighted average discount rate 3.56 %

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
Revenue from Contracts with Customers (Tables)	Dec. 31, 2023
Revenue from Contracts with Customers
Schedule of noninterest income	Year Ended December 31, 2023 2022 Noninterest Income Service charges on deposit accounts Overdraft fees $ 407 $ 328 Other 402 365 Trust income 5,098 4,764 Investment advisory income 5,241 4,537 Investment securities gains (losses) (a) 107 — Earnings on bank owned life insurance (a) 984 950 Other (b) 1,180 1,052 Total Noninterest Income $ 13,419 $ 11,996 (a) Not within the scope of ASC 606. (b) The Other category includes safe deposit income, checkbook fees, and debit card fee income, totaling $982 and $913 for 2023 and 2022, respectively, that are within the scope of ASC 606 and loan related fee income and miscellaneous income, totaling $198 and $139 for 2023 and 2022, respectively, which are outside the scope of ASC 606.

Financial Instruments with Of_2

Financial Instruments with Off-Balance Sheet Risk (Tables)	12 Months Ended
Financial Instruments with Off-Balance Sheet Risk (Tables)	Dec. 31, 2023
Financial Instruments with Off-Balance Sheet Risk
Summary of Bank's Commitments	2023 2022 Commitments to extend credit $ 409,536 $ 389,062 Standby letters of credit 17,297 13,552

Parent Company Information (Tab

Parent Company Information (Tables)	12 Months Ended
Parent Company Information (Tables)	Dec. 31, 2023
Parent Company Information
Schedule of Condensed Statements of Condition	December 31, 2023 2022 Assets Cash and due from banks $ 4,194 $ 4,596 Investment in subsidiaries 180,502 152,214 Goodwill and intangible assets 1,279 1,564 Other assets 198 366 Total assets $ 186,173 $ 158,740 December 31, 2023 2022 Liabilities and stockholders’ equity Subordinated notes, net of issuance costs $ 19,520 $ 19,447 Note payable — — Other liabilities 1,277 1,155 Total liabilities 20,797 20,602 Total stockholders’ equity 165,376 138,138 Total liabilities and stockholders’ equity $ 186,173 $ 158,740
Schedule of Condensed Statements of Income and Comprehensive Income (Loss)	Years ended December 31, 2023 2022 Operating Income Dividend income from operating subsidiaries $ 5,715 $ 6,792 Servicing Fee 389 553 Total operating income 6,104 7,345 Operating Expenses Interest on borrowings 922 1,077 Salaries and employee benefits 392 553 Professional fees 585 413 Directors’ fees and expenses 225 162 Intangible amortization 285 286 Other expenses and income taxes (23) (28) Total operating expenses 2,386 2,463 Equity in undistributed earnings of subsidiary 25,760 19,481 Net income $ 29,478 $ 24,363 Comprehensive income $ 33,566 $ (40,390)
Schedule of Condensed Statements of Cash Flows	Years ended December 31, 2023 2022 Cash flows from operating activities Net income after equity in undistributed earnings of subsidiary $ 29,478 $ 24,363 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed earnings of subsidiary companies (25,760) (19,481) Stock-based compensation 818 503 Amortization of intangibles 285 286 Restricted stock expense 53 166 Other, net 362 295 Net cash provided by (used in) operating activities 5,236 6,132 Cash flows from investing activities Investment in operating subsidiary — (18,000) Net cash used in investing activities — (18,000) Cash flows from financing activities Repayment of note payable — (3,000) Dividends paid, common stock (5,191) (4,669) Purchases of treasury stock (447) (308) Net cash (used in) provided by financing activities (5,638) (7,977) Net increase in cash and cash equivalents (402) (19,845) Cash and cash equivalents at beginning of year 4,596 24,441 Cash and cash equivalents at end of year $ 4,194 $ 4,596

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2023
Segment Information
Schedule of segment information	For the twelve months ended December 31, 2023 Banking Wealth Management Total Segments Net interest income $ 88,391 $ — $ 88,391 Noninterest income 3,080 10,339 13,419 Provision for credit loss - investments (5,000) — (5,000) Provision for credit loss (2,868) — (2,868) Noninterest expenses (49,015) (7,778) (56,793) Income tax expense (7,133) (538) (7,671) Net income $ 27,455 $ 2,023 $ 29,478 Total assets $ 2,476,610 $ 8,858 $ 2,485,468 For the twelve months ended December 31, 2022 Banking Wealth Management Total Segments Net interest income $ 78,088 $ — $ 78,088 Noninterest income 2,695 9,301 11,996 Provision for loan loss (9,517) — (9,517) Noninterest expenses (42,898) (7,392) (50,290) Income tax expense (5,513) (401) (5,914) Net income $ 22,855 $ 1,508 $ 24,363 Total assets $ 2,279,469 $ 7,865 $ 2,287,334

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Nature of Operations and Principles of Consolidation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) location	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Loans
Assets held in an agency or fiduciary capacity	$ 1,600,000		$ 1,300,000
Retained Earnings	107,361	$ 1,561	84,635
Financing receivable allowance for credit loss	25,182	1,925	21,832	$ 17,661
Allowance for credit losses	0
Accounting Standards Update 2016-13 [Member]
Loans
Retained Earnings	$ 1,500
Accounting Standards Update 2016-13 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Loans
Retained Earnings		1,600
Financing receivable allowance for credit loss		$ 1,900	$ 1,483
Orange County
Loans
Number of offices in New York \| location	8
Westchester County
Loans
Number of offices in New York \| location	8
Rockland County
Loans
Number of offices in New York \| location	2
Bronx County
Loans
Number of offices in New York \| location	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Impact to our financial statements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impact to Consolidated Statement of Condition from ASC_326 Adoption	$ 25,182	$ 1,925	$ 21,832	$ 17,661
Tax Effect		(364)
Impact to Retained Earnings from ASC-326 Adoption	107,361	1,561	84,635
Accounting Standards Update 2016-13 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impact to Retained Earnings from ASC-326 Adoption	1,500
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impact to Consolidated Statement of Condition from ASC_326 Adoption		1,900	$ 1,483
Impact to Retained Earnings from ASC-326 Adoption		1,600
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member] \| Loans and Finance Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impact to Consolidated Statement of Condition from ASC_326 Adoption		1,483
Tax Effect		(282)
Impact to Retained Earnings from ASC-326 Adoption		1,201
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member] \| Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impact to Consolidated Statement of Condition from ASC_326 Adoption	$ 442	442
Tax Effect		(82)
Impact to Retained Earnings from ASC-326 Adoption		$ 360

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Lending (Details)	12 Months Ended
	Dec. 31, 2023
Commercial real estate. \| Commercial real estate \| Maximum
Loans
Maturity period	15 years
Amortization period	30 years
Loan To Value ratio	75%
Residential real estate. \| Residential real estate
Loans
Threshold percentage for private mortgage insurance	80%
Residential real estate. \| Residential real estate \| Maximum
Loans
Maturity period	30 years
Loan To Value ratio	80%
Residential real estate. \| Home equity
Loans
Draw period	10 years
Repayment period	15 years
Residential real estate. \| Home equity \| Maximum
Loans
Maturity period	15 years
Loan To Value ratio	85%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Premises and Equipment (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Share-based payments
Unvested shares	3,528	11,677
Buildings and improvements \| Minimum
Premises and Equipment
Useful life	5 years
Buildings and improvements \| Maximum
Premises and Equipment
Useful life	50 years
Furniture and equipment \| Minimum
Premises and Equipment
Useful life	3 years
Furniture and equipment \| Maximum
Premises and Equipment
Useful life	8 years

