Cass Information Systems (CASS) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-20827
Entity Registrant Name	CASS INFORMATION SYSTEMS, INC.
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	43-1265338
Entity Address, Address Line One	12444 Powerscourt Drive
Entity Address, Address Line Two	Suite 550
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63131
City Area Code	314
Local Phone Number	506-5500
Title of 12(b) Security	Common stock, par value $.50
Trading Symbol	CASS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,643,658
Entity Central Index Key	0000708781
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and due from banks	$ 17,323	$ 20,908
Short-term investments	175,480	351,560
Cash and cash equivalents	192,803	372,468
Securities available-for-sale, at fair value	621,929	627,117
Loans	1,036,997	1,014,318
Less: Allowance for credit losses	13,299	13,089
Loans, net	1,023,698	1,001,229
Payments in advance of funding	221,552	198,861
Premises and equipment, net	32,613	30,093
Investment in bank-owned life insurance	49,496	49,159
Goodwill	17,309	17,309
Other intangible assets, net	3,154	3,345
Receivables from Customers	32,856	110,651
Other assets	98,169	68,390
Total assets	2,293,579	2,478,622
Deposits:
Noninterest-bearing	412,879	524,359
Interest-bearing	666,213	616,455
Total deposits	1,079,092	1,140,814
Accounts and drafts payable	944,793	1,071,369
Other liabilities	40,207	36,630
Total liabilities	2,064,092	2,248,813
Shareholders’ Equity:
Preferred stock, par value $.50 per share; 2,000,000 shares authorized and no shares issued	0	0
Common Stock, Value, Outstanding	7,753	7,753
Additional paid-in capital	204,361	208,007
Retained earnings	148,845	145,782
Common shares in treasury, at cost (1,877,924 shares at March 31, 2024 and 1,923,397 shares at December 31, 2023)	82,316	84,264
Accumulated other comprehensive loss	(49,156)	(47,469)
Total shareholders’ equity	229,487	229,809
Total liabilities and shareholders’ equity	$ 2,293,579	$ 2,478,622

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share (in dollars per share)	$ 0.50	$ 0.50
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares, issued (in shares)	15,505,772	15,505,772
Common stock, shares, outstanding (in shares)	13,627,848	13,582,375
Treasury stock shares (in shares)	1,877,924	1,923,397

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fee Revenue and Other Income:
Fee revenues	$ 32,311	$ 31,036
Other	1,267	1,335
Total fee revenue and other income	33,297	32,107
Interest Income:
Interest and fees on loans	12,776	12,235
Interest and dividends on securities:
Taxable	3,519	3,586
Exempt from federal income taxes	918	1,208
Interest on federal funds sold and other short-term investments	4,441	3,113
Total interest income	21,654	20,142
Interest Expense:
Interest on deposits	5,178	3,171
Interest on short-term borrowings	0	73
Total interest expense	5,178	3,244
Net interest income	16,476	16,898
Provision for (release of) credit losses	95	(340)
Net interest income after provision for (release of) credit losses	16,381	17,238
Total net revenue	49,678	49,345
Operating Expense:
Personnel	30,607	30,026
Occupancy	861	855
Equipment	1,881	2,082
Amortization of intangible assets	191	195
Other operating expense	7,131	7,214
Total operating expense	40,671	40,372
Income before income tax expense	9,007	8,973
Income tax expense	1,855	1,856
Net income	$ 7,152	$ 7,117
Basic earnings per share (in dollars per share)	$ 0.53	$ 0.52
Diluted earnings per share (in dollars per share)	$ 0.52	$ 0.51
Processing fees
Fee Revenue and Other Income:
Fee revenues	$ 21,253	$ 19,513
Financial fees
Fee Revenue and Other Income:
Fee revenues	$ 10,777	$ 11,259

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive Income
Net income	$ 7,152	$ 7,117
Other comprehensive income:
Net unrealized (loss) gain on securities available-for-sale	(2,096)	9,181
Tax effect	499	(2,185)
Reclassification adjustments for gains included in net income	0	(39)
Tax effect	0	9
Foreign currency translation adjustments	(90)	85
Total comprehensive income	$ 5,465	$ 14,168

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net income	$ 7,152	$ 7,117
Amortization of intangible assets	191	195
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion (Amortization) of Discounts and Premiums, Investments	1,037	(1,219)
Depreciation	1,141	945
Gains on sales of securities	0	(39)
Stock-based compensation expense	1,226	1,950
Provision for (release of) credit losses	95	(340)
Increase in current income tax liability	1,786	1,704
Increase in pension liability	212	101
Increase in accounts receivable	(1,601)	(1,878)
Other operating activities, net	(1,412)	(1,681)
Net cash provided by operating activities	9,827	9,293
Cash Flows From Investing Activities:
Proceeds from sales of securities available-for-sale	0	61,418
Proceeds from maturities of securities available-for-sale	14,559	13,164
Purchase of securities available-for-sale	(37,504)	(15,190)
Net (increase) decrease in loans	(22,679)	12,533
(Increase) decrease in payments in advance of funding	(22,691)	33,956
Purchases of premises and equipment, net	(3,661)	(1,954)
Net cash (used in) provided by investing activities	(71,976)	103,927
Net decrease in noninterest-bearing demand deposits	(111,480)	(57,434)
Cash Flows From Financing Activities:
Net (Increase) Decrease In Accounts and Drafts Receivable From Customers	77,795	58,491
Net decrease in noninterest-bearing demand deposits	(111,480)	(57,434)
Net increase (decrease) in interest-bearing demand and savings deposits	51,116	(106,201)
Net (decrease) increase in time deposits	(1,358)	22,568
Net decrease in accounts and drafts receivable from customers	(126,576)	(16,165)
Cash dividends paid	(4,089)	(3,977)
Purchase of common shares for treasury	(1,054)	0
Other financing activities, net	(1,870)	(966)
Net cash used in financing activities	(117,516)	(103,684)
Net (decrease) increase in cash and cash equivalents	(179,665)	9,536
Cash and cash equivalents at beginning of period	372,468	200,942
Cash and cash equivalents at end of period	192,803	210,478
Supplemental information:
Cash paid for interest	5,425	3,135
Cash paid for income taxes	$ 61	$ 139

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022	$ 206,325	$ 7,753	$ 207,422	$ 131,682	$ (81,211)	$ (59,321)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,117			7,117
Cash dividends	(3,977)			(3,977)
Issuance of common shares pursuant to stock-based compensation plan, net	(850)		(2,520)		1,670
Exercise of SARs	(116)		(238)		122
Stock-based compensation expense	1,950		1,950
Purchase of common shares	0				0
Other comprehensive income (loss)	7,051					7,051
Ending balance at Mar. 31, 2023	217,500	7,753	206,614	134,822	(79,419)	(52,270)
Beginning balance at Dec. 31, 2023	229,809	7,753	208,007	145,782	(84,264)	(47,469)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,152			7,152
Cash dividends	(4,089)			(4,089)
Issuance of common shares pursuant to stock-based compensation plan, net	(1,870)		(4,904)		3,034
Exercise of SARs	0		0		0
Stock-based compensation expense	1,226		1,258
Purchase of common shares	(1,054)				(1,054)
Other comprehensive income (loss)	(1,687)					(1,687)
Ending balance at Mar. 31, 2024	$ 229,487	$ 7,753	$ 204,361	$ 148,845	(82,316)	$ (49,156)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted Stock Award, Forfeitures					$ (32)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.30	$ 0.29
Issuance of common shares pursuant to stock-based compensation plan, net (in shares)	105,686	61,534
Purchase of common shares (in shares)	23,271	0

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Certain amounts in prior-period financial statements have been reclassified to conform to the current period’s presentation. Such reclassifications have no effect on previously reported net income or shareholders’ equity. For further information, refer to the audited consolidated financial statements and related footnotes included in Cass Information System, Inc.’s (the “Company” or “Cass”) Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K").

