Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 07, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AFBI | |
Entity Registrant Name | Affinity Bancshares, Inc. | |
Entity Central Index Key | 0001823406 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 6,416,628 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-39914 | |
Entity Tax Identification Number | 82-1147778 | |
Entity Address, Address Line One | 3175 Highway 278 | |
Entity Address, City or Town | Covington | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30014 | |
City Area Code | 770 | |
Local Phone Number | 786-7088 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Entity Incorporation, State or Country Code | MD | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 6,388 | $ 6,030 |
Interest-earning deposits in other depository institutions | 55,007 | 43,995 |
Cash and cash equivalents | 61,395 | 50,025 |
Investment securities available-for-sale | 48,239 | 48,561 |
Investment securities held-to-maturity (estimated fair value of $33,873, net of allowance for credit losses of $45 at March 31, 2024 and estimated fair value of $33,835, net of allowance for credit losses of $45 at December 31, 2023) | 34,230 | 34,206 |
Other investments | 5,480 | 5,434 |
Loans | 674,498 | 659,876 |
Less allowance for credit losses | (8,595) | (8,921) |
Net loans | 665,903 | 650,955 |
Other real estate owned | 2,850 | 2,850 |
Premises and equipment, net | 3,691 | 3,797 |
Bank owned life insurance | 16,184 | 16,086 |
Intangible assets | 18,318 | 18,366 |
Other assets | 13,257 | 12,978 |
Total assets | 869,547 | 843,258 |
Liabilities: | ||
Non-interest-bearing checking | 164,568 | 154,689 |
Interest-bearing checking | 86,734 | 85,362 |
Money market accounts | 144,689 | 138,673 |
Savings accounts | 74,282 | 74,768 |
Certificates of deposit | 217,171 | 220,951 |
Total deposits | 687,444 | 674,443 |
Federal Home Loan Bank advances and other borrowings | 51,837 | 40,000 |
Accrued interest payable and other liabilities | 6,966 | 7,299 |
Total liabilities | 746,247 | 721,742 |
Stockholders' equity: | ||
Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,416,628 issued and outstanding at March 31, 2024 and December 31, 2023) | 64 | 64 |
Preferred stock (10,000,000 shares authorized, no shares outstanding) | ||
Additional paid in capital | 61,409 | 61,026 |
Unearned ESOP shares | (4,535) | (4,587) |
Retained earnings | 72,680 | 71,345 |
Accumulated other comprehensive loss | (6,318) | (6,332) |
Total stockholders' equity | 123,300 | 121,516 |
Total liabilities and stockholders' equity | $ 869,547 | $ 843,258 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Investment securities held-to-maturity estimated allowance for credit losses | $ 45,000 | $ 45,000 |
Investment securities held-to-maturity estimated fair value | $ 33,873,000 | $ 33,835,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 6,416,628 | 6,416,628 |
Common stock, shares outstanding | 6,416,628 | 6,416,628 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Loans, including fees | $ 9,499,000 | $ 8,291,000 |
Investment securities | 1,075,000 | 949,000 |
Interest-earning deposits | 647,000 | 488,000 |
Total interest income | 11,221,000 | 9,728,000 |
Interest expense: | ||
Deposits | 4,002,000 | 2,314,000 |
FHLB advances and other borrowings | 470,000 | 516,000 |
Total interest expense | 4,472,000 | 2,830,000 |
Net interest income before provision for credit losses | 6,749,000 | 6,898,000 |
Provision for credit losses | 0 | 7,000 |
Net interest income after provision for credit losses | 6,749,000 | 6,891,000 |
Noninterest income: | ||
Service charges on deposit accounts | 395,000 | 391,000 |
Other | 189,000 | 161,000 |
Total noninterest income | 584,000 | 552,000 |
Noninterest expenses: | ||
Salaries and employee benefits | 3,179,000 | 3,004,000 |
Occupancy | 618,000 | 644,000 |
Data processing | 511,000 | 493,000 |
Other | 1,262,000 | 1,053,000 |
Total noninterest expenses | 5,570,000 | 5,194,000 |
Income before income taxes | 1,763,000 | 2,249,000 |
Income tax expense | 428,000 | 527,000 |
Net income | $ 1,335,000 | $ 1,722,000 |
Weighted average common shares outstanding | ||
Basic | 6,416,628 | 6,599,672 |
Diluted | 6,524,332 | 6,681,680 |
Basic earnings per share | $ 0.21 | $ 0.26 |
Diluted earnings per share | $ 0.2 | $ 0.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,335 | $ 1,722 |
Other comprehensive income: | ||
Net unrealized gain on available-for-sale securities, net of taxes of $5 and $161 | 14 | 474 |
Total other comprehensive income | 14 | 474 |
Total comprehensive income | $ 1,349 | $ 2,196 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net unrealized gain on available-for-sale securities, tax | $ 5 | $ 161 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid In Capital | Unearned ESOP Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2022 | $ 117,103 | $ 66 | $ 63,130 | $ (4,795) | $ 65,357 | $ (6,655) |
ESOP loan payment and release of ESOP shares | 78 | 26 | 52 | |||
Stock-based compensation expense | 260 | 260 | ||||
Change in unrealized loss on investment securities available-for-sale, net of tax | 474 | 474 | ||||
Common stock repurchase | (867) | (867) | ||||
Adoption of new accounting pronouncement (see Note 1) | ASU 2016-13 | $ (460) | $ (460) | ||||
Accounting Standards Update [Extensible Enumeration] | ASU 2016-13 | Financing Receivable, Allowance for Credit Loss | Financing Receivable, Allowance for Credit Loss | ||||
Net income | $ 1,722 | $ 1,722 | ||||
Ending balance at Mar. 31, 2023 | 118,310 | 66 | 62,549 | (4,743) | 66,619 | (6,181) |
Beginning balance at Dec. 31, 2023 | 121,516 | 64 | 61,026 | (4,587) | 71,345 | (6,332) |
ESOP loan payment and release of ESOP shares | 86 | 34 | 52 | |||
Stock-based compensation expense | 349 | 349 | ||||
Change in unrealized loss on investment securities available-for-sale, net of tax | 14 | 14 | ||||
Net income | 1,335 | 1,335 | ||||
Ending balance at Mar. 31, 2024 | $ 123,300 | $ 64 | $ 61,409 | $ (4,535) | $ 72,680 | $ (6,318) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 1,335 | $ 1,722 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, (accretion) and amortization | 162 | 183 |
Stock-based compensation expense | 349 | 260 |
Deferred income tax expense | 241 | |
Provision for credit losses | 7 | |
ESOP expense | 86 | 78 |
Increase in cash surrender value of bank owned life insurance | (98) | (87) |
Change in: | ||
Accrued interest receivable and other assets | (525) | (779) |
Accrued interest payable and other liabilities | (333) | 615 |
Net cash provided by operating activities | 1,217 | 1,999 |
Cash flows from investing activities: | ||
Purchases of investment securities held-to-maturity | (7,609) | |
Purchases of investment securities available-for-sale | (5,710) | |
Purchases of premises and equipment | (132) | (148) |
Proceeds from paydowns of investment securities available-for-sale | 375 | 1,379 |
Proceeds from paydowns of investment securities held-to-maturity | 24 | 15 |
Purchases of other investments | (46) | (2,339) |
Proceeds from sales of other investments | 425 | |
Net change in loans | (14,906) | (15,226) |
Net cash used in investing activities | (14,685) | (29,213) |
Cash flows from financing activities: | ||
Net change in deposits | 13,001 | 93,668 |
Stock repurchase | (867) | |
Proceeds from FHLB advances | 65,000 | |
Repayment of FHLB advances | (20,000) | |
Repayment of federal funds purchased | (25) | |
Proceeds from other borrowings | 11,837 | |
Net cash provided by financing activities | 24,838 | 137,776 |
Net change in cash and cash equivalents | 11,370 | 110,562 |
Cash and cash equivalents at beginning of period | 50,025 | 26,324 |
Cash and cash equivalents at end of period | 61,395 | 136,886 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 4,791 | 2,372 |
Change in unrealized gain on investment securities available-for-sale, net of tax | $ 14 | $ 474 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations | (1) Nature of Operations Affinity Bancshares, Inc. (the “Company”) is a bank holding company, headquartered in Covington, Georgia. The Company has one operating subsidiary, Affinity Bank, National Association (the “Bank”, and formerly named “Affinity Bank”), a national bank, conducting banking activities primarily in Newton County, Georgia and surrounding counties and in Cobb and Fulton Counties, Georgia and surrounding counties, and originating dental practice loans and indirect automobile loans throughout the Southeastern United States. The Bank offers such customary banking services as consumer and commercial checking accounts, savings accounts, certificates of deposit, mortgage, commercial and consumer loans, including indirect automobile loans, money transfers and a variety of other banking services. The Company was incorporated in 2020 to be the successor corporation to Community First Bancshares, Inc., a federal corporation, upon completion of the second-step mutual-to-stock conversion (the “Conversion”) of Community First Bancshares, MHC, the top tier mutual holding company of Community First Bancshares, Inc, the former mid-tier holding company for the Bank. Basis of Presentation The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the financial position of the Company as of March 31, 2024 and the results of its operations and its cash flows for the periods presented. The interim consolidated financial information should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for a full year or for any other period. Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for credit losses, the valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income. Summary of Significant Accounting Policie s – The accounting and reporting policies of the Company conform to GAAP and general practices within the banking industry. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in the Company’s financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K. Earnings per Share Basic earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options), if any. Presented below are the calculations for basic and diluted earnings per common share. Three Months Ended March 31, 2024 2023 (Dollars in thousands except per share data) Net income $ 1,335 $ 1,722 Weighted average common shares outstanding 6,416,628 6,599,672 Effect of dilutive common stock awards 107,704 82,008 Diluted weighted average common shares outstanding 6,524,332 6,681,680 Basic earnings per common share $ 0.21 $ 0.26 Diluted earnings per common share 0.20 0.26 There were 379,500 anti-dilutive options for the three months ended March 31, 2024 and 292,454 anti-dilutive options for the three months ended March 31, 2023 . |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | (2) Investment Securities Investment securities available-for-sale at March 31, 2024 and December 31, 2023 are as follows: (in thousands) March 31, 2024 Amortized Cost Gross Gross Estimated Fair Value U.S. Treasury securities $ 5,157 $ — $ ( 698 ) $ 4,459 Municipal securities - tax exempt 525 — ( 89 ) 436 Municipal securities - taxable 2,530 — ( 401 ) 2,129 U. S. Government sponsored enterprises 11,837 — ( 3,192 ) 8,645 Government agency mortgage-backed securities 18,248 — ( 2,906 ) 15,342 Corporate securities 18,401 40 ( 1,213 ) 17,228 Total $ 56,698 $ 40 $ ( 8,499 ) $ 48,239 December 31, 2023 U.S. Treasury securities $ 5,147 $ — $ ( 649 ) $ 4,498 Municipal securities - tax exempt 527 — ( 85 ) 442 Municipal securities - taxable 2,530 — ( 395 ) 2,135 U. S. Government sponsored enterprises 11,837 — ( 3,207 ) 8,630 Government agency mortgage-backed securities 18,643 — ( 2,695 ) 15,948 Corporate securities 18,355 30 ( 1,477 ) 16,908 Total $ 57,039 $ 30 $ ( 8,508 ) $ 48,561 Investment securities held-to-maturity at March 31, 2024 and December 31, 2023 are as follows: (in thousands) March 31, 2024 Amortized Cost Gross Gross Fair Value Estimated Allowance for Credit Losses U.S. Treasury securities $ 999 $ — $ ( 4 ) $ 995 $ — Government agency mortgage-backed securities 776 — ( 55 ) 721 — Corporate securities 32,500 55 ( 398 ) 32,157 ( 45 ) Total $ 34,275 $ 55 $ ( 457 ) $ 33,873 $ ( 45 ) December 31, 2023 U.S. Treasury securities $ 999 $ — $ ( 4 ) $ 995 $ — Government agency mortgage-backed securities 795 — ( 76 ) 719 — Corporate securities 32,457 58 ( 394 ) 32,121 ( 45 ) Total $ 34,251 $ 58 $ ( 474 ) $ 33,835 $ ( 45 ) Corporate securities account for the majority of the held-to-maturity portfolio as of March 31, 2024. As stated above, these corporate securities are accounted for as securities, but are underwritten as loans with features that are typically found in commercial loans. Accordingly, the Bank monitors the credit quality of these corporate bonds through quarterly credit reviews to determine impairment, if any. At March 31, 2024 , these securities are all rated as investment grade and the $ 45,000 of allowance for credit losses associated with these securities was calculated using a Moody's report on the cumulative default rates of corporate issuers. Investment securities available-for-sale in an unrealized loss position at March 31, 2024 and December 31, 2023 are as follows: (in thousands) Less Than 12 Months 12 Months or More Total March 31, 2024 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury securities $ — $ — $ 4,459 $ ( 698 ) $ 4,459 $ ( 698 ) Municipal securities - tax exempt — — 436 ( 89 ) 436 ( 89 ) Municipal securities - taxable — — 2,129 ( 401 ) 2,129 ( 401 ) U. S. Government sponsored enterprises — — 8,645 ( 3,192 ) 8,645 ( 3,192 ) Government agency mortgage-backed securities — — 15,342 ( 2,906 ) 15,342 ( 2,906 ) Corporate securities 961 ( 19 ) 13,724 ( 1,194 ) 14,685 ( 1,213 ) Total $ 961 $ ( 19 ) $ 44,735 $ ( 8,480 ) $ 45,696 $ ( 8,499 ) December 31, 2023 U.S. Treasury securities $ — $ — $ 4,498 $ ( 649 ) $ 4,498 $ ( 649 ) Municipal securities - tax exempt — — 442 ( 85 ) 442 ( 85 ) Municipal securities - taxable — — 2,135 ( 395 ) 2,135 ( 395 ) U. S. Government sponsored enterprises — — 8,630 ( 3,207 ) 8,630 ( 3,207 ) Government agency mortgage-backed securities — — 15,948 ( 2,695 ) 15,948 ( 2,695 ) Corporate securities 5,557 ( 214 ) 8,774 ( 1,263 ) 14,331 ( 1,477 ) Total $ 5,557 $ ( 214 ) $ 40,427 $ ( 8,294 ) $ 45,984 $ ( 8,508 ) There was one available-for-sale security in an unrealized loss position totaling $ 19,000 as of March 31, 2024 for less than 12 months. There were 68 available-for-sale securities in an unrealized loss position for 12 months or greater totaling $ 8.5 million as of March 31, 2024 . The unrealized losses on the debt securities arose due to changing interest rates and market conditions and are considered to be temporary because of acceptable investment grades and are reviewed regularly. Four of the securities are agency bonds and five are U.S. Treasury bonds, so all of these are direct obligations of the U.S. Government. Thirty-nine of the securities are mortgage-backed bonds that have the direct or implied backing of the U.S. Government. Four of the bonds are municipal securities and the remaining 17 securities are corporate securities that are either trust preferred securities or subordinated debentures where the Bank performs a credit review regularly and such review has raised no concerns. Debt securities issued by U.S. government agencies, U.S. government-sponsored enterprises ("GSEs"), and the U.S. Treasury, including notes and mortgage-backed securities, accounted for the majority of the available-for-sale portfolio as of March 31, 2024, and the Bank expects no credit losses on these securities, given the explicit and implicit guarantees provided by the U.S. federal government. The available-for-sale portfolio also includes corporate securities, but are underwritten as loans with features that are typically found in commercial loans. Accordingly, the Bank monitors the credit quality of these corporate bonds through quarterly credit reviews to determine impairment, if any. The decline in fair value is attributable to changes in interest rates, and not credit quality, and the Bank does not have the intent to sell the U.S. government and agencies debt securities and the corporate securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Bank does not consider impairments on these securities to be credit related as of March 31, 2024. The amortized cost and estimated fair value of investment securities available-for-sale and held-to-maturity at March 31, 2024, by contractual maturity, are shown below. Maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. Therefore, these securities are not included in the maturity categories. (in thousands) Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ — $ — $ 999 $ 995 Greater than 1 to 5 years 6,950 6,592 16,782 16,716 Greater than 5 to 10 years 21,160 18,810 15,718 15,441 Greater than 10 years 10,340 7,495 — — 38,450 32,897 33,499 33,152 Government agency mortgage-backed securities 18,248 15,342 776 721 Total $ 56,698 $ 48,239 $ 34,275 $ 33,873 There were no sales of investment securities available-for-sale during the three months ended March 31, 2024 or 2023. Available-for-sale securities with a carrying value of approximately $ 4.0 million and $ 4.2 million were pledged to secure public deposits at March 31, 2024 and December 31, 2023 , respectively. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | (3) Loans and Allowance for Credit Losses Major classifications of loans, by collateral code, at March 31, 2024 and December 31, 2023 are summarized as follows: (in thousands) March 31, 2024 December 31, 2023 Commercial (secured by real estate - owner occupied) $ 162,638 $ 157,691 Commercial (secured by real estate - non-owner occupied) 145,610 145,100 Commercial and industrial 142,509 140,407 Construction, land and acquisition & development 55,292 47,685 Residential mortgage 1-4 family 53,133 53,650 Consumer installment 115,316 115,343 Total 674,498 659,876 Less allowance for credit losses ( 8,595 ) ( 8,921 ) Total loans, net $ 665,903 $ 650,955 The Bank grants loans and extensions of credit to individuals and a variety of firms and corporations located primarily in the Atlanta, Georgia Metropolitan Statistical Area. A substantial portion of the loan portfolio is collateralized by improved and unimproved real estate and is dependent upon the real estate market. The Bank also conducts lending within professional markets, with a primary focus on the dental industry in Georgia and adjoining states. The majority of these loans are commercial and industrial credits for practice acquisitions and equipment financing with the remainder being owner-occupied real estate. Accrued interest on loans totaled $ 2.2 million on March 31, 2024 and $ 2.1 million on December 31, 2023 and is included in other assets on the consolidated balance sheet. The following table presents the balance in the allowance for credit losses as of and for the three months ended March 31, 2024 and 2023 (in thousands) Commercial Commercial Commercial Construction, Residential Consumer Unallocated Total Beginning balance December 31, 2023 $ 1,397 $ 1,298 $ 1,806 $ 927 $ 1,038 $ 1,534 $ 921 $ 8,921 Provision 167 ( 6 ) ( 70 ) 152 ( 31 ) 139 ( 351 ) — Charge-offs ( 160 ) — — — ( 5 ) ( 193 ) — ( 358 ) Recoveries — — — — — 32 — 32 Ending balance, March 31, 2024 $ 1,404 $ 1,292 $ 1,736 $ 1,079 $ 1,002 $ 1,512 $ 570 $ 8,595 Beginning balance, December 31, 2022 $ 2,403 $ 2,079 $ 2,292 $ 487 $ 345 $ 1,675 $ 44 $ 9,325 Provision ( 898 ) ( 683 ) ( 1,084 ) 443 1,169 740 313 — Charge-offs ( 4 ) — ( 3 ) — — ( 99 ) — ( 106 ) Recoveries 8 — — — — 7 — 15 Ending balance, March 31, 2023 $ 1,509 $ 1,396 $ 1,205 $ 930 $ 1,514 $ 2,323 $ 357 $ 9,234 No provision for credit losses on loans was recorded for the three months ended March 31, 2024 and 2023. A release on unfunded commitments for the three months ended March 31, 2024 and 2023 of $ 0 and $ 3,000 was recorded, and is included in other liabilities on the consolidated balance sheet. The allowance for unfunded commitments as of March 31, 2024 and December 31, 2023 was $ 531,000 . The Bank also recorded a provision of $ 0 and $ 10,000 for credit losses for held-to-maturity securities for a net $ 0 and $ 7,000 recorded of provision for credit losses for the three months ended March 31, 2024 and 2023. The Bank individually evaluates loans meeting a certain threshold for impairment that are on nonaccrual status or are rated substandard (as described below). Additionally, all loan modifications to a borrower with financial difficulty are evaluated for impairment. Collateral-Dependent Loans and 2023, and we had $ 4.1 million and $ 4.3 million of collateral-dependent loans without an allowance and no collateral-dependent loans with an allowance at March 31, 2024 and December 31, 2023, respectively. The following table presents the aging of the recorded investment in past due loans, as well as the recorded investment in nonaccrual loans, as of March 31, 2024 and December 31, 2023 by class of loans: (in thousands) March 31, 2024 30 -59 60- 89 90 Days Total Accruing Loans Nonaccrual with Allowance Nonaccrual without Allowance Current Total Commercial (secured by real estate - owner occupied) $ — $ — $ — $ — $ — $ — $ 162,638 $ 162,638 Commercial (secured by real estate - non-owner occupied) — — — — — 4,280 141,330 145,610 Commercial and industrial — — — — — — 142,509 142,509 Construction, land and acquisition & 13 — — 13 — 19 55,260 55,292 Residential mortgage 1,507 — — 1,507 — 2,528 49,098 53,133 Consumer installment 332 — — 332 — 337 114,647 115,316 Total $ 1,852 $ — $ — $ 1,852 $ — $ 7,164 $ 665,482 $ 674,498 December 31, 2023 30 -59 60- 89 90 Days Total Accruing Loans Nonaccrual with Allowance Nonaccrual without Allowance Current Total Commercial (secured by real estate - owner occupied) $ — $ — $ — $ — $ — $ — $ 157,691 $ 157,691 Commercial (secured by real estate - non-owner occupied) — — — — — 4,505 140,595 145,100 Commercial and industrial — — — — — — 140,407 140,407 Construction, land and acquisition & — — — — — — 47,685 47,685 Residential mortgage 2,534 — — 2,534 — 2,504 48,612 53,650 Consumer installment 246 — — 246 — 417 114,680 115,343 Total $ 2,780 $ — $ — $ 2,780 $ — $ 7,426 $ 649,670 $ 659,876 There were no loan modifications to a borrower with financial difficulty during the three months ended March 31, 2024 or 2023. No loan modifications made to a borrower with financial difficulty subsequently defaulted during the three months ended March 31, 2024 and 2023. The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continuous basis. The Bank uses the following definitions for its risk ratings: Special Mention. Loans have potential weaknesses that may, if not corrected, weaken or inadequately protect the Bank's credit position at some future date. Weaknesses are generally the result of deviation from prudent lending practices, such as over advances on collateral. Credits in this category should, within a 12-month period, move to Pass if improved or drop to Substandard if poor trends continue. Substandard. Inadequately protected by the current net worth and paying capacity of the obligor, or by the collateral pledged, if any. Loans have a well-defined weakness or weaknesses such as primary source of repayment is gone or severely impaired or cash flow is insufficient to reduce debt. There is a distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful. Loans have the same weaknesses as those classified Substandard, with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable. The likelihood of a loss on an asset or portion of an asset classified Doubtful is high. Loss. Loans considered uncollectible and of such little value that the continuance as a Bank asset is not warranted. This does not mean that the loan has no recovery or salvage value, but rather the asset should be charged off even though partial recovery may be possible in the future. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of March 31, 2024 and December 31, 2023, and based on the most recent analysis performed, the risk category and year of origination of loans by class of loans is as follows: (in thousands) March 31, 2024 2024 2023 2022 2021 2020 Prior Revolvers Total Pass Commercial (secured by real estate - owner occupied) $ 4,773 $ 13,138 $ 24,750 $ 28,527 $ 22,559 $ 62,986 $ 5,581 $ 162,314 Commercial (secured by real estate - non-owner occupied) 4,383 31,925 36,744 28,451 4,377 25,566 5,797 137,243 Commercial and industrial 8,127 21,279 21,425 27,458 15,263 41,577 7,380 142,509 Construction, land and acquisition & development 7,502 25,403 14,628 4,688 106 476 2,470 55,273 Residential mortgage 335 4,985 5,670 2,399 1,876 29,255 5,575 50,095 Consumer installment 12,150 38,689 42,245 15,393 3,996 1,649 551 114,673 Total pass 37,270 135,419 145,462 106,916 48,177 161,509 27,354 662,107 Special Mention Commercial (secured by real estate - owner occupied) — — — — — 324 — 324 Commercial (secured by real estate - non-owner occupied) — — - 3,517 — 541 — 4,058 Commercial and industrial — — — — — — — — Construction, land and acquisition & development — — — — — — — — Residential mortgage — — — — — 220 — 220 Consumer installment — 53 226 14 11 2 — 306 Total special mention — 53 226 3,531 11 1,087 — 4,908 Substandard Commercial (secured by real estate - owner occupied) — — — — — — — — Commercial (secured by real estate - non-owner occupied) — — — — — 4,309 - 4,309 Commercial and industrial — — — — — — — — Construction, land and acquisition & development — — — - 19 — — 19 Residential mortgage — - 197 104 104 2,368 45 2,818 Consumer installment — 80 96 147 5 9 — 337 Total substandard — 80 293 251 128 6,686 45 7,483 Total $ 37,270 $ 135,552 $ 145,981 $ 110,698 $ 48,316 $ 169,282 $ 27,399 $ 674,498 Current year to date period gross write-offs Commercial (secured by real estate - owner occupied) $ — $ — $ — $ — $ — $ — $ — $ — Commercial (secured by real estate - non-owner occupied) — — — — — 160 — 160 Commercial and industrial — — — — — — — — Construction, land and acquisition & development — — — — — — — — Residential mortgage — — 5 — — — — 5 Consumer installment — 7 144 37 — 5 — 193 Total current period gross write-offs $ — $ 7 $ 149 $ 37 $ — $ 165 $ — $ 358 December 31, 2023 2023 2022 2021 2020 2019 Prior Revolvers Total Pass Commercial (secured by real estate - owner occupied) $ 11,210 $ 23,441 $ 29,832 $ 22,982 $ 11,287 $ 49,744 $ 8,863 $ 157,359 Commercial (secured by real estate - non-owner occupied) 32,830 37,395 25,702 4,436 10,015 15,546 10,562 136,486 Commercial and industrial 22,473 21,590 27,252 14,764 16,697 25,317 12,314 140,407 Construction, land and acquisition & development 21,557 17,392 5,034 721 216 210 2,534 47,664 Residential mortgage 5,354 5,672 2,447 1,289 1,424 28,710 5,736 50,632 Consumer installment 42,601 46,869 17,488 4,866 1,919 247 543 114,533 Total pass 136,025 152,359 107,755 49,058 41,558 119,774 40,552 647,081 Special Mention Commercial (secured by real estate - owner occupied) — — — — — 332 — 332 Commercial (secured by real estate - non-owner occupied) — — 3,539 — — 540 — 4,079 Commercial and industrial — — — — — — — — Construction, land and acquisition & development — — — — — — — — Residential mortgage — — — — — 222 — 222 Consumer installment 73 190 99 21 31 — — 414 Total special mention 73 190 3,638 21 31 1,094 — 5,047 Substandard Commercial (secured by real estate - owner occupied) — — — — — — — — Commercial (secured by real estate - non-owner occupied) — — — — — 4,535 - 4,535 Commercial and industrial — — — — — — — — Construction, land and acquisition & development — — — 21 — — — 21 Residential mortgage — 202 108 107 113 2,266 — 2,796 Consumer installment 50 205 118 11 12 — — 396 Total substandard 50 407 226 139 125 6,801 - 7,748 Total $ 136,148 $ 152,956 $ 111,619 $ 49,218 $ 41,714 $ 127,669 $ 40,552 $ 659,876 Current year to date period gross write-offs Commercial (secured by real estate - owner occupied) $ — $ — $ — $ — $ — $ — $ — $ — Commercial (secured by real estate - non-owner occupied) — — — — — 204 — 204 Commercial and industrial — — — — — 3 — 3 Construction, land and acquisition & development — — — — — — — — Residential mortgage — — — — — — — — Consumer installment 9 159 125 14 — — — 307 Total current period gross write-offs $ 9 $ 159 $ 125 $ 14 $ — $ 207 $ — $ 514 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (4) Intangible Assets The core deposit premium intangible asset had a gross carrying amount of $ 1.9 million and accumulated amortization of $ 813,000 at March 31, 2024 . The core deposit premium intangible asset had a gross carrying amount of $ 1.9 million and accumulated amortization of $ 765,000 at December 31, 2023 . Aggregate amortization expense was $ 48,000 for the three months ended March 31, 2024 and 2023. Goodwill acquired through acquisition was $ 17.2 million at March 31, 2024 and 2023. No impairment loss was recognized during the three months ended March 31, 2024 and 2023 . |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Deposits | (5) Deposits The aggregate amount of certificates of deposit ("CDs") of $250,000 or more, the standard FDIC deposit insurance coverage limit per depositor, was approximately $ 30.4 million at March 31, 2024 , and $ 31.2 million at December 31, 2023 . Due to the FDIC insurance coverage rules and limits for a depositor's specific group of deposit accounts, it is important to note that not all deposits in excess of $ 250,000 are uninsured. Brokered CDs totaled $ 107.4 million and had a weighted average rate of 4.65 % and a weighted average maturity of 28 months at March 31, 2024 and $ 107.3 million and had a weighted average rate of 4.87 % and a weighted average maturity of 28 months at December 31, 2023. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings | (6) Borrowings The following Federal Home Loan Bank ("FHLB") advances, which required monthly or quarterly interest payments, were outstanding at March 31, 2024 and December 31, 2023: Advance Date Advance Interest Rate Maturity Rate Call Feature 1/6/2023 $ 10,000,000 4.22 % 1/6/2026 Fixed N/A 1/6/2023 10,000,000 3.94 % 1/6/2028 Fixed N/A 10/25/2023 10,000,000 3.99 % 10/25/2028 Convertible 4/25/2024 12/14/2023 10,000,000 3.28 % 12/14/2028 Convertible 6/14/2024 $ 40,000,000 At March 31, 2024 and December 31, 2023 , the FHLB advances were collateralized by certain loans which totaled approximately $ 406.1 million and $ 392.6 million, and by the Company’s investment in FHLB stock which totaled approximately $ 2.5 million at March 31, 2024 and December 31, 2023. The Company had one FHLB letter of credit of $ 12.5 million, used to collateralize public deposits, outstanding at both March 31, 2024 and December 31, 2023. The Company has Federal Funds unsecured lines of credit totaling $ 32.5 million. No amount was borrowed under these lines as of March 31, 2024. We also have a line of $ 76.8 million and $ 67.4 million with the Federal Reserve Bank secured by $ 101.9 million and $ 96.1 million in loans and investment securities as of March 31, 2024 and December 31, 2023 . There was $ 11.8 million and $ 0 outstanding under the Bank Term Funding Program at March 31, 2024 and December 31, 2023 . |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Stock Ownership Plan | (7) Employee Stock Ownership Plan The Company sponsors an employee stock ownership plan (“ESOP”) that covers all employees who meet certain service requirements. The Company makes annual contributions to the ESOP in amounts as defined by the plan document. These contributions are used to pay debt service and purchase additional shares. Certain ESOP shares are pledged as collateral for debt. As the debt is repaid, shares are released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. In 2017, the ESOP borrowed $ 3.0 million payable to the Company for the purpose of purchasing shares of the Company’s common stock. A total of 295,499 shares were purchased with the loan proceeds as part of the Company’s initial stock offering. In 2021, the ESOP borrowed $ 3.0 million payable to the Company for the purpose of purchasing additional shares of the Company’s common stock. A total of 225,721 shares were purchased with the loan proceeds as part of the Company’s second stock offering. Total ESOP expense for the three months ended March 31, 2024 and 2023 was approximately $ 86,000 and $ 78,000 , respectively. The balance of the note payable of the ESOP was approximately $ 5.1 million at March 31, 2024 and December 31, 2023. Because the source of the loan payments is contributions received by the ESOP from the Company, the related note receivable is shown as a reduction of stockholders’ equity. As of March 31, 2024 and December 31, 2023 , 101,000 shares had been released. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract] | |