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment securities
Amortized Cost	$ 560,994	$ 609,954
Gross Unrealized Gains	157	90
Gross Unrealized Losses	(71,203)	(76,583)
ACL adjustment	0	0
Fair Value	489,948	533,461
U.S. government agencies and treasuries
Investment securities
Amortized Cost	96,736	104,734
Gross Unrealized Gains	21	25
Gross Unrealized Losses	(9,690)	(11,009)
Fair Value	87,067	93,750
Mortgage-backed securities - residential
Investment securities
Amortized Cost	257,804	283,774
Gross Unrealized Gains	45	17
Gross Unrealized Losses	(30,931)	(34,640)
Fair Value	226,918	249,151
Mortgage-backed securities - commercial
Investment securities
Amortized Cost	79,589	80,916
Gross Unrealized Losses	(16,286)	(13,152)
Fair Value	63,303	67,764
Corporate Securities
Investment securities
Amortized Cost	23,529	28,559
Gross Unrealized Losses	(4,253)	(2,901)
Fair Value	19,276	25,658
Obligations of states and political subdivisions
Investment securities
Amortized Cost	103,336	111,971
Gross Unrealized Gains	91	48
Gross Unrealized Losses	(10,043)	(14,881)
Fair Value	$ 93,384	$ 97,138

Investment Securities - Gains a

Investment Securities - Gains and Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Investment Securities
Proceeds	$ 7,296
Gross gains	130
Gross losses	$ 23

Investment Securities - Contrac

Investment Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less, Amortized Cost	$ 7,969
Due after one through five years, Amortized Cost	30,901
Due after five through ten years, Amortized Cost	54,520
Due after ten years, Amortized Cost	130,211
Total, Amortized Cost	223,601
Amortized Cost	560,994	$ 609,954
Fair Value
Due in one year or less, Fair Value	7,960
Due after one through five years, Fair Value	28,824
Due after five through ten years, Fair Value	47,200
Due after ten years, Fair Value	115,743
Total, Fair Value	199,727
Fair Value	489,948	533,461
Mortgage-backed securities
Amortized Cost
Mortgage-backed securities	337,393
Fair Value
Mortgage-backed securities	290,221
Debt securities pledged as collateral	317,855	323,674
Mortgage-backed securities - residential
Amortized Cost
Amortized Cost	257,804	283,774
Fair Value
Fair Value	226,918	249,151
Commercial Mortgage-Backed Securities [Member]
Amortized Cost
Amortized Cost	79,589	80,916
Fair Value
Fair Value	$ 63,303	$ 67,764

Investment Securities - Securit

Investment Securities - Securities with unrealized and unrecognized losses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment securities
Fair Value, Less than 12 Months	$ 11,343	$ 267,396
Fair Value, 12 Months or More	463,130	252,688
Fair Value, Total	474,473	520,084
Unrealized Losses, Less than 12 Months	(184)	(22,323)
Unrealized Losses, 12 Months or More	(71,019)	(54,260)
Unrealized Losses, Total	(71,203)	(76,583)
U.S. government agencies and treasuries
Investment securities
Fair Value, Less than 12 Months	438	47,064
Fair Value, 12 Months or More	83,003	41,718
Fair Value, Total	83,441	88,782
Unrealized Losses, Less than 12 Months	(1)	(2,414)
Unrealized Losses, 12 Months or More	(9,689)	(8,595)
Unrealized Losses, Total	(9,690)	(11,009)
Mortgage-backed securities - residential
Investment securities
Fair Value, Less than 12 Months	9,169	129,352
Fair Value, 12 Months or More	215,301	118,762
Fair Value, Total	224,470	248,114
Unrealized Losses, Less than 12 Months	(171)	(9,290)
Unrealized Losses, 12 Months or More	(30,760)	(25,350)
Unrealized Losses, Total	(30,931)	(34,640)
Mortgage-backed securities - commercial
Investment securities
Fair Value, Less than 12 Months	1,223	21,190
Fair Value, 12 Months or More	62,080	46,574
Fair Value, Total	63,303	67,764
Unrealized Losses, Less than 12 Months	(10)	(2,849)
Unrealized Losses, 12 Months or More	(16,276)	(10,303)
Unrealized Losses, Total	(16,286)	(13,152)
Corporate Securities
Investment securities
Fair Value, Less than 12 Months		12,503
Fair Value, 12 Months or More	19,276	13,155
Fair Value, Total	19,276	25,658
Unrealized Losses, Less than 12 Months		(1,007)
Unrealized Losses, 12 Months or More	(4,253)	(1,894)
Unrealized Losses, Total	(4,253)	(2,901)
Obligations of states and political subdivisions
Investment securities
Fair Value, Less than 12 Months	513	57,287
Fair Value, 12 Months or More	83,470	32,479
Fair Value, Total	83,983	89,766
Unrealized Losses, Less than 12 Months	(2)	(6,763)
Unrealized Losses, 12 Months or More	(10,041)	(8,118)
Unrealized Losses, Total	$ (10,043)	$ (14,881)

Investment Securities - Narrati

Investment Securities - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
Investment Securities - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security	Jan. 01, 2023 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Other than temporary impairment loss recognized			$ 0
Number of securities in portfolio \| security		276	296
Number of unrealized loss positions \| security		243	264
Financing receivable allowance for credit loss		$ 25,182	$ 21,832	$ 1,925	$ 17,661
Charge-offs	$ 5,000	5,000
Provision for credit losses- investments		5,000
Available for sale debt securities, accrued interest on investments		$ 2,300	$ 2,500
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]		Accrued Investment Income Receivable	Accrued Investment Income Receivable
U.S. government agencies and treasuries
Debt Securities, Available-for-sale [Line Items]
Provision for credit losses- investments		$ 0
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Provision for credit losses- investments		0
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Provision for credit losses- investments		0
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Provision for credit losses- investments		$ 0

Investment Securities - Allowan

Investment Securities - Allowance for credit losses -investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023
Allowance for credit losses -investments
Beginning balance		$ 0
Provision for credit losses		5,000
Charge-offs	$ 5,000	5,000
Ending balance		$ 0

Loans (Details)

Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Loans
Total loans	$ 1,747,062		$ 1,569,430
Loans			1,569,430
Allowance for credit losses	(25,182)	$ (1,925)	(21,832)	$ (17,661)
Allowance for credit losses (1)			(21,832)
Net Loans	1,721,880		1,547,598
Loans, net			1,547,598
Commercial and industrial. \| Commercial and industrial
Loans
Total loans	273,562
Loans			258,901
Allowance for credit losses	(4,819)		(5,510)	(4,901)
Commercial and industrial. \| Paycheck Protection Program
Loans
Total loans	215
Loans			1,700
Commercial real estate. \| Commercial real estate
Loans
Total loans	1,259,356
Loans			1,098,054
Allowance for credit losses	(17,873)		(14,364)	(11,183)
Commercial real estate. \| Commercial real estate construction
Loans
Total loans	85,725
Loans			109,570
Allowance for credit losses	(772)		(1,252)	(964)
Residential real estate. \| Residential real estate
Loans
Total loans	78,321
Loans			74,277
Allowance for credit losses	(1,081)		(345)	(272)
Residential real estate. \| Home equity
Loans
Total loans	13,546
Loans			12,329
Allowance for credit losses	(51)		(63)	(80)
Consumer
Loans
Total loans	36,552
Loans			16,299
Allowance for credit losses	$ (586)		$ (298)	$ (261)

