Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 04, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000740663 | ||
Entity Registrant Name | FIRST OF LONG ISLAND CORP | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-32964 | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 11-2672906 | ||
Entity Address, Address Line One | 275 Broadhollow Road | ||
Entity Address, City or Town | Melville | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11747 | ||
City Area Code | 516 | ||
Local Phone Number | 671-4900 | ||
Title of 12(b) Security | Common stock, $0.10 par value per share | ||
Trading Symbol | FLIC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 253,800,000 | ||
Entity Common Stock, Shares Outstanding | 22,462,725 | ||
Auditor Name | Crowe LLP | ||
Auditor Firm ID | 173 | ||
Auditor Location | New York, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Cash and cash equivalents | $ 60,887 | $ 74,178 |
Investment securities available-for-sale, at fair value | 695,877 | 673,413 |
Loans: | ||
Loans Receivable | 3,248,064 | 3,311,733 |
Allowance for credit losses | (28,992) | (31,432) |
Financing Receivable, after Allowance for Credit Loss | 3,219,072 | 3,280,301 |
Restricted stock, at cost | 32,659 | 26,363 |
Bank premises and equipment, net | 31,414 | 31,660 |
Right-of-use asset - operating leases | 22,588 | 23,952 |
Bank-owned life insurance | 114,045 | 110,848 |
Pension plan assets, net | 10,740 | 11,049 |
Deferred income tax benefit | 28,996 | 31,124 |
Other assets | 19,622 | 18,623 |
Assets | 4,235,900 | 4,281,511 |
Deposits: | ||
Checking | 1,133,184 | 1,324,141 |
Savings, NOW and money market | 1,546,369 | 1,661,512 |
Time | 591,433 | 478,981 |
Deposits | 3,270,986 | 3,464,634 |
Short-term borrowings | 70,000 | 0 |
Long-term debt | 472,500 | 411,000 |
Operating lease liability | 24,940 | 25,896 |
Accrued expenses and other liabilities | 17,328 | 15,445 |
Liabilities | 3,855,754 | 3,916,975 |
Commitments and Contingent Liabilities (Note L) | ||
Stockholders' Equity: | ||
Common stock, par value $0.10 per share: Authorized, 80,000,000 shares; Issued and outstanding, 22,590,942 and 22,443,380 shares | 2,259 | 2,244 |
Surplus | 79,728 | 78,462 |
Retained earnings | 355,887 | 348,597 |
Stockholders Equity Before Accumulated Other Comprehensive Income Net Of Taxes | 437,874 | 429,303 |
Accumulated other comprehensive loss, net of tax | (57,728) | (64,767) |
Equity, Attributable to Parent | 380,146 | 364,536 |
Liabilities and Equity | 4,235,900 | 4,281,511 |
Commercial and Industrial Including SBA Payroll Protection Program [Member] | ||
Loans: | ||
Loans Receivable | 116,163 | 108,493 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans: | ||
Loans Receivable | 1,919,714 | 1,916,493 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans: | ||
Loans Receivable | 1,166,887 | 1,240,144 |
Allowance for credit losses | (8,838) | (10,633) |
Residential Portfolio Segment [Member] | Revolving Home Equity Line [Member] | ||
Loans: | ||
Loans Receivable | 44,070 | 45,213 |
Allowance for credit losses | (339) | (362) |
Consumer And Other Portfolio Segment [Member] | ||
Loans: | ||
Loans Receivable | 1,230 | 1,390 |
Allowance for credit losses | $ (14) | $ (15) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 22,590,942 | 22,443,380 |
Common stock, shares outstanding (in shares) | 22,590,942 | 22,443,380 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and dividend income: | |||
Loans | $ 127,866 | $ 116,352 | $ 106,266 |
Investment securities: | |||
Taxable | 22,663 | 9,795 | 8,162 |
Nontaxable | 4,954 | 8,063 | 8,531 |
Interest and Dividend Income, Operating | 155,483 | 134,210 | 122,959 |
Interest expense: | |||
Savings, NOW and money market deposits | 32,164 | 7,180 | 4,414 |
Time deposits | 19,267 | 5,296 | 5,712 |
Short-term borrowings | 950 | 1,207 | 1,427 |
Long-term debt | 16,237 | 4,814 | 4,599 |
Interest Expense | 68,618 | 18,497 | 16,152 |
Net interest income | 86,865 | 115,713 | 106,807 |
Provision (credit) for credit losses | (326) | 2,331 | (2,573) |
Net interest income after provision (credit) for credit losses | 87,191 | 113,382 | 109,380 |
Noninterest income: | |||
Bank-owned life insurance | 3,197 | 3,017 | 2,399 |
Service charges on deposit accounts | 3,034 | 3,157 | 2,925 |
Net gain (loss) on sales of securities | (3,489) | 0 | 1,104 |
Gain (loss) on disposition of premises and fixed assets | 240 | (553) | 0 |
Other | 3,354 | 6,242 | 6,146 |
Noninterest Income | 6,336 | 11,863 | 12,574 |
Noninterest expense: | |||
Salaries and employee benefits | 37,373 | 41,096 | 39,753 |
Occupancy and equipment | 13,140 | 13,407 | 15,338 |
Debt extinguishment | 0 | 0 | 1,021 |
Other | 13,546 | 12,523 | 12,535 |
Noninterest Expense | 64,059 | 67,026 | 68,647 |
Income before income taxes | 29,468 | 58,219 | 53,307 |
Income tax expense | 3,229 | 11,287 | 10,218 |
Net income | $ 26,239 | $ 46,932 | $ 43,089 |
Weighted average: | |||
Common shares (in shares) | 22,550,562 | 22,868,658 | 23,655,635 |
Dilutive stock options and restricted stock units (in shares) | 82,609 | 99,895 | 107,348 |
Weighted Average Number of Shares Outstanding, Diluted | 22,633,171 | 22,968,553 | 23,762,983 |
Earnings per share: | |||
Basic (in dollars per share) | $ 1.16 | $ 2.05 | $ 1.82 |
Diluted (in dollars per share) | 1.16 | 2.04 | 1.81 |
Cash dividends declared per share (in dollars per share) | $ 0.84 | $ 0.82 | $ 0.78 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 26,239 | $ 46,932 | $ 43,089 |
Other comprehensive income (loss): | |||
Change in net unrealized holding gains (losses) on available-for-sale securities | 9,133 | (83,835) | (10,633) |
Change in funded status of pension plan | 1,183 | (8,176) | (1,341) |
Change in net unrealized loss on derivative instruments | 0 | 1,750 | 3,535 |
Other comprehensive income (loss) before income taxes | 10,316 | (90,261) | (8,439) |
Income tax expense (benefit) | 3,277 | (27,807) | (2,556) |
Other comprehensive income (loss) | 7,039 | (62,454) | (5,883) |
Comprehensive income (loss) | $ 33,278 | $ (15,522) | $ 37,206 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 23,790,589 | ||||
Balance at Dec. 31, 2020 | $ 2,379 | $ 105,547 | $ 295,622 | $ 3,570 | $ 407,118 |
Net income | 43,089 | 43,089 | |||
Other comprehensive income (loss) | (5,883) | (5,883) | |||
Repurchase of common stock (in shares) | (679,873) | ||||
Repurchase of common stock | $ (68) | (14,433) | (14,501) | ||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (18,822) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (2) | (359) | (361) | ||
Common stock issued under stock compensation plans (in shares) | 105,674 | ||||
Common stock issued under stock compensation plans | $ 11 | 259 | 270 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 43,028 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 4 | 831 | 835 | ||
Stock-based compensation | 1,635 | 1,635 | |||
Cash dividends declared | (18,390) | (18,390) | |||
Balance (in shares) at Dec. 31, 2021 | 23,240,596 | ||||
Balance at Dec. 31, 2021 | $ 2,324 | 93,480 | 320,321 | (2,313) | 413,812 |
Net income | 46,932 | 46,932 | |||
Other comprehensive income (loss) | (62,454) | (62,454) | |||
Repurchase of common stock (in shares) | (915,868) | ||||
Repurchase of common stock | $ (92) | (17,797) | (17,889) | ||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (27,287) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (3) | (573) | (576) | ||
Common stock issued under stock compensation plans (in shares) | 100,973 | ||||
Common stock issued under stock compensation plans | $ 10 | 52 | 62 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 44,966 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 5 | 834 | 839 | ||
Stock-based compensation | 2,466 | 2,466 | |||
Cash dividends declared | (18,656) | (18,656) | |||
Balance (in shares) at Dec. 31, 2022 | 22,443,380 | ||||
Balance at Dec. 31, 2022 | $ 2,244 | 78,462 | 348,597 | (64,767) | 364,536 |
Net income | 26,239 | 26,239 | |||
Other comprehensive income (loss) | 7,039 | 7,039 | |||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (48,941) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (5) | (865) | (870) | ||
Common stock issued under stock compensation plans (in shares) | 133,796 | ||||
Common stock issued under stock compensation plans | $ 14 | 46 | 60 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 62,707 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 6 | 836 | 842 | ||
Stock-based compensation | 1,249 | 1,249 | |||
Cash dividends declared | (18,949) | (18,949) | |||
Balance (in shares) at Dec. 31, 2023 | 22,590,942 | ||||
Balance at Dec. 31, 2023 | $ 2,259 | $ 79,728 | $ 355,887 | $ (57,728) | $ 380,146 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities: | |||
Net income | $ 26,239,000 | $ 46,932,000 | $ 43,089,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision (credit) for credit losses | (326,000) | 2,331,000 | (2,573,000) |
Provision (credit) for deferred income taxes | (1,149,000) | 670,000 | (56,000) |
Depreciation and amortization of premises and equipment | 3,108,000 | 3,612,000 | 4,905,000 |
Amortization of right-of-use asset - operating leases | 2,644,000 | 2,699,000 | 3,774,000 |
Premium amortization on investment securities, net | 2,227,000 | 1,578,000 | 2,247,000 |
Net (gain) loss on sales of securities | 3,489,000 | 0 | (1,104,000) |
Debt extinguishment | 0 | 0 | 1,021,000 |
(Gain) loss on disposition of premises and fixed assets | (240,000) | 553,000 | 0 |
Stock-based compensation expense | 1,249,000 | 2,466,000 | 1,635,000 |
Accretion of cash surrender value on bank-owned life insurance | (3,197,000) | (3,017,000) | (2,399,000) |
Pension expense (credit) | 1,492,000 | (129,000) | (329,000) |
Decrease in other liabilities | (384,000) | (3,770,000) | (2,522,000) |
Other decreases (increases) in assets | (2,990,000) | (2,501,000) | 3,093,000 |
Net cash provided by operating activities | 32,162,000 | 51,424,000 | 50,781,000 |
Cash Flows From Investing Activities: | |||
Proceeds from sales | 145,451,000 | 0 | 71,695,000 |
Proceeds from maturities and redemptions | 56,413,000 | 45,054,000 | 113,736,000 |
Purchases | (220,911,000) | (69,562,000) | (268,803,000) |
Net decrease (increase) in loans | 61,555,000 | (207,427,000) | (72,215,000) |
Net increase in restricted stock | (6,296,000) | (4,839,000) | (710,000) |
Purchases of premises and equipment, net | (2,862,000) | (3,598,000) | (7,697,000) |
Proceeds from disposition of premises and fixed assets | 2,291,000 | 6,601,000 | 0 |
Purchases of bank-owned life insurance | 0 | 0 | (20,000,000) |
Net cash provided by (used in) investing activities | 35,641,000 | (233,771,000) | (183,994,000) |
Cash Flows From Financing Activities: | |||
Net increase (decrease) in deposits | (193,648,000) | 149,389,000 | (6,343,000) |
Net increase (decrease) in short-term borrowings | 70,000,000 | (125,000,000) | 64,905,000 |
Proceeds from long-term debt | 275,000,000 | 300,000,000 | 0 |
Repayment of long-term debt | (213,500,000) | (75,322,000) | (60,701,000) |
Proceeds from issuance of common stock, net of shares withheld | (28,000) | 263,000 | 607,000 |
Repurchase of common stock | 0 | (17,889,000) | (14,501,000) |
Cash dividends paid | (18,918,000) | (18,591,000) | (18,261,000) |
Net cash provided by (used in) financing activities | (81,094,000) | 212,850,000 | (34,294,000) |
Net increase (decrease) in cash and cash equivalents | (13,291,000) | 30,503,000 | (167,507,000) |
Cash and cash equivalents, beginning of year | 74,178,000 | 43,675,000 | 211,182,000 |
Cash and cash equivalents, end of period | 60,887,000 | 74,178,000 | 43,675,000 |
Supplemental Cash Flow Disclosures: | |||
Cash paid for interest | 64,319,000 | 17,142,000 | 16,713,000 |
Cash paid for income taxes | 3,676,000 | 11,610,000 | 11,650,000 |
Operating cash flows from operating leases | 3,072,000 | 4,148,000 | 2,475,000 |
Noncash investing and financing activities: | |||
Right-of-use assets obtained in exchange for operating lease liabilities | 1,280,000 | 18,386,000 | 0 |
Cash dividends payable | 4,744,000 | 4,713,000 | 4,648,000 |
Bank premises transferred to held-for-sale | $ 0 | $ 2,407,000 | $ 3,796,000 |
Note A - Summary of Significant
Note A - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements include the accounts of The First of Long Island Corporation and its wholly-owned subsidiary, The First National Bank of Long Island, and subsidiaries wholly-owned by the Bank, either directly or indirectly, FNY Service Corp. and The First of Long Island REIT, Inc. (“REIT”). The Corporation’s financial condition and operating results principally reflect those of the Bank and its subsidiaries. The consolidated entity is referred to as the “Corporation,” and the Bank and its subsidiaries are collectively referred to as the “Bank.” All intercompany balances have been eliminated. The accounting and reporting policies of the Corporation reflect banking industry practice and conform to generally accepted accounting principles (“GAAP”) in the United States. The following is a summary of the Corporation’s significant accounting policies. In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported asset and liability balances, revenue and expense amounts, and the disclosures provided, including disclosure of contingent assets and liabilities, based on available information. Actual results could differ significantly from those estimates. Information available which could affect these judgements include, but are not Cash and Cash Equivalents Cash and cash equivalents include cash and deposits with other financial institutions that generally mature within 90 Investment Securities Current accounting standards require that investment securities be classified as held-to-maturity (“HTM”), available-for-sale (“AFS”) or trading. The trading category is not not Interest income includes amortization or accretion of purchase premium or discount. Premiums and discounts on securities are amortized or accreted using the level-yield method. Prepayments are anticipated for mortgage-backed securities. Premiums on municipal securities are amortized to the earlier of the stated maturity date or the first Management measures expected credit losses on HTM debt securities, if any, on a collective basis by major security type. Accrued interest receivable on HTM debt securities is excluded from the estimate of credit losses. For AFS securities in an unrealized loss position, management first not not Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or fair value. Any subsequent declines in fair value below the initial carrying value are recorded as a valuation allowance established through a charge to noninterest income. Loans and Allowance for Credit Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, net of the ACL. Amortized cost is the principal balance outstanding plus or minus net deferred loan costs and fees. Accrued interest receivable is reported in “Other assets” on the consolidated balance sheets and is excluded from the estimate of credit losses. Interest on loans is credited to income based on the principal amount outstanding. Direct loan origination costs, net of loan origination fees, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. The past due status of a loan is based on the contractual terms in the loan agreement. Unless a loan is well secured and in the process of collection, the accrual of interest income is discontinued when a loan becomes 90 not The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the Bank’s loan portfolio. The ACL is established through provisions for credit losses charged against income. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged against the ACL, and subsequent recoveries, if any, are credited to the ACL. Management identifies loans in the Bank’s portfolio that must be individually evaluated for loss due to disparate risk characteristics. For loans individually evaluated, an allowance is estimated based on either the fair value of collateral or the discounted value of expected future cash flows. In estimating the fair value of real estate collateral, management utilizes appraisals or evaluations adjusted for costs to dispose and a distressed sale adjustment, if needed. Estimating the fair value of collateral other than real estate is also subjective in nature and sometimes requires difficult and complex judgements. Determining expected future cash flows can be more subjective than determining fair values. Expected future cash flows could differ significantly, both in timing and amount, from the cash flows actually received over the loan’s remaining life. Individually evaluated loans are excluded from the estimation of credit losses for the pooled portfolio. For loans collectively evaluated for credit loss, management segregates its loan portfolio into distinct pools, certain of which are combined in reporting loans outstanding by class of loans: ( 1 2 3 4 5 6 7 8 9 10 December 31, 2007 2007 Modifications to borrowers experiencing financial difficulty are included in loans collectively evaluated for credit loss. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. A charge to the allowance for credit losses is generally not Management believes that the methods selected fairly reflect the historical loss component of expected losses inherent in the Bank’s loan portfolio. However, since future losses could vary significantly from those experienced in the past, on a quarterly basis management adjusts its historical loss experience to reflect current and forecasted conditions. In doing so, management considers a variety of general qualitative and quantitative factors (“Q-factors”) and then subjectively determines the weight to assign to each in estimating losses. Qualitative characteristics include differences in underwriting standards, policies, lending staff and environmental risks. Management also considers whether further adjustments to historical loss information are needed to reflect the extent to which current conditions and reasonable and supportable forecasts over a one two may not The ACL is an amount that management currently believes will be adequate to absorb current expected credit losses in the Bank’s loan portfolio. The process for estimating credit losses and determining the ACL as of any balance sheet date is subjective in nature and requires material estimates. Actual results could differ significantly from those estimates. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Corporation, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Corporation does not Bank Premises and Equipment and Operating Leases Land is carried at cost. Other bank premises and equipment are carried at cost less accumulated depreciation and amortization. Buildings are depreciated using the straight-line method over their estimated useful lives, which range from 31 to 40 years. Building and leasehold improvements are depreciated using the straight-line method over the remaining lives of the buildings or leases, as applicable, or their estimated useful lives, whichever is shorter. The lives of the respective leases range from five fifteen three ten The Bank determines if an arrangement is a lease at inception and recognizes a right-of-use (“ROU”) asset and lease liability at the commencement date based on the present value of lease payments over the lease term. As most of the Bank’s leases do not 12 not may Bank-owned Life Insurance The Bank is the owner and beneficiary of insurance policies on the lives of certain current and past employed officers. Bank-owned life insurance (“BOLI”) is recorded at the amount that can be realized under the contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement, if any. Restricted Stock The Bank is a member of and is required to own stock in the Federal Home Loan Bank of NY (“FHLBNY”) and the Federal Reserve Bank of NY (“FRBNY”). The amount of FHLBNY stock held is based on membership and the level of FHLBNY advances. The amount of FRBNY stock held is based on the Bank’s capital and surplus balances. These stocks do not Other Real Estate Owned Real estate acquired through foreclosure or by deed-in-lieu of foreclosure is initially recorded at the lower of cost or fair value, less estimated selling costs and is included in “other assets” on the consolidated balance sheets. Chargeoffs recorded at the time of acquisition are charged to the ACL. Subsequently, decreases in the property’s estimated fair value are charged to earnings and credited to a valuation allowance and recoveries in fair value are credited to earnings and charged to the valuation allowance. Such adjustments to earnings are included in other noninterest expense along with any additional property maintenance costs incurred in owning the property. Rental income received from tenants of other real estate owned is included in other noninterest income. Long-term Assets Premises and equipment, intangible assets, BOLI and other long-term assets, if any, are reviewed for impairment when events indicate that their carrying amount may not Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans, commercial letters of credit and standby letters of credit. The face amount of these items represents the exposure to loss, before considering collateral held or ability to repay. The Bank estimates credit losses on off-balance sheet credit exposures by considering the likelihood of an outstanding commitment converting into an outstanding loan and applying an estimate of expected lifetime credit losses used on similar portfolio segments, unless the obligation is unconditionally cancellable by the Bank. The ACL on off-balance sheet credit exposures is recorded in the line item “Accrued expenses and other liabilities” in the consolidated balance sheets and totaled $590,000 and $421,000, respectively, at December 31, 2023 2022 2023 2022 2021 Derivatives At the inception of a derivative contract, the Corporation designates the derivative as one three three 1 2 3 no not Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not The Corporation formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Corporation also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged item. The Corporation discontinues hedge accounting when it determines that the derivative is no no no no When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as interest expense. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in OCI are amortized into earnings over the same periods which the hedged transactions will affect earnings. Income Taxes A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not not Retirement Plans Pension expense is the sum of service cost, interest cost, amortization of actuarial gains and losses and plan expenses, net of the expected return on plan assets and participant contributions. The service cost component of pension expense is included in salaries and employee benefits on the consolidated statements of income. All other components of pension expense are included in other noninterest income. Employee 401 Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Operating Segments While management monitors the revenue streams of the Bank’s various products and services, the identifiable segments are not Investment Services Assets held in a fiduciary capacity are not not Reclassifications When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation. Earnings Per Share The Corporation calculates basic and diluted earnings per share (“EPS”) using the treasury stock method. Basic EPS excludes the dilutive effect of outstanding restricted stock units (“RSUs”) and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if outstanding RSUs were converted into shares of common stock that then shared in the earnings of the Corporation. Diluted EPS is computed by dividing net income by the weighted average number of common shares and dilutive RSUs. There were 101,480 and 33,017 RSUs excluded from the calculation of EPS at December 31, 2023 2022, December 31, 2021. no Stock-based Compensation The Corporation’s stock-based compensation plans are described in “Note I – Stock-Based Compensation.” Compensation cost is determined for RSUs issued to employees and non-employee directors based on the grant date fair value of the award. Compensation expense for RSUs is recognized over the applicable performance or service period, which is usually the vesting period. Compensation expense is adjusted at the end of the performance period, if applicable, to reflect the actual number of shares of the Corporation’s common stock into which the RSUs will be converted. The Corporation accounts for forfeitures as they occur. Comprehensive Income Comprehensive income (loss) includes net income and OCI. OCI includes revenues, expenses, gains and losses that under GAAP are included in comprehensive income but excluded from net income. OCI for the Corporation consists of net unrealized holding gains or losses on AFS securities and derivative instruments and changes in the funded status of the Bank’s defined benefit pension plan, all net of related income taxes. Accumulated OCI is recognized as a separate component of stockholders’ equity. The following sets forth the components of accumulated OCI, net of tax: Current Balance Period Balance (in thousands) 12/31/2022 Change 12/31/2023 Unrealized holding loss on available-for-sale securities $ (56,055 ) $ 6,246 $ (49,809 ) Unrealized actuarial loss on pension plan (8,712 ) 793 (7,919 ) Accumulated other comprehensive loss, net of tax $ (64,767 ) $ 7,039 $ (57,728 ) The components of OCI and the related tax effects are as follows: (in thousands) 2023 2022 2021 Change in net unrealized holding gains (losses) on available-for-sale securities: Change arising during the period $ 5,644 $ (83,835 ) $ (9,529 ) Reclassification adjustment for loss (gain) included in net income (1) 3,489 — (1,104 ) 9,133 (83,835 ) (10,633 ) Tax effect 2,887 (25,825 ) (3,163 ) 6,246 (58,010 ) (7,470 ) Change in funded status of pension plan: Unrecognized net gain (loss) arising during the period 165 (8,176 ) (1,341 ) Amortization of net actuarial loss included in pension expense (2) 1,018 — — 1,183 (8,176 ) (1,341 ) Tax effect 390 (2,520 ) (438 ) 793 (5,656 ) (903 ) Change in unrealized loss on derivative instrument: Amount of gain during the period — 1,324 668 Reclassification adjustment for net interest expense included in net income (3) — 426 2,867 — 1,750 3,535 Tax effect — 538 1,045 — 1,212 2,490 Other comprehensive income (loss) $ 7,039 $ (62,454 ) $ (5,883 ) ( 1 ( 2 ( 3 Adoption of New Accounting Standards The Corporation did not 2023. Impact of Issued But Not There were no not December 31, 2023 |
Note B - Investment Securities
Note B - Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE B INVESTMENT SECURITIES The following tables set forth the amortized cost and estimated fair values of the Bank’s AFS investment securities at December 31, 2023 2022 2023 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value State and municipals $ 155,294 $ 317 $ (11,990 ) $ 143,621 Pass-through mortgage securities 165,734 — (27,131 ) 138,603 Collateralized mortgage obligations 201,500 1,836 (21,074 ) 182,262 SBA agency obligations 126,228 331 (1,083 ) 125,476 Corporate bonds 119,000 — (13,085 ) 105,915 $ 767,756 $ 2,484 $ (74,363 ) $ 695,877 2022 State and municipals $ 321,700 $ 136 $ (16,589 ) $ 305,247 Pass-through mortgage securities 179,655 — (31,135 ) 148,520 Collateralized mortgage obligations 134,070 — (20,676 ) 113,394 Corporate bonds 119,000 — (12,748 ) 106,252 $ 754,425 $ 136 $ (81,148 ) $ 673,413 Small Business Administration ("SBA") agency obligations are floating rate, government guaranteed securities backed by $92.2 million of commercial mortgages and $33.3 million of equipment finance loans at December 31, 2023. At December 31, 2023 2022 There were no holdings of securities of any one 10% December 31, 2023 2022 There was no allowance for credit losses associated with the investment securities portfolio at December 31, 2023 2022. Securities With Unrealized Losses. December 31, 2023 2022 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Loss Value Loss Value Loss State and municipals $ 29,522 $ (719 ) $ 95,725 $ (11,271 ) $ 125,247 $ (11,990 ) Pass-through mortgage securities 2,361 (1 ) 134,558 (27,130 ) 136,919 (27,131 ) Collateralized mortgage obligations — — 102,528 (21,074 ) 102,528 (21,074 ) SBA agency obligations 98,879 (1,083 ) — — 98,879 (1,083 ) Corporate bonds — — 105,915 (13,085 ) 105,915 (13,085 ) Total temporarily impaired $ 130,762 $ (1,803 ) $ 438,726 $ (72,560 ) $ 569,488 $ (74,363 ) 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Loss Value Loss Value Loss State and municipals $ 238,157 $ (12,047 ) $ 13,934 $ (4,542 ) $ 252,091 $ (16,589 ) Pass-through mortgage securities 12,667 (979 ) 135,853 (30,156 ) 148,520 (31,135 ) Collateralized mortgage obligations 42,560 (1,515 ) 70,834 (19,161 ) 113,394 (20,676 ) Corporate bonds — — 106,252 (12,748 ) 106,252 (12,748 ) Total temporarily impaired $ 293,384 $ (14,541 ) $ 326,873 $ (66,607 ) $ 620,257 $ (81,148 ) Following is a discussion of unrealized losses by type of security, none December 31, 2023 State and Municipals At December 31, 2023 Aa2/AA not not Pass-through Mortgage Securities At December 31, 2023 not not Collateralized Mortgage Obligations At December 31, 2023 not not SBA Agency Obligations At December 31, 2023 not not Corporate Bonds At December 31, 2023 six ten 2028. ten Each of the financial institutions is considered medium investment grade and rated A3 not not not December 31, 2023 Sales of AFS Securities. (in thousands) 2023 2022 2021 Proceeds $ 145,451 $ — $ 71,695 Gains $ — $ — $ 1,120 Losses (3,489 ) — (16 ) Net gain (loss) $ (3,489 ) $ — $ 1,104 The income tax expense (benefit) related to these net realized gains and losses was ($1.1 million) and $340,000 in 2023 2021 Sales of HTM Securities. not 2023 2022 2021 Maturities. December 31, 2023 (in thousands) Amortized Cost Fair Value Within one year $ 3,078 $ 3,076 After 1 through 5 years 130,736 117,230 After 5 through 10 years 35,930 33,999 After 10 years 104,550 95,231 Mortgage and asset-backed securities 493,462 446,341 $ 767,756 $ 695,877 |
Note C - Loans
Note C - Loans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE C LOANS The following table sets forth the loans outstanding by class of loans for the periods indicated. December 31, (in thousands) 2023 2022 Commercial and industrial $ 116,163 $ 108,493 Commercial mortgages: Multifamily 857,163 906,498 Other 829,090 789,140 Owner-occupied 233,461 220,855 Residential mortgages: Closed end 1,166,887 1,240,144 Revolving home equity 44,070 45,213 Consumer and other 1,230 1,390 $ 3,248,064 $ 3,311,733 The following tables present the activity in the ACL for the years ended December 31, 2023, 2022 2021 Balance at Provision (Credit) for Balance at (in thousands) 1/1/2023 Chargeoffs Recoveries Credit Losses 12/31/2023 Commercial and industrial $ 1,543 $ 2,026 $ 81 $ 2,432 $ 2,030 Commercial mortgages: Multifamily 8,430 — — (1,613 ) 6,817 Other 7,425 — 15 410 7,850 Owner-occupied 3,024 — — 80 3,104 Residential mortgages: Closed end 10,633 176 — (1,619 ) 8,838 Revolving home equity 362 — — (23 ) 339 Consumer and other 15 8 — 7 14 $ 31,432 $ 2,210 $ 96 $ (326 ) $ 28,992 Balance at Provision (Credit) for Balance at (in thousands) 1/1/2022 Chargeoffs Recoveries Credit Losses 12/31/2022 Commercial and industrial $ 888 $ 511 $ 154 $ 1,012 $ 1,543 SBA PPP 46 — — (46 ) — Commercial mortgages: Multifamily 8,154 — — 276 8,430 Other 6,478 — — 947 7,425 Owner-occupied 2,515 — — 509 3,024 Residential mortgages: Closed end 11,298 372 — (293 ) 10,633 Revolving home equity 449 — — (87 ) 362 Consumer and other 3 1 — 13 15 $ 29,831 $ 884 $ 154 $ 2,331 $ 31,432 Balance at Provision (Credit) for Balance at (in thousands) 1/1/2021 Chargeoffs Recoveries Credit Losses 12/31/2021 Commercial and industrial $ 1,416 $ 307 $ 205 $ (426 ) $ 888 SBA PPP 209 — — (163 ) 46 Commercial mortgages: Multifamily 9,474 544 — (776 ) 8,154 Other 4,913 — — 1,565 6,478 Owner-occupied 1,905 165 91 684 2,515 Residential mortgages: Closed end 14,706 189 22 (3,241 ) 11,298 Revolving home equity 407 — 254 (212 ) 449 Consumer and other 7 1 1 (4 ) 3 $ 33,037 $ 1,206 $ 573 $ (2,573 ) $ 29,831 The credit provision recorded in 2023 2022 2021 Aging of Loans December 31, 2023 Past Due Nonaccrual (in thousands) 30-59 Days 60-89 Days 90 Days or More and Still Accruing With an Allowance for Credit Loss With No Allowance for Credit Loss Total Past Due Loans & Nonaccrual Loans Current Total Loans Commercial and industrial $ 73 $ — $ — $ 722 $ — $ 795 $ 115,368 $ 116,163 Commercial mortgages: Multifamily — — — — — — 857,163 857,163 Other 1,624 — — — — 1,624 827,466 829,090 Owner-occupied — — — — — — 233,461 233,461 Residential mortgages: Closed end 1,389 — — — 331 1,720 1,165,167 1,166,887 Revolving home equity — — — — — — 44,070 44,070 Consumer and other — — — — — — 1,230 1,230 $ 3,086 $ — $ — $ 722 $ 331 $ 4,139 $ 3,243,925 $ 3,248,064 December 31, 2022 Commercial and industrial $ 297 $ — $ — $ — $ — $ 297 $ 108,196 $ 108,493 Commercial mortgages: Multifamily — — — — — — 906,498 906,498 Other — — — — — — 789,140 789,140 Owner-occupied — — — — — — 220,855 220,855 Residential mortgages: Closed end 452 — — — — 452 1,239,692 1,240,144 Revolving home equity — — — — — — 45,213 45,213 Consumer and other 1 — — — — 1 1,389 1,390 $ 750 $ — $ — $ — $ — $ 750 $ 3,310,983 $ 3,311,733 There were no loans in the process of foreclosure nor did the Bank hold any foreclosed residential real estate property at December 31, 2023 2022 2021 Accrued interest receivable from loans totaled $10.4 million and $9.2 million at December 31, 2023 2022 Loans to Directors and Executive Officers. December 31, 2023 December 31, 2022. Loan Modifications. may The Bank did not 2023 2022 2021 There were no modifications for which there was a payment default during 2023 2022 2021 12 90 Risk Characteristics. may may Credit Quality Indicators. not Watch: Special Mention: may not not Substandard: not Doubtful: Risk ratings on commercial and industrial loans and commercial mortgages are initially assigned during the underwriting process and affirmed as part of the approval process. The ratings are periodically reviewed and evaluated based on borrower contact, credit department review or independent loan review. The Bank's loan risk rating and review policy establishes requirements for the annual review of commercial real estate and commercial and industrial loans. The requirements include details of the scope of coverage and selection process based on loan-type and risk rating. The Bank reviews at least 80% of its commercial real estate loan portfolio on an annual basis. Lines of credit are also reviewed annually at each proposed reaffirmation. The frequency of the review of other loans is determined by minimum principal balance thresholds and the Bank’s ongoing assessments of the borrower’s condition. Residential mortgage loans, revolving home equity lines and other consumer loans are initially evaluated utilizing the borrower’s