Stock-Based Compensation | (8) Stock-Based Compensation In 2018, shareholders approved the Company’s 2018 Equity Incentive Plan, which authorizes the issuance of up to 133,987 shares of common stock pursuant to restricted stock grants and up to 334,970 shares of common stock pursuant to the exercise of options. In May 2022, shareholders approved the Company’s 2022 Equity Incentive Plan, which authorizes the issuance of up to 148,060 shares of common stock pursuant to restricted stock grants and up to 370,150 shares of common stock pursuant to the exercise of options. A Black-Scholes model is utilized to estimate the fair value of stock option grants, while the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. A summary of the Company’s stock option activity is summarized below. Stock Options Option Shares Outstanding Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value (in thousands) Outstanding - December 31, 2023 640,766 12.58 7.75 1,419 Outstanding - March 31, 2024 640,766 12.58 7.51 2,476 Exercisable - March 31, 2024 236,905 10.98 6.28 1,294 Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock options. A summary of the Company’s restricted stock activity is summarized below. Restricted Stock Restricted Shares Outstanding Weighted Average Grant Date Fair Value Outstanding - December 31, 2023 166,591 13.46 Vested ( 3,467 ) Outstanding - March 31, 2024 163,124 13.44 The Company recognized approximately $ 349,000 and $ 260,000 , of stock-based compensation expense during the three months ended March 31, 2024 and 2023 respectively, associated with its common stock awards granted to directors and officers. As of March 31, 2024 , there was approximately $ 3.4 million of unrecognized compensation cost related to equity award grants. The cost is expected to be recognized over the weighted average remaining vesting period of approximately 2.24 years. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | (9) Fair Value Measurements and Disclosures The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. From time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral dependent loans and other real estate owned. These nonrecurring fair value adjustments typically involve application of the lower of cost or market accounting or write-downs of individual assets. Additionally, the Company is required to disclose, but not record, the fair value of other financial instruments. Fair Value Hierarchy The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Following are descriptions of valuation methodologies used for assets and liabilities recorded at fair value. Cash and Cash Equivalents The carrying value of cash and cash equivalents is a reasonable estimate of fair value. Investment Securities Available-for-Sale Available-for-sale securities are recorded at market value. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, and U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter market funds. Level 2 securities include mortgage-backed securities issued by government sponsored enterprises and state, county and municipal bonds. Securities classified as Level 3 include asset-backed securities in less liquid markets. Other Investments The carrying value of other investments includes FHLB stock and First National Bankers Bank stock and approximates fair value. Loans The Company does not record loans at fair value on a recurring basis, unless a loan is considered collateral dependent and a specific reserve may be required to be established within the allowance for credit losses. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered individually evaluated. Once a loan is identified as collateral dependent, management measures impairment in accordance with GAAP. The fair value of collateral dependent loans is estimated using one of three methods, including collateral value, market value of similar debt, and discounted cash flows. Those collateral dependent loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceeds the recorded investments in such loans. In accordance with GAAP, collateral dependent loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price, the Company records the collateral dependent loan as nonrecurring Level 2. When an appraised value is used or an appraisal is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the collateral dependent loan as nonrecurring Level 3. For disclosure purposes, the fair value of fixed rate loans which are not considered collateral dependent is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For non collateral dependent variable rate loans, the carrying amount is a reasonable estimate of fair value for disclosure purposes. Other Real Estate Owned Other real estate owned properties are adjusted to fair value upon transfer of the loans to other real estate. Subsequently, other real estate assets are carried at fair value less estimated selling costs. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price, the Bank records the other real estate as nonrecurring Level 2. When an appraised value is used or an appraisal is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Bank records the other real estate asset as nonrecurring Level 3. Deposits The fair value of savings accounts, interest bearing checking accounts, non-interest bearing checking accounts and market rate checking accounts is the amount payable on demand at the reporting date, while the fair value of fixed maturity certificates of deposit is estimated by discounting the future cash flows using current rates at which comparable certificates would be issued. FHLB Advances and Other Borrowings FHLB advances are carried at cost and the fair value is obtained from the Federal Home Loan Bank of Atlanta. Federal Funds Commitments to Extend Credit Commitments to extend credit are short-term and, therefore, the carrying value and the fair value are considered immaterial for disclosure. Assets Recorded at Fair Value on a Recurring Basis The Company’s only assets recorded at fair value on a recurring basis are available-for-sale securities that had fair values of approximately $ 48.2 million and $ 48.6 million at March 31, 2024 and December 31, 2023. They are classified as Level 2. Assets Recorded at Fair Value on a Nonrecurring Basis The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. Assets measured at fair value on a nonrecurring basis are included in the table below as of March 31, 2024 and December 31, 2023 (in thousands). March 31, 2024 Level 1 Level 2 Level 3 Total Other real estate owned $ — $ — $ 2,850 $ 2,850 Collateral dependent loans — — 1,281 1,281 Total assets at fair value $ — $ — $ 4,131 $ 4,131 December 31, 2023 Level 1 Level 2 Level 3 Total Other real estate owned $ — $ — $ 2,850 $ 2,850 Collateral dependent loans — — 1,440 1,440 Total assets at fair value $ — $ — $ 4,290 $ 4,290 The carrying amounts and estimated fair values (in thousands) of the Company’s financial instruments at March 31, 2024 and December 31, 2023 are as follows: March 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets: Cash and cash equivalents Level 1 $ 61,395 $ 61,395 $ 50,025 $ 50,025 Investment securities available-for-sale Level 2 48,239 48,239 48,561 48,561 Investment securities held-to-maturity Level 2 34,230 33,873 34,206 33,835 Other investments Level 3 5,480 5,480 5,434 5,434 Loans, net Level 3 665,903 646,136 650,955 635,957 Financial liabilities: Deposits Level 2 687,444 685,322 674,443 673,854 FHLB advances and other borrowings Level 3 51,837 51,515 40,000 39,830 Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. |
Nature of Operations (Policies)
Nature of Operations (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the financial position of the Company as of March 31, 2024 and the results of its operations and its cash flows for the periods presented. The interim consolidated financial information should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for a full year or for any other period. Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for credit losses, the valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income. Summary of Significant Accounting Policie s – The accounting and reporting policies of the Company conform to GAAP and general practices within the banking industry. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in the Company’s financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K. |
Use of Estimates | Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for credit losses, the valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income. |
Earnings Per Share | Earnings per Share Basic earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options), if any. Presented below are the calculations for basic and diluted earnings per common share. Three Months Ended March 31, 2024 2023 (Dollars in thousands except per share data) Net income $ 1,335 $ 1,722 Weighted average common shares outstanding 6,416,628 6,599,672 Effect of dilutive common stock awards 107,704 82,008 Diluted weighted average common shares outstanding 6,524,332 6,681,680 Basic earnings per common share $ 0.21 $ 0.26 Diluted earnings per common share 0.20 0.26 There were 379,500 anti-dilutive options for the three months ended March 31, 2024 and 292,454 anti-dilutive options for the three months ended March 31, 2023 . |
Nature of Operations (Tables)
Nature of Operations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Calculations for Basic and Diluted Earnings Per Common Share | Presented below are the calculations for basic and diluted earnings per common share. Three Months Ended March 31, 2024 2023 (Dollars in thousands except per share data) Net income $ 1,335 $ 1,722 Weighted average common shares outstanding 6,416,628 6,599,672 Effect of dilutive common stock awards 107,704 82,008 Diluted weighted average common shares outstanding 6,524,332 6,681,680 Basic earnings per common share $ 0.21 $ 0.26 Diluted earnings per common share 0.20 0.26 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities Available-for-Sale | Investment securities available-for-sale at March 31, 2024 and December 31, 2023 are as follows: (in thousands) March 31, 2024 Amortized Cost Gross Gross Estimated Fair Value U.S. Treasury securities $ 5,157 $ — $ ( 698 ) $ 4,459 Municipal securities - tax exempt 525 — ( 89 ) 436 Municipal securities - taxable 2,530 — ( 401 ) 2,129 U. S. Government sponsored enterprises 11,837 — ( 3,192 ) 8,645 Government agency mortgage-backed securities 18,248 — ( 2,906 ) 15,342 Corporate securities 18,401 40 ( 1,213 ) 17,228 Total $ 56,698 $ 40 $ ( 8,499 ) $ 48,239 December 31, 2023 U.S. Treasury securities $ 5,147 $ — $ ( 649 ) $ 4,498 Municipal securities - tax exempt 527 — ( 85 ) 442 Municipal securities - taxable 2,530 — ( 395 ) 2,135 U. S. Government sponsored enterprises 11,837 — ( 3,207 ) 8,630 Government agency mortgage-backed securities 18,643 — ( 2,695 ) 15,948 Corporate securities 18,355 30 ( 1,477 ) 16,908 Total $ 57,039 $ 30 $ ( 8,508 ) $ 48,561 |
Schedule of Investment Securities Held-to-maturity | Investment securities held-to-maturity at March 31, 2024 and December 31, 2023 are as follows: (in thousands) March 31, 2024 Amortized Cost Gross Gross Fair Value Estimated Allowance for Credit Losses U.S. Treasury securities $ 999 $ — $ ( 4 ) $ 995 $ — Government agency mortgage-backed securities 776 — ( 55 ) 721 — Corporate securities 32,500 55 ( 398 ) 32,157 ( 45 ) Total $ 34,275 $ 55 $ ( 457 ) $ 33,873 $ ( 45 ) December 31, 2023 U.S. Treasury securities $ 999 $ — $ ( 4 ) $ 995 $ — Government agency mortgage-backed securities 795 — ( 76 ) 719 — Corporate securities 32,457 58 ( 394 ) 32,121 ( 45 ) Total $ 34,251 $ 58 $ ( 474 ) $ 33,835 $ ( 45 ) |