Loans - Allowance by portfolio

Loans - Allowance by portfolio segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2023
Allowance for credit losses
Beginning balance	$ 21,832	$ 17,661
Provision for credit losses	3,014	9,517
Charge-offs	(1,606)	(5,506)
Recoveries	459	160
Ending balance	25,182	21,832
Provision expense related to off balance sheet ACL	146
Allowance for credit losses:
individually evaluated for impairment		1,033
Individually evaluated for impairment	559
collectively evaluated for impairment		20,799
collectively evaluated for impairment	24,623
Total ending allowance balance	25,182	21,832	$ 1,925
Loans:
individually evaluated for impairment	23,600	25,368
individually evaluated for impairment	23,099
collectively evaluated for impairment		1,544,062
Collectively evaluated for impairment	1,723,963
Total ending loans balance		1,569,430
Total ending loans balance	1,747,062	1,569,430
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Allowance for credit losses
Beginning balance	1,483
Ending balance		1,483
Allowance for credit losses:
Total ending allowance balance		1,483	$ 1,900
Commercial and industrial. \| Commercial and industrial
Allowance for credit losses
Beginning balance	5,510	4,901
Provision for credit losses	731	5,505
Charge-offs	(1,569)	(4,962)
Recoveries	75	66
Ending balance	4,819	5,510
Allowance for credit losses:
individually evaluated for impairment		653
Individually evaluated for impairment	157
collectively evaluated for impairment		4,857
collectively evaluated for impairment	4,662
Total ending allowance balance	4,819	5,510
Loans:
individually evaluated for impairment		1,003
individually evaluated for impairment	556
collectively evaluated for impairment		257,898
Collectively evaluated for impairment	273,006
Total ending loans balance		258,901
Total ending loans balance	273,562
Commercial and industrial. \| Commercial and industrial \| Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Allowance for credit losses
Beginning balance	72
Ending balance		72
Allowance for credit losses:
Total ending allowance balance		72
Commercial and industrial. \| Paycheck Protection Program
Loans:
Total ending loans balance		1,700
Total ending loans balance	215
Commercial real estate. \| Commercial real estate
Allowance for credit losses
Beginning balance	14,364	11,183
Provision for credit losses	1,544	3,129
Recoveries	173	52
Ending balance	17,873	14,364
Allowance for credit losses:
individually evaluated for impairment		380
Individually evaluated for impairment	308
collectively evaluated for impairment		13,984
collectively evaluated for impairment	17,565
Total ending allowance balance	17,873	14,364
Loans:
individually evaluated for impairment		22,956
individually evaluated for impairment	21,210
collectively evaluated for impairment		1,075,098
Collectively evaluated for impairment	1,238,146
Total ending loans balance		1,098,054
Total ending loans balance	1,259,356
Commercial real estate. \| Commercial real estate \| Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Allowance for credit losses
Beginning balance	1,792
Ending balance		1,792
Allowance for credit losses:
Total ending allowance balance		1,792
Commercial real estate. \| Commercial real estate construction
Allowance for credit losses
Beginning balance	1,252	964
Provision for credit losses	(472)	288
Ending balance	772	1,252
Allowance for credit losses:
collectively evaluated for impairment		1,252
collectively evaluated for impairment	772
Total ending allowance balance	772	1,252
Loans:
collectively evaluated for impairment		109,570
Collectively evaluated for impairment	85,725
Total ending loans balance		109,570
Total ending loans balance	85,725
Commercial real estate. \| Commercial real estate construction \| Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Allowance for credit losses
Beginning balance	(8)
Ending balance		(8)
Allowance for credit losses:
Total ending allowance balance		(8)
Residential real estate. \| Residential real estate
Allowance for credit losses
Beginning balance	345	272
Provision for credit losses	963	138
Charge-offs		(65)
Ending balance	1,081	345
Allowance for credit losses:
Individually evaluated for impairment	94
collectively evaluated for impairment		345
collectively evaluated for impairment	987
Total ending allowance balance	1,081	345
Loans:
individually evaluated for impairment		1,254
individually evaluated for impairment	1,239
collectively evaluated for impairment		73,023
Collectively evaluated for impairment	77,082
Total ending loans balance		74,277
Total ending loans balance	78,321
Residential real estate. \| Residential real estate \| Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Allowance for credit losses
Beginning balance	(227)
Ending balance		(227)
Allowance for credit losses:
Total ending allowance balance		(227)
Residential real estate. \| Home equity
Allowance for credit losses
Beginning balance	63	80
Provision for credit losses	5	(17)
Ending balance	51	63
Allowance for credit losses:
collectively evaluated for impairment		63
collectively evaluated for impairment	51
Total ending allowance balance	51	63
Loans:
individually evaluated for impairment		51
collectively evaluated for impairment		12,278
Collectively evaluated for impairment	13,546
Total ending loans balance		12,329
Total ending loans balance	13,546
Residential real estate. \| Home equity \| Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Allowance for credit losses
Beginning balance	(17)
Ending balance		(17)
Allowance for credit losses:
Total ending allowance balance		(17)
Consumer
Allowance for credit losses
Beginning balance	298	261
Provision for credit losses	243	474
Charge-offs	(37)	(479)
Recoveries	211	42
Ending balance	586	298
Allowance for credit losses:
collectively evaluated for impairment		298
collectively evaluated for impairment	586
Total ending allowance balance	586	298
Loans:
individually evaluated for impairment		104
individually evaluated for impairment	94
collectively evaluated for impairment		16,195
Collectively evaluated for impairment	36,458
Total ending loans balance		16,299
Total ending loans balance	36,552
Consumer \| Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Allowance for credit losses
Beginning balance	$ (129)
Ending balance		(129)
Allowance for credit losses:
Total ending allowance balance		$ (129)

Loans - Individually Analyzed L

Loans - Individually Analyzed Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loans
Unpaid Principal	$ 23,600	$ 25,368
Commercial and industrial. \| Commercial and industrial
Loans
Unpaid Principal		1,003
Commercial real estate. \| Commercial real estate
Loans
Unpaid Principal		22,956
Residential real estate. \| Residential real estate
Loans
Unpaid Principal		1,254
Residential real estate. \| Home equity
Loans
Unpaid Principal		51
Consumer
Loans
Unpaid Principal		$ 104
Collateral Pledged
Loans
Unpaid Principal	16,833
Related Allowance	194
Collateral Pledged \| Commercial real estate. \| Commercial real estate
Loans
Unpaid Principal	15,594
Related Allowance	100
Collateral Pledged \| Residential real estate. \| Residential real estate
Loans
Unpaid Principal	1,239
Related Allowance	$ 94

Loans - Loans individually eval

Loans - Loans individually evaluated (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Interest Income Recognized
With no related allowance recorded	$ 653
With an allowance recorded	334
Unpaid Principal Balance
With no related allowance recorded	19,205
With an allowance recorded	6,780
Recorded Investment
With no related allowance recorded	18,621
With an allowance recorded	6,747
Allowance for Loan Losses Allocated	1,033
Average Recorded Investment
With no related allowance recorded	18,939
With an allowance recorded	9,899
Cash Basis Interest Recognized
With no related allowance recorded	653
With an allowance recorded	334
Commercial and industrial \| Commercial and industrial
Interest Income Recognized
With an allowance recorded	209
Unpaid Principal Balance
With an allowance recorded	1,011
Recorded Investment
With an allowance recorded	1,003
Allowance for Loan Losses Allocated	653
Average Recorded Investment
With an allowance recorded	7,516
Cash Basis Interest Recognized
With an allowance recorded	209
Commercial real estate \| Commercial real estate
Interest Income Recognized
With no related allowance recorded	633
With an allowance recorded	119
Unpaid Principal Balance
With no related allowance recorded	17,884
With an allowance recorded	5,665
Recorded Investment
With no related allowance recorded	17,316
With an allowance recorded	5,640
Allowance for Loan Losses Allocated	380
Average Recorded Investment
With no related allowance recorded	17,622
With an allowance recorded	2,274
Cash Basis Interest Recognized
With no related allowance recorded	633
With an allowance recorded	119
Commercial real estate \| Commercial real estate construction
Average Recorded Investment
With no related allowance recorded	578
Residential real estate \| Residential real estate
Interest Income Recognized
With no related allowance recorded	20
Unpaid Principal Balance
With no related allowance recorded	1,266
Recorded Investment
With no related allowance recorded	1,254
Average Recorded Investment
With no related allowance recorded	739
Cash Basis Interest Recognized
With no related allowance recorded	20
Residential real estate \| Home equity
Unpaid Principal Balance
With no related allowance recorded	55
Recorded Investment
With no related allowance recorded	51
Consumer
Interest Income Recognized
With an allowance recorded	6
Unpaid Principal Balance
With an allowance recorded	104
Recorded Investment
With an allowance recorded	104
Average Recorded Investment
With an allowance recorded	109
Cash Basis Interest Recognized
With an allowance recorded	$ 6

Loans - Recorded investment in

Loans - Recorded investment in non-accrual and loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loans
Non Accrual With No Allowance for Credit Loss	$ 3,267
Non-accrual		$ 6,124
Non-accrual	4,427
Loans Past Due Over 90 Days Non-accrual Still Accruing		2,327
Commercial and industrial. \| Commercial and industrial
Loans
Non Accrual With No Allowance for Credit Loss	285
Non-accrual		1,003
Non-accrual	556
Loans Past Due Over 90 Days Non-accrual Still Accruing		1,850
Commercial real estate. \| Commercial real estate
Loans
Non Accrual With No Allowance for Credit Loss	2,391
Non-accrual		3,882
Non-accrual	2,692
Residential real estate. \| Residential real estate
Loans
Non Accrual With No Allowance for Credit Loss	591
Non-accrual		1,188
Non-accrual	$ 1,179
Residential real estate. \| Home equity
Loans
Non-accrual		51
Consumer
Loans
Loans Past Due Over 90 Days Non-accrual Still Accruing		$ 477