credit score. A credit score is a tool used in the Bank’s loan approval process, and a minimum score of 680 is generally required for new loans. Credit scores for each borrower are updated at least annually. However, regardless of credit score, loans may The following tables present the amortized cost basis of loans by class of loans, vintage and risk rating. Loans shown as Pass are all loans other than those risk rated Watch, Special Mention, Substandard or Doubtful. Also presented are gross chargeoffs and recoveries recorded in 2023 December 31, 2023 Term Loans by Origination Year Revolving (in thousands) 2023 2022 2021 2020 2019 Prior Loans (1) Total Commercial and industrial: Risk rating: Pass $ 46,086 $ 20,928 $ 22,289 $ 5,283 $ 1,978 $ 5,209 $ 10,959 $ 112,732 Watch — — 2,709 — — — — 2,709 Special Mention — — — — — — — — Substandard — 632 — — — — 90 722 Doubtful — — — — — — — — $ 46,086 $ 21,560 $ 24,998 $ 5,283 $ 1,978 $ 5,209 $ 11,049 $ 116,163 Current-period gross chargeoffs $ — $ (1,354 ) $ — $ — $ — $ — $ (672 ) $ (2,026 ) Current-period recoveries — — — — — — 81 81 Current-period net chargeoffs $ — $ (1,354 ) $ — $ — $ — $ — $ (591 ) $ (1,945 ) Commercial mortgages – multifamily: Risk rating: Pass $ 42,030 $ 191,738 $ 176,836 $ 37,340 $ 116,805 $ 292,289 $ 125 $ 857,163 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 42,030 $ 191,738 $ 176,836 $ 37,340 $ 116,805 $ 292,289 $ 125 $ 857,163 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – other: Risk rating: Pass $ 72,098 $ 195,215 $ 221,488 $ 97,080 $ 33,645 $ 188,078 $ 26 $ 807,630 Watch — — — — — 916 — 916 Special Mention — — — — — — — — Substandard — — — — — 20,544 — 20,544 Doubtful — — — — — — — — $ 72,098 $ 195,215 $ 221,488 $ 97,080 $ 33,645 $ 209,538 $ 26 $ 829,090 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — 15 — 15 Current-period net chargeoffs $ — $ — $ — $ — $ — $ 15 $ — $ 15 Commercial mortgages – owner-occupied: Risk rating: Pass $ 21,841 $ 53,796 $ 53,073 $ 23,638 $ 40,347 $ 32,618 $ 2,794 $ 228,107 Watch 277 — 5,077 — — — — 5,354 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 22,118 $ 53,796 $ 58,150 $ 23,638 $ 40,347 $ 32,618 $ 2,794 $ 233,461 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 Term Loans by Origination Year Revolving (in thousands) 2023 2022 2021 2020 2019 Prior Loans (1) Total Residential mortgages (2): Risk rating: Pass $ 27,649 $ 195,602 $ 162,898 $ 34,055 $ 15,452 $ 731,406 $ 44,070 $ 1,211,132 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — 331 — 331 Doubtful — — — — — — — — $ 27,649 $ 195,602 $ 162,898 $ 34,055 $ 15,452 $ 731,737 $ 44,070 $ 1,211,463 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ (176 ) $ — $ (176 ) Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ (176 ) $ — $ (176 ) Consumer and other: Risk rating: Pass $ 45 $ 220 $ — $ — $ 100 $ 1 $ 757 $ 1,123 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Not Rated — — — — — — 107 107 $ 45 $ 220 $ — $ — $ 100 $ 1 $ 864 $ 1,230 Current-period gross chargeoffs $ — $ (8 ) $ — $ — $ — $ — $ — $ (8 ) Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ (8 ) $ — $ — $ — $ — $ — $ (8 ) Total Loans $ 210,026 $ 658,131 $ 644,370 $ 197,396 $ 208,327 $ 1,271,392 $ 58,928 $ 3,248,570 Total net chargeoffs $ — $ (1,362 ) $ — $ — $ — $ (161 ) $ (591 ) $ (2,114 ) ( 1 Includes revolving lines converted to term of $2.6 million of commercial and industrial, $1.0 million of owner-occupied commercial mortgage and $7.0 million of residential home equity. ( 2 Certain fixed rate residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $506,000 related to basis adjustments for loans in the closed portfolio under the portfolio layer method at December 31, 2023. |
Note D - Premise and Equipment
Note D - Premise and Equipment and Operating Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment and Operating Leases Disclosure [Text Block] | NOTE D PREMISES AND EQUIPMENT AND OPERATING LEASES Premises and equipment. December 31, (in thousands) 2023 2022 Land $ 9,002 $ 8,552 Buildings and improvements 22,250 22,120 Leasehold improvements 12,412 12,002 Furniture and equipment 37,010 36,595 Construction in process 642 433 81,316 79,702 Accumulated depreciation and amortization (49,902 ) (48,042 ) $ 31,414 $ 31,660 In 2022, five 2023, Land and buildings held-for-sale at December 31, 2023 2022 Operating Leases. 2038 December 31, 2023 2022 The weighted average discount rate for leases in place at December 31, 2023 2022 12 not 2023 2022 2021. The Bank’s branch optimization strategy resulted in charges of $905,000 in 2022 2021 2022, Rental payments required by the Bank’s lease agreements may The components of rent expense were as follows: December 31, (in thousands) 2023 2022 2021 Operating lease cost $ 3,480 $ 3,271 $ 4,462 Variable lease cost 463 490 405 Short-term lease cost 78 10 — $ 4,021 $ 3,771 $ 4,867 The following is a maturity analysis of the operating lease liability at December 31, 2023 Year (dollars in thousands) Total 2024 $ 3,522 2025 3,379 2026 3,097 2027 2,750 2028 1,879 Thereafter 15,422 Total lease payments 30,049 Less: interest 5,109 $ 24,940 |
Note E - Deposits
Note E - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE E DEPOSITS The following table sets forth the remaining maturities of the Bank’s time deposits at December 31, 2023 Year (dollars in thousands) Total 2024 $ 528,784 2025 15,455 2026 11,194 2027 18,209 2028 16,218 Thereafter 1,573 $ 591,433 Time deposits that meet or exceed the FDIC insurance limit of $250,000 December 31, 2023 2022 December 31, 2023 2022 2024 |
Note F - Borrowed Funds
Note F - Borrowed Funds | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE F BORROWED FUNDS Borrowings at December 31, 2023 2022 December 31, (in thousands) 2023 2022 Short-term borrowings: FHLB overnight advances $ 70,000 $ — Long-term debt: FHLB advances 472,500 411,000 $ 542,500 $ 411,000 Accrued interest payable on borrowed funds is included in “accrued expenses and other liabilities” in the consolidated balance sheets and amounted to $1.4 million and $535,000 at December 31, 2023 2022 FHLB advances are collateralized by a blanket lien on residential and commercial mortgage loans with a lendable value of $1.9 billion and $2.2 billion at December 31, 2023 2022 one 90 The following table sets forth as of December 31, 2023 five three December 31, 2023 Contractual Maturity (dollars in thousands) Amount Weighted Average Rate Overnight $ 70,000 5.64 % 2024 387,500 4.79 2025 75,000 4.51 2026 10,000 2.12 2027 — — 2028 — — After 2028 — — 472,500 4.69 $ 542,500 4.81 % |
Note G - Income Taxes
Note G - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE G INCOME TAXES The Corporation, the Bank and it’s subsidiaries, except for the REIT, file a consolidated federal income tax return. Income taxes charged to earnings in 2023 2022 2021 Year Ended December 31, 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit (4.8 ) 1.7 2.1 Tax-exempt income, net of disallowed cost of funding (3.3 ) (2.8 ) (3.3 ) BOLI income (2.3 ) (1.1 ) (0.9 ) Excess tax benefit of stock-based compensation 0.4 — 0.1 Non-deductible officer compensation — 0.1 — Other — 0.5 0.2 11.0 % 19.4 % 19.2 % Provision for Income Taxes Year Ended December 31, (in thousands) 2023 2022 2021 Current: Federal $ 3,469 $ 9,287 $ 8,807 State and local 909 1,330 1,467 4,378 10,617 10,274 Deferred: Federal 1,771 358 (76 ) State and local (2,920 ) 312 20 (1,149 ) 670 (56 ) $ 3,229 $ 11,287 $ 10,218 Net Deferred Tax Asset December 31, (in thousands) 2023 2022 Deferred tax assets: Unrealized loss on AFS securities $ 22,070 $ 24,957 Allowance for credit losses and off-balance sheet credit exposure 9,036 9,767 Operating lease liability 7,627 7,951 Net operating loss carryforwards 2,869 — Stock-based compensation 519 865 Asset writedown 51 51 Retirement expense 35 38 Interest on nonperforming loans 14 6 Contract incentive — 139 Accrued bonuses and severance — 50 42,221 43,824 Valuation allowance — — 42,221 43,824 Deferred tax liabilities: Right-of-use asset 6,908 7,354 Prepaid pension 3,274 3,370 Depreciation 1,509 272 Deferred loan costs 1,365 1,545 Prepaid expenses 146 159 Interest rate swap fair market value adjustment 23 — 13,225 12,700 Net deferred tax asset $ 28,996 $ 31,124 The Corporation had no December 31, 2023 2022 2021 not 12 The Corporation is subject to Federal, New York State ("NYS"), NYC, New Jersey and Connecticut income taxes. The Corporation did not 2023 2022 2021 2021 2023 |
Note H - Regulatory Matters
Note H - Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE H REGULATORY MATTERS Minimum Regulatory Capital Requirements . no In accordance with the Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies adopted, effective January 1, 2020, $10 9% 9% The Corporation and the Bank elected to adopt the CBLR framework. As a qualifying community banking organization, the Corporation and the Bank may The Corporation and the Bank exclude accumulated OCI components from Tier 1 During 2020, five The Corporation’s and the Bank’s actual and required capital amounts and ratios under the CBLR rules at December 31, 2023 2022 2023 Actual Capital To Be Well Capitalized Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital to average assets: Consolidated $ 435,643 10.05 % $ 389,969 9.00 % Bank 438,648 10.13 389,874 9.00 2022 Actual Capital To Be Well Capitalized Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital to average assets: Consolidated $ 430,366 9.83 % $ 394,017 9.00 % Bank 429,377 9.81 393,883 9.00 Other Matters. may may two 2024, 2024 Regulation D of the Board of Governors of The Federal Reserve System may no 2023 2022 |
Note I - Stock-based Compensati
Note I - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE I STOCK-BASED COMPENSATION On April 20, 2021, 2021 “2021 2021 no 2014 “2014 2021 2021 may one 2021 The Corporation has 750,000 shares of common stock reserved for awards under the 2021 2014 2014 April 20, 2021 2021 December 31, 2023 2021 2014 2014 2014 2014 Details of RSUs. December 31, 2023 Total Number of RSUs: Vested and convertible at December 31, 2023 6,641 Scheduled to vest during: 2024 119,983 2025 35,770 2026 42,276 2027 6,060 2028 3,149 213,879 The RSUs in the table above include performance-based RSUs with vesting based on the financial performance of the Corporation in 2023 2024 not The fair values of awards made in 2023 2022 2021 2023 Performance-Based Service-Based Vesting Vesting Grant date fair value $16.57 $11.77 to $16.57 Market price on grant date $18.14 $12.57 to $18.14 Expected annual dividend $0.84 $0.84 Expected term (in years) 2.0 1.0 to 5.0 Risk-free interest rate 4.24% 4.01% to 4.80% 2022 Grant date fair value $20.07 $17.70 to $20.07 Market price on grant date $21.64 $18.12 to $21.64 Expected annual dividend $0.80 $0.42 to $0.80 Expected term (in years) 2.0 1.0 to 5.0 Risk-free interest rate 1.12% 1.12% to 4.56% 2021 Grant date fair value $15.31 $15.31 to $20.54 Market price on grant date $16.83 $16.83 to $21.58 Expected annual dividend $0.76 $0.76 to $0.80 Expected term (in years) 2.0 1.0 to 3.0 Risk-free interest rate 0.13% 0.08% to 0.52% In January 2024, 2021 The following table presents a summary of RSUs outstanding at December 31, 2023 Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Grant-Date Contractual Value RSUs Fair Value Term (yrs.) (in thousands) Outstanding at January 1, 2023 246,993 $ 18.35 Granted 182,811 15.43 Converted (122,114 ) 18.32 Forfeited (93,811 ) 17.97 Outstanding at December 31, 2023 213,879 $ 16.04 0.98 $ 2,832 Vested and convertible at December 31, 2023 6,641 $ 16.57 — $ 88 RSUs outstanding at December 31, 2023 2023 2023 one The total intrinsic value of RSUs converted in 2023 2022 2021 Stock Option Activity. 2022, December 31, 2021 December 31, 2023 2022. No stock options were exercised in 2023 2022. 2021 2021 Compensation Expense. 2023 2022 2021 Unrecognized Compensation Cost. December 31, 2023 Other. 2022 2021 2023 2022 2021 |
Note J - Retirement Plans
Note J - Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE J RETIREMENT PLANS The Bank has a 401 401 may 100% 401 may, five 401 2023 2022 2021 An internal management committee (the “Committee”) oversees the affairs of the Pension Plan and acts as named fiduciary. The Committee has retained Vanguard Group, Inc., including its subsidiaries and affiliates (“Vanguard”), to act as discretionary investment agent, trustee and custodian for the Plan. Vanguard has formulated investment recommendations customized to meet the Committee’s objectives and, after approval by the Committee, such investment recommendations are incorporated into the investment guidelines and policies contained in the investment management agreement between the Bank and Vanguard (the “Investment Management Agreement”). The Committee utilizes a formal Investment Policy Statement which includes the investment guidelines and policies contained in the Investment Management Agreement. The Investment Policy Statement is periodically revised by the Committee as deemed appropriate. Employees are eligible to participate in the Pension Plan after attaining 21 years of age and completing 12 full months of service. Pension benefits are generally based on a percentage of average annual compensation during the period of creditable service. The Bank makes contributions to the Pension Plan which, when taken together with participant contributions equal to 2% of their compensation, will be sufficient to fund these benefits. The Bank’s funding method, the unit credit actuarial cost method, is consistent with the funding requirements of applicable federal laws and regulations which set forth both minimum required and maximum tax deductible contributions. Employees become fully vested after four no four Significant Actuarial Assumptions . December 31, 2023 2022 2021 2023 2022 2021 Weighted average assumptions used to determine the benefit obligation at year end: Discount rate 5.16% 5.44% 2.97% Rate of increase in compensation levels 4.00% 3.50% 3.50% Weighted average assumptions used to determine net pension cost: Discount rate 5.44% 2.97% 2.67% Rate of increase in compensation levels 3.50% 3.50% 3.50% Expected long-term rate of return on plan assets 6.00% 5.25% 5.25% The decrease in the discount rate from 5.44% in 2022 2023 December 31, 2023 2022 2023 December 31, 2023 2023 The increase in the discount rate from 2.97% in 2021 2022 December 31, 2022 2022 Net Pension Cost. (in thousands) 2023 2022 2021 Service cost plus expected expenses and net of expected plan participant contributions $ 1,378 $ 2,133 $ 2,131 Interest cost 2,341 1,641 1,454 Expected return on plan assets (3,245 ) (3,903 ) (3,914 ) Amortization of net actuarial loss 1,018 — — Net pension cost (credit) $ 1,492 $ (129 ) $ (329 ) The components of net pension credit other than the service cost component were included in the line item “Other noninterest income” in the consolidated statements of income. The service cost component was included in the line item “Salaries and employee benefits” in the consolidated statements of income. Funded Status of the Plan. (in thousands) 2023 2022 2021 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 44,460 $ 56,587 $ 55,642 Service cost 1,630 2,357 2,340 Interest cost 2,341 1,641 1,454 Benefits paid (2,430 ) (2,361 ) (2,264 ) Assumption changes 1,778 (15,343 ) (2,173 ) Experience loss and other 1,019 1,579 1,588 Projected benefit obligation at end of year 48,798 44,460 56,587 Change in fair value of plan assets: Fair value of plan assets at beginning of year 55,509 75,684 75,751 Actual return on plan assets 6,127 (18,113 ) 1,906 Plan participant contributions 455 425 413 Benefits paid (2,430 ) (2,361 ) (2,264 ) Expenses (123 ) (126 ) (122 ) Fair value of plan assets at end of year 59,538 55,509 75,684 Funded status at end of year $ 10,740 $ 11,049 $ 19,097 Accumulated benefit obligation $ 45,185 $ 41,551 $ 52,362 During 2023 not September 30, 2024. not 2024. Plan Assets. two 1 2 For fixed income investments: ( 1 2 no may none may Reasonable precautions are taken to avoid excessive concentrations to protect the portfolio against unfavorable outcomes within an asset class. Specifically, the following guidelines are in place: ● With the exception of fixed income investments explicitly guaranteed by the U.S. government, no 5% ● With the exception of passively managed investment vehicles seeking to match the returns of broadly diversified market indices or diversified investment vehicles chosen specifically to hedge the interest rate risk embedded in Plan liabilities, no The portfolio will be rebalanced to the target asset allocation, if needed, no ● Purchasing securities on margin; ● Pledging or hypothecating securities, except for loans of securities that are fully collateralized; ● Purchasing or selling derivative securities for speculation or leverage; and ● Engaging in investment strategies that have the potential to amplify or distort the risk of loss beyond a level that is reasonably expected given the objectives of the portfolio. The Plan’s actual asset allocations, target allocations and expected long-term rates of return by asset category are set forth in the following tables. December 31, 2023 Target Allocation Percentage of Plan Assets Weighted Average Expected Long-term Rates of Return Cash equivalents 0% - 1% 0.3% <1.00% Equity mutual funds 20% - 30% 25.0% 6.1% to 8.5% Fixed income mutual funds 70% - 80% 74.7% 4.9% to 6.1% 100.0% 5.2% to 6.7% December 31, 2022 Cash equivalents 0% - 1% 0.3% <1.00% Equity mutual funds 20% - 30% 24.8% 6.3% to 8.8% Fixed income mutual funds 