Schedule of Investment Securities Available-for-sale In An Unrealized Loss Position | Investment securities available-for-sale in an unrealized loss position at March 31, 2024 and December 31, 2023 are as follows: (in thousands) Less Than 12 Months 12 Months or More Total March 31, 2024 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury securities $ — $ — $ 4,459 $ ( 698 ) $ 4,459 $ ( 698 ) Municipal securities - tax exempt — — 436 ( 89 ) 436 ( 89 ) Municipal securities - taxable — — 2,129 ( 401 ) 2,129 ( 401 ) U. S. Government sponsored enterprises — — 8,645 ( 3,192 ) 8,645 ( 3,192 ) Government agency mortgage-backed securities — — 15,342 ( 2,906 ) 15,342 ( 2,906 ) Corporate securities 961 ( 19 ) 13,724 ( 1,194 ) 14,685 ( 1,213 ) Total $ 961 $ ( 19 ) $ 44,735 $ ( 8,480 ) $ 45,696 $ ( 8,499 ) December 31, 2023 U.S. Treasury securities $ — $ — $ 4,498 $ ( 649 ) $ 4,498 $ ( 649 ) Municipal securities - tax exempt — — 442 ( 85 ) 442 ( 85 ) Municipal securities - taxable — — 2,135 ( 395 ) 2,135 ( 395 ) U. S. Government sponsored enterprises — — 8,630 ( 3,207 ) 8,630 ( 3,207 ) Government agency mortgage-backed securities — — 15,948 ( 2,695 ) 15,948 ( 2,695 ) Corporate securities 5,557 ( 214 ) 8,774 ( 1,263 ) 14,331 ( 1,477 ) Total $ 5,557 $ ( 214 ) $ 40,427 $ ( 8,294 ) $ 45,984 $ ( 8,508 ) |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available-for-sale and Held to Maturity by Contractual Maturity | The amortized cost and estimated fair value of investment securities available-for-sale and held-to-maturity at March 31, 2024, by contractual maturity, are shown below. Maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. Therefore, these securities are not included in the maturity categories. (in thousands) Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Within 1 year $ — $ — $ 999 $ 995 Greater than 1 to 5 years 6,950 6,592 16,782 16,716 Greater than 5 to 10 years 21,160 18,810 15,718 15,441 Greater than 10 years 10,340 7,495 — — 38,450 32,897 33,499 33,152 Government agency mortgage-backed securities 18,248 15,342 776 721 Total $ 56,698 $ 48,239 $ 34,275 $ 33,873 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Summary of Major Classifications of Loans | Major classifications of loans, by collateral code, at March 31, 2024 and December 31, 2023 are summarized as follows: (in thousands) March 31, 2024 December 31, 2023 Commercial (secured by real estate - owner occupied) $ 162,638 $ 157,691 Commercial (secured by real estate - non-owner occupied) 145,610 145,100 Commercial and industrial 142,509 140,407 Construction, land and acquisition & development 55,292 47,685 Residential mortgage 1-4 family 53,133 53,650 Consumer installment 115,316 115,343 Total 674,498 659,876 Less allowance for credit losses ( 8,595 ) ( 8,921 ) Total loans, net $ 665,903 $ 650,955 |
Summary of Allowance for Credit Losses | The following table presents the balance in the allowance for credit losses as of and for the three months ended March 31, 2024 and 2023 (in thousands) Commercial Commercial Commercial Construction, Residential Consumer Unallocated Total Beginning balance December 31, 2023 $ 1,397 $ 1,298 $ 1,806 $ 927 $ 1,038 $ 1,534 $ 921 $ 8,921 Provision 167 ( 6 ) ( 70 ) 152 ( 31 ) 139 ( 351 ) — Charge-offs ( 160 ) — — — ( 5 ) ( 193 ) — ( 358 ) Recoveries — — — — — 32 — 32 Ending balance, March 31, 2024 $ 1,404 $ 1,292 $ 1,736 $ 1,079 $ 1,002 $ 1,512 $ 570 $ 8,595 Beginning balance, December 31, 2022 $ 2,403 $ 2,079 $ 2,292 $ 487 $ 345 $ 1,675 $ 44 $ 9,325 Provision ( 898 ) ( 683 ) ( 1,084 ) 443 1,169 740 313 — Charge-offs ( 4 ) — ( 3 ) — — ( 99 ) — ( 106 ) Recoveries 8 — — — — 7 — 15 Ending balance, March 31, 2023 $ 1,509 $ 1,396 $ 1,205 $ 930 $ 1,514 $ 2,323 $ 357 $ 9,234 No provision for credit losses on loans was recorded for the three months ended March 31, 2024 and 2023. |
Summary of Recorded Investment in Past Due Loans, as Well as Nonaccrual Loans | The following table presents the aging of the recorded investment in past due loans, as well as the recorded investment in nonaccrual loans, as of March 31, 2024 and December 31, 2023 by class of loans: (in thousands) March 31, 2024 30 -59 60- 89 90 Days Total Accruing Loans Nonaccrual with Allowance Nonaccrual without Allowance Current Total Commercial (secured by real estate - owner occupied) $ — $ — $ — $ — $ — $ — $ 162,638 $ 162,638 Commercial (secured by real estate - non-owner occupied) — — — — — 4,280 141,330 145,610 Commercial and industrial — — — — — — 142,509 142,509 Construction, land and acquisition & 13 — — 13 — 19 55,260 55,292 Residential mortgage 1,507 — — 1,507 — 2,528 49,098 53,133 Consumer installment 332 — — 332 — 337 114,647 115,316 Total $ 1,852 $ — $ — $ 1,852 $ — $ 7,164 $ 665,482 $ 674,498 December 31, 2023 30 -59 60- 89 90 Days Total Accruing Loans Nonaccrual with Allowance Nonaccrual without Allowance Current Total Commercial (secured by real estate - owner occupied) $ — $ — $ — $ — $ — $ — $ 157,691 $ 157,691 Commercial (secured by real estate - non-owner occupied) — — — — — 4,505 140,595 145,100 Commercial and industrial — — — — — — 140,407 140,407 Construction, land and acquisition & — — — — — — 47,685 47,685 Residential mortgage 2,534 — — 2,534 — 2,504 48,612 53,650 Consumer installment 246 — — 246 — 417 114,680 115,343 Total $ 2,780 $ — $ — $ 2,780 $ — $ 7,426 $ 649,670 $ 659,876 |
Summary of Risk Category of Loans by Class of Loans | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of March 31, 2024 and December 31, 2023, and based on the most recent analysis performed, the risk category and year of origination of loans by class of loans is as follows: (in thousands) March 31, 2024 2024 2023 2022 2021 2020 Prior Revolvers Total Pass Commercial (secured by real estate - owner occupied) $ 4,773 $ 13,138 $ 24,750 $ 28,527 $ 22,559 $ 62,986 $ 5,581 $ 162,314 Commercial (secured by real estate - non-owner occupied) 4,383 31,925 36,744 28,451 4,377 25,566 5,797 137,243 Commercial and industrial 8,127 21,279 21,425 27,458 15,263 41,577 7,380 142,509 Construction, land and acquisition & development 7,502 25,403 14,628 4,688 106 476 2,470 55,273 Residential mortgage 335 4,985 5,670 2,399 1,876 29,255 5,575 50,095 Consumer installment 12,150 38,689 42,245 15,393 3,996 1,649 551 114,673 Total pass 37,270 135,419 145,462 106,916 48,177 161,509 27,354 662,107 Special Mention Commercial (secured by real estate - owner occupied) — — — — — 324 — 324 Commercial (secured by real estate - non-owner occupied) — — - 3,517 — 541 — 4,058 Commercial and industrial — — — — — — — — Construction, land and acquisition & development — — — — — — — — Residential mortgage — — — — — 220 — 220 Consumer installment — 53 226 14 11 2 — 306 Total special mention — 53 226 3,531 11 1,087 — 4,908 Substandard Commercial (secured by real estate - owner occupied) — — — — — — — — Commercial (secured by real estate - non-owner occupied) — — — — — 4,309 - 4,309 Commercial and industrial — — — — — — — — Construction, land and acquisition & development — — — - 19 — — 19 Residential mortgage — - 197 104 104 2,368 45 2,818 Consumer installment — 80 96 147 5 9 — 337 Total substandard — 80 293 251 128 6,686 45 7,483 Total $ 37,270 $ 135,552 $ 145,981 $ 110,698 $ 48,316 $ 169,282 $ 27,399 $ 674,498 Current year to date period gross write-offs Commercial (secured by real estate - owner occupied) $ — $ — $ — $ — $ — $ — $ — $ — Commercial (secured by real estate - non-owner occupied) — — — — — 160 — 160 Commercial and industrial — — — — — — — — Construction, land and acquisition & development — — — — — — — — Residential mortgage — — 5 — — — — 5 Consumer installment — 7 144 37 — 5 — 193 Total current period gross write-offs $ — $ 7 $ 149 $ 37 $ — $ 165 $ — $ 358 December 31, 2023 2023 2022 2021 2020 2019 Prior Revolvers Total Pass Commercial (secured by real estate - owner occupied) $ 11,210 $ 23,441 $ 29,832 $ 22,982 $ 11,287 $ 49,744 $ 8,863 $ 157,359 Commercial (secured by real estate - non-owner occupied) 32,830 37,395 25,702 4,436 10,015 15,546 10,562 136,486 Commercial and industrial 22,473 21,590 27,252 14,764 16,697 25,317 12,314 140,407 Construction, land and acquisition & development 21,557 17,392 5,034 721 216 210 2,534 47,664 Residential mortgage 5,354 5,672 2,447 1,289 1,424 28,710 5,736 50,632 Consumer installment 42,601 46,869 17,488 4,866 1,919 247 543 114,533 Total pass 136,025 152,359 107,755 49,058 41,558 119,774 40,552 647,081 Special Mention Commercial (secured by real estate - owner occupied) — — — — — 332 — 332 Commercial (secured by real estate - non-owner occupied) — — 3,539 — — 540 — 4,079 Commercial and industrial — — — — — — — — Construction, land and acquisition & development — — — — — — — — Residential mortgage — — — — — 222 — 222 Consumer installment 73 190 99 21 31 — — 414 Total special mention 73 190 3,638 21 31 1,094 — 5,047 Substandard Commercial (secured by real estate - owner occupied) — — — — — — — — Commercial (secured by real estate - non-owner occupied) — — — — — 4,535 - 4,535 Commercial and industrial — — — — — — — — Construction, land and acquisition & development — — — 21 — — — 21 Residential mortgage — 202 108 107 113 2,266 — 2,796 Consumer installment 50 205 118 11 12 — — 396 Total substandard 50 407 226 139 125 6,801 - 7,748 Total $ 136,148 $ 152,956 $ 111,619 $ 49,218 $ 41,714 $ 127,669 $ 40,552 $ 659,876 Current year to date period gross write-offs Commercial (secured by real estate - owner occupied) $ — $ — $ — $ — $ — $ — $ — $ — Commercial (secured by real estate - non-owner occupied) — — — — — 204 — 204 Commercial and industrial — — — — — 3 — 3 Construction, land and acquisition & development — — — — — — — — Residential mortgage — — — — — — — — Consumer installment 9 159 125 14 — — — 307 Total current period gross write-offs $ 9 $ 159 $ 125 $ 14 $ — $ 207 $ — $ 514 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Federal Home Loan Bank of Atlanta (FHLB) Advances | The following Federal Home Loan Bank ("FHLB") advances, which required monthly or quarterly interest payments, were outstanding at March 31, 2024 and December 31, 2023: Advance Date Advance Interest Rate Maturity Rate Call Feature 1/6/2023 $ 10,000,000 4.22 % 1/6/2026 Fixed N/A 1/6/2023 10,000,000 3.94 % 1/6/2028 Fixed N/A 10/25/2023 10,000,000 3.99 % 10/25/2028 Convertible 4/25/2024 12/14/2023 10,000,000 3.28 % 12/14/2028 Convertible 6/14/2024 $ 40,000,000 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract] | |
Summary of Stock Option Activity | A summary of the Company’s stock option activity is summarized below. Stock Options Option Shares Outstanding Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value (in thousands) Outstanding - December 31, 2023 640,766 12.58 7.75 1,419 Outstanding - March 31, 2024 640,766 12.58 7.51 2,476 Exercisable - March 31, 2024 236,905 10.98 6.28 1,294 |
Summary of Restricted Stock Activity | A summary of the Company’s restricted stock activity is summarized below. Restricted Stock Restricted Shares Outstanding Weighted Average Grant Date Fair Value Outstanding - December 31, 2023 166,591 13.46 Vested ( 3,467 ) Outstanding - March 31, 2024 163,124 13.44 |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis are included in the table below as of March 31, 2024 and December 31, 2023 (in thousands). March 31, 2024 Level 1 Level 2 Level 3 Total Other real estate owned $ — $ — $ 2,850 $ 2,850 Collateral dependent loans — — 1,281 1,281 Total assets at fair value $ — $ — $ 4,131 $ 4,131 December 31, 2023 Level 1 Level 2 Level 3 Total Other real estate owned $ — $ — $ 2,850 $ 2,850 Collateral dependent loans — — 1,440 1,440 Total assets at fair value $ — $ — $ 4,290 $ 4,290 |
Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments | The carrying amounts and estimated fair values (in thousands) of the Company’s financial instruments at March 31, 2024 and December 31, 2023 are as follows: March 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets: Cash and cash equivalents Level 1 $ 61,395 $ 61,395 $ 50,025 $ 50,025 Investment securities available-for-sale Level 2 48,239 48,239 48,561 48,561 Investment securities held-to-maturity Level 2 34,230 33,873 34,206 33,835 Other investments Level 3 5,480 5,480 5,434 5,434 Loans, net Level 3 665,903 646,136 650,955 635,957 Financial liabilities: Deposits Level 2 687,444 685,322 674,443 673,854 FHLB advances and other borrowings Level 3 51,837 51,515 40,000 39,830 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock Options | ||