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The Company accounts for intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, Goodwill and Other Intangible Assets , which requires that intangibles with indefinite useful lives be tested annually for impairment, or when management deems there is a triggering event, and those with finite useful lives be amortized over their useful lives. Details of the Company’s intangible assets are as follows: March 31, 2024 December 31, 2023 (In thousands) Gross Carrying Accumulated Gross Carrying Accumulated Assets eligible for amortization: Customer lists $ 6,470 $ (4,919) $ 6,470 $ (4,851) Patents 72 (37) 72 (36) Software 3,212 (2,040) 3,212 (1,933) Trade name 373 (77) 373 (70) Other 500 (400) 500 (392) Unamortized intangible assets: Goodwill 17,309 — 17,309 — Total intangible assets $ 27,936 $ (7,473) $ 27,936 $ (7,282)

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. The calculations of basic and diluted earnings per share are as follows: (In thousands except share and per share data) Three Months Ended 2024 2023 Basic Net income $ 7,152 $ 7,117 Weighted-average common shares outstanding 13,530,228 13,599,472 Basic earnings per share $ 0.53 $ 0.52 Diluted Net income $ 7,152 $ 7,117 Weighted-average common shares outstanding 13,530,228 13,599,472 Effect of dilutive restricted stock and stock appreciation rights 255,049 263,926 Weighted-average common shares outstanding assuming dilution 13,785,277 13,863,398 Diluted earnings per share $ 0.52 $ 0.51

Stock Repurchases

Stock Repurchases	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stock Repurchases	Stock Repurchases The Company maintains a treasury stock buyback program pursuant to which, in October 2023, the Board of Directors authorized the repurchase of up to 500,000 shares of the Company’s common stock with no expiration date. As of March 31, 2024, the Company had 462,765 shares remaining available for repurchase under the program. The Company repurchased 23,271 and 0 shares during the three-month periods ended March 31, 2024 and 2023, respectively. Repurchases may be made in the open market or through negotiated transactions from time to time depending on market conditions.

Industry Segment Information

Industry Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Industry Segment Information	Industry Segment Information The services provided by the Company are classified into two reportable segments: Information Services and Banking Services. Each of these segments provides distinct services that are marketed through different channels. They are managed separately due to their unique service and processing requirements. The Information Services segment provides transportation, energy, telecommunication, and environmental invoice processing and payment services to large corporations. In addition, this segment provides church management software and on-line generosity services primarily for faith-based ministries. The Banking Services segment provides banking services primarily to privately held businesses, franchise restaurants, and faith-based ministries, as well as supporting the banking needs of the Information Services segment. The Company’s accounting policies for segments are the same as those described in the summary of significant accounting policies in the Company’s 2023 Form 10-K. Management evaluates segment performance based on pre-tax income after allocations for corporate expenses. Transactions between segments are accounted for at what management believes to be fair value. Substantially all revenue originates from, and all long-lived assets are located within, the United States and no revenue from any customer of any segment exceeds 10% of the Company’s consolidated revenue. Funding sources represent average balances and deposits generated by Information Services and Banking Services and there is no allocation methodology used. Banking Services interest income is determined by actual interest income on loans minus actual interest expense paid on deposits plus/minus an allocation for interest income or expense dependent on the remaining available liquidity of the segment. Information Services interest income is determined by multiplying available liquidity by actual yields on short-term investments and investment securities. Any difference between total segment interest income and overall total Company interest income is included in Corporate, Eliminations, and Other. Summarized information about the Company’s operations in each industry segment is as follows: (In thousands) Information Banking Corporate, Total Three Months Ended March 31, 2024: Fee income $ 32,321 $ 640 $ 336 $ 33,297 Interest income 10,191 13,884 (2,421) 21,654 Interest expense 598 7,890 (3,310) 5,178 Intersegment income (expense) (1,038) 1,038 — — Pre-tax income 5,964 1,818 1,225 9,007 Goodwill 17,173 136 — 17,309 Other intangible assets, net 3,154 — — 3,154 Total assets 1,386,858 1,122,954 (216,233) 2,293,579 Average funding sources $ 1,315,614 $ 799,740 $ — $ 2,115,354 Three Months Ended March 31, 2023: Fee income $ 31,077 $ 711 $ 319 $ 32,107 Interest income 9,447 13,177 (2,482) 20,142 Interest expense 98 5,433 (2,287) 3,244 Intersegment income (expense) (914) 914 — — Pre-tax income 4,991 3,859 123 8,973 Goodwill 17,173 136 — 17,309 Other intangible assets, net 3,931 — — 3,931 Total assets 1,526,001 1,167,979 (266,591) 2,427,389 Average funding sources $ 1,357,035 $ 882,892 $ — $ 2,239,927