Loans - Aging of the recorded i

Loans - Aging of the recorded investment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	$ 1,747,062	$ 1,569,430
30 - 59 Days Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	249	2,646
60 - 89 Days Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans		2,217
Greater Than 90 Days
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	1,794	5,470
Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	2,043	10,333
Not Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	1,745,019	1,559,097
Commercial and industrial. \| Commercial and industrial
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	273,562
Commercial and industrial. \| Commercial and industrial \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	229	1,497
Commercial and industrial. \| Commercial and industrial \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans		1,583
Commercial and industrial. \| Commercial and industrial \| Greater Than 90 Days
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	327	2,854
Commercial and industrial. \| Commercial and industrial \| Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	556	5,934
Commercial and industrial. \| Commercial and industrial \| Not Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	273,006	252,967
Commercial real estate. \| Commercial real estate
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	1,259,356
Commercial real estate. \| Commercial real estate \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	20	563
Commercial real estate. \| Commercial real estate \| Greater Than 90 Days
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	300	952
Commercial real estate. \| Commercial real estate \| Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	320	1,515
Commercial real estate. \| Commercial real estate \| Not Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	1,259,035	1,096,539
Commercial real estate. \| Commercial real estate construction
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	85,725
Commercial real estate. \| Commercial real estate construction \| Not Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	85,725	109,570
Residential real estate. \| Residential real estate
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	78,321
Residential real estate. \| Residential real estate \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans		2
Residential real estate. \| Residential real estate \| Greater Than 90 Days
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	1,167	1,188
Residential real estate. \| Residential real estate \| Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	1,167	1,190
Residential real estate. \| Residential real estate \| Not Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	77,155	73,087
Residential real estate. \| Home equity
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	13,546
Residential real estate. \| Home equity \| Not Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	13,546	12,329
Consumer
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	36,552
Consumer \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans		584
Consumer \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans		634
Consumer \| Greater Than 90 Days
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans		476
Consumer \| Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans		1,694
Consumer \| Not Past Due
Financing Receivable, Recorded Investments, Aging [Abstract]
Total loans	$ 36,552	$ 14,605

Loans - Troubled debt restructu

Loans - Troubled debt restructurings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Loans
Loans in process of foreclosure	$ 1,840	$ 2,016
Loans modified resulting due to financial difficulty \| loan	0	0
Threshold limit for individual evaluation of credit risk	$ 350
Residential real estate. \| Residential real estate
Loans
Loans in process of foreclosure	$ 1,504	$ 578

Loans - Loans by year of origin

Loans - Loans by year of origination and internally assigned credit risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	$ 303,107
2022	438,008
2021	342,583
2020	231,630
2019	129,057
Prior	280,375
Revolving Loans	20,539
Revolving Loans to term Loans	1,763
Total ending loans balance	1,747,062	$ 1,569,430
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	23
2021	11
2020	510
2019	464
Prior	598
Total	1,606
Commercial and industrial. \| Commercial and industrial
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	46,517
2022	64,801
2021	48,832
2020	45,171
2019	26,500
Prior	41,741
Total ending loans balance	273,562
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	23
2020	510
2019	439
Prior	597
Total	1,569
Commercial and industrial. \| Commercial and industrial \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	46,009
2022	56,896
2021	48,103
2020	44,329
2019	26,500
Prior	39,953
Total ending loans balance	261,790
Commercial and industrial. \| Commercial and industrial \| Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	100
2022	7,521
Prior	225
Total ending loans balance	7,846
Commercial and industrial. \| Commercial and industrial \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	408
2022	384
2021	729
2020	842
Prior	1,563
Total ending loans balance	3,926
Commercial real estate. \| Commercial real estate
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	197,300
2022	328,445
2021	247,585
2020	165,010
2019	97,414
Prior	220,304
Revolving Loans	3,298
Total ending loans balance	1,259,356
Commercial real estate. \| Commercial real estate \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	197,300
2022	328,445
2021	237,198
2020	162,619
2019	88,322
Prior	202,800
Revolving Loans	3,298
Total ending loans balance	1,219,982
Commercial real estate. \| Commercial real estate \| Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2021	9,957
2019	2,959
Prior	12,042
Total ending loans balance	24,958
Commercial real estate. \| Commercial real estate \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2021	430
2020	2,391
2019	6,133
Prior	5,462
Total ending loans balance	14,416
Commercial real estate. \| Commercial real estate construction
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	11,116
2022	26,876
2021	37,326
2020	10,407
Total ending loans balance	85,725
Commercial real estate. \| Commercial real estate construction \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	11,116
2022	26,876
2021	37,326
2020	10,407
Total ending loans balance	85,725
Residential real estate. \| Residential real estate
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	19,196
2022	17,810
2021	8,825
2020	9,253
2019	5,064
Prior	18,173
Total ending loans balance	78,321
Residential real estate. \| Residential real estate \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	19,196
2022	17,810
2021	8,825
2020	9,253
2019	4,475
Prior	17,583
Total ending loans balance	77,142
Residential real estate. \| Residential real estate \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2019	589
Prior	590
Total ending loans balance	1,179
Residential real estate. \| Home equity
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	48
2022	68
2021	15
2019	57
Revolving Loans	11,595
Revolving Loans to term Loans	1,763
Total ending loans balance	13,546
Residential real estate. \| Home equity \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	48
2022	68
2021	15
2019	57
Revolving Loans	11,595
Revolving Loans to term Loans	1,763
Total ending loans balance	13,546
Consumer
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	28,930
2022	8
2020	1,789
2019	22
Prior	157
Revolving Loans	5,646
Total ending loans balance	36,552
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2021	11
2019	25
Prior	1
Total	37
Consumer \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	28,930
2022	8
2020	1,789
2019	22
Prior	63
Revolving Loans	5,646
Total ending loans balance	36,458
Consumer \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Prior	94
Total ending loans balance	$ 94

Loans - Risk category of loans

Loans - Risk category of loans by class of loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loans
Total loans	$ 1,747,062	$ 1,569,430
Loans		1,569,430
Pass
Loans
Loans		1,543,023
Special Mention
Loans
Loans		7,974
Substandard
Loans
Loans		18,433
Commercial and industrial. \| Commercial and industrial
Loans
Total loans	273,562
Loans		258,901
Commercial and industrial. \| Commercial and industrial \| Pass
Loans
Total loans	261,790
Loans		256,939
Commercial and industrial. \| Commercial and industrial \| Special Mention
Loans
Total loans	7,846
Loans		575
Commercial and industrial. \| Commercial and industrial \| Substandard
Loans
Total loans	3,926
Loans		1,387
Commercial real estate. \| Commercial real estate
Loans
Total loans	1,259,356
Loans		1,098,054
Commercial real estate. \| Commercial real estate \| Pass
Loans
Total loans	1,219,982
Loans		1,074,952
Commercial real estate. \| Commercial real estate \| Special Mention
Loans
Total loans	24,958
Loans		7,399
Commercial real estate. \| Commercial real estate \| Substandard
Loans
Total loans	14,416
Loans		15,703
Commercial real estate. \| Commercial real estate construction
Loans
Total loans	85,725
Loans		109,570
Commercial real estate. \| Commercial real estate construction \| Pass
Loans
Total loans	85,725
Loans		109,570
Residential real estate. \| Residential real estate
Loans
Total loans	78,321
Loans		74,277
Residential real estate. \| Residential real estate \| Pass
Loans
Total loans	77,142
Loans		73,089
Residential real estate. \| Residential real estate \| Substandard
Loans
Total loans	1,179
Loans		1,188
Residential real estate. \| Home equity
Loans
Total loans	13,546
Loans		12,329
Residential real estate. \| Home equity \| Pass
Loans
Total loans	13,546
Loans		12,278
Residential real estate. \| Home equity \| Substandard
Loans
Loans		51
Consumer
Loans
Total loans	36,552
Loans		16,299
Consumer \| Pass
Loans
Total loans	36,458
Loans		16,195
Consumer \| Substandard
Loans
Total loans	$ 94
Loans		$ 104