Basis Of Presentation [Line Items] | ||
Options to purchase shares excluded from calculation of diluted earnings per common share | 379,500 | 292,454 |
Nature of Operations - Schedule
Nature of Operations - Schedule of Calculations for Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net income | $ 1,335 | $ 1,722 |
Weighted average common shares outstanding | 6,416,628 | 6,599,672 |
Effect of dilutive common stock awards | 107,704 | 82,008 |
Diluted weighted average common shares outstanding | 6,524,332 | 6,681,680 |
Basic earnings per common share | $ 0.21 | $ 0.26 |
Diluted earnings per common share | $ 0.2 | $ 0.26 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | $ 56,698 | $ 57,039 |
Investment securities available-for-sale, Gross Unrealized Gains | 40 | 30 |
Investment securities available-for-sale, Gross Unrealized Losses | (8,499) | (8,508) |
Investment securities available-for-sale, Estimated Fair Value | 48,239 | 48,561 |
U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 5,157 | 5,147 |
Investment securities available-for-sale, Gross Unrealized Losses | (698) | (649) |
Investment securities available-for-sale, Estimated Fair Value | 4,459 | 4,498 |
Municipal Securities - Tax Exempt | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 525 | 527 |
Investment securities available-for-sale, Gross Unrealized Losses | (89) | (85) |
Investment securities available-for-sale, Estimated Fair Value | 436 | 442 |
Municipal Securities - Taxable | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 2,530 | 2,530 |
Investment securities available-for-sale, Gross Unrealized Losses | (401) | (395) |
Investment securities available-for-sale, Estimated Fair Value | 2,129 | 2,135 |
Government Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 18,248 | 18,643 |
Investment securities available-for-sale, Gross Unrealized Losses | (2,906) | (2,695) |
Investment securities available-for-sale, Estimated Fair Value | 15,342 | 15,948 |
U.S. Government Sponsored Enterprises | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 11,837 | 11,837 |
Investment securities available-for-sale, Gross Unrealized Losses | (3,192) | (3,207) |
Investment securities available-for-sale, Estimated Fair Value | 8,645 | 8,630 |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 18,401 | 18,355 |
Investment securities available-for-sale, Gross Unrealized Gains | 40 | 30 |
Investment securities available-for-sale, Gross Unrealized Losses | (1,213) | (1,477) |
Investment securities available-for-sale, Estimated Fair Value | $ 17,228 | $ 16,908 |
Investment Securities - Sched_2
Investment Securities - Schedule of Investment Securities Held-to-Maturity (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held-to-maturity, Amortized Cost | $ 34,275,000 | $ 34,251,000 |
Investment securities held -to-maturity, Gross Unrealized Gain | 55,000 | 58,000 |
Investment securities held -to-maturity, Gross Unrealized Losses | (457,000) | (474,000) |
Investment securities held-to-maturity estimated fair value | 33,873,000 | 33,835,000 |
Investment securities held-to-maturity estimated allowance for credit losses | (45,000) | (45,000) |
U.S. Treasury Securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held-to-maturity, Amortized Cost | 999,000 | 999,000 |
Investment securities held -to-maturity, Gross Unrealized Losses | (4,000) | (4,000) |
Investment securities held-to-maturity estimated fair value | 995,000 | 995,000 |
Government Agency Mortgage-Backed Securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held-to-maturity, Amortized Cost | 776,000 | 795,000 |
Investment securities held -to-maturity, Gross Unrealized Losses | (55,000) | (76,000) |
Investment securities held-to-maturity estimated fair value | 721,000 | 719,000 |
Corporate Securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held-to-maturity, Amortized Cost | 32,500,000 | 32,457,000 |
Investment securities held -to-maturity, Gross Unrealized Gain | 55,000 | 58,000 |
Investment securities held -to-maturity, Gross Unrealized Losses | (398,000) | (394,000) |
Investment securities held-to-maturity estimated fair value | 32,157,000 | 32,121,000 |
Investment securities held-to-maturity estimated allowance for credit losses | $ (45,000) | $ (45,000) |
Investment securities - Investm
Investment securities - Investment Securities Available-For-Sale In An Unrealized Loss Position (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Investment securities available-for-sale Less Than 12 Months Fair Value | $ 961,000 | $ 5,557,000 |
Investment securities available-for-sale Less Than 12 Months Unrealized Loss | (19,000) | (214,000) |
Investment securities available-for-sale 12 Months or More Fair Value | 44,735,000 | 40,427,000 |
Investment securities available-for-sale 12 Months or More Unrealized Loss | (8,480,000) | (8,294,000) |
Investment securities available-for-sale Total Fair Value | 45,696,000 | 45,984,000 |
Investment securities available-for-sale Total Unrealized Loss | (8,499,000) | (8,508,000) |
U.S. Treasury Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Investment securities available-for-sale 12 Months or More Fair Value | 4,459,000 | 4,498,000 |
Investment securities available-for-sale 12 Months or More Unrealized Loss | (698,000) | (649,000) |
Investment securities available-for-sale Total Fair Value | 4,459,000 | 4,498,000 |
Investment securities available-for-sale Total Unrealized Loss | (698,000) | (649,000) |
Municipal Securities - Tax Exempt | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Investment securities available-for-sale 12 Months or More Fair Value | 436,000 | 442,000 |
Investment securities available-for-sale 12 Months or More Unrealized Loss | (89,000) | (85,000) |
Investment securities available-for-sale Total Fair Value | 436,000 | 442,000 |
Investment securities available-for-sale Total Unrealized Loss | (89,000) | (85,000) |
Municipal Securities - Taxable | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Investment securities available-for-sale 12 Months or More Fair Value | 2,129,000 | 2,135,000 |
Investment securities available-for-sale 12 Months or More Unrealized Loss | (401,000) | (395,000) |
Investment securities available-for-sale Total Fair Value | 2,129,000 | 2,135,000 |
Investment securities available-for-sale Total Unrealized Loss | (401,000) | (395,000) |
U.S. Government Sponsored Enterprises | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Investment securities available-for-sale 12 Months or More Fair Value | 8,645,000 | 8,630,000 |
Investment securities available-for-sale 12 Months or More Unrealized Loss | (3,192,000) | (3,207,000) |
Investment securities available-for-sale Total Fair Value | 8,645,000 | 8,630,000 |
Investment securities available-for-sale Total Unrealized Loss | (3,192,000) | (3,207,000) |
Government Agency Mortgage-Backed Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Investment securities available-for-sale 12 Months or More Fair Value | 15,342,000 | 15,948,000 |
Investment securities available-for-sale 12 Months or More Unrealized Loss | (2,906,000) | (2,695,000) |
Investment securities available-for-sale Total Fair Value | 15,342,000 | 15,948,000 |
Investment securities available-for-sale Total Unrealized Loss | (2,906,000) | (2,695,000) |
Corporate Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Investment securities available-for-sale Less Than 12 Months Fair Value | 961,000 | 5,557,000 |
Investment securities available-for-sale Less Than 12 Months Unrealized Loss | (19,000) | (214,000) |
Investment securities available-for-sale 12 Months or More Fair Value | 13,724,000 | 8,774,000 |
Investment securities available-for-sale 12 Months or More Unrealized Loss | (1,194,000) | (1,263,000) |
Investment securities available-for-sale Total Fair Value | 14,685,000 | 14,331,000 |
Investment securities available-for-sale Total Unrealized Loss | $ (1,213,000) | $ (1,477,000) |
Investment Securities - Sched_3
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available-for-Sale and Held to Maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Greater than 1 to 5 years, Amortized Cost | $ 6,950 | |
Investment securities available-for-sale, Greater than 5 to 10 years, Amortized Cost | 21,160 | |
Investment securities available-for-sale, Greater than 10 years, Amortized Cost | 10,340 | |
Investment securities available-for-sale, Amortized Cost | 56,698 | $ 57,039 |
Investment securities available-for-sale, Greater than 1 to 5 years, Estimated Fair Value | 6,592 | |
Investment securities available-for-sale, Greater than 5 to 10 years, Estimated Fair Value | 18,810 | |
Investment securities available-for-sale, Greater than10 years, Estimated Fair Value | 7,495 | |
Investment securities available-for-sale, Estimated Fair Value | 48,239 | 48,561 |
Investment securities held to maturity, Within 1 year, Amortized Cost | 999 | |
Investment securities held to maturity, Greater than 1 to 5 years, Amortized Cost | 16,782 | |
Investment securities held to maturity, Greater than 5 to 10 years, Amortized Cost | 15,718 | |
Investment securities held to maturity, Amortized Cost | 34,275 | |
Investment securities held to maturity, Within 1 year, Estimated Fair Value | 995 | |
Investment securities held to maturity, Greater than 1 to 5 years, Estimated Fair Value | 16,716 | |
Investment securities held to maturity, Greater than 5 to 10 years, Estimated Fair Value | 15,441 | |
Investment securities held to maturity, Estimated Fair Value | 33,873 | |
Debt Securities excluding Mortgage Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 38,450 | |
Investment securities available-for-sale, Estimated Fair Value | 32,897 | |
Investment securities held to maturity, Amortized Cost | 33,499 | |
Investment securities held to maturity, Estimated Fair Value | 33,152 | |
Government Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 18,248 | 18,643 |
Investment securities available-for-sale, Estimated Fair Value | 15,342 | $ 15,948 |
Investment securities held to maturity, Amortized Cost | 776 | |
Investment securities held to maturity, Estimated Fair Value | $ 721 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Number of available-for-sale securities in unrealized loss position less than 12 months | 1 | ||
Number of available-for-sale securities in unrealized loss position 12 months or greater | 68 | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | $ | $ 19,000 | $ 214,000 | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | $ | 8,480,000 | 8,294,000 | |
Sales of available-for-sale securities | $ | 0 | $ 0 | |
Carrying value of available-for-sale securities pledged to secure public deposits | $ | 48,239,000 | 48,561,000 | |
Investment securities held-to-maturity estimated allowance for credit losses | $ | 45,000 | 45,000 | |
Collateral Pledged | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Carrying value of available-for-sale securities pledged to secure public deposits | $ | $ 4,000,000 | $ 4,200,000 | |
U.S. Agency Bonds | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Number of available-for-sale securities in unrealized loss position less than 12 months | 4 | ||