Loans by Type

Loans by Type	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Loans by Type	Loans by Type A summary of loans is as follows: (In thousands) March 31, December 31, Commercial and industrial $ 526,486 $ 498,502 Real estate: Commercial: Mortgage 114,200 118,371 Construction 8,812 8,233 Faith-based: Mortgage 378,158 381,368 Construction 9,336 7,790 Other 5 54 Total loans $ 1,036,997 $ 1,014,318 The following table presents the aging of loans past due by category at March 31, 2024 and December 31, 2023: Performing Nonperforming (In thousands) Current 30-59 60-89 90 Non- Total March 31, 2024 Commercial and industrial $ 526,486 $ — $ — $ — $ — $ 526,486 Real estate Commercial: Mortgage 114,200 — — — — 114,200 Construction 8,812 — — — — 8,812 Faith-based: Mortgage 378,158 — — — — 378,158 Construction 9,336 — — — — 9,336 Other 5 — — — — 5 Total $ 1,036,997 $ — $ — $ — $ — $ 1,036,997 December 31, 2023 Commercial and industrial $ 498,502 $ — $ — $ — $ — $ 498,502 Real estate Commercial: Mortgage 118,371 — — — — 118,371 Construction 8,233 — — — — 8,233 Faith-based: Mortgage 381,368 — — — — 381,368 Construction 7,790 — — — — 7,790 Other 54 — — — — 54 Total $ 1,014,318 $ — $ — $ — $ — $ 1,014,318 The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of March 31, 2024 and December 31, 2023: (In thousands) Loans Subject to Normal Monitoring 1 Performing Loans Subject to Special Monitoring 2 Nonperforming Loans Subject to Special Monitoring 2 Total Loans March 31, 2024 Commercial and industrial $ 526,486 $ — $ — $ 526,486 Real estate Commercial: Mortgage 110,407 3,793 — 114,200 Construction 8,812 — — 8,812 Faith-based: Mortgage 371,711 6,447 — 378,158 Construction 9,336 — — 9,336 Other 5 — — 5 Total $ 1,026,757 $ 10,240 $ — $ 1,036,997 December 31, 2023 Commercial and industrial $ 498,502 $ — $ — $ 498,502 Real estate Commercial: Mortgage 118,371 — — 118,371 Construction 8,233 — — 8,233 Faith-based: Mortgage 375,865 5,503 — 381,368 Construction 7,790 — — 7,790 Other 54 — — 54 Total $ 1,008,815 $ 5,503 $ — $ 1,014,318 1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. 2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension, or a combination thereof, among other things. There were no loans modified during the three months ended March 31, 2024. The following table shows the amortized cost of loans that were both experiencing financial difficulty and modified during the three months ended March 31, 2023, segregated by category and type of modification. (In thousands) Payment Delay Term Extension Interest Rate Reduction Combination Term Extension and Interest Rate Reduction Percentage of Total Loans Held for Investment Commercial and industrial $ — $ 11,225 $ — $ — 2.04 % Total $ — $ 11,225 $ — $ — 1.05 % There were two loans modified during the three months ended March 31, 2023. The terms were extended by periods of two and three years and there was not an interest rate reduction associated with the modifications. The following table shows the payment status of loans that have been modified to borrowers experiencing financial difficulty in the last twelve months: (In thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Commercial and industrial $ 11,686 $ — $ — $ — $ — Total $ 11,686 $ — $ — $ — $ — At March 31, 2024, the Company had no commitments to lend additional funds to borrowers experiencing financial difficulty for which the Company modified the terms of the loans in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension during the current period. There were no modified loans that had a payment default during the three months ended March 31, 2024 or 2023 and that had been modified due to the borrower experiencing financial difficulty within the 12 previous months preceding the default. Upon the Company's determination that a modified loan has subsequently been deemed uncollectible, the loan is written off. There were no loans written off during the three months ended March 31, 2024 or 2023. The Company had no loans evaluated for expected credit losses on an individual basis as of March 31, 2024, and December 31, 2023, respectively. There were no foreclosed loans recorded as other real estate owned as of March 31, 2024 or December 31, 2023. A summary of the activity in the allowance for credit losses (“ACL”) by category for the three-month period ended March 31, 2024 and year-ended December 31, 2023 is as follows: (In thousands) C&I CRE Faith-based Construction Total Balance at December 31, 2022 $ 5,978 $ 940 $ 6,437 $ 184 $ 13,539 Provision for (release of) credit losses (566) 153 39 (76) (450) Balance at December 31, 2023 $ 5,412 $ 1,093 $ 6,476 $ 108 $ 13,089 (Release of) provision for credit losses (1) 215 (58) 38 15 210 Balance at March 31, 2024 $ 5,627 $ 1,035 $ 6,514 $ 123 $ 13,299 (1) For the three month period ended March 31, 2024 and year-ended December 31, 2023, there was a release of credit losses of $115,000 and $100,000, respectively, for unfunded commitments.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, the Company is party to activities that contain credit, market and operational risks that are not reflected in whole or in part in the Company’s consolidated financial statements. As more fully described in the Form 10-K, such activities include traditional off-balance sheet credit-related financial instruments. These financial instruments include commitments to extend credit, commercial letters of credit and standby letters of credit. The Company’s maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, commercial letters of credit and standby letters of credit is represented by the contractual amounts of those instruments. Commitments to extend credit and letters of credit are subject to the same underwriting standards as those financial instruments included on the consolidated balance sheets. An allowance for unfunded commitments of $17,000 and $132,000 had been recorded at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024, the balances of unfunded commitments, standby and commercial letters of credit were $223.6 million, $13.5 million, and $569,000, respectively. Since some of the financial instruments may expire without being drawn upon, the total amounts do not necessarily represent future cash requirements.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation On February 16, 2023, the Board of Directors adopted the 2023 Omnibus Stock and Performance Compensation Plan (the "2023 Omnibus Plan"), which was approved by the Company's shareholders on April 18, 2023. The 2023 Omnibus Plan permits the issuance of up to 1.0 million shares of the Company’s common stock in the form of stock options, SARs, restricted stock, restricted stock units, phantom stock, and performance awards. During the three months ended March 31, 2024, 36,852 time-based restricted shares and 51,261 performance-based restricted shares were granted under the 2023 Omnibus Plan. Stock-based compensation expense for the three months ended March 31, 2024 and 2023 was $1.2 million and $2.0 million, respectively. Restricted Stock Restricted shares granted to Company employees are amortized to expense over a three-year cliff vesting period, or until vesting occurs upon retirement. Restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period, with the exception of those shares granted in lieu of cash payments for retainer fees which are expensed in the period earned. As of March 31, 2024, the total unrecognized compensation expense related to non-vested restricted shares was $2.4 million, and the related weighted-average period over which it is expected to be recognized is approximately 0.97 years. Following is a summary of the activity of the Company's restricted stock for the three months ended March 31, 2024, with total shares and weighted-average fair value: Three Months Ended Shares Fair Value Balance at December 31, 2023 237,780 $ 42.17 Granted 36,852 44.39 Vested (37,577) 40.49 Forfeitures (710) 43.70 Balance at March 31, 2024 236,345 $ 42.79 Performance-Based Restricted Stock The Company has granted three-year performance-based restricted stock (“PBRS”) awards which are contingent upon the Company’s achievement of pre-established financial goals over a three-year cliff vest period. The number of shares issued ranges from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period. Following is a summary of the activity of the PBRS for the three months ended March 31, 2024, based on 100% of target value: Three Months Ended Shares Fair Value Balance at December 31, 2023 159,073 $ 42.74 Granted 51,261 48.19 Vested (50,840) 40.74 Forfeitures (1,066) 43.70 Balance at March 31, 2024 158,428 $ 43.87 The PBRS that vested during the three months ended March 31, 2024 were based on the Company's achievement of 135.4% of target financial goals for the 2021-2023 performance period, resulting in the issuance of 68,834 shares of common stock. The outstanding PBRS at March 31, 2024 will vest at scheduled vesting dates and the actual number of shares of common stock issued will range from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the respective three-year performance period. SARs There were no SARs granted and no expense recognized during the three months ended March 31, 2024. Following is a summary of the activity of the Company’s SARs program for the three months ended March 31, 2024: Shares Weighted- Average Aggregate Intrinsic Value (In thousands) Balance at December 31, 2023 30,409 $ 46.70 0.08 $ — Forfeited (30,409) 46.70 0.00 — Exercisable at March 31, 2024 — $ — 0.00 $ —

Defined Pension Plans

Defined Pension Plans	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Defined Pension Plans	Defined Pension Plans The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers eligible employees. Effective December 31, 2016, the Plan was closed to all new participants. Additionally, the Plan’s benefits were frozen for all remaining participants as of February 28, 2021. As such, subsequent to February 28, 2021, there is no service cost associated with the Plan. The following table represents the components of net periodic pension cost: (In thousands) Estimated 2024 Actual 2023 Interest cost on projected benefit obligations $ 4,291 $ 4,314 Expected return on plan assets (3,512) (3,735) Net amortization — 154 Net periodic pension cost $ 779 $ 733 The Company recorded net periodic pension cost of $195,000 and $100,000 for the three-month periods ended March 31, 2024, and March 31, 2023, respectively. The Company made no contributions to the Plan during the three-month period ended March 31, 2024 and is evaluating the amount of contributions, if any, for the remainder of 2024. In addition to the above funded defined-benefit pension plan, the Company has an unfunded supplemental executive retirement plan (the "SERP"). There are no current employees earning benefits and therefore, there is no service cost associated with the SERP. The following table represents the components of the net periodic cost for the SERP: (In thousands) Estimated 2024 Actual 2023 Interest cost on projected benefit obligation $ 451 $ 472 Net periodic pension cost $ 451 $ 472 SERP cost recorded to expense was $113,000 and $118,000 for the three month periods ended March 31, 2024, and March 31, 2023, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate was 20.6% and 20.7% for the three month periods ended March 31, 2024, and March 31, 2023, respectively. The effective tax rate for all periods differs from the statutory rate of 21% primarily due to the tax-exempt interest received from municipal bonds and bank-owned life insurance, among other factors.

Investment in Securities

Investment in Securities	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Securities	Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows: March 31, 2024 (In thousands) Amortized Gross Gross Fair State and political subdivisions $ 227,068 $ 6 $ (17,370) $ 209,704 Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises 208,586 — (32,218) 176,368 Corporate bonds 119,048 27 (9,162) 109,913 Treasury securities 84,922 — (400) 84,522 Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises 42,201 — (779) 41,422 Total $ 681,825 $ 33 $ (59,929) $ 621,929 December 31, 2023 (In thousands) Amortized Gross Gross Fair Value State and political subdivisions $ 235,297 $ 4 $ (16,266) $ 219,035 Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises 188,307 — (30,508) 157,799 Corporate bonds 111,109 — (8,769) 102,340 Treasury securities 109,836 — (1,115) 108,721 Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises 40,368 — (1,146) 39,222 Total $ 684,917 $ 4 $ (57,804) $ 627,117 The fair values of securities with unrealized losses are as follows: March 31, 2024 Less than 12 months 12 months or more Total (In thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized State and political subdivisions $ 26,244 $ 164 $ 175,899 $ 17,206 $ 202,143 $ 17,370 Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises 29,086 92 147,282 32,126 176,368 32,218 Corporate bonds 12,600 401 82,269 8,761 94,869 9,162 Treasury securities — — 84,522 400 84,522 400 Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises — — 41,422 779 41,422 779 Total $ 67,930 $ 657 $ 531,394 $ 59,272 $ 599,324 $ 59,929 December 31, 2023 Less than 12 months 12 months or more Total (In thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized State and political subdivisions $ 63,198 $ 220 $ 152,854 $ 16,046 $ 216,052 $ 16,266 Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises — — 157,799 30,508 157,799 30,508 Corporate bonds 19,545 455 82,795 8,314 102,340 8,769 Treasury securities — — 108,721 1,115 108,721 1,115 Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises — — 39,222 1,146 39,222 1,146 Total $ 82,743 $ 675 $ 541,391 $ 57,129 $ 624,134 $ 57,804 There were 267 securities, or 96.0% (228 of which for greater than 12 months), in an unrealized loss position as of March 31, 2024. The unrealized losses at March 31, 2024 were primarily attributable to changes in market interest rates after the securities were purchased. The Company does not currently intend to sell, and based on current conditions, the Company does not believe it will be required to sell these available-for-sale securities before the recovery of the amortized cost basis, which may be the maturity dates of the securities. Therefore, the unrealized losses are recorded in accumulated other comprehensive loss. There were 275 securities, or 98.9% (210 of which for greater than 12 months), in an unrealized loss position as of December 31, 2023. At March 31, 2024 and December 31, 2023, the Company had not recorded an allowance for credit losses on securities. The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. March 31, 2024 (In thousands) Amortized Cost Fair Value Due in 1 year or less $ 199,175 $ 197,437 Due after 1 year through 5 years 94,092 92,440 Due after 5 years through 10 years 208,628 183,284 Due after 10 years 179,930 148,768 Total $ 681,825 $ 621,929