Loans - Loans to certain direct

Loans - Loans to certain directors and principal officers (Details) - Directors and principal officers of the Company, including their immediate families - Regulation O Loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loans
Balance, beginning of year	$ 16,891	$ 5,076
Additions		11,876
Repayments	(416)	(61)
Balance, end of year	$ 16,475	$ 16,891

Fair Value - Assets and liabili

Fair Value - Assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Transfer of assets, Level 1 to level 2	$ 0	$ 0
Transfer of assets, Level 2 to level 1	0	0
Transfer of liabilities, Level 1 to level 2	0	0
Transfer of liabilities, Level 2 to level 1	0	0
Recurring
Fair Value
Total securities available for sale	489,948	533,461
Recurring \| U.S. government agencies and treasuries
Fair Value
Total securities available for sale	87,067	93,750
Recurring \| Mortgage-backed securities
Fair Value
Total securities available for sale	290,221	316,915
Recurring \| Corporate Bonds
Fair Value
Total securities available for sale	19,276	25,658
Recurring \| Obligations of states and political subdivisions
Fair Value
Total securities available for sale	93,384	97,138
Recurring \| Level 2
Fair Value
Total securities available for sale	487,213	533,461
Recurring \| Level 2 \| U.S. government agencies and treasuries
Fair Value
Total securities available for sale	87,067	93,750
Recurring \| Level 2 \| Mortgage-backed securities
Fair Value
Total securities available for sale	290,221	316,915
Recurring \| Level 2 \| Corporate Bonds
Fair Value
Total securities available for sale	16,541	25,658
Recurring \| Level 2 \| Obligations of states and political subdivisions
Fair Value
Total securities available for sale	93,384	$ 97,138
Recurring \| Level 3
Fair Value
Total securities available for sale	2,735
Recurring \| Level 3 \| Corporate Bonds
Fair Value
Total securities available for sale	$ 2,735

Fair Value - Non-recurring (Det

Fair Value - Non-recurring (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Reserves allocated to impaired loans		$ 1,033
Commercial real estate. \| Commercial real estate
Fair Value
Reserves allocated to impaired loans		380
Nonrecurring
Fair Value
Collateral dependent loans	$ 695
Impaired loans		204
Level 3 \| Nonrecurring
Fair Value
Collateral dependent loans	695
Impaired loans		204
Reserves allocated to impaired loans	$ 194	$ 112

Fair Value - Level 3 (Details)

Fair Value - Level 3 (Details) - Nonrecurring $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value
Collateral dependent loans	$ 695
Impaired loans		$ 204
Level 3
Fair Value
Collateral dependent loans	695
Impaired loans		204
Level 3 \| Commercial real estate. \| Appraisal of collateral \| Appraisal and liquidation adjustment
Fair Value
Collateral dependent loans	$ 695
Impaired loans		$ 204
Level 3 \| Commercial real estate. \| Commercial real estate \| Appraisal of collateral \| Appraisal and liquidation adjustment
Fair Value
Impaired loans, Measurement input		0.20
Level 3 \| Commercial real estate. \| Commercial real estate \| Appraisal of collateral \| Appraisal and liquidation adjustment \| Minimum
Fair Value
Collateral dependent loans, Measurement input	20
Level 3 \| Commercial real estate. \| Commercial real estate \| Appraisal of collateral \| Appraisal and liquidation adjustment \| Maximum
Fair Value
Collateral dependent loans, Measurement input	0.64
Level 3 \| Commercial real estate. \| Commercial real estate \| Appraisal of collateral \| Appraisal and liquidation adjustment \| Weighted average
Fair Value
Collateral dependent loans, Measurement input	(57)	(20)

Fair Value - Carrying amounts a

Fair Value - Carrying amounts and estimated fair values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Amount
Financial assets:
Cash and due from banks	$ 147,383	$ 86,081
Loans, net	1,721,880	1,547,598
Accrued interest receivable	5,934	6,320
Restricted investment in bank stocks	14,525	9,562
Financial liabilities:
Deposits	2,038,749	1,974,387
FHLB advances		131,500
FHLB advances, short term	224,500
FHLB advances, long term	10,000
Note payable		19,447
Subordinated notes, net of issuance costs	19,520
Accrued interest payable	2,113	267
Fair Value.
Financial assets:
Cash and due from banks	147,383	86,081
Loans, net	1,634,581	1,503,543
Accrued interest receivable	5,934	6,320
Financial liabilities:
Deposits	2,037,798	1,972,387
FHLB advances		131,255
FHLB advances, short term	223,982
FHLB advances, long term	9,914
Note payable		19,682
Subordinated notes, net of issuance costs	25,490
Accrued interest payable	2,113	267
Fair Value. \| Level 1
Financial assets:
Cash and due from banks	147,383	86,081
Financial liabilities:
Deposits	1,817,232	1,881,354
Fair Value. \| Level 2
Financial assets:
Accrued interest receivable	2,343	2,448
Financial liabilities:
Deposits	220,566	91,033
FHLB advances		131,255
FHLB advances, short term	223,982
FHLB advances, long term	9,914
Note payable		19,682
Subordinated notes, net of issuance costs	25,490
Accrued interest payable	2,113	267
Fair Value. \| Level 3
Financial assets:
Loans, net	1,634,581	1,503,543
Accrued interest receivable	$ 3,591	$ 3,872

Premises and Equipment (Details

Premises and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Premises and Equipment
Premises and equipment, gross	$ 33,870	$ 31,203
Accumulated depreciation and amortization	(17,710)	(16,464)
Premises and equipment, net	16,160	14,739
Depreciation	1,681	1,407
Land
Premises and Equipment
Premises and equipment, gross	4,661	3,152
Buildings and improvements
Premises and Equipment
Premises and equipment, gross	13,194	13,741
Furniture and equipment
Premises and Equipment
Premises and equipment, gross	7,896	7,436
Leasehold improvements
Premises and Equipment
Premises and equipment, gross	$ 8,119	$ 6,874

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Changes in goodwill
Goodwill, Beginning of year	$ 5,359
Acquired goodwill impairment	0
Goodwill, End of year	$ 5,359

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Acquired intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Acquired intangible assets
Gross intangible asset	$ 4,284	$ 4,284
Accumulated Amortization	(3,177)	(2,892)
Intangible amortization	285	286
Customer lists and intangible assets
Acquired intangible assets
Gross intangible asset	4,284	4,284
Accumulated Amortization	$ (3,177)	$ (2,892)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Estimated amortization expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Estimated amortization expense
2024	$ 286
2025	286
2026	286
2027	$ 249

Deposits - Analysis of deposits

Deposits - Analysis of deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deposits
Non-interest bearing demand accounts	$ 699,203	$ 723,228
Interest-bearing demand accounts	304,892	284,747
Money market accounts	584,976	615,149
Savings accounts	228,161	258,230
Certificates of Deposit	221,517	93,033
Total deposits	2,038,749	1,974,387
Time deposits exceeding FDIC insurance limit of $250	$ 11,323	$ 17,015

Deposits - Scheduled maturities

Deposits - Scheduled maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deposits
2024	$ 210,652
2025	8,969
2026	1,896
Total	221,517
Deposits of executive officers, directors and principal officers	$ 10,563	$ 15,648

FHLB Advances (Details)

FHLB Advances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
FHLB Advances
Federal Home Loan Bank (FHLB) short term advances, Amount	$ 224,500	$ 131,500
Federal Home Loan Bank (FHLB) short term advances, Interest rate	5.64%	4.61%
Federal Home Loan Bank (FHLB) fixed rate term advances, Amount	$ 10,000
Federal Home Loan Bank (FHLB) fixed rate term advances, Interest rate	3.97%
Additional amount available for advance	$ 495,604	$ 441,511
Municipal letters of credit
FHLB Advances
Line of credit outstanding	108,000	153,000
Securities
FHLB Advances
Pledge to FHLB	0	0
Loans.
FHLB Advances
Pledge to FHLB	$ 929,019	$ 866,014