70% - 80% 74.9% 4.3% to 5.6% 100.0% 4.8% to 6.3% The ranges for the weighted average expected long-term rates of return for equity funds, bond funds and total plan assets set forth in the preceding table represent expected 25 th 75 th At December 31, 2023 Equity ● Vanguard Total Stock Market Index Fund (VITSX). This fund seeks to track the performance of the Center for Research in Security Prices (CRSP) U.S. Total Market Index. The fund is passively managed using index sampling and consists of large, small and mid-cap equity securities diversified across growth and value styles. ● Vanguard Total International Stock Index Fund (VTSNX). This fund seeks to track the performance of the Financial Times Stock Exchange (FTSE) Global All Cap ex U.S. Index. The fund is passively managed and includes broad exposure across developed and emerging non-U.S. equity markets. Fixed Income ● Vanguard Long-Term Investment-Grade Fund (VWETX). This fund seeks high and sustainable current income. Investments are selected using a fundamental, bottom-up credit selection process and consist of long-term, high-quality bonds broadly diversified by issuer and industry sector. ● Vanguard Long-Term Treasury Index Fund (VLGIX). This fund seeks to track the performance of the Bloomberg Barclays U.S. Long Treasury Bond Index. The fund is passively managed using index sampling and includes long-term, fixed income securities issued by the U.S. Treasury. Fair Value of Plan Assets. December 31, 2023 2022 Fair Value Measurements Using: (in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2023: Cash equivalents: Vanguard Prime Money Market Mutual Fund $ 196 $ — $ 196 $ — Total cash equivalents 196 — 196 — Equity mutual funds: Vanguard Total Stock Market Index Fund (VITSX) 8,940 8,940 — — Vanguard Total International Stock Index Fund (VTSNX) 5,928 5,928 — — Total equity mutual funds 14,868 14,868 — — Fixed income mutual funds: Vanguard Long-Term Investment Grade Fund (VWETX) 33,062 33,062 — — Vanguard Long-Term Treasury Index Fund (VLGIX) 11,412 11,412 — — Total fixed income mutual funds 44,474 44,474 — — Total Plan Assets $ 59,538 $ 59,342 $ 196 $ — December 31, 2022: Cash equivalents: Vanguard Prime Money Market Mutual Fund $ 192 $ — $ 192 $ — Total cash equivalents 192 — 192 — Equity mutual funds: Vanguard Total Stock Market Index Fund (VITSX) 8,131 8,131 — — Vanguard Total International Stock Index Fund (VTSNX) 5,663 5,663 — — Total equity mutual funds 13,794 13,794 — — Fixed income mutual funds: Vanguard Long-Term Investment Grade Fund (VWETX) 30,869 30,869 — — Vanguard Long-Term Treasury Index Fund (VLGIX) 10,654 10,654 — — Total fixed income mutual funds 41,523 41,523 — — Total Plan Assets $ 55,509 $ 55,317 $ 192 $ — The fair values of the Vanguard mutual funds represent their net asset values (“NAV”) at December 31, 2023 2022 no An explanation of matrix pricing and the definitions of Level 1, 2 3 At December 31, 2023 2022 Estimated Future Benefit Payments. Year (in thousands) Amount 2024 $ 2,824 2025 2,997 2026 3,139 2027 3,272 2028 3,418 2029 - 2033 18,393 |
Note K - Other Operating Expens
Note K - Other Operating Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE K OTHER OPERATING EXPENSES Expenses included in other operating expenses that exceed one one (in thousands) 2023 2022 2021 FDIC Insurance $ 1,944 $ 1,162 $ 1,092 Computer services 1,436 1,501 1,646 Telecommunications 1,354 1,669 1,658 Director Fees 1,293 1,100 1,375 |
Note L - Commitments and Contin
Note L - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE L COMMITMENTS AND CONTINGENT LIABILITIES Financial Instruments With Off-Balance-Sheet Risk. Financial instruments whose contract amounts represent credit risk are as follows: 2023 2022 (in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 1,877 $ 237,083 $ 27,694 $ 222,470 Standby letters of credit 6,852 — 8,706 — A commitment to extend credit is a legally binding agreement to lend to a customer as long as there is no not ten three one may December 31, 2023 Standby letters of credit are conditional commitments issued by the Bank to assure the performance or financial obligations of a customer to a third Employment Agreements. December 31, 2023 three January 1, 2022. two two three one January 1 30 December 31 65. two Litigation. may none |
Note M - Fair Value of Financia
Note M - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE M FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Instruments Recorded at Fair Value three may Level 1: Level 2: 1 not Level 3: The Corporation deems transfers between levels of the fair value hierarchy to have occurred on the date of the event or change in circumstance that caused the transfer. There were no 2023 2022 The fair values of the Corporation’s financial assets and liabilities measured at fair value on a recurring basis are set forth in the table that follows. The fair values of AFS securities are determined on a recurring basis using matrix pricing (Level 2 not no 3 2 Fair Value Measurements Using: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) December 31, 2023: Financial Assets: Available-for-Sale Securities: State and municipals $ 143,621 $ — $ 143,429 $ 192 Pass-through mortgage securities 138,603 — 138,603 — Collateralized mortgage obligations 182,262 — 182,262 — SBA agency obligations 125,476 — 125,476 — Corporate bonds 105,915 — 105,915 — 695,877 — 695,685 192 Derivative - interest rate swaps 582 — 582 — $ 696,459 $ — $ 696,267 $ 192 December 31, 2022: Financial Assets: Available-for-Sale Securities: State and municipals $ 305,247 $ — $ 304,680 $ 567 Pass-through mortgage securities 148,520 — 148,520 — Collateralized mortgage obligations 113,394 — 113,394 — Corporate bonds 106,252 — 106,252 — $ 673,413 $ — $ 672,846 $ 567 State and municipal AFS securities measured using Level 3 December 31, 2023 one December 31, 2023 Land and Buildings. December 31, 2023 2022 Financial Instruments Not not one The following table sets forth the carrying amounts and estimated fair values of financial instruments that are not Level of December 31, 2023 December 31, 2022 Fair Value Carrying Carrying (in thousands) Hierarchy Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 60,887 $ 60,887 $ 74,178 $ 74,178 Loans, net (1) Level 3 3,219,072 2,945,864 3,280,301 3,064,849 Restricted stock n/a 32,659 n/a 26,363 n/a Financial Liabilities: Checking deposits Level 1 1,133,184 1,133,184 1,324,141 1,324,141 Savings, NOW and money market deposits Level 1 1,546,369 1,546,369 1,661,512 1,661,512 Time deposits Level 2 591,433 586,856 478,981 467,986 Short-term borrowings Level 1 70,000 70,000 — — Long-term debt Level 2 472,500 471,276 411,000 407,890 ( 1 The decrease in fair value of net loans is mainly due to an increase in interest rates. |
Note N - Revenue From Contracts
Note N - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE N REVENUE FROM CONTRACTS WITH CUSTOMERS The noninterest income section of the consolidated statements of income includes the following types of revenues earned from the Bank's contracts with customers. Deposit Account Revenues. may may Transaction and Branch Service Fees. December 31, 2023 2022 2021 606. Debit/Credit Card Revenues Merchant Card Services. third Branch Services Revenues. Investment Services Revenues. Investment Management Services. |
Note O - Derivatives
Note O - Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE O DERIVATIVES As part of its asset liability management activities, the Corporation may not Fair Value Hedge. March 16, 2023, three December 31, 2023 The following table summarizes information about the interest rate swap designated as a fair value hedge. December 31, 2023 Notional amount (in millions) $ 300 Fixed pay rate 3.82 % Overnight SOFR receive rate 5.38 % Maturity (in years) 2.21 The following table presents the amount recorded on the balance sheet related to cumulative basis adjustments for the fair value hedge as of the years indicated. December 31, (in thousands) 2023 2022 Loans - Residential Mortgages: Carrying amount of the hedged asset (1) $ 465,495 $ — Fair value hedging adjustment included in the carrying amount of the hedged asset (506 ) — ( 1 December 31, 2023, During 2023, Cash Flow Hedge. five January 17, 2019, April 2022, In May 2021 second Interest expense recorded on the swap transactions, which totaled $426,000 and $2.9 million for 2022 2021 2022 2021 not 2023. The following table presents the activity recorded in the consolidated statements of income and the consolidated statements of comprehensive income relating to the interest rate swaps for the years indicated. Year Ended December 31, (in thousands) 2023 2022 2021 Interest rate contract: Amount of gain recognized in OCI (effective portion) $ — $ 1,324 $ 668 Amount of loss reclassified from OCI to interest expense — 426 2,867 Amount of loss recognized in other noninterest income (ineffective portion) — — — |
Note P - Parent Company Financi
Note P - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE P PARENT COMPANY FINANCIAL INFORMATION Condensed financial information for the Corporation (parent company only) is as follows: CONDENSED BALANCE SHEETS December 31, (in thousands) 2023 2022 Assets: Cash and due from banks $ 695 $ 897 Investment in subsidiary bank, at equity 383,151 363,547 Prepaid income taxes 42 3,712 Deferred income tax benefits 1,010 1,088 Other assets 9 25 $ 384,907 $ 369,269 Liabilities: Other liabilities $ 17 $ 20 Cash dividends payable 4,744 4,713 4,761 4,733 Stockholders' equity: Common stock 2,259 2,244 Surplus 79,728 78,462 Retained earnings 355,887 348,597 437,874 429,303 Accumulated other comprehensive loss, net of tax (57,728 ) (64,767 ) 380,146 364,536 $ 384,907 $ 369,269 CONDENSED STATEMENTS OF INCOME Year Ended December 31, (in thousands) 2023 2022 2021 Income: Dividends from subsidiary bank $ 15,000 $ 36,450 $ 33,200 Interest on deposits with subsidiary bank 6 5 3 Other 13 — — 15,019 36,455 33,203 Expenses: Salaries 779 2,065 1,365 Other operating expenses 1,070 795 661 1,849 2,860 2,026 Income before income taxes 13,170 33,595 31,177 Income tax expense (benefit) (504 ) (791 ) 89 Income before undistributed earnings of subsidiary bank 13,674 34,386 31,088 Equity in undistributed earnings 12,565 12,546 12,001 Net income $ 26,239 $ 46,932 $ 43,089 Comprehensive income (loss) $ 33,278 $ (15,522 ) $ 37,206 CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, (in thousands) 2023 2022 2021 Cash Flows From Operating Activities: Net income $ 26,239 $ 46,932 $ 43,089 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed earnings of subsidiary bank (12,565 ) (12,546 ) (12,001 ) Deferred income tax provision (credit) 78 (199 ) 533 Stock-based compensation expense 1,249 2,466 1,635 Decrease (increase) in other assets 16 (1 ) — Increase (decrease) in other liabilities (3 ) 5 1 Other decreases (increases) 3,730 (530 ) (1,112 ) Net cash provided by operating activities 18,744 36,127 32,145 Cash Flows From Investing Activities: Capital contributions to Bank subsidiary — — — Cash Flows From Financing Activities: Repurchase of common stock — (17,889 ) (14,501 ) Proceeds from issuance of common stock, net of shares withheld (28 ) 263 607 Cash dividends paid (18,918 ) (18,591 ) (18,261 ) Net cash used in financing activities (18,946 ) (36,217 ) (32,155 ) Net decrease in cash and cash equivalents* (202 ) (90 ) (10 ) Cash and cash equivalents, beginning of year 897 987 997 Cash and cash equivalents, end of year $ 695 $ 897 $ 987 Supplemental Schedule of Noncash Financing Activities: Cash dividends payable $ 4,744 $ 4,713 $ 4,648 * Cash and cash equivalents is defined as cash and due from banks and includes the checking and money market accounts with the Corporation’s wholly-owned bank subsidiary. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. During the fourth 2023, none 10b5 1 10b5 1 | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash and deposits with other financial institutions that generally mature within 90 |
Investment, Policy [Policy Text Block] | Investment Securities Current accounting standards require that investment securities be classified as held-to-maturity (“HTM”), available-for-sale (“AFS”) or trading. The trading category is not not Interest income includes amortization or accretion of purchase premium or discount. Premiums and discounts on securities are amortized or accreted using the level-yield method. Prepayments are anticipated for mortgage-backed securities. Premiums on municipal securities are amortized to the earlier of the stated maturity date or the first Management measures expected credit losses on HTM debt securities, if any, on a collective basis by major security type. Accrued interest receivable on HTM debt securities is excluded from the estimate of credit losses. For AFS securities in an unrealized loss position, management first not not |
Financing Receivable, Held-for-Sale [Policy Text Block] | Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or fair value. Any subsequent declines in fair value below the initial carrying value are recorded as a valuation allowance established through a charge to noninterest income. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Loans and Allowance for Credit Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, net of the ACL. Amortized cost is the principal balance outstanding plus or minus net deferred loan costs and fees. Accrued interest receivable is reported in “Other assets” on the consolidated balance sheets and is excluded from the estimate of credit losses. Interest on loans is credited to income based on the principal amount outstanding. Direct loan origination costs, net of loan origination fees, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. The past due status of a loan is based on the contractual terms in the loan agreement. Unless a loan is well secured and in the process of collection, the accrual of interest income is discontinued when a loan becomes 90 not The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the Bank’s loan portfolio. The ACL is established through provisions for credit losses charged against income. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged against the ACL, and subsequent recoveries, if any, are credited to the ACL. Management identifies loans in the Bank’s portfolio that must be individually evaluated for loss due to disparate risk characteristics. For loans individually evaluated, an allowance is estimated based on either the fair value of collateral or the discounted value of expected future cash flows. In estimating the fair value of real estate collateral, management utilizes appraisals or evaluations adjusted for costs to dispose and a distressed sale adjustment, if needed. Estimating the fair value of collateral other than real estate is also subjective in nature and sometimes requires difficult and complex judgements. Determining expected future cash flows can be more subjective than determining fair values. Expected future cash flows could differ significantly, both in timing and amount, from the cash flows actually received over the loan’s remaining life. Individually evaluated loans are excluded from the estimation of credit losses for the pooled portfolio. For loans collectively evaluated for credit loss, management segregates its loan portfolio into distinct pools, certain of which are combined in reporting loans outstanding by class of loans: ( 1 2 3 4 5 6 7 8 9 10 December 31, 2007 2007 Modifications to borrowers experiencing financial difficulty are included in loans collectively evaluated for credit loss. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. A charge to the allowance for credit losses is generally not Management believes that the methods selected fairly reflect the historical loss component of expected losses inherent in the Bank’s loan portfolio. However, since future losses could vary significantly from those experienced in the past, on a quarterly basis management adjusts its historical loss experience to reflect current and forecasted conditions. In doing so, management considers a variety of general qualitative and quantitative factors (“Q-factors”) and then subjectively determines the weight to assign to each in estimating losses. Qualitative characteristics include differences in underwriting standards, policies, lending staff and environmental risks. Management also considers whether further adjustments to historical loss information are needed to reflect the extent to which current conditions and reasonable and supportable forecasts over a one two may not The ACL is an amount that management currently believes will be adequate to absorb current expected credit losses in the Bank’s loan portfolio. The process for estimating credit losses and determining the ACL as of any balance sheet date is subjective in nature and requires material estimates. Actual results could differ significantly from those estimates. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Corporation, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Corporation does not |