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Following is a summary of the carrying amounts and fair values of the Company’s financial instruments: March 31, 2024 December 31, 2023 (In thousands) Carrying Fair Value Carrying Fair Value Balance sheet assets: Cash and cash equivalents $ 192,803 $ 192,803 $ 372,468 $ 372,468 Investment securities 621,929 621,929 627,117 627,117 Loans, net 1,023,698 987,496 1,001,229 962,223 Accrued interest receivable 8,965 8,965 8,450 8,450 Total $ 1,847,395 $ 1,811,193 $ 2,009,264 $ 1,970,258 Balance sheet liabilities: Deposits $ 1,079,092 $ 1,079,092 $ 1,140,814 $ 1,140,814 Accounts and drafts payable 944,793 944,793 1,071,369 1,071,369 Accrued interest payable 387 387 635 635 Total $ 2,024,272 $ 2,024,272 $ 2,212,818 $ 2,212,818 The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Cash Equivalents - The carrying amount approximates fair value. Investment in Securities - The fair value is measured on a recurring basis using Level 2 valuations. Refer to Note 11, “Investment in Securities,” for fair value and unrealized gains and losses by investment type. Loans - The fair value is estimated using present values of future cash flows discounted at risk-adjusted interest rates for each loan category designated by management and is therefore a Level 3 valuation. Management believes that the risk factor embedded in the interest rates along with the allowance for credit losses result in a fair valuation. Accrued Interest Receivable - The carrying amount approximates fair value. Deposits - The fair value of demand deposits, savings deposits and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities and therefore, is a Level 2 valuation. The fair value estimates above do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market or the benefit derived from the customer relationship inherent in existing deposits. Accounts and Drafts Payable - The carrying amount approximates fair value. Accrued Interest Payable - The carrying amount approximates fair value.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customers	Revenue from Contracts with Customers Revenue is recognized as the obligation to the customer is satisfied. The following is detail of the Company’s revenue from contracts with clients. Processing fees – The Company earns fees on a per-item or monthly basis for the invoice processing services rendered on behalf of customers. Per-item fees are recognized at the point in time when the performance obligation is satisfied. Monthly fees are earned over the course of a month, representing the period over which the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components. Financial fees – The Company earns fees on a transaction level basis for invoice payment services when making customer payments. Fees are recognized at the point in time when the payment transactions are made, which is when the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components. Bank service fees – Revenue from service fees consists of service charges and fees on deposit accounts under depository agreements with customers to provide access to deposited funds. Service charges on deposit accounts are transaction-based fees that are recognized at the point in time when the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope for the periods ended March 31, 2024 and 2023. For the Three Months Ended March 31, (In thousands) 2024 2023 Fee revenue and other income In-scope of FASB ASC 606 Processing fees $ 21,253 $ 19,513 Financial fees 10,777 11,259 Information services payment and processing revenue 32,030 30,772 Bank service fees 281 264 Fee revenue (in-scope of FASB ASC 606) 32,311 31,036 Other income (out-of-scope of FASB ASC 606) 986 1,071 Total fee revenue and other income $ 33,297 $ 32,107

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The Company leases certain premises under operating leases. As of March 31, 2024, the Company had lease liabilities of $8.2 million and right-of-use assets of $7.8 million. Lease liabilities and right-of-use assets are reflected in other liabilities other assets A maturity analysis of operating lease liabilities and undiscounted cash flows as of March 31, 2024 is as follows: (In thousands) March 31, Lease payments due Less than 1 year $ 1,325 1-2 years 1,352 2-3 years 1,347 3-4 years 1,364 4-5 years 1,287 Over 5 years 2,588 Total undiscounted cash flows 9,263 Discount on cash flows 1,046 Total lease liability $ 8,217 There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the three months ended March 31, 2024.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	In accordance with FASB ASC 855, Subsequent Events , the Company has evaluated subsequent events after the consolidated balance sheet date of March 31, 2024. There were no events identified that would require additional disclosures to prevent the Company’s unaudited consolidated financial statements from being misleading.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Details of the Company’s intangible assets are as follows: March 31, 2024 December 31, 2023 (In thousands) Gross Carrying Accumulated Gross Carrying Accumulated Assets eligible for amortization: Customer lists $ 6,470 $ (4,919) $ 6,470 $ (4,851) Patents 72 (37) 72 (36) Software 3,212 (2,040) 3,212 (1,933) Trade name 373 (77) 373 (70) Other 500 (400) 500 (392) Unamortized intangible assets: Goodwill 17,309 — 17,309 — Total intangible assets $ 27,936 $ (7,473) $ 27,936 $ (7,282)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculations of basic and diluted earnings per share are as follows: (In thousands except share and per share data) Three Months Ended 2024 2023 Basic Net income $ 7,152 $ 7,117 Weighted-average common shares outstanding 13,530,228 13,599,472 Basic earnings per share $ 0.53 $ 0.52 Diluted Net income $ 7,152 $ 7,117 Weighted-average common shares outstanding 13,530,228 13,599,472 Effect of dilutive restricted stock and stock appreciation rights 255,049 263,926 Weighted-average common shares outstanding assuming dilution 13,785,277 13,863,398 Diluted earnings per share $ 0.52 $ 0.51

Industry Segment Information (T

Industry Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Summarized information about the Company’s operations in each industry segment is as follows: (In thousands) Information Banking Corporate, Total Three Months Ended March 31, 2024: Fee income $ 32,321 $ 640 $ 336 $ 33,297 Interest income 10,191 13,884 (2,421) 21,654 Interest expense 598 7,890 (3,310) 5,178 Intersegment income (expense) (1,038) 1,038 — — Pre-tax income 5,964 1,818 1,225 9,007 Goodwill 17,173 136 — 17,309 Other intangible assets, net 3,154 — — 3,154 Total assets 1,386,858 1,122,954 (216,233) 2,293,579 Average funding sources $ 1,315,614 $ 799,740 $ — $ 2,115,354 Three Months Ended March 31, 2023: Fee income $ 31,077 $ 711 $ 319 $ 32,107 Interest income 9,447 13,177 (2,482) 20,142 Interest expense 98 5,433 (2,287) 3,244 Intersegment income (expense) (914) 914 — — Pre-tax income 4,991 3,859 123 8,973 Goodwill 17,173 136 — 17,309 Other intangible assets, net 3,931 — — 3,931 Total assets 1,526,001 1,167,979 (266,591) 2,427,389 Average funding sources $ 1,357,035 $ 882,892 $ — $ 2,239,927

Loans by Type (Tables)