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands		12 Months Ended
Borrowings (Details) - USD ($) $ in Thousands	Nov. 16, 2022	Dec. 31, 2023	Dec. 31, 2022	Sep. 24, 2020
Borrowings
Subordinated notes, net of issuance costs		$ 19,520	$ 19,447
Term loan
Borrowings
Periodic interest payment	$ 14
Subordinated notes
Borrowings
Principal amount				$ 20,000
Debt issuance costs				$ 694
Subordinated notes, net of issuance costs		$ 19,500
Interest rate		4.25%
Basis points		413%

Pension and other Post Retire_3

Pension and other Post Retirement Plans - Changes in obligations and plan assets (Details) - Defined benefit pension plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in projected benefit obligation:
Beginning of year	$ 21,289	$ 28,221
Interest cost	1,114	808
Benefits paid	(1,470)	(1,438)
Actuarial loss	695	(6,302)
End of year	21,628	21,289
Change in fair value of assets:
Beginning of year	31,778	42,867
Contributions	1,000	1,453
Actual return on plan assets	1,982	(10,888)
Benefits paid and expenses	(1,652)	(1,654)
End of year	33,108	31,778
Funded status at end of year (plan assets less benefit obligation)	$ 11,479	$ 10,489

Pension and other Post Retire_4

Pension and other Post Retirement Plans - Amounts recognized in accumulated other comprehensive income (loss) (Details) - Defined benefit pension plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Amounts recognized in accumulated other comprehensive income (loss)
Total net actuarial loss	$ (10,565)	$ (10,308)
Amounts recognized in accumulated other comprehensive income (loss)	(10,565)	(10,308)
Accumulated benefit obligation	$ 21,628	$ 21,288

Pension and other Post Retire_5

Pension and other Post Retirement Plans - Components of net periodic benefit cost and other amounts recognized in other comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension and other Post Retirement Plans
Net gain/(loss)	$ (15)	$ (15)
Amortization of prior service cost	281	(28)
Defined benefit pension plan
Pension and other Post Retirement Plans
Interest cost	1,114	808
Expected return on plan assets	(1,643)	(1,985)
Amortization of transition cost		(28)
Amortization of net loss	281
Net periodic benefit cost/(income)	(248)	(1,205)
Net gain/(loss)	539	6,786
Amortization of transition asset		(28)
Amortization of net gain/(loss)	(281)
Total recognized in other comprehensive income	258	6,814
Total recognized in net periodic benefit cost and other comprehensive income	$ 10	$ 5,609

Pension and other Post Retire_6

Pension and other Post Retirement Plans - Assumptions (Details) - Defined benefit pension plan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension and other Post Retirement Plans
Benefit obligation, Discount rate	5.17%	5.44%
Net Periodic Benefit Cost, Discount rate	5.44%	2.94%
Net Periodic Benefit Cost, Expected long-term rate of return on plan assets	6%	5.25%

Pension and other Post Retire_7

Pension and other Post Retirement Plans - Investment Strategy and Allocation (Details) - Defined benefit pension plan	12 Months Ended
	Dec. 31, 2023
Defined Benefit Plan, Plan Assets, Category [Line Items]
Investments for long-term growth (as a percent)	97%
Investments for near term benefit payments (as a percent)	3%
Maximum
Defined Benefit Plan, Plan Assets, Category [Line Items]
Securities purchased in a portfolio (as a percent)	5%
Market value of issuer (as a percent)	8%
Securities less than A quality (as a percent)	13%
Mortgage and asset backed securities (as a percent)	10%

Pension and other Post Retire_8

Pension and other Post Retirement Plans - Pension plan asset allocation (Details) - Defined benefit pension plan	Dec. 31, 2023	Dec. 31, 2022
Pension and other Post Retirement Plans
Actual allocation	100%	100%
Cash equivalents
Pension and other Post Retirement Plans
Actual allocation	0.14%	16.59%
Equity securities
Pension and other Post Retirement Plans
Target allocation	30%	30%
Actual allocation	31.51%	25.05%
Fixed income securities
Pension and other Post Retirement Plans
Target allocation	15%	15%
Actual allocation	36.14%	21.70%
Other financial instruments
Pension and other Post Retirement Plans
Target allocation	55%	55%
Actual allocation	32.21%	36.66%

Pension and other Post Retire_9

Pension and other Post Retirement Plans - Fair value of the plan assets (Details) - Defined benefit pension plan - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension and other Post Retirement Plans
Total plan assets	$ 33,108	$ 31,778	$ 42,867
Level 2
Pension and other Post Retirement Plans
Total plan assets	33,108	31,778
Commingled pension trust funds-realty
Pension and other Post Retirement Plans
Total plan assets	33,108	31,778
Commingled pension trust funds-realty \| Level 2
Pension and other Post Retirement Plans
Total plan assets	$ 33,108	$ 31,778

Pension and other Post Retir_10

Pension and other Post Retirement Plans - Contributions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined benefit pension plan
Defined Benefit Plan Disclosure [Line Items]
Contributions	$ 1,000	$ 1,453

Pension and other Post Retir_11

Pension and other Post Retirement Plans - Estimated Future Payments (Details) - Defined benefit pension plan $ in Thousands	Dec. 31, 2023 USD ($)
Estimated Future Payments
2024	$ 1,655
2025	1,639
2026	1,641
2027	1,603
2028	1,566
Following 5 years	$ 7,642

Pension and other Post Retir_12

Pension and other Post Retirement Plans - Other Postretirement Plans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Supplemental Executive Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Number of Chief Executive Officers \| item	2
Benefit plan expense	$ 57	$ 57
Estimated Future Payments
2024	79
2025	79
2026	79
2027	79
Following 5 years	396
Supplemental Executive Retirement Plan \| Accrued expenses and other liabilities
Defined Benefit Plan Disclosure [Line Items]
Benefits accrued	691	665
Performance based Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit plan expense	$ 48	93
Number of vice presidents \| item	2
Deferred Directors Fee Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit plan expense	$ 343	420
Deferred Directors Fee Plan \| Accrued expenses and other liabilities
Defined Benefit Plan Disclosure [Line Items]
Benefits accrued	6,241	6,959
Deferred Compensation Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit plan expense	1	2
Deferred Compensation Plan \| Accrued expenses and other liabilities
Defined Benefit Plan Disclosure [Line Items]
Benefits accrued	18	32
Deferred Incentive Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit plan expense	18	24
Deferred Incentive Retirement Plan \| Accrued expenses and other liabilities
Defined Benefit Plan Disclosure [Line Items]
Benefits accrued	$ 480	$ 517

Pension and other Post Retir_13

Pension and other Post Retirement Plans - 401(k) Savings Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension and other Post Retirement Plans
Maximum annual contribution per employee (in percent)	100%
Employer safe harbor annual contribution (in percent)	3%
Minimum service eligibility for employee discretionary contribution (in years)	1 year
Discretionary contributions	$ 456	$ 440

Pension and other Post Retir_14

Pension and other Post Retirement Plans - Employee discretionary contribution (Details)	12 Months Ended
	Dec. 31, 2023 item
Under age 35
Pension and other Post Retirement Plans
Employee discretionary contribution, Compensation (as a percent)	1%
Under age 35 \| Maximum
Pension and other Post Retirement Plans
Age of employees	35
35 years of age, but less than 45
Pension and other Post Retirement Plans
Employee discretionary contribution, Compensation (as a percent)	2%
35 years of age, but less than 45 \| Maximum
Pension and other Post Retirement Plans
Age of employees	45
35 years of age, but less than 45 \| Minimum
Pension and other Post Retirement Plans
Age of employees	35
45 years of age, but less than 55
Pension and other Post Retirement Plans
Employee discretionary contribution, Compensation (as a percent)	5%
45 years of age, but less than 55 \| Maximum
Pension and other Post Retirement Plans
Age of employees	55
45 years of age, but less than 55 \| Minimum
Pension and other Post Retirement Plans
Age of employees	45
55 years of age or older
Pension and other Post Retirement Plans
Employee discretionary contribution, Compensation (as a percent)	8.50%
55 years of age or older \| Minimum
Pension and other Post Retirement Plans
Age of employees	55