Property, Plant and Equipment, Policy [Policy Text Block] | Bank Premises and Equipment and Operating Leases Land is carried at cost. Other bank premises and equipment are carried at cost less accumulated depreciation and amortization. Buildings are depreciated using the straight-line method over their estimated useful lives, which range from 31 to 40 years. Building and leasehold improvements are depreciated using the straight-line method over the remaining lives of the buildings or leases, as applicable, or their estimated useful lives, whichever is shorter. The lives of the respective leases range from five fifteen three ten The Bank determines if an arrangement is a lease at inception and recognizes a right-of-use (“ROU”) asset and lease liability at the commencement date based on the present value of lease payments over the lease term. As most of the Bank’s leases do not 12 not may |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank-owned Life Insurance The Bank is the owner and beneficiary of insurance policies on the lives of certain current and past employed officers. Bank-owned life insurance (“BOLI”) is recorded at the amount that can be realized under the contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement, if any. |
Restricted Stock [Policy Text Block] | Restricted Stock The Bank is a member of and is required to own stock in the Federal Home Loan Bank of NY (“FHLBNY”) and the Federal Reserve Bank of NY (“FRBNY”). The amount of FHLBNY stock held is based on membership and the level of FHLBNY advances. The amount of FRBNY stock held is based on the Bank’s capital and surplus balances. These stocks do not |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other Real Estate Owned Real estate acquired through foreclosure or by deed-in-lieu of foreclosure is initially recorded at the lower of cost or fair value, less estimated selling costs and is included in “other assets” on the consolidated balance sheets. Chargeoffs recorded at the time of acquisition are charged to the ACL. Subsequently, decreases in the property’s estimated fair value are charged to earnings and credited to a valuation allowance and recoveries in fair value are credited to earnings and charged to the valuation allowance. Such adjustments to earnings are included in other noninterest expense along with any additional property maintenance costs incurred in owning the property. Rental income received from tenants of other real estate owned is included in other noninterest income. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Long-term Assets Premises and equipment, intangible assets, BOLI and other long-term assets, if any, are reviewed for impairment when events indicate that their carrying amount may not |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans, commercial letters of credit and standby letters of credit. The face amount of these items represents the exposure to loss, before considering collateral held or ability to repay. The Bank estimates credit losses on off-balance sheet credit exposures by considering the likelihood of an outstanding commitment converting into an outstanding loan and applying an estimate of expected lifetime credit losses used on similar portfolio segments, unless the obligation is unconditionally cancellable by the Bank. The ACL on off-balance sheet credit exposures is recorded in the line item “Accrued expenses and other liabilities” in the consolidated balance sheets and totaled $590,000 and $421,000, respectively, at December 31, 2023 2022 2023 2022 2021 |
Derivatives, Policy [Policy Text Block] | Derivatives At the inception of a derivative contract, the Corporation designates the derivative as one three three 1 2 3 no not Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not The Corporation formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Corporation also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged item. The Corporation discontinues hedge accounting when it determines that the derivative is no no no no When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as interest expense. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in OCI are amortized into earnings over the same periods which the hedged transactions will affect earnings. |
Income Tax, Policy [Policy Text Block] | Income Taxes A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not not |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Retirement Plans Pension expense is the sum of service cost, interest cost, amortization of actuarial gains and losses and plan expenses, net of the expected return on plan assets and participant contributions. The service cost component of pension expense is included in salaries and employee benefits on the consolidated statements of income. All other components of pension expense are included in other noninterest income. Employee 401 |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Segment Reporting, Policy [Policy Text Block] | Operating Segments While management monitors the revenue streams of the Bank’s various products and services, the identifiable segments are not |
Investment Services Policy [Policy Text Block] | Investment Services Assets held in a fiduciary capacity are not not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share The Corporation calculates basic and diluted earnings per share (“EPS”) using the treasury stock method. Basic EPS excludes the dilutive effect of outstanding restricted stock units (“RSUs”) and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if outstanding RSUs were converted into shares of common stock that then shared in the earnings of the Corporation. Diluted EPS is computed by dividing net income by the weighted average number of common shares and dilutive RSUs. There were 101,480 and 33,017 RSUs excluded from the calculation of EPS at December 31, 2023 2022, December 31, 2021. no |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation The Corporation’s stock-based compensation plans are described in “Note I – Stock-Based Compensation.” Compensation cost is determined for RSUs issued to employees and non-employee directors based on the grant date fair value of the award. Compensation expense for RSUs is recognized over the applicable performance or service period, which is usually the vesting period. Compensation expense is adjusted at the end of the performance period, if applicable, to reflect the actual number of shares of the Corporation’s common stock into which the RSUs will be converted. The Corporation accounts for forfeitures as they occur. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income (loss) includes net income and OCI. OCI includes revenues, expenses, gains and losses that under GAAP are included in comprehensive income but excluded from net income. OCI for the Corporation consists of net unrealized holding gains or losses on AFS securities and derivative instruments and changes in the funded status of the Bank’s defined benefit pension plan, all net of related income taxes. Accumulated OCI is recognized as a separate component of stockholders’ equity. The following sets forth the components of accumulated OCI, net of tax: Current Balance Period Balance (in thousands) 12/31/2022 Change 12/31/2023 Unrealized holding loss on available-for-sale securities $ (56,055 ) $ 6,246 $ (49,809 ) Unrealized actuarial loss on pension plan (8,712 ) 793 (7,919 ) Accumulated other comprehensive loss, net of tax $ (64,767 ) $ 7,039 $ (57,728 ) The components of OCI and the related tax effects are as follows: (in thousands) 2023 2022 2021 Change in net unrealized holding gains (losses) on available-for-sale securities: Change arising during the period $ 5,644 $ (83,835 ) $ (9,529 ) Reclassification adjustment for loss (gain) included in net income (1) 3,489 — (1,104 ) 9,133 (83,835 ) (10,633 ) Tax effect 2,887 (25,825 ) (3,163 ) 6,246 (58,010 ) (7,470 ) Change in funded status of pension plan: Unrecognized net gain (loss) arising during the period 165 (8,176 ) (1,341 ) Amortization of net actuarial loss included in pension expense (2) 1,018 — — 1,183 (8,176 ) (1,341 ) Tax effect 390 (2,520 ) (438 ) 793 (5,656 ) (903 ) Change in unrealized loss on derivative instrument: Amount of gain during the period — 1,324 668 Reclassification adjustment for net interest expense included in net income (3) — 426 2,867 — 1,750 3,535 Tax effect — 538 1,045 — 1,212 2,490 Other comprehensive income (loss) $ 7,039 $ (62,454 ) $ (5,883 ) ( 1 ( 2 ( 3 |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standards The Corporation did not 2023. Impact of Issued But Not There were no not December 31, 2023 |
Note A - Summary of Significa_2
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Current Balance Period Balance (in thousands) 12/31/2022 Change 12/31/2023 Unrealized holding loss on available-for-sale securities $ (56,055 ) $ 6,246 $ (49,809 ) Unrealized actuarial loss on pension plan (8,712 ) 793 (7,919 ) Accumulated other comprehensive loss, net of tax $ (64,767 ) $ 7,039 $ (57,728 ) |
Comprehensive Income (Loss) [Table Text Block] | (in thousands) 2023 2022 2021 Change in net unrealized holding gains (losses) on available-for-sale securities: Change arising during the period $ 5,644 $ (83,835 ) $ (9,529 ) Reclassification adjustment for loss (gain) included in net income (1) 3,489 — (1,104 ) 9,133 (83,835 ) (10,633 ) Tax effect 2,887 (25,825 ) (3,163 ) 6,246 (58,010 ) (7,470 ) Change in funded status of pension plan: Unrecognized net gain (loss) arising during the period 165 (8,176 ) (1,341 ) Amortization of net actuarial loss included in pension expense (2) 1,018 — — 1,183 (8,176 ) (1,341 ) Tax effect 390 (2,520 ) (438 ) 793 (5,656 ) (903 ) Change in unrealized loss on derivative instrument: Amount of gain during the period — 1,324 668 Reclassification adjustment for net interest expense included in net income (3) — 426 2,867 — 1,750 3,535 Tax effect — 538 1,045 — 1,212 2,490 Other comprehensive income (loss) $ 7,039 $ (62,454 ) $ (5,883 ) |
Note B - Investment Securities
Note B - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | 2023 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value State and municipals $ 155,294 $ 317 $ (11,990 ) $ 143,621 Pass-through mortgage securities 165,734 — (27,131 ) 138,603 Collateralized mortgage obligations 201,500 1,836 (21,074 ) 182,262 SBA agency obligations 126,228 331 (1,083 ) 125,476 Corporate bonds 119,000 — (13,085 ) 105,915 $ 767,756 $ 2,484 $ (74,363 ) $ 695,877 2022 State and municipals $ 321,700 $ 136 $ (16,589 ) $ 305,247 Pass-through mortgage securities 179,655 — (31,135 ) 148,520 Collateralized mortgage obligations 134,070 — (20,676 ) 113,394 Corporate bonds 119,000 — (12,748 ) 106,252 $ 754,425 $ 136 $ (81,148 ) $ 673,413 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Loss Value Loss Value Loss State and municipals $ 29,522 $ (719 ) $ 95,725 $ (11,271 ) $ 125,247 $ (11,990 ) Pass-through mortgage securities 2,361 (1 ) 134,558 (27,130 ) 136,919 (27,131 ) Collateralized mortgage obligations — — 102,528 (21,074 ) 102,528 (21,074 ) SBA agency obligations 98,879 (1,083 ) — — 98,879 (1,083 ) Corporate bonds — — 105,915 (13,085 ) 105,915 (13,085 ) Total temporarily impaired $ 130,762 $ (1,803 ) $ 438,726 $ (72,560 ) $ 569,488 $ (74,363 ) 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Loss Value Loss Value Loss State and municipals $ 238,157 $ (12,047 ) $ 13,934 $ (4,542 ) $ 252,091 $ (16,589 ) Pass-through mortgage securities 12,667 (979 ) 135,853 (30,156 ) 148,520 (31,135 ) Collateralized mortgage obligations 42,560 (1,515 ) 70,834 (19,161 ) 113,394 (20,676 ) Corporate bonds — — 106,252 (12,748 ) 106,252 (12,748 ) Total temporarily impaired $ 293,384 $ (14,541 ) $ 326,873 $ (66,607 ) $ 620,257 $ (81,148 ) |
Realized Gain (Loss) on Investments [Table Text Block] | (in thousands) 2023 2022 2021 Proceeds $ 145,451 $ — $ 71,695 Gains $ — $ — $ 1,120 Losses (3,489 ) — (16 ) Net gain (loss) $ (3,489 ) $ — $ 1,104 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (in thousands) Amortized Cost Fair Value Within one year $ 3,078 $ 3,076 After 1 through 5 years 130,736 117,230 After 5 through 10 years 35,930 33,999 After 10 years 104,550 95,231 Mortgage and asset-backed securities 493,462 446,341 $ 767,756 $ 695,877 |
Note C - Loans (Tables)
Note C - Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Financing Receivable, Loans Outstanding By Class Of Loans [Table Text Block] | December 31, (in thousands) 2023 2022 Commercial and industrial $ 116,163 $ 108,493 Commercial mortgages: Multifamily 857,163 906,498 Other 829,090 789,140 Owner-occupied 233,461 220,855 Residential mortgages: Closed end 1,166,887 1,240,144 Revolving home equity 44,070 45,213 Consumer and other 1,230 1,390 $ 3,248,064 $ 3,311,733 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Balance at Provision (Credit) for Balance at (in thousands) 1/1/2023 Chargeoffs Recoveries Credit Losses 12/31/2023 Commercial and industrial $ 1,543 $ 2,026 $ 81 $ 2,432 $ 2,030 Commercial mortgages: Multifamily 8,430 — — (1,613 ) 6,817 Other 7,425 — 15 410 7,850 Owner-occupied 3,024 — — 80 3,104 Residential mortgages: Closed end 10,633 176 — (1,619 ) 8,838 Revolving home equity 362 — — (23 ) 339 Consumer and other 15 8 — 7 14 $ 31,432 $ 2,210 $ 96 $ (326 ) $ 28,992 Balance at Provision (Credit) for Balance at (in thousands) 1/1/2022 Chargeoffs Recoveries Credit Losses 12/31/2022 Commercial and industrial $ 888 $ 511 $ 154 $ 1,012 $ 1,543 SBA PPP 46 — — (46 ) — Commercial mortgages: Multifamily 8,154 — — 276 8,430 Other 6,478 — — 947 7,425 Owner-occupied 2,515 — — 509 3,024 Residential mortgages: Closed end 11,298 372 — (293 ) 10,633 Revolving home equity 449 — — (87 ) 362 Consumer and other 3 1 — 13 15 $ 29,831 $ 884 $ 154 $ 2,331 $ 31,432 Balance at Provision (Credit) for Balance at (in thousands) 1/1/2021 Chargeoffs Recoveries Credit Losses 12/31/2021 Commercial and industrial $ 1,416 $ 307 $ 205 $ (426 ) $ 888 SBA PPP 209 — — (163 ) 46 Commercial mortgages: Multifamily 9,474 544 — (776 ) 8,154 Other 4,913 — — 1,565 6,478 Owner-occupied 1,905 165 91 684 2,515 Residential mortgages: Closed end 14,706 189 22 (3,241 ) 11,298 Revolving home equity 407 — 254 (212 ) 449 Consumer and other 7 1 1 (4 ) 3 $ 33,037 $ 1,206 $ 573 $ (2,573 ) $ 29,831 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2023 Past Due Nonaccrual (in thousands) 30-59 Days 60-89 Days 90 Days or More and Still Accruing With an Allowance for Credit Loss With No Allowance for Credit Loss Total Past Due Loans & Nonaccrual Loans Current Total Loans Commercial and industrial $ 73 $ — $ — $ 722 $ — $ 795 $ 115,368 $ 116,163 Commercial mortgages: Multifamily — — — — — — 857,163 857,163 Other 1,624 — — — — 1,624 827,466 829,090 Owner-occupied — — — — — — 233,461 233,461 Residential mortgages: Closed end 1,389 — — — 331 1,720 1,165,167 1,166,887 Revolving home equity — — — — — — 44,070 44,070 Consumer and other — — — — — — 1,230 1,230 $ 3,086 $ — $ — $ 722 $ 331 $ 4,139 $ 3,243,925 $ 3,248,064 December 31, 2022 Commercial and industrial $ 297 $ — $ — $ — $ — $ 297 $ 108,196 $ 108,493 Commercial mortgages: Multifamily — — — — — — 906,498 906,498 Other — — — — — — 789,140 789,140 Owner-occupied — — — — — — 220,855 220,855 Residential mortgages: Closed end 452 — — — — 452 1,239,692 1,240,144 Revolving home equity — — — — — — 45,213 45,213 Consumer and other 1 — — — — 1 1,389 1,390 $ 750 $ — $ — $ — $ — $ 750 $ 3,310,983 $ 3,311,733 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2023 Term Loans by Origination Year Revolving (in thousands) 2023 2022 2021 2020 2019 Prior Loans (1) Total Commercial and industrial: Risk rating: Pass $ 46,086 $ 20,928 $ 22,289 $ 5,283 $ 1,978 $ 5,209 $ 10,959 $ 112,732 Watch — — 2,709 — — — — 2,709 Special Mention — — — — — — — — Substandard — 632 — — — — 90 722 Doubtful — — — — — — — — $ 46,086 $ 21,560 $ 24,998 $ 5,283 $ 1,978 $ 5,209 $ 11,049 $ 116,163 Current-period gross chargeoffs $ — $ (1,354 ) $ — $ — $ — $ — $ (672 ) $ (2,026 ) Current-period recoveries — — — — — — 81 81 Current-period net chargeoffs $ — $ (1,354 ) $ — $ — $ — $ — $ (591 ) $ (1,945 ) Commercial mortgages – multifamily: Risk rating: Pass $ 42,030 $ 191,738 $ 176,836 $ 37,340 $ 116,805 $ 292,289 $ 125 $ 857,163 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 42,030 $ 191,738 $ 176,836 $ 37,340 $ 116,805 $ 292,289 $ 125 $ 857,163 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – other: Risk rating: Pass $ 72,098 $ 195,215 $ 221,488 $ 97,080 $ 33,645 $ 188,078 $ 26 $ 807,630 Watch — — — — — 916 — 916 Special Mention — — — — — — — — Substandard — — — — — 20,544 — 20,544 Doubtful — — — — — — — — $ 72,098 $ 195,215 $ 221,488 $ 97,080 $ 33,645 $ 209,538 $ 26 $ 829,090 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — 15 — 15 Current-period net chargeoffs $ — $ — $ — $ — $ — $ 15 $ — $ 15 Commercial mortgages – owner-occupied: Risk rating: Pass $ 21,841 $ 53,796 $ 53,073 $ 23,638 $ 40,347 $ 32,618 $ 2,794 $ 228,107 Watch 277 — 5,077 — — — — 5,354 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 22,118 $ 53,796 $ 58,150 $ 23,638 $ 40,347 $ 32,618 $ 2,794 $ 233,461 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 Term Loans by Origination Year Revolving (in thousands) 2023 2022 2021 2020 2019 Prior Loans (1) Total Residential mortgages (2): Risk rating: Pass $ 27,649 $ 195,602 $ 162,898 $ 34,055 $ 15,452 $ 731,406 $ 44,070 $ 1,211,132 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — 331 — 331 Doubtful — — — — — — — — $ 27,649 $ 195,602 $ 162,898 $ 34,055 $ 15,452 $ 731,737 $ 44,070 $ 1,211,463 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ (176 ) $ — $ (176 ) Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ (176 ) $ — $ (176 ) Consumer and other: Risk rating: Pass $ 45 $ 220 $ — $ — $ 100 $ 1 $ 757 $ 1,123 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Not Rated — — — — — — 107 107 $ 45 $ 220 $ — $ — $ 100 $ 1 $ 864 $ 1,230 Current-period gross chargeoffs $ — $ (8 ) $ — $ — $ — $ — $ — $ (8 ) Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ (8 ) $ — $ — $ — $ — $ — $ (8 ) Total Loans $ 210,026 $ 658,131 $ 644,370 $ 197,396 $ 208,327 $ 1,271,392 $ 58,928 $ 3,248,570 Total net chargeoffs $ — $ (1,362 ) $ — $ — $ — $ (161 ) $ (591 ) $ (2,114 ) |