U.S. Treasury Bonds | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Number of available-for-sale securities in unrealized loss position less than 12 months | 5 | ||
Government Agency Mortgage-Backed Securities | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Number of available-for-sale securities in unrealized loss position less than 12 months | 39 | ||
Municipal Securities | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Number of available-for-sale securities in unrealized loss position less than 12 months | 4 | ||
Corporate Securities | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Number of available-for-sale securities in unrealized loss position less than 12 months | 17 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Summary of Major Classifications of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total | $ 674,498 | $ 659,876 | ||
Less allowance for credit losses | (8,595) | (8,921) | $ (9,234) | $ (9,325) |
Total loans, net | 665,903 | 650,955 | ||
Commercial (Secured by Real Estate - Owner Occupied) | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total | 162,638 | 157,691 | ||
Less allowance for credit losses | (1,404) | (1,397) | (1,509) | (2,403) |
Commercial (Secured by Real Estate - Non-owner Occupied) | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total | 145,610 | 145,100 | ||
Less allowance for credit losses | (1,292) | (1,298) | (1,396) | (2,079) |
Commercial and Industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total | 142,509 | 140,407 | ||
Construction, Land and Acquisition & Development | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total | 55,292 | 47,685 | ||
Less allowance for credit losses | (1,079) | (927) | (930) | (487) |
Residential Mortgage 1-4 Family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total | 53,133 | 53,650 | ||
Consumer Installment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total | 115,316 | 115,343 | ||
Less allowance for credit losses | $ (1,512) | $ (1,534) | $ (2,323) | $ (1,675) |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Details) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) Loan | Mar. 31, 2023 USD ($) Loan | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Accrued interest on loans | $ 2,200,000 | $ 2,100,000 | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | ||
Provision for credit losses for held-to-maturity securities | $ 0 | $ 10,000 | ||
Provision for credit losses, net | 0 | 0 | ||
Provision for credit losses, net | 0 | 7,000 | ||
Allowance for unfunded commitments | $ 8,595,000 | $ 9,234,000 | $ 8,921,000 | $ 9,325,000 |
Troubled Debt Restructurings, Number of Contracts | Loan | 0 | 0 | ||
Collateral-dependent loans without an allowance | $ 4,100,000 | $ 4,300,000 | ||
Collateral dependent loans with an allowance | $ 0 | 0 | ||
Residential mortgage | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Troubled Debt Restructurings that have Subsequently Defaulted, Number of Contracts | Loan | 0 | 0 | ||
Unfunded Commmitments | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Allowance for unfunded commitments | $ 531,000 | $ 531,000 | ||
ASU 2016-13 | Unfunded Commmitments | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Provision for credit losses | $ 0 | $ 3,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | $ 8,921 | $ 9,325 |
Charge-offs | (358) | (106) |
Recoveries | 32 | 15 |
Ending balance | 8,595 | 9,234 |
Commercial (Secured by Real Estate - Owner Occupied) | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 1,397 | 2,403 |
Provision | 167 | (898) |
Charge-offs | (160) | (4) |
Recoveries | 8 | |
Ending balance | 1,404 | 1,509 |
Commercial (Secured by Real Estate - Non-owner Occupied) | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 1,298 | 2,079 |
Provision | (6) | (683) |
Ending balance | 1,292 | 1,396 |
Commercial and Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 1,806 | 2,292 |
Provision | (70) | (1,084) |
Charge-offs | (3) | |
Ending balance | 1,736 | 1,205 |
Construction, Land and Acquisition & Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 927 | 487 |
Provision | 152 | 443 |
Ending balance | 1,079 | 930 |
Residential Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 1,038 | 345 |
Provision | (31) | 1,169 |
Charge-offs | (5) | |
Ending balance | 1,002 | 1,514 |
Consumer Installment | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 1,534 | 1,675 |
Provision | 139 | 740 |
Charge-offs | (193) | (99) |
Recoveries | 32 | 7 |
Ending balance | 1,512 | 2,323 |
Unallocated | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 921 | 44 |
Provision | (351) | 313 |
Ending balance | $ 570 | $ 357 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary of Recorded Investment in Past Due Loans, as Well as Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | $ 674,498 | $ 659,876 |
Nonaccrual without Allowance | 7,164 | 7,426 |
30 -59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 1,852 | 2,780 |
Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 1,852 | 2,780 |
Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 665,482 | 649,670 |
Commercial (Secured by Real Estate - Owner Occupied) | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 162,638 | 157,691 |
Commercial (Secured by Real Estate - Owner Occupied) | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 162,638 | 157,691 |
Commercial (Secured by Real Estate - Non-owner Occupied) | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 145,610 | 145,100 |
Nonaccrual without Allowance | 4,280 | 4,505 |
Commercial (Secured by Real Estate - Non-owner Occupied) | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 141,330 | 140,595 |
Commercial and Industrial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 142,509 | 140,407 |
Commercial and Industrial | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 142,509 | 140,407 |
Construction, Land and Acquisition & Development | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 55,292 | 47,685 |
Nonaccrual without Allowance | 19 | |
Construction, Land and Acquisition & Development | 30 -59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 13 | |
Construction, Land and Acquisition & Development | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 13 | |
Construction, Land and Acquisition & Development | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 55,260 | 47,685 |
Residential Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 53,133 | 53,650 |
Nonaccrual without Allowance | 2,528 | 2,504 |
Residential Mortgage | 30 -59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 1,507 | 2,534 |
Residential Mortgage | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 1,507 | 2,534 |
Residential Mortgage | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 49,098 | 48,612 |
Consumer Installment | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 115,316 | 115,343 |
Nonaccrual without Allowance | 337 | 417 |
Consumer Installment | 30 -59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 332 | 246 |
Consumer Installment | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 332 | 246 |
Consumer Installment | Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | $ 114,647 | $ 114,680 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Risk Category and Year of Origination of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | $ 37,270 | $ 136,148 |
Fiscal year before current fiscal year | 135,552 | 152,956 |
Two years before current fiscal year | 145,981 | 111,619 |
Three years before current fiscal year | 110,698 | 49,218 |
Four years before current fiscal year | 48,316 | 41,714 |
Prior | 169,282 | 127,669 |
Revolvers | 27,399 | 40,552 |
Total | 674,498 | 659,876 |
Pass | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 37,270 | 136,025 |
Fiscal year before current fiscal year | 135,419 | 152,359 |
Two years before current fiscal year | 145,462 | 107,755 |
Three years before current fiscal year | 106,916 | 49,058 |
Four years before current fiscal year | 48,177 | 41,558 |
Prior | 161,509 | 119,774 |
Revolvers | 27,354 | 40,552 |
Total | 662,107 | 647,081 |
Special Mention | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 73 | |
Fiscal year before current fiscal year | 53 | 190 |
Two years before current fiscal year | 226 | 3,638 |
Three years before current fiscal year | 3,531 | 21 |
Four years before current fiscal year | 11 | 31 |
Prior | 1,087 | 1,094 |
Total | 4,908 | 5,047 |
Substandard | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 50 | |
Fiscal year before current fiscal year | 80 | 407 |
Two years before current fiscal year | 293 | 226 |
Three years before current fiscal year | 251 | 139 |
Four years before current fiscal year | 128 | 125 |
Prior | 6,686 | 6,801 |
Revolvers | 45 | |
Total | 7,483 | 7,748 |
Current Period Gross Write-offs | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 9 | |
Fiscal year before current fiscal year | 7 | 159 |
Two years before current fiscal year | 149 | 125 |
Three years before current fiscal year | 37 | 14 |
Prior | 165 | 207 |
Total | 358 | 514 |
Commercial (Secured by Real Estate - Owner Occupied) | ||
Composition Of Loan Portfolio [Line Items] | ||
Total | 162,638 | 157,691 |
Commercial (Secured by Real Estate - Owner Occupied) | Pass | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 4,773 | 11,210 |
Fiscal year before current fiscal year | 13,138 | 23,441 |
Two years before current fiscal year | 24,750 | 29,832 |
Three years before current fiscal year | 28,527 | 22,982 |
Four years before current fiscal year | 22,559 | 11,287 |
Prior | 62,986 | 49,744 |
Revolvers | 5,581 | 8,863 |
Total | 162,314 | 157,359 |
Commercial (Secured by Real Estate - Owner Occupied) | Special Mention | ||
Composition Of Loan Portfolio [Line Items] | ||
Prior | 324 | 332 |
Total | 324 | 332 |
Commercial (Secured by Real Estate - Non-owner Occupied) | ||
Composition Of Loan Portfolio [Line Items] | ||
Total | 145,610 | 145,100 |
Commercial (Secured by Real Estate - Non-owner Occupied) | Pass | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 4,383 | 32,830 |
Fiscal year before current fiscal year | 31,925 | 37,395 |
Two years before current fiscal year | 36,744 | 25,702 |
Three years before current fiscal year | 28,451 | 4,436 |
Four years before current fiscal year | 4,377 | 10,015 |
Prior | 25,566 | 15,546 |
Revolvers | 5,797 | 10,562 |
Total | 137,243 | 136,486 |
Commercial (Secured by Real Estate - Non-owner Occupied) | Special Mention | ||
Composition Of Loan Portfolio [Line Items] | ||
Two years before current fiscal year | 3,539 | |
Three years before current fiscal year | 3,517 | |
Prior | 541 | 540 |
Total | 4,058 | 4,079 |
Commercial (Secured by Real Estate - Non-owner Occupied) | Substandard | ||
Composition Of Loan Portfolio [Line Items] | ||
Prior | 4,309 | 4,535 |
Total | 4,309 | 4,535 |
Commercial (Secured by Real Estate - Non-owner Occupied) | Current Period Gross Write-offs | ||
Composition Of Loan Portfolio [Line Items] | ||
Prior | 160 | 204 |
Total | 160 | 204 |
Commercial and Industrial | ||
Composition Of Loan Portfolio [Line Items] | ||
Total | 142,509 | 140,407 |
Commercial and Industrial | Pass | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 8,127 | 22,473 |
Fiscal year before current fiscal year | 21,279 | 21,590 |
Two years before current fiscal year | 21,425 | 27,252 |
Three years before current fiscal year | 27,458 | 14,764 |