Loans by Type (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Summary of Loan Categories	A summary of loans is as follows: (In thousands) March 31, December 31, Commercial and industrial $ 526,486 $ 498,502 Real estate: Commercial: Mortgage 114,200 118,371 Construction 8,812 8,233 Faith-based: Mortgage 378,158 381,368 Construction 9,336 7,790 Other 5 54 Total loans $ 1,036,997 $ 1,014,318
Schedule of Debt	The following table presents the aging of loans past due by category at March 31, 2024 and December 31, 2023: Performing Nonperforming (In thousands) Current 30-59 60-89 90 Non- Total March 31, 2024 Commercial and industrial $ 526,486 $ — $ — $ — $ — $ 526,486 Real estate Commercial: Mortgage 114,200 — — — — 114,200 Construction 8,812 — — — — 8,812 Faith-based: Mortgage 378,158 — — — — 378,158 Construction 9,336 — — — — 9,336 Other 5 — — — — 5 Total $ 1,036,997 $ — $ — $ — $ — $ 1,036,997 December 31, 2023 Commercial and industrial $ 498,502 $ — $ — $ — $ — $ 498,502 Real estate Commercial: Mortgage 118,371 — — — — 118,371 Construction 8,233 — — — — 8,233 Faith-based: Mortgage 381,368 — — — — 381,368 Construction 7,790 — — — — 7,790 Other 54 — — — — 54 Total $ 1,014,318 $ — $ — $ — $ — $ 1,014,318
Schedule of Credit Exposure of the Loan Portfolio	The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of March 31, 2024 and December 31, 2023: (In thousands) Loans Subject to Normal Monitoring 1 Performing Loans Subject to Special Monitoring 2 Nonperforming Loans Subject to Special Monitoring 2 Total Loans March 31, 2024 Commercial and industrial $ 526,486 $ — $ — $ 526,486 Real estate Commercial: Mortgage 110,407 3,793 — 114,200 Construction 8,812 — — 8,812 Faith-based: Mortgage 371,711 6,447 — 378,158 Construction 9,336 — — 9,336 Other 5 — — 5 Total $ 1,026,757 $ 10,240 $ — $ 1,036,997 December 31, 2023 Commercial and industrial $ 498,502 $ — $ — $ 498,502 Real estate Commercial: Mortgage 118,371 — — 118,371 Construction 8,233 — — 8,233 Faith-based: Mortgage 375,865 5,503 — 381,368 Construction 7,790 — — 7,790 Other 54 — — 54 Total $ 1,008,815 $ 5,503 $ — $ 1,014,318 1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. 2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention.
Financing Receivable, Troubled Debt Restructuring	The following table shows the amortized cost of loans that were both experiencing financial difficulty and modified during the three months ended March 31, 2023, segregated by category and type of modification. (In thousands) Payment Delay Term Extension Interest Rate Reduction Combination Term Extension and Interest Rate Reduction Percentage of Total Loans Held for Investment Commercial and industrial $ — $ 11,225 $ — $ — 2.04 % Total $ — $ 11,225 $ — $ — 1.05 % The following table shows the payment status of loans that have been modified to borrowers experiencing financial difficulty in the last twelve months: (In thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Commercial and industrial $ 11,686 $ — $ — $ — $ — Total $ 11,686 $ — $ — $ — $ —
Summary of ACL by Category	A summary of the activity in the allowance for credit losses (“ACL”) by category for the three-month period ended March 31, 2024 and year-ended December 31, 2023 is as follows: (In thousands) C&I CRE Faith-based Construction Total Balance at December 31, 2022 $ 5,978 $ 940 $ 6,437 $ 184 $ 13,539 Provision for (release of) credit losses (566) 153 39 (76) (450) Balance at December 31, 2023 $ 5,412 $ 1,093 $ 6,476 $ 108 $ 13,089 (Release of) provision for credit losses (1) 215 (58) 38 15 210 Balance at March 31, 2024 $ 5,627 $ 1,035 $ 6,514 $ 123 $ 13,299 (1) For the three month period ended March 31, 2024 and year-ended December 31, 2023, there was a release of credit losses of $115,000 and $100,000, respectively, for unfunded commitments.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	Following is a summary of the activity of the Company's restricted stock for the three months ended March 31, 2024, with total shares and weighted-average fair value: Three Months Ended Shares Fair Value Balance at December 31, 2023 237,780 $ 42.17 Granted 36,852 44.39 Vested (37,577) 40.49 Forfeitures (710) 43.70 Balance at March 31, 2024 236,345 $ 42.79
Schedule of Performance Shares Activity	Following is a summary of the activity of the PBRS for the three months ended March 31, 2024, based on 100% of target value: Three Months Ended Shares Fair Value Balance at December 31, 2023 159,073 $ 42.74 Granted 51,261 48.19 Vested (50,840) 40.74 Forfeitures (1,066) 43.70 Balance at March 31, 2024 158,428 $ 43.87
Schedule of Stock Appreciation Right Activity	Following is a summary of the activity of the Company’s SARs program for the three months ended March 31, 2024: Shares Weighted- Average Aggregate Intrinsic Value (In thousands) Balance at December 31, 2023 30,409 $ 46.70 0.08 $ — Forfeited (30,409) 46.70 0.00 — Exercisable at March 31, 2024 — $ — 0.00 $ —

Defined Pension Plans (Tables)

Defined Pension Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Expected Benefit Payments	The following table represents the components of net periodic pension cost: (In thousands) Estimated 2024 Actual 2023 Interest cost on projected benefit obligations $ 4,291 $ 4,314 Expected return on plan assets (3,512) (3,735) Net amortization — 154 Net periodic pension cost $ 779 $ 733
Schedule of Net Benefit Costs	The following table represents the components of the net periodic cost for the SERP: (In thousands) Estimated 2024 Actual 2023 Interest cost on projected benefit obligation $ 451 $ 472 Net periodic pension cost $ 451 $ 472

Investment in Securities (Table

Investment in Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities	The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows: March 31, 2024 (In thousands) Amortized Gross Gross Fair State and political subdivisions $ 227,068 $ 6 $ (17,370) $ 209,704 Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises 208,586 — (32,218) 176,368 Corporate bonds 119,048 27 (9,162) 109,913 Treasury securities 84,922 — (400) 84,522 Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises 42,201 — (779) 41,422 Total $ 681,825 $ 33 $ (59,929) $ 621,929 December 31, 2023 (In thousands) Amortized Gross Gross Fair Value State and political subdivisions $ 235,297 $ 4 $ (16,266) $ 219,035 Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises 188,307 — (30,508) 157,799 Corporate bonds 111,109 — (8,769) 102,340 Treasury securities 109,836 — (1,115) 108,721 Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises 40,368 — (1,146) 39,222 Total $ 684,917 $ 4 $ (57,804) $ 627,117
Schedule of Unrealized Loss on Investments	The fair values of securities with unrealized losses are as follows: March 31, 2024 Less than 12 months 12 months or more Total (In thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized State and political subdivisions $ 26,244 $ 164 $ 175,899 $ 17,206 $ 202,143 $ 17,370 Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises 29,086 92 147,282 32,126 176,368 32,218 Corporate bonds 12,600 401 82,269 8,761 94,869 9,162 Treasury securities — — 84,522 400 84,522 400 Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises — — 41,422 779 41,422 779 Total $ 67,930 $ 657 $ 531,394 $ 59,272 $ 599,324 $ 59,929 December 31, 2023 Less than 12 months 12 months or more Total (In thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized State and political subdivisions $ 63,198 $ 220 $ 152,854 $ 16,046 $ 216,052 $ 16,266 Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises — — 157,799 30,508 157,799 30,508 Corporate bonds 19,545 455 82,795 8,314 102,340 8,769 Treasury securities — — 108,721 1,115 108,721 1,115 Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises — — 39,222 1,146 39,222 1,146 Total $ 82,743 $ 675 $ 541,391 $ 57,129 $ 624,134 $ 57,804
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. March 31, 2024 (In thousands) Amortized Cost Fair Value Due in 1 year or less $ 199,175 $ 197,437 Due after 1 year through 5 years 94,092 92,440 Due after 5 years through 10 years 208,628 183,284 Due after 10 years 179,930 148,768 Total $ 681,825 $ 621,929

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements by Balance Sheet Grouping	Following is a summary of the carrying amounts and fair values of the Company’s financial instruments: March 31, 2024 December 31, 2023 (In thousands) Carrying Fair Value Carrying Fair Value Balance sheet assets: Cash and cash equivalents $ 192,803 $ 192,803 $ 372,468 $ 372,468 Investment securities 621,929 621,929 627,117 627,117 Loans, net 1,023,698 987,496 1,001,229 962,223 Accrued interest receivable 8,965 8,965 8,450 8,450 Total $ 1,847,395 $ 1,811,193 $ 2,009,264 $ 1,970,258 Balance sheet liabilities: Deposits $ 1,079,092 $ 1,079,092 $ 1,140,814 $ 1,140,814 Accounts and drafts payable 944,793 944,793 1,071,369 1,071,369 Accrued interest payable 387 387 635 635 Total $ 2,024,272 $ 2,024,272 $ 2,212,818 $ 2,212,818