Note D - Premise and Equipmen_2
Note D - Premise and Equipment and Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, (in thousands) 2023 2022 Land $ 9,002 $ 8,552 Buildings and improvements 22,250 22,120 Leasehold improvements 12,412 12,002 Furniture and equipment 37,010 36,595 Construction in process 642 433 81,316 79,702 Accumulated depreciation and amortization (49,902 ) (48,042 ) $ 31,414 $ 31,660 |
Lease, Cost [Table Text Block] | December 31, (in thousands) 2023 2022 2021 Operating lease cost $ 3,480 $ 3,271 $ 4,462 Variable lease cost 463 490 405 Short-term lease cost 78 10 — $ 4,021 $ 3,771 $ 4,867 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year (dollars in thousands) Total 2024 $ 3,522 2025 3,379 2026 3,097 2027 2,750 2028 1,879 Thereafter 15,422 Total lease payments 30,049 Less: interest 5,109 $ 24,940 |
Note E - Deposits (Tables)
Note E - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | Year (dollars in thousands) Total 2024 $ 528,784 2025 15,455 2026 11,194 2027 18,209 2028 16,218 Thereafter 1,573 $ 591,433 |
Note F - Borrowed Funds (Tables
Note F - Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, (in thousands) 2023 2022 Short-term borrowings: FHLB overnight advances $ 70,000 $ — Long-term debt: FHLB advances 472,500 411,000 $ 542,500 $ 411,000 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Contractual Maturity (dollars in thousands) Amount Weighted Average Rate Overnight $ 70,000 5.64 % 2024 387,500 4.79 2025 75,000 4.51 2026 10,000 2.12 2027 — — 2028 — — After 2028 — — 472,500 4.69 $ 542,500 4.81 % |
Note G - Income Taxes (Tables)
Note G - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit (4.8 ) 1.7 2.1 Tax-exempt income, net of disallowed cost of funding (3.3 ) (2.8 ) (3.3 ) BOLI income (2.3 ) (1.1 ) (0.9 ) Excess tax benefit of stock-based compensation 0.4 — 0.1 Non-deductible officer compensation — 0.1 — Other — 0.5 0.2 11.0 % 19.4 % 19.2 % |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 2021 Current: Federal $ 3,469 $ 9,287 $ 8,807 State and local 909 1,330 1,467 4,378 10,617 10,274 Deferred: Federal 1,771 358 (76 ) State and local (2,920 ) 312 20 (1,149 ) 670 (56 ) $ 3,229 $ 11,287 $ 10,218 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, (in thousands) 2023 2022 Deferred tax assets: Unrealized loss on AFS securities $ 22,070 $ 24,957 Allowance for credit losses and off-balance sheet credit exposure 9,036 9,767 Operating lease liability 7,627 7,951 Net operating loss carryforwards 2,869 — Stock-based compensation 519 865 Asset writedown 51 51 Retirement expense 35 38 Interest on nonperforming loans 14 6 Contract incentive — 139 Accrued bonuses and severance — 50 42,221 43,824 Valuation allowance — — 42,221 43,824 Deferred tax liabilities: Right-of-use asset 6,908 7,354 Prepaid pension 3,274 3,370 Depreciation 1,509 272 Deferred loan costs 1,365 1,545 Prepaid expenses 146 159 Interest rate swap fair market value adjustment 23 — 13,225 12,700 Net deferred tax asset $ 28,996 $ 31,124 |
Note H - Regulatory Matters (Ta
Note H - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | 2023 Actual Capital To Be Well Capitalized Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital to average assets: Consolidated $ 435,643 10.05 % $ 389,969 9.00 % Bank 438,648 10.13 389,874 9.00 2022 Actual Capital To Be Well Capitalized Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital to average assets: Consolidated $ 430,366 9.83 % $ 394,017 9.00 % Bank 429,377 9.81 393,883 9.00 |
Note I - Stock-based Compensa_2
Note I - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | Total Number of RSUs: Vested and convertible at December 31, 2023 6,641 Scheduled to vest during: 2024 119,983 2025 35,770 2026 42,276 2027 6,060 2028 3,149 213,879 |
Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions[Table Text Block] | 2023 Performance-Based Service-Based Vesting Vesting Grant date fair value $16.57 $11.77 to $16.57 Market price on grant date $18.14 $12.57 to $18.14 Expected annual dividend $0.84 $0.84 Expected term (in years) 2.0 1.0 to 5.0 Risk-free interest rate 4.24% 4.01% to 4.80% 2022 Grant date fair value $20.07 $17.70 to $20.07 Market price on grant date $21.64 $18.12 to $21.64 Expected annual dividend $0.80 $0.42 to $0.80 Expected term (in years) 2.0 1.0 to 5.0 Risk-free interest rate 1.12% 1.12% to 4.56% 2021 Grant date fair value $15.31 $15.31 to $20.54 Market price on grant date $16.83 $16.83 to $21.58 Expected annual dividend $0.76 $0.76 to $0.80 Expected term (in years) 2.0 1.0 to 3.0 Risk-free interest rate 0.13% 0.08% to 0.52% |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Grant-Date Contractual Value RSUs Fair Value Term (yrs.) (in thousands) Outstanding at January 1, 2023 246,993 $ 18.35 Granted 182,811 15.43 Converted (122,114 ) 18.32 Forfeited (93,811 ) 17.97 Outstanding at December 31, 2023 213,879 $ 16.04 0.98 $ 2,832 Vested and convertible at December 31, 2023 6,641 $ 16.57 — $ 88 |
Note J - Retirement Plans (Tabl
Note J - Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Defined Benefit Plan, Assumptions [Table Text Block] | 2023 2022 2021 Weighted average assumptions used to determine the benefit obligation at year end: Discount rate 5.16% 5.44% 2.97% Rate of increase in compensation levels 4.00% 3.50% 3.50% Weighted average assumptions used to determine net pension cost: Discount rate 5.44% 2.97% 2.67% Rate of increase in compensation levels 3.50% 3.50% 3.50% Expected long-term rate of return on plan assets 6.00% 5.25% 5.25% |
Schedule of Net Benefit Costs [Table Text Block] | (in thousands) 2023 2022 2021 Service cost plus expected expenses and net of expected plan participant contributions $ 1,378 $ 2,133 $ 2,131 Interest cost 2,341 1,641 1,454 Expected return on plan assets (3,245 ) (3,903 ) (3,914 ) Amortization of net actuarial loss 1,018 — — Net pension cost (credit) $ 1,492 $ (129 ) $ (329 ) |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | (in thousands) 2023 2022 2021 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 44,460 $ 56,587 $ 55,642 Service cost 1,630 2,357 2,340 Interest cost 2,341 1,641 1,454 Benefits paid (2,430 ) (2,361 ) (2,264 ) Assumption changes 1,778 (15,343 ) (2,173 ) Experience loss and other 1,019 1,579 1,588 Projected benefit obligation at end of year 48,798 44,460 56,587 Change in fair value of plan assets: Fair value of plan assets at beginning of year 55,509 75,684 75,751 Actual return on plan assets 6,127 (18,113 ) 1,906 Plan participant contributions 455 425 413 Benefits paid (2,430 ) (2,361 ) (2,264 ) Expenses (123 ) (126 ) (122 ) Fair value of plan assets at end of year 59,538 55,509 75,684 Funded status at end of year $ 10,740 $ 11,049 $ 19,097 Accumulated benefit obligation $ 45,185 $ 41,551 $ 52,362 |
Schedule of Allocation of Plan Assets [Table Text Block] | December 31, 2023 Target Allocation Percentage of Plan Assets Weighted Average Expected Long-term Rates of Return Cash equivalents 0% - 1% 0.3% <1.00% Equity mutual funds 20% - 30% 25.0% 6.1% to 8.5% Fixed income mutual funds 70% - 80% 74.7% 4.9% to 6.1% 100.0% 5.2% to 6.7% December 31, 2022 Cash equivalents 0% - 1% 0.3% <1.00% Equity mutual funds 20% - 30% 24.8% 6.3% to 8.8% Fixed income mutual funds 70% - 80% 74.9% 4.3% to 5.6% 100.0% 4.8% to 6.3% |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Fair Value Measurements Using: (in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2023: Cash equivalents: Vanguard Prime Money Market Mutual Fund $ 196 $ — $ 196 $ — Total cash equivalents 196 — 196 — Equity mutual funds: Vanguard Total Stock Market Index Fund (VITSX) 8,940 8,940 — — Vanguard Total International Stock Index Fund (VTSNX) 5,928 5,928 — — Total equity mutual funds 14,868 14,868 — — Fixed income mutual funds: Vanguard Long-Term Investment Grade Fund (VWETX) 33,062 33,062 — — Vanguard Long-Term Treasury Index Fund (VLGIX) 11,412 11,412 — — Total fixed income mutual funds 44,474 44,474 — — Total Plan Assets $ 59,538 $ 59,342 $ 196 $ — December 31, 2022: Cash equivalents: Vanguard Prime Money Market Mutual Fund $ 192 $ — $ 192 $ — Total cash equivalents 192 — 192 — Equity mutual funds: Vanguard Total Stock Market Index Fund (VITSX) 8,131 8,131 — — Vanguard Total International Stock Index Fund (VTSNX) 5,663 5,663 — — Total equity mutual funds 13,794 13,794 — — Fixed income mutual funds: Vanguard Long-Term Investment Grade Fund (VWETX) 30,869 30,869 — — Vanguard Long-Term Treasury Index Fund (VLGIX) 10,654 10,654 — — Total fixed income mutual funds 41,523 41,523 — — Total Plan Assets $ 55,509 $ 55,317 $ 192 $ — |
Schedule of Expected Benefit Payments [Table Text Block] | Year (in thousands) Amount 2024 $ 2,824 2025 2,997 2026 3,139 2027 3,272 2028 3,418 2029 - 2033 18,393 |
Note K - Other Operating Expe_2
Note K - Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | (in thousands) 2023 2022 2021 FDIC Insurance $ 1,944 $ 1,162 $ 1,092 Computer services 1,436 1,501 1,646 Telecommunications 1,354 1,669 1,658 Director Fees 1,293 1,100 1,375 |
Note L - Commitments and Cont_2
Note L - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | 2023 2022 (in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 1,877 $ 237,083 $ 27,694 $ 222,470 Standby letters of credit 6,852 — 8,706 — |
Note M - Fair Value of Financ_2
Note M - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) December 31, 2023: Financial Assets: Available-for-Sale Securities: State and municipals $ 143,621 $ — $ 143,429 $ 192 Pass-through mortgage securities 138,603 — 138,603 — Collateralized mortgage obligations 182,262 — 182,262 — SBA agency obligations 125,476 — 125,476 — Corporate bonds 105,915 — 105,915 — 695,877 — 695,685 192 Derivative - interest rate swaps 582 — 582 — $ 696,459 $ — $ 696,267 $ 192 December 31, 2022: Financial Assets: Available-for-Sale Securities: State and municipals $ 305,247 $ — $ 304,680 $ 567 Pass-through mortgage securities 148,520 — 148,520 — Collateralized mortgage obligations 113,394 — 113,394 — Corporate bonds 106,252 — 106,252 — $ 673,413 $ — $ 672,846 $ 567 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Level of December 31, 2023 December 31, 2022 Fair Value Carrying Carrying (in thousands) Hierarchy Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 60,887 $ 60,887 $ 74,178 $ 74,178 Loans, net (1) Level 3 3,219,072 2,945,864 3,280,301 3,064,849 Restricted stock n/a 32,659 n/a 26,363 n/a Financial Liabilities: Checking deposits Level 1 1,133,184 1,133,184 1,324,141 1,324,141 Savings, NOW and money market deposits Level 1 1,546,369 1,546,369 1,661,512 1,661,512 Time deposits Level 2 591,433 586,856 478,981 467,986 Short-term borrowings Level 1 70,000 70,000 — — Long-term debt Level 2 472,500 471,276 411,000 407,890 |
Note O - Derivatives (Tables)
Note O - Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | December 31, 2023 Notional amount (in millions) $ 300 Fixed pay rate 3.82 % Overnight SOFR receive rate 5.38 % Maturity (in years) 2.21 |
Schedule of Derivative Assets at Fair Value [Table Text Block] | December 31, (in thousands) 2023 2022 Loans - Residential Mortgages: Carrying amount of the hedged asset (1) $ 465,495 $ — Fair value hedging adjustment included in the carrying amount of the hedged asset (506 ) — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 2021 Interest rate contract: Amount of gain recognized in OCI (effective portion) $ — $ 1,324 $ 668 Amount of loss reclassified from OCI to interest expense — 426 2,867 Amount of loss recognized in other noninterest income (ineffective portion) — — — |
Note P - Parent Company Finan_2
Note P - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, (in thousands) 2023 2022 Assets: Cash and due from banks $ 695 $ 897 Investment in subsidiary bank, at equity 383,151 363,547 Prepaid income taxes 42 3,712 Deferred income tax benefits 1,010 1,088 Other assets 9 25 $ 384,907 $ 369,269 Liabilities: Other liabilities $ 17 $ 20 Cash dividends payable 4,744 4,713 4,761 4,733 Stockholders' equity: Common stock 2,259 2,244 Surplus 79,728 78,462 Retained earnings 355,887 348,597 437,874 429,303 Accumulated other comprehensive loss, net of tax (57,728 ) (64,767 ) 380,146 364,536 $ 384,907 $ 369,269 |
Condensed Income Statement [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 2021 Income: Dividends from subsidiary bank $ 15,000 $ 36,450 $ 33,200 Interest on deposits with subsidiary bank 6 5 3 Other 13 — — 15,019 36,455 33,203 Expenses: Salaries 779 2,065 1,365 Other operating expenses 1,070 795 661 1,849 2,860 2,026 Income before income taxes 13,170 33,595 31,177 Income tax expense (benefit) (504 ) (791 ) 89 Income before undistributed earnings of subsidiary bank 13,674 34,386 31,088 Equity in undistributed earnings 12,565 12,546 12,001 Net income $ 26,239 $ 46,932 $ 43,089 Comprehensive income (loss) $ 33,278 $ (15,522 ) $ 37,206 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, (in thousands) 2023 2022 2021 Cash Flows From Operating Activities: Net income $ 26,239 $ 46,932 $ 43,089 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed earnings of subsidiary bank (12,565 ) (12,546 ) (12,001 ) Deferred income tax provision (credit) 78 (199 ) 533 Stock-based compensation expense 1,249 2,466 1,635 Decrease (increase) in other assets 16 (1 ) — Increase (decrease) in other liabilities (3 ) 5 1 Other decreases (increases) 3,730 (530 ) (1,112 ) Net cash provided by operating activities 18,744 36,127 32,145 Cash Flows From Investing Activities: Capital contributions to Bank subsidiary — — — Cash Flows From Financing Activities: Repurchase of common stock — (17,889 ) (14,501 ) Proceeds from issuance of common stock, net of shares withheld (28 ) 263 607 Cash dividends paid (18,918 ) (18,591 ) (18,261 ) Net cash used in financing activities (18,946 ) (36,217 ) (32,155 ) Net decrease in cash and cash equivalents* (202 ) (90 ) (10 ) Cash and cash equivalents, beginning of year 897 987 997 Cash and cash equivalents, end of year $ 695 $ 897 $ 987 Supplemental Schedule of Noncash Financing Activities: Cash dividends payable $ 4,744 $ 4,713 $ 4,648 |
Note A - Summary of Significa_3
Note A - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Off-Balance-Sheet, Credit Loss, Liability | $ 590,000 | $ 421,000 | |
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | $ 169,000 | $ (71,000) | $ 82,000 |
Number of Reportable Segments | 1 | ||
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 101,480 | 33,017 | 0 |
Minimum [Member] | |||
Adjustments to Historical Loss Information, Forecasting Horizon, Period (Year) | 1 year | ||
Minimum [Member] | Building [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 31 years | ||
Minimum [Member] | Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Maximum [Member] | |||
Adjustments to Historical Loss Information, Forecasting Horizon, Period (Year) | 2 years | ||
Maximum [Member] | Building [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 15 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note A - Summary of Significa_4
Note A - Summary of Significant Accounting Policies - Components of Accumulated OCI, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 364,536 | $ 413,812 | $ 407,118 |
Period charge | 7,039 | (62,454) | (5,883) |
Balance | 380,146 | 364,536 | 413,812 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | (56,055) | ||
Period charge | 6,246 | ||
Balance | (49,809) | (56,055) | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||
Balance | (8,712) | ||
Period charge | 793 | ||
Balance | (7,919) | (8,712) | |
AOCI Attributable to Parent [Member] | |||
Balance | (64,767) | (2,313) | 3,570 |
Period charge | 7,039 | (62,454) | (5,883) |
Balance | $ (57,728) | $ (64,767) | $ (2,313) |
Note A - Summary of Significa_5
Note A - Summary of Significant Accounting Policies - Components of OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Change arising during the period | $ 5,644 | $ (83,835) | $ (9,529) | |
Reclassification adjustment for loss (gain) included in net income (1) | [1] | 3,489 | 0 | (1,104) |
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, before Tax, Portion Attributable to Parent | 9,133 | (83,835) | (10,633) | |
Tax effect | 2,887 | (25,825) | (3,163) | |
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 6,246 | (58,010) | (7,470) | |
Unrecognized net gain (loss) arising during the period | 165 | (8,176) | (1,341) | |
Amortization of net actuarial loss included in pension expense (2) | [2] | 1,018 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 1,183 | (8,176) | (1,341) | |
Tax effect | 390 | (2,520) | (438) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 793 | (5,656) | (903) | |
Amount of gain during the period | 0 | 1,324 | 668 | |
Reclassification adjustment for net interest expense included in net income (3) | [3] | 0 | 426 | 2,867 |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, before Tax | 0 | 1,750 | 3,535 | |
Tax effect | 0 | 538 | 1,045 | |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax | 0 | 1,212 | 2,490 | |
Other comprehensive income (loss) | $ 7,039 | $ (62,454) | $ (5,883) | |