Pension and other Post Retir_15

Pension and other Post Retirement Plans - Restricted stock awards (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 22, 2021	Dec. 31, 2023	Dec. 31, 2022
Pension Plan and Stock Compensation
Restricted stock expense		$ 53	$ 166
Stock-based compensation costs		$ 818	$ 503
Shares
Non-vested at beginning of period (in shares)		11,677
Non-vested at end of period (in shares)		3,528	11,677
Restricted Stock Awards
Pension Plan and Stock Compensation
Restricted stock expense		$ 53	$ 166
Granted		0	0
Vesting percentage		33%
Unamortized expense		$ 5
Shares
Non-vested at beginning of period (in shares)		11,677
Granted (in shares)	48,004
Vested (in shares)		(7,569)
Forfeited (in shares)		(580)
Non-vested at end of period (in shares)		3,528	11,677
Weighted Average Fair Value
Non-vested at beginning of period (in dollars per share)		$ 29.24
Vested (in dollars per share)		29.50
Forfeited (in dollars per share)		28.75
Non-vested at end of period (in dollars per share)		$ 28.75	$ 29.24
Restricted Stock Units (RSUs)
Shares
Non-vested at beginning of period (in shares)		59,747
Granted (in shares)		35,628
Vested (in shares)		(17,895)
Forfeited (in shares)		(4,967)
Non-vested at end of period (in shares)		72,513	59,747

Pension Plan and Stock Compensa

Pension Plan and Stock Compensation - Restricted Stock Units (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 22, 2021	Dec. 31, 2023
Pension Plan and Stock Compensation
Maximum discretionary contributions to a KSOP trust	$ 200
Restricted Stock Units (RSUs)
Pension Plan and Stock Compensation
Granted (in shares)		35,628
Restricted Stock Units (RSUs) \| Officers
Pension Plan and Stock Compensation
Granted (in shares)	31,504
Vesting period	3 years
Restricted Stock Units (RSUs) \| Officers \| First anniversary
Pension Plan and Stock Compensation
Vesting percentage	33%
Restricted Stock Units (RSUs) \| Officers \| Second anniversary
Pension Plan and Stock Compensation
Vesting percentage	33%
Restricted Stock Units (RSUs) \| Officers \| Third anniversary
Pension Plan and Stock Compensation
Vesting percentage	33%
Restricted Stock Units (RSUs) \| Non-employee directors
Pension Plan and Stock Compensation
Granted (in shares)	16,500
Vesting percentage	100%

Income Taxes - Provision for in

Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current expense
Federal	$ 7,324	$ 6,488
State	244	384
Total	7,568	6,872
Deferred expense (benefit)
Federal	(12)	(934)
State	(195)	(410)
Total	(207)	(1,344)
Change in valuation allowance	310	386
Total provision for income taxes	$ 7,671	$ 5,914

Income Taxes - Effective income

Income Taxes - Effective income tax reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Tax expense at statutory rate	$ 7,859	$ 6,356
(Decrease) increase in taxes resulting from:
Net earnings on bank-owned life insurance	(207)	(200)
Tax-exempt municipal bond income, net of disallowed interest expense	(431)	(465)
State income tax, net of federal tax benefit	39	(26)
Valuation allowance	310	386
Other	101	(137)
Total provision for income taxes	$ 7,671	$ 5,914

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Allowance for loan losses	$ 6,835	$ 5,991
Reserve for unfunded commitments	150	55
Deferred loan fees, net of costs	1,082	1,130
Deferred compensation	2,650	2,420
Available for sale securities	15,264	16,063
Non-accrual interest	256	298
State NOL	2,637	2,476
Pension/deferred compensation OCI	2,814	2,463
Total deferred tax assets	31,688	30,896
Deferred tax liabilities:
Intangible assets	(1,077)	(1,004)
Organization costs-holding company	(36)	(24)
Organization costs-HVIA	(30)	(26)
Pension	(2,977)	(2,797)
Accumulated depreciation	(730)	(517)
Accretion	(67)	(39)
Total deferred tax liabilities	(4,917)	(4,407)
Net deferred tax asset before valuation allowance	26,771	27,089
Valuation allowance	(7,930)	(7,993)
Net deferred tax asset	$ 18,841	$ 19,096

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Federal statutory rate	21%	21%
Valuation allowance	$ 7,930	$ 7,993
State
Income Taxes
Operating loss carry forwards	$ 35,400

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 138,138	$ 182,836
Credit loss expense	5,000
Net current period other comprehensive income/(loss)	4,088	(64,753)
Ending balance	165,376	138,138
Unrealized Gains and Losses on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(60,430)	(1,072)
Other comprehensive income/(loss) before reclassification, net	325	(59,358)
Credit loss expense	4,065
Less amounts reclassified from accumulated other comprehensive income	(87)
Net current period other comprehensive income/(loss)	4,303	(59,358)
Ending balance	(56,127)	(60,430)
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(7,889)	(2,506)
Other comprehensive income/(loss) before reclassification, net	19	(5,361)
Less amounts reclassified from accumulated other comprehensive income	(222)	22
Net current period other comprehensive income/(loss)	(203)	(5,383)
Ending balance	(8,092)	(7,889)
Deferred Compensation Liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	123	135
Other comprehensive income/(loss) before reclassification, net	(12)	(12)
Net current period other comprehensive income/(loss)	(12)	(12)
Ending balance	111	123
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(68,196)	(3,443)
Other comprehensive income/(loss) before reclassification, net	332	(64,731)
Credit loss expense	4,065
Less amounts reclassified from accumulated other comprehensive income	(309)	22
Net current period other comprehensive income/(loss)	4,088	(64,753)
Ending balance	$ (64,108)	$ (68,196)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Amount Reclassified from AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss)
Credit loss expense	$ 5,000
Investment securities gains, net	107
Employee benefits transition asset	4,415	$ 3,565
Employee benefits actuarial gains	1,180	1,052
Total before tax	37,149	30,277
Provision for income taxes	7,671	5,914
Net Income	29,478	24,363
Unrealized gains and losses on available-for-sale securities
Accumulated Other Comprehensive Income (Loss)
Credit loss expense	4,065
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Credit loss expense	4,065
Reclassifications out of accumulated other comprehensive income (loss) \| Unrealized gains and losses on available-for-sale securities
Accumulated Other Comprehensive Income (Loss)
Investment securities gains, net	107
Total before tax	107
Provision for income taxes	20
Net Income	87
Reclassifications out of accumulated other comprehensive income (loss) \| Amortization of defined benefit pension items
Accumulated Other Comprehensive Income (Loss)
Employee benefits transition asset		(28)
Employee benefits actuarial gains	281
Total before tax	281	(28)
Provision for income taxes	59	(6)
Net Income	222	(22)
Reclassifications out of accumulated other comprehensive income (loss) \| Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Net Income	$ 309	$ (22)