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	For the Three Months Ended March 31, (In thousands) 2024 2023 Fee revenue and other income In-scope of FASB ASC 606 Processing fees $ 21,253 $ 19,513 Financial fees 10,777 11,259 Information services payment and processing revenue 32,030 30,772 Bank service fees 281 264 Fee revenue (in-scope of FASB ASC 606) 32,311 31,036 Other income (out-of-scope of FASB ASC 606) 986 1,071 Total fee revenue and other income $ 33,297 $ 32,107

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Operating Lease Maturity	A maturity analysis of operating lease liabilities and undiscounted cash flows as of March 31, 2024 is as follows: (In thousands) March 31, Lease payments due Less than 1 year $ 1,325 1-2 years 1,352 2-3 years 1,347 3-4 years 1,364 4-5 years 1,287 Over 5 years 2,588 Total undiscounted cash flows 9,263 Discount on cash flows 1,046 Total lease liability $ 8,217

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 17,309	$ 17,309	$ 17,309
Amortization of intangible assets	191	$ 195
Expected amortization, remainder of fiscal year	738
Amortization expense, next rolling twelve months	730
Amortization expense, rolling year two	582
Amortization expense, rolling year three	262
Amortization expense, rolling year four	$ 254
Customer lists | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	7 years
Customer lists | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years
Patents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	18 years
Software | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Software | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	7 years
Trade name | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years
Trade name | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	20 years
Other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	15 years

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets eligible for amortization:
Accumulated Amortization	$ (7,473)	$ (7,282)
Unamortized intangible assets:
Goodwill, gross carrying amount	17,309	17,309
Total intangible assets, net	27,936	27,936
Total intangible assets, accumulated amortization	7,473	7,282
Customer lists
Assets eligible for amortization:
Gross Carrying Amount	6,470	6,470
Accumulated Amortization	(4,919)	(4,851)
Unamortized intangible assets:
Total intangible assets, accumulated amortization	4,919	4,851
Patents
Assets eligible for amortization:
Gross Carrying Amount	72	72
Accumulated Amortization	(37)	(36)
Unamortized intangible assets:
Total intangible assets, accumulated amortization	37	36
Software
Assets eligible for amortization:
Gross Carrying Amount	3,212	3,212
Accumulated Amortization	(2,040)	(1,933)
Unamortized intangible assets:
Total intangible assets, accumulated amortization	2,040	1,933
Trade name
Assets eligible for amortization:
Gross Carrying Amount	373	373
Accumulated Amortization	(77)	(70)
Unamortized intangible assets:
Total intangible assets, accumulated amortization	77	70
Other
Assets eligible for amortization:
Gross Carrying Amount	500	500
Accumulated Amortization	(400)	(392)
Unamortized intangible assets:
Total intangible assets, accumulated amortization	$ 400	$ 392

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic
Net income	$ 7,152	$ 7,117
Weighted-average common shares outstanding (in shares)	13,530,228	13,599,472
Basic earnings per share (in dollars per share)	$ 0.53	$ 0.52
Diluted
Net Income	$ 7,152	$ 7,117
Weighted-average common shares outstanding (in shares)	13,530,228	13,599,472
Effect of dilutive restricted stock and stock appreciation rights (in shares)	255,049	263,926
Weighted-average common shares outstanding assuming dilution (in shares)	13,785,277	13,863,398
Diluted earnings per share (in dollars per share)	$ 0.52	$ 0.51

Stock Repurchases (Details)

Stock Repurchases (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Oct. 31, 2021
Equity [Abstract]
Number of shares authorized to be repurchased (in shares)			500,000
Remaining number of shares authorized to be repurchased (in shares)	462,765
Treasury stock, shares repurchased (in shares)	23,271	0

Industry Segment Information (D

Industry Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Interest Income (Expense), after Provision for Loan Loss [Abstract]
Fee income	$ 33,297	$ 32,107
Interest income	21,654	20,142
Interest expense	5,178	3,244
Intersegment income (expense)	16,476	16,898
Tax-equivalized pre-tax income	9,007	8,973
Goodwill	17,309	17,309	$ 17,309
Other intangible assets, net	3,154	3,931
Total assets	2,293,579	2,427,389	$ 2,478,622
Average funding sources	2,115,354	2,239,927
Corporate, Eliminations and Other
Interest Income (Expense), after Provision for Loan Loss [Abstract]
Fee income	336	319
Interest income	(2,421)	(2,482)
Interest expense	(3,310)	(2,287)
Intersegment income (expense)	0	0
Tax-equivalized pre-tax income	1,225	123
Goodwill	0	0
Other intangible assets, net	0	0
Total assets	(216,233)	(266,591)
Average funding sources	0	0
Information services payment and processing revenue | Operating Segments
Interest Income (Expense), after Provision for Loan Loss [Abstract]
Fee income	32,321	31,077
Interest income	10,191	9,447
Interest expense	598	98
Intersegment income (expense)	(1,038)	(914)
Tax-equivalized pre-tax income	5,964	4,991
Goodwill	17,173	17,173
Other intangible assets, net	3,154	3,931
Total assets	1,386,858	1,526,001
Average funding sources	1,315,614	1,357,035
Banking Services | Operating Segments
Interest Income (Expense), after Provision for Loan Loss [Abstract]
Fee income	640	711
Interest income	13,884	13,177
Interest expense	7,890	5,433
Intersegment income (expense)	1,038	914
Tax-equivalized pre-tax income	1,818	3,859
Goodwill	136	136
Other intangible assets, net	0	0
Total assets	1,122,954	1,167,979
Average funding sources	$ 799,740	$ 882,892

Loans by Type - Summary of Loan

Loans by Type - Summary of Loan Categories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Participating Mortgage Loans [Line Items]
Total loans	$ 1,036,997	$ 1,014,318
Commercial and industrial
Participating Mortgage Loans [Line Items]
Total loans	526,486	498,502
Commercial: | Mortgage
Participating Mortgage Loans [Line Items]
Total loans	114,200	118,371
Commercial: | Construction
Participating Mortgage Loans [Line Items]
Total loans	8,812	8,233
Faith-based: | Mortgage
Participating Mortgage Loans [Line Items]
Total loans	378,158	381,368
Faith-based: | Construction
Participating Mortgage Loans [Line Items]
Total loans	9,336	7,790
Other
Participating Mortgage Loans [Line Items]
Total loans	$ 5	$ 54

Loans by Type - Schedule of the

Loans by Type - Schedule of the Aging of Loans by Loan Categories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Participating Mortgage Loans [Line Items]
Total Loans	$ 1,036,997	$ 1,014,318
Non- accrual	0	0
Commercial and industrial
Participating Mortgage Loans [Line Items]
Total Loans	526,486	498,502
Non- accrual	0	0
Commercial: | Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	114,200	118,371
Non- accrual	0	0
Commercial: | Construction
Participating Mortgage Loans [Line Items]
Total Loans	8,812	8,233
Non- accrual	0	0
Faith-based: | Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	378,158	381,368
Non- accrual	0	0
Faith-based: | Construction
Participating Mortgage Loans [Line Items]
Total Loans	9,336	7,790
Non- accrual	0	0
Other
Participating Mortgage Loans [Line Items]
Total Loans	5	54
Non- accrual	0	0
Current
Participating Mortgage Loans [Line Items]
Total Loans	1,036,997	1,014,318
Current | Commercial and industrial
Participating Mortgage Loans [Line Items]
Total Loans	526,486	498,502
Current | Commercial: | Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	114,200	118,371
Current | Commercial: | Construction
Participating Mortgage Loans [Line Items]
Total Loans	8,812	8,233
Current | Faith-based: | Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	378,158	381,368
Current | Faith-based: | Construction
Participating Mortgage Loans [Line Items]
Total Loans	9,336	7,790
Current | Other
Participating Mortgage Loans [Line Items]
Total Loans	5	54
30-59 Days
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days | Commercial and industrial
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days | Commercial: | Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days | Commercial: | Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days | Faith-based: | Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days | Faith-based: | Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
30-59 Days | Other
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days | Commercial and industrial
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days | Commercial: | Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days | Commercial: | Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days | Faith-based: | Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days | Faith-based: | Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
60-89 Days | Other
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over | Commercial and industrial
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over | Commercial: | Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over | Commercial: | Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over | Faith-based: | Mortgage
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over | Faith-based: | Construction
Participating Mortgage Loans [Line Items]
Total Loans	0	0
90 Days and Over | Other
Participating Mortgage Loans [Line Items]
Total Loans	$ 0	$ 0