[1]Represents net realized gains and losses arising from the sale of AFS securities, included in the consolidated statements of income in the line item "Net gain (loss) on sales of securities." See "Note B – Investment Securities" for the income tax expense related to these net realized gains, included in the consolidated statements of income in the line item "Income tax expense."[2]Represents the amortization of net actuarial loss relating to the Corporation's defined benefit pension plan. This item is a component of net periodic pension cost (see "Note J - Retirement Plans") and included in the consolidated statements of income in the line item "Salaries and employee benefits."[3]Represents the net interest expense recorded from derivative transactions and included in the consolidated statements of income under "Interest expense." |
Note B - Investment Securitie_2
Note B - Investment Securities (Details Textual) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Restricted | $ 203,900,000 | $ 350,800,000 | ||
Number Of Holdings Greater Than 10 Percent Of Stockholders Equity | 0 | 0 | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | ||
Other-than-temporary Impairment Loss, Debt Securities | 0 | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position | 569,488,000 | 620,257,000 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 74,363,000 | 81,148,000 | ||
Realized Gain (Loss), Investment and Derivative, Operating, Tax Expense (Benefit) | (1,100,000) | $ 340,000 | ||
Debt Securities, Held-to-Maturity, Fair Value | 0 | $ 0 | 0 | |
Commercial Mortgage-Backed Securities [Member] | ||||
Financial Instruments, Owned, at Fair Value | 92,200,000 | |||
Equipment Finance Loans Backed Securities [Member] | ||||
Financial Instruments, Owned, at Fair Value | 33,300,000 | |||
US States and Political Subdivisions Debt Securities [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position | 125,247,000 | 252,091,000 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 11,990,000 | 16,589,000 | ||
Passthrough Mortgage Securities [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position | 136,919,000 | 148,520,000 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 27,131,000 | 31,135,000 | ||
Collateralized Debt Obligations [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position | 102,528,000 | 113,394,000 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 21,074,000 | 20,676,000 | ||
Company Agency Obligations [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position | 98,879,000 | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 1,083,000 | |||
Corporate Bonds Securities [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position | 105,900,000 | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 13,100,000 | |||
Corporate Bond Securities [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position | 105,915,000 | 106,252,000 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ 13,085,000 | $ 12,748,000 | ||
Number Of Financial Institutions | 6 | |||
Debt Securities, Available-for-Sale, Term (Year) | 10 years |
Note B - Investment Securitie_3
Note B - Investment Securities - Schedule of Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | $ 767,756 | $ 754,425 |
Gross Unrealized Gains | 2,484 | 136 |
Gross Unrealized Losses | (74,363) | (81,148) |
Debt Securities, Available-for-Sale | 695,877 | 673,413 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 155,294 | 321,700 |
Gross Unrealized Gains | 317 | 136 |
Gross Unrealized Losses | (11,990) | (16,589) |
Debt Securities, Available-for-Sale | 143,621 | 305,247 |
Passthrough Mortgage Securities [Member] | ||
Amortized Cost | 165,734 | 179,655 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (27,131) | (31,135) |
Debt Securities, Available-for-Sale | 138,603 | 148,520 |
Collateralized Debt Obligations [Member] | ||
Amortized Cost | 201,500 | 134,070 |
Gross Unrealized Gains | 1,836 | 0 |
Gross Unrealized Losses | (21,074) | (20,676) |
Debt Securities, Available-for-Sale | 182,262 | 113,394 |
Corporate Bond Securities [Member] | ||
Amortized Cost | 119,000 | 119,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (13,085) | (12,748) |
Debt Securities, Available-for-Sale | 105,915 | $ 106,252 |
Company Agency Obligations [Member] | ||
Amortized Cost | 126,228 | |
Gross Unrealized Gains | 331 | |
Gross Unrealized Losses | (1,083) | |
Debt Securities, Available-for-Sale | $ 125,476 |
Note B - Investment Securitie_4
Note B - Investment Securities - Temporarily Impaired Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Temporarily impaired securities, less than 12 months | $ 130,762 | $ 293,384 |
Temporarily impaired securities, total unrealized losses | (1,803) | (14,541) |
Temporarily impaired securities, 12 months or longer, fair value | 438,726 | 326,873 |
Temporarily impaired securities, 12 months or longer, unrealized losses | (72,560) | (66,607) |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 569,488 | 620,257 |
Temporarily impaired securities, total unrealized losses | (74,363) | (81,148) |
US States and Political Subdivisions Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months | 29,522 | 238,157 |
Temporarily impaired securities, total unrealized losses | (719) | (12,047) |
Temporarily impaired securities, 12 months or longer, fair value | 95,725 | 13,934 |
Temporarily impaired securities, 12 months or longer, unrealized losses | (11,271) | (4,542) |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 125,247 | 252,091 |
Temporarily impaired securities, total unrealized losses | (11,990) | (16,589) |
Passthrough Mortgage Securities [Member] | ||
Temporarily impaired securities, less than 12 months | 2,361 | 12,667 |
Temporarily impaired securities, total unrealized losses | (1) | (979) |
Temporarily impaired securities, 12 months or longer, fair value | 134,558 | 135,853 |
Temporarily impaired securities, 12 months or longer, unrealized losses | (27,130) | (30,156) |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 136,919 | 148,520 |
Temporarily impaired securities, total unrealized losses | (27,131) | (31,135) |
Collateralized Debt Obligations [Member] | ||
Temporarily impaired securities, less than 12 months | 0 | 42,560 |
Temporarily impaired securities, total unrealized losses | 0 | (1,515) |
Temporarily impaired securities, 12 months or longer, fair value | 102,528 | 70,834 |
Temporarily impaired securities, 12 months or longer, unrealized losses | (21,074) | (19,161) |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 102,528 | 113,394 |
Temporarily impaired securities, total unrealized losses | (21,074) | (20,676) |
Company Agency Obligations [Member] | ||
Temporarily impaired securities, less than 12 months | 98,879 | |
Temporarily impaired securities, total unrealized losses | (1,083) | |
Temporarily impaired securities, 12 months or longer, fair value | 0 | |
Temporarily impaired securities, 12 months or longer, unrealized losses | 0 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 98,879 | |
Temporarily impaired securities, total unrealized losses | (1,083) | |
Corporate Bond Securities [Member] | ||
Temporarily impaired securities, less than 12 months | 0 | 0 |
Temporarily impaired securities, total unrealized losses | 0 | 0 |
Temporarily impaired securities, 12 months or longer, fair value | 105,915 | 106,252 |
Temporarily impaired securities, 12 months or longer, unrealized losses | (13,085) | (12,748) |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 105,915 | 106,252 |
Temporarily impaired securities, total unrealized losses | $ (13,085) | $ (12,748) |
Note B - Investment Securitie_5
Note B - Investment Securities - Sales of AFS Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds | $ 145,451 | $ 0 | $ 71,695 |
Gains | 0 | 0 | 1,120 |
Losses | (3,489) | 0 | (16) |
Net gain (loss) | $ (3,489) | $ 0 | $ 1,104 |
Note B - Investment Securitie_6
Note B - Investment Securities - Schedule of Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Within one year, amortized cost | $ 3,078 | |
Within one year, fair value | 3,076 | |
After 1 through 5 years, amortized cost | 130,736 | |
After 1 through 5 years, fair value | 117,230 | |
After 5 through 10 years, amortized cost | 35,930 | |
After 5 through 10 years, fair value | 33,999 | |
After 10 years, amortized cost | 104,550 | |
After 10 years, fair value | 95,231 | |
Mortgage and asset-backed securities, amortized cost | 493,462 | |
Mortgage and asset-backed securities, fair value | 446,341 | |
Debt Securities, Available-for-Sale, Amortized Cost | 767,756 | $ 754,425 |
Debt Securities, Available-for-Sale | $ 695,877 | $ 673,413 |
Note C - Loans (Details Textual
Note C - Loans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 0 | $ 0 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 10,400,000 | 9,200,000 | |
Loans and Leases Receivable, Related Parties | 1,600,000 | 0 | |
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 |
Financing Receivable, Modified, Commitment to Lend | $ 0 | ||
Minimum Prior Year Principal Balance Of Commercial Real Estate Loans Required To Be Reviewed Annually | 80% | ||
Company's Minimum Credit Score Required For New Loans | 680 | ||
Financial Asset, Closed Portfolio and Beneficial Interest, Portfolio Layer Method, Amortized Cost | $ 506,000 | ||
Financing Receivable, Modified, Subsequent Default | $ 0 | $ 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Revolving, Converted to Term Loan | 2,600,000 | ||
Commercial Portfolio Segment [Member] | Owner Occupied Loan 1 [Member] | |||
Financing Receivable, Revolving, Converted to Term Loan | 1,000,000 | ||
Residential Portfolio Segment [Member] | |||
Financing Receivable, Revolving, Converted to Term Loan | $ 7,000,000 |
Note C - Loans - Classification
Note C - Loans - Classification of Loans Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans Receivable | $ 3,248,064 | $ 3,311,733 |
Commercial Portfolio Segment [Member] | ||
Loans Receivable | 116,163 | 108,493 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans Receivable | 1,919,714 | 1,916,493 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Loans Receivable | 857,163 | 906,498 |
Commercial Real Estate Portfolio Segment [Member] | Other Loan [Member] | ||
Loans Receivable | 829,090 | 789,140 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan 1 [Member] | ||
Loans Receivable | 233,461 | 220,855 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans Receivable | 1,166,887 | 1,240,144 |
Residential Portfolio Segment [Member] | Revolving Home Equity Line [Member] | ||
Loans Receivable | 44,070 | 45,213 |
Consumer And Other Portfolio Segment [Member] | ||
Loans Receivable | $ 1,230 | $ 1,390 |
Note C - Loans - Allowance for
Note C - Loans - Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 31,432 | $ 29,831 | $ 33,037 |
Chargeoffs | 2,210 | 884 | 1,206 |
Recoveries | 96 | 154 | 573 |
Provision for Credit Losses | (326) | 2,331 | (2,573) |
Balance | 28,992 | 31,432 | 29,831 |
Commercial Portfolio Segment [Member] | |||
Balance | 1,543 | 888 | 1,416 |
Chargeoffs | 2,026 | 511 | 307 |
Recoveries | 81 | 154 | 205 |
Provision for Credit Losses | 2,432 | 1,012 | (426) |
Balance | 2,030 | 1,543 | 888 |
SBA Payroll Protection Program [Member] | |||
Balance | 0 | 46 | 209 |
Chargeoffs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for Credit Losses | (46) | (163) | |
Balance | 0 | 46 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Balance | 8,430 | 8,154 | 9,474 |
Chargeoffs | 0 | 0 | 544 |
Recoveries | 0 | 0 | 0 |
Provision for Credit Losses | (1,613) | 276 | (776) |
Balance | 6,817 | 8,430 | 8,154 |
Commercial Real Estate Portfolio Segment [Member] | Other Loan [Member] | |||
Balance | 7,425 | 6,478 | 4,913 |
Chargeoffs | 0 | 0 | 0 |
Recoveries | 15 | 0 | 0 |
Provision for Credit Losses | 410 | 947 | 1,565 |
Balance | 7,850 | 7,425 | 6,478 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan 1 [Member] | |||
Balance | 3,024 | 2,515 | 1,905 |
Chargeoffs | 0 | 0 | 165 |
Recoveries | 0 | 0 | 91 |
Provision for Credit Losses | 80 | 509 | 684 |
Balance | 3,104 | 3,024 | 2,515 |
Residential Portfolio Segment [Member] | |||
Chargeoffs | 176 | ||
Recoveries | 0 | ||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Balance | 10,633 | 11,298 | 14,706 |
Chargeoffs | 176 | 372 | 189 |
Recoveries | 0 | 0 | 22 |
Provision for Credit Losses | (1,619) | (293) | (3,241) |
Balance | 8,838 | 10,633 | 11,298 |
Residential Portfolio Segment [Member] | Revolving Home Equity Line [Member] | |||
Balance | 362 | 449 | 407 |
Chargeoffs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 254 |
Provision for Credit Losses | (23) | (87) | (212) |
Balance | 339 | 362 | 449 |
Consumer And Other Portfolio Segment [Member] | |||
Balance | 15 | 3 | 7 |
Chargeoffs | 8 | 1 | 1 |
Recoveries | 0 | 0 | 1 |
Provision for Credit Losses | 7 | 13 | (4) |
Balance | $ 14 | $ 15 | $ 3 |
Note C - Loan - Aging of Loans
Note C - Loan - Aging of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans | $ 3,248,064 | $ 3,311,733 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 3,086 | 750 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | ||
Loans, nonaccrual, with allowance | 722 | 0 |
Loans, nonaccrual, with no allowance | 331 | 0 |
Loans, nonaccrual | 4,139 | 750 |
Financial Asset, Not Past Due [Member] | ||
Loans | 3,243,925 | 3,310,983 |
Commercial Portfolio Segment [Member] | ||
Loans | 116,163 | 108,493 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 73 | 297 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans, nonaccrual, with allowance | 722 | 0 |
Loans, nonaccrual, with no allowance | 0 | 0 |
Loans, nonaccrual | 795 | 297 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 115,368 | 108,196 |
Commercial and Industrial Including SBA Payroll Protection Program [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Multifamily Loan [Member] | ||
Loans | 0 | 0 |
Commercial and Industrial Including SBA Payroll Protection Program [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Multifamily Loan [Member] | ||
Loans | 0 | 0 |
Commercial and Industrial Including SBA Payroll Protection Program [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Multifamily Loan [Member] | ||
Loans | 0 | 0 |
Commercial and Industrial Including SBA Payroll Protection Program [Member] | Financial Asset, Past Due [Member] | Multifamily Loan [Member] | ||
Loans, nonaccrual, with allowance | 0 | 0 |
Loans, nonaccrual, with no allowance | 0 | 0 |
Loans, nonaccrual | 0 | 0 |
Commercial and Industrial Including SBA Payroll Protection Program [Member] | Financial Asset, Not Past Due [Member] | Multifamily Loan [Member] | ||
Loans | 857,163 | 906,498 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Loans | 857,163 | 906,498 |
Commercial Real Estate Portfolio Segment [Member] | Other Loan [Member] | ||
Loans | 829,090 | 789,140 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan 1 [Member] | ||
Loans | 233,461 | 220,855 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Other Loan [Member] | ||
Loans | 1,624 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Owner Occupied Loan 1 [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Other Loan [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Owner Occupied Loan 1 [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other Loan [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Owner Occupied Loan 1 [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Other Loan [Member] | ||
Loans, nonaccrual, with allowance | 0 | 0 |
Loans, nonaccrual, with no allowance | 0 | 0 |
Loans, nonaccrual | 1,624 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Owner Occupied Loan 1 [Member] | ||
Loans, nonaccrual, with allowance | 0 | 0 |
Loans, nonaccrual, with no allowance | 0 | 0 |
Loans, nonaccrual | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Other Loan [Member] | ||
Loans | 827,466 | 789,140 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Owner Occupied Loan 1 [Member] | ||
Loans | 233,461 | 220,855 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | 1,166,887 | 1,240,144 |
Residential Portfolio Segment [Member] | Revolving Home Equity Line [Member] | ||
Loans | 44,070 | 45,213 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Loan [Member] | ||
Loans | 1,389 | 452 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Revolving Home Equity Line [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Loan [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Revolving Home Equity Line [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Loan [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Revolving Home Equity Line [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Home Equity Loan [Member] | ||
Loans, nonaccrual, with allowance | 0 | 0 |
Loans, nonaccrual, with no allowance | 331 | 0 |
Loans, nonaccrual | 1,720 | 452 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Revolving Home Equity Line [Member] | ||
Loans, nonaccrual, with allowance | 0 | 0 |
Loans, nonaccrual, with no allowance | 0 | 0 |
Loans, nonaccrual | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Home Equity Loan [Member] | ||
Loans | 1,165,167 | 1,239,692 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Revolving Home Equity Line [Member] | ||
Loans | 44,070 | 45,213 |
Consumer And Other Portfolio Segment [Member] | ||
Loans | 1,230 | 1,390 |
Consumer And Other Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 1 |
Consumer And Other Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer And Other Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer And Other Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans, nonaccrual, with allowance | 0 | 0 |
Loans, nonaccrual, with no allowance | 0 | 0 |
Loans, nonaccrual | 0 | 1 |
Consumer And Other Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 1,230 | $ 1,389 |
Note C - Loans - Loans by Origi