Regulatory Capital Matters (Det

Regulatory Capital Matters (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Total capital to risk weighted assets
Total capital to risk weighted assets, Actual amount	$ 262,598	$ 235,346
Total capital to risk weighted assets, Actual ratio	0.1416	0.1395
Total capital to risk weighted assets, For Capital Adequacy Purposes	$ 148,398	$ 134,986
Total capital to risk weighted assets, For Capital Adequacy Purposes Ratio	0.0800	0.0800
Total capital to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer	$ 183,178	$ 166,624
Total capital to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer Ratio	0.09875	0.09875
Total capital to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions	$ 185,497	$ 168,733
Total capital to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions Ratio	0.1000	0.1000
Tier 1 (Core) capital to risk weighted assets
Tier 1 (Core) capital to risk weighted assets, Actual amount	$ 239,398	$ 214,243
Tier 1 (Core) capital to risk weighted assets, Actual ratio	0.1291	0.1270
Tier 1 (Core) capital to risk weighted assets, For Capital Adequacy Purposes	$ 111,298	$ 101,240
Tier 1 (Core) capital to risk weighted assets, For Capital Adequacy Purposes Ratio	0.0600	0.0600
Tier 1 (Core) capital to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer	$ 146,079	$ 132,877
Tier 1 (Core) capital to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer Ratio	0.07875	0.07875
Tier 1 (Core) capital to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions	$ 148,398	$ 134,986
Tier 1 (Core) capital to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions Ratio	0.0800	0.0800
Common Tier 1 (CET1) to risk weighted assets
Common Tier 1 (CET1) to risk weighted assets, Actual amount	$ 239,398	$ 214,243
Common Tier 1 (CET1) to risk weighted assets, Actual ratio	0.1291	0.1270
Common Tier 1 (CET1) to risk weighted assets, For Capital Adequacy Purposes	$ 83,474	$ 75,930
Common Tier 1 (CET1) to risk weighted assets, For Capital Adequacy Purposes Ratio	0.0450	0.0450
Common Tier 1 (CET1) to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer	$ 118,254	$ 107,567
Common Tier 1 (CET1) to risk weighted assets, For Capital Adequacy Purposes with Capital Buffer Ratio	0.06375	0.06375
Common Tier 1 (CET1) to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions	$ 120,573	$ 109,677
Common Tier 1 (CET1) to risk weighted assets, To be Well Capitalized under Prompt Corrective Action Provisions Ratio	0.0650	0.0650
Tier 1 (Core) Capital to average assets
Tier 1 (Core) Capital to average assets, Actual amount	$ 239,398	$ 214,243
Tier 1 (Core) Capital to average assets, Actual ratio	0.0942	0.0909
Tier 1 (Core) Capital to average assets, For Capital Adequacy Purposes	$ 101,640	$ 94,250
Tier 1 (Core) Capital to average assets, For Capital Adequacy Purposes Ratio	0.0400	0.0400
Tier 1 (Core) Capital to average assets, To be Well Capitalized under Prompt Corrective Action Provisions	$ 127,049	$ 117,813
Tier 1 (Core) Capital to average assets, To be Well Capitalized under Prompt Corrective Action Provisions Ratio	0.0500	0.0500

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Option to extend	true
Option to terminate	true
Operating lease right-of-use assets	$ 3,218	$ 4,029
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Operating lease liability	$ 3,218	$ 4,029
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	10 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year

Leases - Future undiscounted le

Leases - Future undiscounted lease payments for operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Years Ending December 31,
2024	$ 824
2025	800
2026	749
2027	537
2028	181
Thereafter	355
Total undiscounted lease payments	3,446
Discount	228
Total discounted lease payments	$ 3,218	$ 4,029
Operating lease weighted average remaining lease term (years)	4 years 9 months 3 days
Operating lease weighted average discount rate	3.56%
Operating lease expense	$ 992	$ 911

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Noninterest Income
Service charges on deposit accounts	$ 809	$ 693
Overdraft fees	407	328
Other	402	365
Trust income	5,098	4,764
Investment advisory income	5,241	4,537
Investment securities gains (losses)	107
Earnings on bank owned life insurance	984	950
Other	1,180	1,052
TOTAL NONINTEREST INCOME	13,419	11,996
Other noninterest income within the scope of ASC 606	982	913
Other noninterest income outside the scope of ASC 606	$ 198	$ 139

Financial Instruments with Of_3

Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments to extend credit
Financial Instruments with Off-Balance Sheet Risk
Off-balance sheet liability	$ 409,536	$ 389,062
Standby letters of credit
Financial Instruments with Off-Balance Sheet Risk
Off-balance sheet liability	$ 17,297	$ 13,552

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares			12 Months Ended
Subsequent Events (Details) - $ / shares	Mar. 15, 2024	Feb. 15, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Cash dividend paid			$ 0.92	$ 0.83
Subsequent Events.
Subsequent Event [Line Items]
Dividend declared		$ 0.23
Cash dividend paid	$ 0.23

Parent Company Information - Co

Parent Company Information - Condensed Statements of Condition - (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and due from banks	$ 147,383	$ 86,081
Other assets	41,725	42,359
Total assets	2,485,468	2,287,334
Liabilities and stockholders' equity
Subordinated notes, net of issuance costs	19,520	19,447
Total liabilities	2,320,092	2,149,196
Total stockholders' equity	165,376	138,138	$ 182,836
Total liabilities and stockholders' equity	2,485,468	2,287,334
Parent company
Assets
Cash and due from banks	4,194	4,596
Investment in subsidiaries	180,502	152,214
Goodwill and intangible assets	1,279	1,564
Other assets	198	366
Total assets	186,173	158,740
Liabilities and stockholders' equity
Subordinated notes, net of issuance costs	19,520	19,447
Other liabilities	1,277	1,155
Total liabilities	20,797	20,602
Total stockholders' equity	165,376	138,138
Total liabilities and stockholders' equity	$ 186,173	$ 158,740

Parent Company Information - _2

Parent Company Information - Condensed Statements of Income and Comprehensive Income (Loss) - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Income
Total operating income	$ 117,770	$ 84,223
Operating Expenses
Salaries and employee benefits	24,747	22,461
Professional fees	4,753	4,066
Directors' fees and expenses	1,451	1,157
Intangible amortization	285	286
Net Income (Loss)	29,478	24,363
Comprehensive income	33,566	(40,390)
Parent company
Operating Income
Dividend income from operating subsidiaries	5,715	6,792
Servicing Fee	389	553
Total operating income	6,104	7,345
Operating Expenses
Interest on borrowings	922	1,077
Salaries and employee benefits	392	553
Professional fees	585	413
Directors' fees and expenses	225	162
Intangible amortization	285	286
Other expenses and income taxes	(23)	(28)
Total operating expenses	2,386	2,463
Equity in undistributed earnings of subsidiary	25,760	19,481
Net Income (Loss)	29,478	24,363
Comprehensive income	$ 33,566	$ (40,390)

Parent Company Information - _3

Parent Company Information - Condensed Statements of Cash Flows - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income after equity in undistributed earnings of subsidiary	$ 29,478	$ 24,363
Adjustments to reconcile net income to net cash provided by operating activities
Stock-based compensation	818	503
Amortization of intangibles	285	286
Restricted stock expense	53	166
Net cash provided by (used in) operating activities	44,500	30,483
Cash flows from investing activities
Net cash used in investing activities	(144,922)	(434,107)
Cash flows from financing activities
Repayments of note payable		(3,000)
Purchases of treasury stock	(447)	(308)
Net cash (used in) provided by financing activities	161,724	183,526
Net increase in cash and cash equivalents	61,302	(220,098)
Beginning cash and cash equivalents	86,081	306,179
Ending cash and cash equivalents	147,383	86,081
Parent company
Cash flows from operating activities
Net income after equity in undistributed earnings of subsidiary	29,478	24,363
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of subsidiary companies	(25,760)	(19,481)
Stock-based compensation	818	503
Amortization of intangibles	285	286
Restricted stock expense	53	166
Other, net	362	295
Net cash provided by (used in) operating activities	5,236	6,132
Cash flows from investing activities
Investment in operating subsidiary		(18,000)
Net cash used in investing activities		(18,000)
Cash flows from financing activities
Repayments of note payable		(3,000)
Dividends paid, common stock	(5,191)	(4,669)
Purchases of treasury stock	(447)	(308)
Net cash (used in) provided by financing activities	(5,638)	(7,977)
Net increase in cash and cash equivalents	(402)	(19,845)
Beginning cash and cash equivalents	4,596	24,441
Ending cash and cash equivalents	$ 4,194	$ 4,596

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Information
Net interest income	$ 88,391	$ 78,088
Noninterest income	13,419	11,996
Provision for credit loss - investments	(5,000)
Provision for credit losses	(2,868)	(9,517)
Provision for loan loss	(3,014)	(9,517)
Noninterest expenses	(56,793)	(50,290)
Income tax expense	(7,671)	(5,914)
NET INCOME	29,478	24,363
Total assets	2,485,468	2,287,334
Banking
Segment Information
Net interest income	88,391	78,088
Noninterest income	3,080	2,695
Provision for credit loss - investments	(5,000)
Provision for credit losses	(2,868)
Provision for loan loss		(9,517)
Noninterest expenses	(49,015)	(42,898)
Income tax expense	(7,133)	(5,513)
NET INCOME	27,455	22,855
Total assets	2,476,610	2,279,469
Wealth Management
Segment Information
Noninterest income	10,339	9,301
Noninterest expenses	(7,778)	(7,392)
Income tax expense	(538)	(401)
NET INCOME	2,023	1,508
Total assets	$ 8,858	$ 7,865

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 29,478	$ 24,363

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
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