Loans by Type - Schedule of t_2

Loans by Type - Schedule of the Credit Exposure of the Loan Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Participating Mortgage Loans [Line Items]
Total loans	$ 1,036,997	$ 1,014,318
Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	1,026,757	1,008,815
Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	10,240	5,503
Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Commercial and industrial
Participating Mortgage Loans [Line Items]
Total loans	526,486	498,502
Commercial and industrial | Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	526,486	498,502
Commercial and industrial | Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Commercial and industrial | Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Commercial: | Mortgage
Participating Mortgage Loans [Line Items]
Total loans	114,200	118,371
Commercial: | Mortgage | Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	110,407	118,371
Commercial: | Mortgage | Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	3,793	0
Commercial: | Mortgage | Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Commercial: | Construction
Participating Mortgage Loans [Line Items]
Total loans	8,812	8,233
Commercial: | Construction | Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	8,812	8,233
Commercial: | Construction | Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Commercial: | Construction | Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Faith-based: | Mortgage
Participating Mortgage Loans [Line Items]
Total loans	378,158	381,368
Faith-based: | Mortgage | Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	371,711	375,865
Faith-based: | Mortgage | Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	6,447	5,503
Faith-based: | Mortgage | Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Faith-based: | Construction
Participating Mortgage Loans [Line Items]
Total loans	9,336	7,790
Faith-based: | Construction | Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	9,336	7,790
Faith-based: | Construction | Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Faith-based: | Construction | Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Other
Participating Mortgage Loans [Line Items]
Total loans	5	54
Other | Loans Subject To Normal Monitoring
Participating Mortgage Loans [Line Items]
Total loans	5	54
Other | Performing Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	0	0
Other | Nonperforming Loans Subject To Special Monitoring
Participating Mortgage Loans [Line Items]
Total loans	$ 0	$ 0

Loans by Type - Summary of ACL

Loans by Type - Summary of ACL by Category (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 13,089
Ending balance	13,299
Loans Excluding Unfunded Commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	13,089	$ 13,539
Provision for (release of) credit losses	210	(450)
Ending balance	13,299
Loans Excluding Unfunded Commitments | C&I
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,412	5,978
Provision for (release of) credit losses	215	(566)
Ending balance	5,627
Loans Excluding Unfunded Commitments | CRE
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,093	940
Provision for (release of) credit losses	(58)	153
Ending balance	1,035
Loans Excluding Unfunded Commitments | Faith-based CRE
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,476	6,437
Provision for (release of) credit losses	38	39
Ending balance	6,514
Loans Excluding Unfunded Commitments | Construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	108	184
Provision for (release of) credit losses	15	$ (76)
Ending balance	$ 123

Loans by Type (Details) - TDM L

Loans by Type (Details) - TDM Loans $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Financing Receivable, Past Due [Line Items]
Percentage of Total Loans Held for Investment	1.05%
Payment Delay
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0
Term Extension
Financing Receivable, Past Due [Line Items]
Modified loans	11,225
Interest Rate Reduction
Financing Receivable, Past Due [Line Items]
Modified loans	0
Combination Term Extension and Interest Rate Reduction
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Percentage of Total Loans Held for Investment	2.04%
Commercial and industrial | Payment Delay
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0
Commercial and industrial | Term Extension
Financing Receivable, Past Due [Line Items]
Modified loans	11,225
Commercial and industrial | Interest Rate Reduction
Financing Receivable, Past Due [Line Items]
Modified loans	0
Commercial and industrial | Combination Term Extension and Interest Rate Reduction
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0

Loans by Type (Details) - TDRs

Loans by Type (Details) - TDRs $ in Thousands	Mar. 31, 2024 USD ($)
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Modified loans	0
Current
Financing Receivable, Past Due [Line Items]
Modified loans	11,686
Current | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Modified loans	11,686
30-59 Days
Financing Receivable, Past Due [Line Items]
Modified loans	0
30-59 Days | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Modified loans	0
60-89 Days
Financing Receivable, Past Due [Line Items]
Modified loans	0
60-89 Days | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Modified loans	0
90 Days and Over
Financing Receivable, Past Due [Line Items]
Modified loans	0
90 Days and Over | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Modified loans	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Allowance for unfunded commitments	$ 17	$ 132
Unused loan commitments	223,600
Invoice Reimbursement [Abstract]	8,100
Financial Standby Letter of Credit
Loss Contingencies [Line Items]
Letters of credit	13,500
Stand by Letters Of Credit Member
Loss Contingencies [Line Items]
Letters of credit	$ 569

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,226	$ 1,950
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	36,852
Unrecognized compensation expense	$ 2,400
Unrecognized compensation expense, period for recognition	11 months 19 days
Nonvested awards shares outstanding (in shares)	236,345		237,780
Restricted Stock | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock | Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Restricted Stock | Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)	36,852
Performance-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	51,261
Award vesting period	3 years
Percentage of target opportunity for awards to vest	135.40%
Shares issued in period (in shares)	68,834
Nonvested awards shares outstanding (in shares)	158,428		159,073
Performance-based Restricted Stock | Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)	51,261
Performance-based Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target opportunity for awards to vest	0%
Performance-based Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target opportunity for awards to vest	150%

Stock-Based Compensation - Summ

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, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares) | shares	237,780
Granted (in shares) | shares	36,852
Vested (in shares) | shares	(37,577)
Forfeitures (in shares) | shares	(710)
Ending balance (in shares) | shares	236,345
Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 42.17
Granted (in dollars per share) | $ / shares	44.39
Vested (in dollars per share) | $ / shares	40.49
Forfeitures (in dollars per share) | $ / shares	43.70
Ending balance (in dollars per share) | $ / shares	$ 42.79

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of PBRS Activity (Details) - Performance-based Restricted Stock	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares) | shares	159,073
Granted (in shares) | shares	51,261
Vested (in shares) | shares	(50,840)
Forfeitures (in shares) | shares	(1,066)
Ending balance (in shares) | shares	158,428
Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 42.74
Granted (in dollars per share) | $ / shares	48.19
Vested (in dollars per share) | $ / shares	40.74
Forfeitures (in dollars per share) | $ / shares	43.70
Ending balance (in dollars per share) | $ / shares	$ 43.87

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Company's SARs Activity (Details) - SARs - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	30,409
Ending balance (in shares)	0
Fair Value
Beginning balance (in dollars per share)	$ 46.70
Ending balance (in dollars per share)	$ 0
Outstanding, average remaining contractual term (in years)	0 years	29 days
Aggregate intrinsic value	$ 0		$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures	30,409
Forfeited (in dollars per share)	$ 46.70

Defined Pension Plans - Narrati

Defined Pension Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic cost (benefit)	$ 195	$ 100	$ 733
Contributions	0
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic cost (benefit)	$ 113	$ 118	$ 472

Defined Pension Plans - Schedul

Defined Pension Plans - Schedule of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation				$ 4,314
Expected return on plan assets				(3,735)
Net amortization				154
Net periodic pension (benefit) cost	$ 195	$ 100		733
Pension Plan | Forecast
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation			$ 4,291
Expected return on plan assets			(3,512)
Net amortization			0
Net periodic pension (benefit) cost			779
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation				472
Net periodic pension (benefit) cost	$ 113	$ 118		$ 472
Supplemental Employee Retirement Plan | Forecast
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation			451
Net periodic pension (benefit) cost			$ 451