Four years before current fiscal year | 15,263 | 16,697 |
Prior | 41,577 | 25,317 |
Revolvers | 7,380 | 12,314 |
Total | 142,509 | 140,407 |
Commercial and Industrial | Current Period Gross Write-offs | ||
Composition Of Loan Portfolio [Line Items] | ||
Prior | 3 | |
Total | 3 | |
Construction, Land and Acquisition & Development | ||
Composition Of Loan Portfolio [Line Items] | ||
Total | 55,292 | 47,685 |
Construction, Land and Acquisition & Development | Pass | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 7,502 | 21,557 |
Fiscal year before current fiscal year | 25,403 | 17,392 |
Two years before current fiscal year | 14,628 | 5,034 |
Three years before current fiscal year | 4,688 | 721 |
Four years before current fiscal year | 106 | 216 |
Prior | 476 | 210 |
Revolvers | 2,470 | 2,534 |
Total | 55,273 | 47,664 |
Construction, Land and Acquisition & Development | Substandard | ||
Composition Of Loan Portfolio [Line Items] | ||
Three years before current fiscal year | 21 | |
Four years before current fiscal year | 19 | |
Total | 19 | 21 |
Residential Mortgage | ||
Composition Of Loan Portfolio [Line Items] | ||
Total | 53,133 | 53,650 |
Residential Mortgage | Pass | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 335 | 5,354 |
Fiscal year before current fiscal year | 4,985 | 5,672 |
Two years before current fiscal year | 5,670 | 2,447 |
Three years before current fiscal year | 2,399 | 1,289 |
Four years before current fiscal year | 1,876 | 1,424 |
Prior | 29,255 | 28,710 |
Revolvers | 5,575 | 5,736 |
Total | 50,095 | 50,632 |
Residential Mortgage | Special Mention | ||
Composition Of Loan Portfolio [Line Items] | ||
Prior | 220 | 222 |
Total | 220 | 222 |
Residential Mortgage | Substandard | ||
Composition Of Loan Portfolio [Line Items] | ||
Fiscal year before current fiscal year | 202 | |
Two years before current fiscal year | 197 | 108 |
Three years before current fiscal year | 104 | 107 |
Four years before current fiscal year | 104 | 113 |
Prior | 2,368 | 2,266 |
Revolvers | 45 | |
Total | 2,818 | 2,796 |
Residential Mortgage | Current Period Gross Write-offs | ||
Composition Of Loan Portfolio [Line Items] | ||
Two years before current fiscal year | 5 | |
Total | 5 | |
Consumer Installment | ||
Composition Of Loan Portfolio [Line Items] | ||
Total | 115,316 | 115,343 |
Consumer Installment | Pass | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 12,150 | 42,601 |
Fiscal year before current fiscal year | 38,689 | 46,869 |
Two years before current fiscal year | 42,245 | 17,488 |
Three years before current fiscal year | 15,393 | 4,866 |
Four years before current fiscal year | 3,996 | 1,919 |
Prior | 1,649 | 247 |
Revolvers | 551 | 543 |
Total | 114,673 | 114,533 |
Consumer Installment | Special Mention | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 73 | |
Fiscal year before current fiscal year | 53 | 190 |
Two years before current fiscal year | 226 | 99 |
Three years before current fiscal year | 14 | 21 |
Four years before current fiscal year | 11 | 31 |
Prior | 2 | |
Total | 306 | 414 |
Consumer Installment | Substandard | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 50 | |
Fiscal year before current fiscal year | 80 | 205 |
Two years before current fiscal year | 96 | 118 |
Three years before current fiscal year | 147 | 11 |
Four years before current fiscal year | 5 | 12 |
Prior | 9 | |
Total | 337 | 396 |
Consumer Installment | Current Period Gross Write-offs | ||
Composition Of Loan Portfolio [Line Items] | ||
Current fiscal year | 9 | |
Fiscal year before current fiscal year | 7 | 159 |
Two years before current fiscal year | 144 | 125 |
Three years before current fiscal year | 37 | 14 |
Prior | 5 | |
Total | $ 193 | $ 307 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangible asset gross carrying amount | $ 1,900,000 | $ 1,900,000 | |
Accumulated amortization | 813,000 | $ 765,000 | |
Aggregate amortization expense | 48,000 | $ 48,000 | |
Goodwill acquired acquisition | 17,200,000 | 17,200,000 | |
Impairment loss | $ 0 | $ 0 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits [Abstract] | ||
Time certificates of deposit in denomination of $250,000 or more | $ 30,400,000 | $ 31,200,000 |
Cash, FDIC insured amount | 250,000 | |
Brokered certificate of deposit | $ 107,400,000 | $ 107,300,000 |
Brokered certificate of deposit, weighted average rate | 4.65% | 4.87% |
Brokered certificate of deposit, weighted average maturity | 28 months | 28 months |
Borrowings - Schedule of Federa
Borrowings - Schedule of Federal Home Loan Bank of Atlanta (FHLB) Advances (Details) - Federal Home Loan Bank of Atlanta - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Federal Home Loan Bank Advances [Line Items] | ||
Advances from FHLB | $ 40,000,000 | $ 40,000,000 |
January 06, 2026 | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from FHLB, Advance Date | Jan. 06, 2023 | Jan. 06, 2023 |
Advances from FHLB | $ 10,000,000 | $ 10,000,000 |
Advances from FHLB, Interest Rate | 4.22% | 4.22% |
Advances from FHLB, Maturity | Jan. 06, 2026 | Jan. 06, 2026 |
Advances from FHLB, Rate | Fixed | Fixed |
Advances from FHLB, Call Feature | N/A | N/A |
January 06, 2028 | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from FHLB, Advance Date | Jan. 06, 2023 | Jan. 06, 2023 |
Advances from FHLB | $ 10,000,000 | $ 10,000,000 |
Advances from FHLB, Interest Rate | 3.94% | 3.94% |
Advances from FHLB, Maturity | Jan. 06, 2028 | Jan. 06, 2028 |
Advances from FHLB, Rate | Fixed | Fixed |
Advances from FHLB, Call Feature | N/A | N/A |
October 25, 2028 | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from FHLB, Advance Date | Oct. 25, 2023 | Oct. 25, 2023 |
Advances from FHLB | $ 10,000,000 | $ 10,000,000 |
Advances from FHLB, Interest Rate | 3.99% | 3.99% |
Advances from FHLB, Maturity | Oct. 25, 2028 | Oct. 25, 2028 |
Advances from FHLB, Rate | Convertible | Convertible |
Advances from FHLB, Call Feature | 4/25/2024 | 4/25/2024 |
December 14, 2028 | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from FHLB, Advance Date | Dec. 14, 2023 | Dec. 14, 2023 |
Advances from FHLB | $ 10,000,000 | $ 10,000,000 |
Advances from FHLB, Interest Rate | 3.28% | 3.28% |
Advances from FHLB, Maturity | Dec. 14, 2028 | Dec. 14, 2028 |
Advances from FHLB, Rate | Convertible | Convertible |
Advances from FHLB, Call Feature | 6/14/2024 | 6/14/2024 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Line Of Credit Facility [Line Items] | ||
Advances from FHLB collateralized by certain loans | $ 406,100,000 | $ 392,600,000 |
Investment in FHLB stock | 2,500,000 | 2,500,000 |
Line of credit amount outstanding | 12,500,000 | 12,500,000 |
Federal Reserve Bank | ||
Line Of Credit Facility [Line Items] | ||
Line of credit facility, secured loans | 101,900,000 | 96,100,000 |
Line of credit | 76,800,000 | 67,400,000 |
Bank Term Funding Program | ||
Line Of Credit Facility [Line Items] | ||
Line of credit amount outstanding | 11,800,000 | $ 0 |
Unsecured Federal Funds | ||
Line Of Credit Facility [Line Items] | ||
Line of credit amount outstanding | 0 | |
Line of credit | $ 32,500,000 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2017 | |
Share-Based Payment Arrangement [Abstract] | |||||
Note payable balance of ESOP | $ 5,100,000 | $ 5,100,000 | $ 3,000,000 | $ 3,000,000 | |
Shares purchased by ESOP | 225,721 | 295,499 | |||
ESOP expense | $ 86,000 | $ 78,000 | |||
ESOP released shares | 101,000 | 101,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
May 31, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 349,000 | $ 260,000 | ||
Unrecognized compensation cost related to equity award grants | $ 3,400,000 | |||
Unrecognized compensation cost expected remaining vesting period | 2 years 2 months 26 days | |||
2018 Equity Incentive Plan | Restricted Stock | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares approved under the plan | 133,987 | |||
2018 Equity Incentive Plan | Stock Options | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares approved under the plan | 334,970 | |||
2022 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares approved under the plan | 148,060 | |||
2022 Equity Incentive Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of restricted stock grants | 370,150 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract] | ||
Option Shares Outstanding, Outstanding - Beginning Balance | 640,766 | |
Option Shares Outstanding, Outstanding - Ending Balance | 640,766 | 640,766 |
Option Shares Outstanding, Exercisable | 236,905 | |
Weighted Average Exercise Price, Outstanding - Beginning Balance | $ 12.58 | |
Weighted Average Exercise Price, Outstanding - Ending Balance | 12.58 | $ 12.58 |
Weighted Average Exercise Price, Exercisable | $ 10.98 | |
Weighted Average Remaining Life (Years), Outstanding | 7 years 6 months 3 days | 7 years 9 months |
Weighted Average Remaining Life (Years), Exercisable | 6 years 3 months 10 days | |
Aggregate Intrinsic Value (in thousands), Outstanding | $ 2,476 | $ 1,419 |
Aggregate Intrinsic Value (in thousands), Exercisable | $ 1,294 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted Shares Outstanding, Outstanding - Beginning Balance | 166,591 |
Restricted Shares Outstanding, Vested | (3,467) |
Restricted Shares Outstanding, Outstanding - Ending Balance | 163,124 |
Weighted Average Grant Date Fair Value, Outstanding - Beginning Balance | $ / shares | $ 13.46 |
Weighted Average Grant Date Fair Value, Outstanding - Ending Balance | $ / shares | $ 13.44 |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, Estimated Fair Value | $ 48,239 | $ 48,561 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, Estimated Fair Value | $ 48,200 | $ 48,600 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 2,850 | $ 2,850 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 2,850 | 2,850 |
Collateral dependent loans | 1,281 | 1,440 |
Total assets at fair value | 4,131 | 4,290 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 2,850 | 2,850 |
Collateral dependent loans | 1,281 | 1,440 |
Total assets at fair value | $ 4,131 | $ 4,290 |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosures - Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Investment securities available-for-sale | $ 48,239 | $ 48,561 |
Investment securities held-to-maturity | 33,873 | 33,835 |
Carrying Amount | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 61,395 | 50,025 |
Carrying Amount | Level 2 | ||
Financial assets: | ||
Investment securities available-for-sale | 48,239 | 48,561 |
Investment securities held-to-maturity | 34,230 | 34,206 |
Financial liabilities: | ||
Deposits | 687,444 | 674,443 |
Carrying Amount | Level 3 | ||
Financial assets: | ||
Other investments | 5,480 | 5,434 |
Loans, net | 665,903 | 650,955 |
Financial liabilities: | ||
FHLB advances and other borrowings | 51,837 | 40,000 |
Estimated Fair Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 61,395 | 50,025 |
Estimated Fair Value | Level 2 | ||
Financial assets: | ||
Investment securities available-for-sale | 48,239 | 48,561 |
Investment securities held-to-maturity | 33,873 | 33,835 |
Financial liabilities: | ||
Deposits | 685,322 | 673,854 |
Estimated Fair Value | Level 3 | ||
Financial assets: | ||
Other investments | 5,480 | 5,434 |
Loans, net | 646,136 | 635,957 |
Financial liabilities: | ||
FHLB advances and other borrowings | $ 51,515 | $ 39,830 |