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	20.60%	20.70%

Investment in Securities - Sche

Investment in Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 681,825	$ 684,917
Gross Unrealized Gains	33	4
Gross Unrealized Losses	(59,929)	(57,804)
Fair Value	621,929	627,117
AFS, Less than 12 months, Estimated Fair Value	67,930	82,743
AFS, Less than 12 months, Unrealized Losses	657	675
AFS, 12 months or more, Estimated Fair Value	531,394	541,391
AFS, 12 months or more, Unrealized Losses	59,272	57,129
Debt Securities, Available-for-sale, Unrealized Loss Position	599,324	624,134
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	59,929	57,804
State and political subdivisions
Marketable Securities [Line Items]
Amortized Cost	227,068	235,297
Gross Unrealized Gains	6	4
Gross Unrealized Losses	(17,370)	(16,266)
Fair Value	209,704	219,035
AFS, Less than 12 months, Estimated Fair Value	26,244	63,198
AFS, Less than 12 months, Unrealized Losses	164	220
AFS, 12 months or more, Estimated Fair Value	175,899	152,854
AFS, 12 months or more, Unrealized Losses	17,206	16,046
Debt Securities, Available-for-sale, Unrealized Loss Position	202,143	216,052
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	17,370	16,266
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises
Marketable Securities [Line Items]
Amortized Cost	208,586	188,307
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(32,218)	(30,508)
Fair Value	176,368	157,799
AFS, Less than 12 months, Estimated Fair Value	29,086	0
AFS, Less than 12 months, Unrealized Losses	92	0
AFS, 12 months or more, Estimated Fair Value	147,282	157,799
AFS, 12 months or more, Unrealized Losses	32,126	30,508
Debt Securities, Available-for-sale, Unrealized Loss Position	176,368	157,799
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	32,218	30,508
Corporate bonds
Marketable Securities [Line Items]
Amortized Cost	119,048	111,109
Gross Unrealized Gains	27	0
Gross Unrealized Losses	(9,162)	(8,769)
Fair Value	109,913	102,340
AFS, Less than 12 months, Estimated Fair Value	12,600	19,545
AFS, Less than 12 months, Unrealized Losses	401	455
AFS, 12 months or more, Estimated Fair Value	82,269	82,795
AFS, 12 months or more, Unrealized Losses	8,761	8,314
Debt Securities, Available-for-sale, Unrealized Loss Position	94,869	102,340
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	9,162	8,769
Treasury securities
Marketable Securities [Line Items]
Amortized Cost	84,922	109,836
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(400)	(1,115)
Fair Value	84,522	108,721
AFS, Less than 12 months, Estimated Fair Value	0	0
AFS, Less than 12 months, Unrealized Losses	0	0
AFS, 12 months or more, Estimated Fair Value	84,522	108,721
AFS, 12 months or more, Unrealized Losses	400	1,115
Debt Securities, Available-for-sale, Unrealized Loss Position	84,522	108,721
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	400	1,115
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises
Marketable Securities [Line Items]
Amortized Cost	42,201	40,368
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(779)	(1,146)
Fair Value	41,422	39,222
AFS, Less than 12 months, Estimated Fair Value	0	0
AFS, Less than 12 months, Unrealized Losses	0	0
AFS, 12 months or more, Estimated Fair Value	41,422	39,222
AFS, 12 months or more, Unrealized Losses	779	1,146
Debt Securities, Available-for-sale, Unrealized Loss Position	41,422	39,222
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 779	$ 1,146

Investment in Securities - Narr

Investment in Securities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) security	Mar. 31, 2023 USD ($)	Dec. 31, 2023 security
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities, number of positions | security	267		275
Available-for-sale securities, percentage of total securities	96%		98.90%
Available-for-sale securities, number of positions, greater than one year | security	228		210
Proceeds from sales of securities available-for-sale	$ 0	$ 61,418
Available-for-sale securities, gross realized gains	0	187
Available-for-sale securities, gross realized losses	0	148
Marketable Securities [Line Items]
Available-for-sale securities, gross realized losses	$ 0	$ 148

Investment in Securities - Sc_2

Investment in Securities - Schedule of the Fair Values of Securities with Unrealized Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	$ 67,930	$ 82,743
AFS, Less than 12 months, Unrealized Losses	657	675
AFS, 12 months or more, Estimated Fair Value	531,394	541,391
AFS, 12 months or more, Unrealized Losses	59,272	57,129
AFS, Total Estimated Fair Value	599,324	624,134
AFS, Total Unrealized Losses	59,929	57,804
State and political subdivisions
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	26,244	63,198
AFS, Less than 12 months, Unrealized Losses	164	220
AFS, 12 months or more, Estimated Fair Value	175,899	152,854
AFS, 12 months or more, Unrealized Losses	17,206	16,046
AFS, Total Estimated Fair Value	202,143	216,052
AFS, Total Unrealized Losses	17,370	16,266
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	29,086	0
AFS, Less than 12 months, Unrealized Losses	92	0
AFS, 12 months or more, Estimated Fair Value	147,282	157,799
AFS, 12 months or more, Unrealized Losses	32,126	30,508
AFS, Total Estimated Fair Value	176,368	157,799
AFS, Total Unrealized Losses	32,218	30,508
Corporate bonds
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	12,600	19,545
AFS, Less than 12 months, Unrealized Losses	401	455
AFS, 12 months or more, Estimated Fair Value	82,269	82,795
AFS, 12 months or more, Unrealized Losses	8,761	8,314
AFS, Total Estimated Fair Value	94,869	102,340
AFS, Total Unrealized Losses	9,162	8,769
Treasury securities
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	0	0
AFS, Less than 12 months, Unrealized Losses	0	0
AFS, 12 months or more, Estimated Fair Value	84,522	108,721
AFS, 12 months or more, Unrealized Losses	400	1,115
AFS, Total Estimated Fair Value	84,522	108,721
AFS, Total Unrealized Losses	400	1,115
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises
Marketable Securities [Line Items]
AFS, Less than 12 months, Estimated Fair Value	0	0
AFS, Less than 12 months, Unrealized Losses	0	0
AFS, 12 months or more, Estimated Fair Value	41,422	39,222
AFS, 12 months or more, Unrealized Losses	779	1,146
AFS, Total Estimated Fair Value	41,422	39,222
AFS, Total Unrealized Losses	$ 779	$ 1,146

Investment in Securities - Sc_3

Investment in Securities - Schedule of Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Due in 1 year or less	$ 199,175
Due after 1 year through 5 years	94,092
Due after 5 years through 10 years	208,628
Due after 10 years	179,930
Amortized Cost	681,825	$ 684,917
Fair Value
Due in 1 year or less	197,437
Due after 1 year through 5 years	92,440
Due after 5 years through 10 years	183,284
Due after 10 years	148,768
Total	$ 621,929	$ 627,117

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance sheet assets:
Investment securities	$ 621,929	$ 627,117
Carrying Amount
Balance sheet assets:
Accrued interest receivable	8,965	8,450
Total	1,847,395	2,009,264
Balance sheet liabilities:
Accrued interest payable	387	635
Total	2,024,272	2,212,818
Fair Value
Balance sheet assets:
Cash and cash equivalents	192,803	372,468
Investment securities	621,929	627,117
Loans, net	987,496	962,223
Accrued interest receivable	8,965	8,450
Total	1,811,193	1,970,258
Balance sheet liabilities:
Deposits	1,079,092	1,140,814
Accounts and drafts payable	944,793	1,071,369
Accrued interest payable	387	635
Total	$ 2,024,272	$ 2,212,818

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, Performance Obligation [Abstract]
Fee revenues, in-scope of FASB ASC 606	$ 32,311	$ 31,036
Other income (out-of-scope of FASB ASC 606)	986	1,071
Total fee revenue and other income	33,297	32,107
Processing fees
Revenue, Performance Obligation [Abstract]
Fee revenues, in-scope of FASB ASC 606	21,253	19,513
Financial fees
Revenue, Performance Obligation [Abstract]
Fee revenues, in-scope of FASB ASC 606	10,777	11,259
Information services payment and processing revenue
Revenue, Performance Obligation [Abstract]
Fee revenues, in-scope of FASB ASC 606	32,030	30,772
Bank service fees
Revenue, Performance Obligation [Abstract]
Fee revenues, in-scope of FASB ASC 606	$ 281	$ 264

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Leases [Abstract]
Operating lease, liability	$ 8,217
Operating lease, right-of-use asset	$ 7,800
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Operating lease, cost	$ 341
Short-term lease, cost	81
Variable lease, cost	$ 0
Operating lease, weighted average remaining lease term	7 years 1 month 6 days
Operating lease, weighted average discount rate, percent	3.56%

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Maturity (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Lease payments due
Less than 1 year	$ 1,325
1-2 years	1,352
2-3 years	1,347
3-4 years	1,364
4-5 years	1,287
Over 5 years	2,588
Total undiscounted cash flows	9,263
Discount on cash flows	1,046
Total lease liability	$ 8,217