Note C - Loans - Loans by Origination (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Originated Current Fiscal Year | $ 210,026 | |||
Gross Loans | 3,248,064 | $ 3,311,733 | ||
Current-period gross chargeoffs | (2,210) | (884) | $ (1,206) | |
Current-period recoveries | 96 | 154 | 573 | |
Current-period net chargeoffs, current fiscal year | 0 | |||
Current-period net chargeoffs, one year prior | (1,362) | |||
Current-period net chargeoffs, two years prior | 0 | |||
Current-period net chargeoffs, three years prior | 0 | |||
Current-period net chargeoffs, four years prior | 0 | |||
Current-period net chargeoffs, revolving | [1] | (591) | ||
Current-period net chargeoffs | (2,114) | |||
Total net chargeoffs | (161) | |||
Loans Net of Derivative Basis Adjustment [Member] | ||||
Originated One Year Prior | 658,131 | |||
Originated Two Years Prior | 644,370 | |||
Originated Three Years Prior | 197,396 | |||
Originated Four Years Prior | 208,327 | |||
Originated Five or More Years Prior | 1,271,392 | |||
Revolving Loans | [1] | 58,928 | ||
Gross Loans | 3,248,570 | |||
Commercial Portfolio Segment [Member] | ||||
Originated Current Fiscal Year | 46,086 | |||
Originated One Year Prior | 21,560 | |||
Originated Two Years Prior | 24,998 | |||
Originated Three Years Prior | 5,283 | |||
Originated Four Years Prior | 1,978 | |||
Originated Five or More Years Prior | 5,209 | |||
Revolving Loans | [1] | 11,049 | ||
Gross Loans | 116,163 | 108,493 | ||
Current-period gross chargeoffs, current fiscal year | 0 | |||
Current-period gross chargeoffs, one year prior | (1,354) | |||
Current-period gross chargeoffs, two years prior | 0 | |||
Current-period gross chargeoffs, three years prior | 0 | |||
Current-period gross chargeoffs, four years prior | 0 | |||
Current-period gross chargeoffs, five years prior | 0 | |||
Current-period gross chargeoffs, revolving | [1] | (672) | ||
Current-period gross chargeoffs | (2,026) | (511) | (307) | |
Current-period recoveries, current fiscal year | 0 | |||
Current-period recoveries, one year prior | 0 | |||
Current-period recoveries, two years prior | 0 | |||
Current-period recoveries, three years prior | 0 | |||
Current-period recoveries, four years prior | 0 | |||
Current-period recoveries, five years prior | 0 | |||
Current-period recoveries, revolving | [1] | 81 | ||
Current-period recoveries | 81 | 154 | 205 | |
Current-period net chargeoffs, current fiscal year | 0 | |||
Current-period net chargeoffs, one year prior | (1,354) | |||
Current-period net chargeoffs, two years prior | 0 | |||
Current-period net chargeoffs, three years prior | 0 | |||
Current-period net chargeoffs, four years prior | 0 | |||
Current-period net chargeoffs, five years prior | 0 | |||
Current-period net chargeoffs, revolving | [1] | (591) | ||
Current-period net chargeoffs | (1,945) | |||
Commercial Portfolio Segment [Member] | Pass [Member] | ||||
Originated Current Fiscal Year | 46,086 | |||
Originated One Year Prior | 20,928 | |||
Originated Two Years Prior | 22,289 | |||
Originated Three Years Prior | 5,283 | |||
Originated Four Years Prior | 1,978 | |||
Originated Five or More Years Prior | 5,209 | |||
Revolving Loans | [1] | 10,959 | ||
Gross Loans | 112,732 | |||
Commercial Portfolio Segment [Member] | Watch [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 2,709 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 2,709 | |||
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 632 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 90 | ||
Gross Loans | 722 | |||
Commercial Portfolio Segment [Member] | Substandard [Member] | Multifamily Loan [Member] | ||||
Originated Five or More Years Prior | 0 | |||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Residential Portfolio Segment [Member] | ||||
Current-period gross chargeoffs, current fiscal year | 0 | |||
Current-period gross chargeoffs, one year prior | 0 | |||
Current-period gross chargeoffs, two years prior | 0 | |||
Current-period gross chargeoffs, three years prior | 0 | |||
Current-period gross chargeoffs, four years prior | 0 | |||
Current-period gross chargeoffs, five years prior | (176) | |||
Current-period gross chargeoffs, revolving | [1] | 0 | ||
Current-period gross chargeoffs | (176) | |||
Current-period recoveries, revolving | [1] | 0 | ||
Current-period recoveries | 0 | |||
Current-period net chargeoffs, current fiscal year | 0 | |||
Current-period net chargeoffs, one year prior | 0 | |||
Current-period net chargeoffs, two years prior | 0 | |||
Current-period net chargeoffs, three years prior | 0 | |||
Current-period net chargeoffs, four years prior | 0 | |||
Current-period net chargeoffs, five years prior | (176) | |||
Current-period net chargeoffs | (176) | |||
Current-period net chargeoffs | [1] | 0 | ||
Residential Portfolio Segment [Member] | Loans Net of Derivative Basis Adjustment [Member] | ||||
Originated Current Fiscal Year | [2] | 27,649 | ||
Originated One Year Prior | [2] | 195,602 | ||
Originated Two Years Prior | [2] | 162,898 | ||
Originated Three Years Prior | [2] | 34,055 | ||
Originated Four Years Prior | [2] | 15,452 | ||
Originated Five or More Years Prior | [2] | 731,737 | ||
Revolving Loans | [1],[2] | 44,070 | ||
Gross Loans | [2] | 1,211,463 | ||
Residential Portfolio Segment [Member] | Pass [Member] | Loans Net of Derivative Basis Adjustment [Member] | ||||
Originated Current Fiscal Year | [2] | 27,649 | ||
Originated One Year Prior | [2] | 195,602 | ||
Originated Two Years Prior | [2] | 162,898 | ||
Originated Three Years Prior | [2] | 34,055 | ||
Originated Four Years Prior | [2] | 15,452 | ||
Originated Five or More Years Prior | [2] | 731,406 | ||
Revolving Loans | [1],[2] | 44,070 | ||
Gross Loans | [2] | 1,211,132 | ||
Residential Portfolio Segment [Member] | Watch [Member] | Loans Net of Derivative Basis Adjustment [Member] | ||||
Originated Current Fiscal Year | [2] | 0 | ||
Originated One Year Prior | [2] | 0 | ||
Originated Two Years Prior | [2] | 0 | ||
Originated Three Years Prior | [2] | 0 | ||
Originated Four Years Prior | [2] | 0 | ||
Originated Five or More Years Prior | [2] | 0 | ||
Revolving Loans | [1],[2] | 0 | ||
Gross Loans | [2] | 0 | ||
Residential Portfolio Segment [Member] | Special Mention [Member] | Loans Net of Derivative Basis Adjustment [Member] | ||||
Originated Current Fiscal Year | [2] | 0 | ||
Originated One Year Prior | [2] | 0 | ||
Originated Two Years Prior | [2] | 0 | ||
Originated Three Years Prior | [2] | 0 | ||
Originated Four Years Prior | [2] | 0 | ||
Originated Five or More Years Prior | [2] | 0 | ||
Revolving Loans | [1],[2] | 0 | ||
Gross Loans | [2] | 0 | ||
Residential Portfolio Segment [Member] | Substandard [Member] | Loans Net of Derivative Basis Adjustment [Member] | ||||
Originated Current Fiscal Year | [2] | 0 | ||
Originated One Year Prior | [2] | 0 | ||
Originated Two Years Prior | [2] | 0 | ||
Originated Three Years Prior | [2] | 0 | ||
Originated Four Years Prior | [2] | 0 | ||
Originated Five or More Years Prior | [2] | 331 | ||
Revolving Loans | [1],[2] | 0 | ||
Gross Loans | [2] | 331 | ||
Residential Portfolio Segment [Member] | Doubtful [Member] | Loans Net of Derivative Basis Adjustment [Member] | ||||
Originated Current Fiscal Year | [2] | 0 | ||
Originated One Year Prior | [2] | 0 | ||
Originated Two Years Prior | [2] | 0 | ||
Originated Three Years Prior | [2] | 0 | ||
Originated Four Years Prior | [2] | 0 | ||
Originated Five or More Years Prior | [2] | 0 | ||
Revolving Loans | [1],[2] | 0 | ||
Gross Loans | [2] | 0 | ||
Consumer And Other Portfolio Segment [Member] | ||||
Originated Current Fiscal Year | 45 | |||
Originated One Year Prior | 220 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 100 | |||
Originated Five or More Years Prior | 1 | |||
Revolving Loans | [1] | 864 | ||
Gross Loans | 1,230 | 1,390 | ||
Current-period gross chargeoffs, current fiscal year | 0 | |||
Current-period gross chargeoffs, one year prior | (8) | |||
Current-period gross chargeoffs, two years prior | 0 | |||
Current-period gross chargeoffs, three years prior | 0 | |||
Current-period gross chargeoffs, four years prior | 0 | |||
Current-period gross chargeoffs, five years prior | 0 | |||
Current-period gross chargeoffs, revolving | [1] | 0 | ||
Current-period gross chargeoffs | (8) | (1) | (1) | |
Current-period recoveries, revolving | [1] | 0 | ||
Current-period recoveries | 0 | 0 | 1 | |
Current-period net chargeoffs, current fiscal year | 0 | |||
Current-period net chargeoffs, one year prior | (8) | |||
Current-period net chargeoffs, two years prior | 0 | |||
Current-period net chargeoffs, three years prior | 0 | |||
Current-period net chargeoffs, four years prior | 0 | |||
Current-period net chargeoffs, five years prior | 0 | |||
Current-period net chargeoffs | (8) | |||
Current-period net chargeoffs | [1] | 0 | ||
Consumer And Other Portfolio Segment [Member] | Pass [Member] | ||||
Originated Current Fiscal Year | 45 | |||
Originated One Year Prior | 220 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 100 | |||
Originated Five or More Years Prior | 1 | |||
Revolving Loans | [1] | 757 | ||
Gross Loans | 1,123 | |||
Consumer And Other Portfolio Segment [Member] | Watch [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Consumer And Other Portfolio Segment [Member] | Special Mention [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Consumer And Other Portfolio Segment [Member] | Substandard [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Consumer And Other Portfolio Segment [Member] | Doubtful [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Consumer And Other Portfolio Segment [Member] | Not Rated [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 107 | ||
Gross Loans | 107 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Gross Loans | 1,919,714 | 1,916,493 | ||
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||||
Originated Current Fiscal Year | 42,030 | |||
Originated One Year Prior | 191,738 | |||
Originated Two Years Prior | 176,836 | |||
Originated Three Years Prior | 37,340 | |||
Originated Four Years Prior | 116,805 | |||
Originated Five or More Years Prior | 292,289 | |||
Revolving Loans | [1] | 125 | ||
Gross Loans | 857,163 | |||
Current-period gross chargeoffs, current fiscal year | 0 | |||
Current-period gross chargeoffs, one year prior | 0 | |||
Current-period gross chargeoffs, two years prior | 0 | |||
Current-period gross chargeoffs, three years prior | 0 | |||
Current-period gross chargeoffs, four years prior | 0 | |||
Current-period gross chargeoffs, five years prior | 0 | |||
Current-period gross chargeoffs, revolving | [1] | 0 | ||
Current-period gross chargeoffs | 0 | 0 | (544) | |
Current-period recoveries, current fiscal year | 0 | |||
Current-period recoveries, one year prior | 0 | |||
Current-period recoveries, two years prior | 0 | |||
Current-period recoveries, three years prior | 0 | |||
Current-period recoveries, four years prior | 0 | |||
Current-period recoveries, five years prior | 0 | |||
Current-period recoveries, revolving | [1] | 0 | ||
Current-period recoveries | 0 | 0 | 0 | |
Current-period net chargeoffs, current fiscal year | 0 | |||
Current-period net chargeoffs, one year prior | 0 | |||
Current-period net chargeoffs, two years prior | 0 | |||
Current-period net chargeoffs, three years prior | 0 | |||
Current-period net chargeoffs, four years prior | 0 | |||
Current-period net chargeoffs, five years prior | 0 | |||
Current-period net chargeoffs, revolving | [1] | 0 | ||
Current-period net chargeoffs | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Other Loan [Member] | ||||
Originated Current Fiscal Year | 72,098 | |||
Originated One Year Prior | 195,215 | |||
Originated Two Years Prior | 221,488 | |||
Originated Three Years Prior | 97,080 | |||
Originated Four Years Prior | 33,645 | |||
Originated Five or More Years Prior | 209,538 | |||
Revolving Loans | [1] | 26 | ||
Gross Loans | 829,090 | 789,140 | ||
Current-period gross chargeoffs, current fiscal year | 0 | |||
Current-period gross chargeoffs, one year prior | 0 | |||
Current-period gross chargeoffs, two years prior | 0 | |||
Current-period gross chargeoffs, three years prior | 0 | |||
Current-period gross chargeoffs, four years prior | 0 | |||
Current-period gross chargeoffs, five years prior | 0 | |||
Current-period gross chargeoffs, revolving | [1] | 0 | ||
Current-period gross chargeoffs | 0 | 0 | 0 | |
Current-period recoveries, current fiscal year | 0 | |||
Current-period recoveries, one year prior | 0 | |||
Current-period recoveries, two years prior | 0 | |||
Current-period recoveries, three years prior | 0 | |||
Current-period recoveries, four years prior | 0 | |||
Current-period recoveries, five years prior | 15 | |||
Current-period recoveries, revolving | [1] | 0 | ||
Current-period recoveries | 15 | 0 | 0 | |
Current-period net chargeoffs, current fiscal year | 0 | |||
Current-period net chargeoffs, one year prior | 0 | |||
Current-period net chargeoffs, two years prior | 0 | |||
Current-period net chargeoffs, three years prior | 0 | |||
Current-period net chargeoffs, four years prior | 0 | |||
Current-period net chargeoffs, five years prior | 15 | |||
Current-period net chargeoffs, revolving | [1] | 0 | ||
Current-period net chargeoffs | 15 | |||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan 1 [Member] | ||||
Originated Current Fiscal Year | 22,118 | |||
Originated One Year Prior | 53,796 | |||
Originated Two Years Prior | 58,150 | |||
Originated Three Years Prior | 23,638 | |||
Originated Four Years Prior | 40,347 | |||
Originated Five or More Years Prior | 32,618 | |||
Revolving Loans | [1] | 2,794 | ||
Gross Loans | 233,461 | 220,855 | ||
Current-period gross chargeoffs, current fiscal year | 0 | |||
Current-period gross chargeoffs, one year prior | 0 | |||
Current-period gross chargeoffs, two years prior | 0 | |||
Current-period gross chargeoffs, three years prior | 0 | |||
Current-period gross chargeoffs, four years prior | 0 | |||
Current-period gross chargeoffs, five years prior | 0 | |||
Current-period gross chargeoffs, revolving | [1] | 0 | ||
Current-period gross chargeoffs | 0 | 0 | (165) | |
Current-period recoveries, current fiscal year | 0 | |||
Current-period recoveries, one year prior | 0 | |||
Current-period recoveries, two years prior | 0 | |||
Current-period recoveries, three years prior | 0 | |||
Current-period recoveries, four years prior | 0 | |||
Current-period recoveries, five years prior | 0 | |||
Current-period recoveries, revolving | [1] | 0 | ||
Current-period recoveries | 0 | $ 0 | $ 91 | |
Current-period net chargeoffs, current fiscal year | 0 | |||
Current-period net chargeoffs, one year prior | 0 | |||
Current-period net chargeoffs, two years prior | 0 | |||
Current-period net chargeoffs, three years prior | 0 | |||
Current-period net chargeoffs, four years prior | 0 | |||
Current-period net chargeoffs, five years prior | 0 | |||
Current-period net chargeoffs, revolving | [1] | 0 | ||
Current-period net chargeoffs | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Multifamily Loan [Member] | ||||
Originated Current Fiscal Year | 42,030 | |||
Originated One Year Prior | 191,738 | |||
Originated Two Years Prior | 176,836 | |||
Originated Three Years Prior | 37,340 | |||
Originated Four Years Prior | 116,805 | |||
Originated Five or More Years Prior | 292,289 | |||
Revolving Loans | [1] | 125 | ||
Gross Loans | 857,163 | |||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Other Loan [Member] | ||||
Originated Current Fiscal Year | 72,098 | |||
Originated One Year Prior | 195,215 | |||
Originated Two Years Prior | 221,488 | |||
Originated Three Years Prior | 97,080 | |||
Originated Four Years Prior | 33,645 | |||
Originated Five or More Years Prior | 188,078 | |||
Revolving Loans | [1] | 26 | ||
Gross Loans | 807,630 | |||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Loan 1 [Member] | ||||
Originated Current Fiscal Year | 21,841 | |||
Originated One Year Prior | 53,796 | |||
Originated Two Years Prior | 53,073 | |||
Originated Three Years Prior | 23,638 | |||
Originated Four Years Prior | 40,347 | |||
Originated Five or More Years Prior | 32,618 | |||
Revolving Loans | [1] | 2,794 | ||
Gross Loans | 228,107 | |||
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Multifamily Loan [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Other Loan [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 916 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 916 | |||
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Owner Occupied Loan 1 [Member] | ||||
Originated Current Fiscal Year | 277 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 5,077 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 5,354 | |||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Multifamily Loan [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Other Loan [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Loan 1 [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Multifamily Loan [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Other Loan [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 20,544 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 20,544 | |||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Loan 1 [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Multifamily Loan [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Other Loan [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated One Year Prior | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Owner Occupied Loan 1 [Member] | ||||
Originated Current Fiscal Year | 0 | |||
Originated Two Years Prior | 0 | |||
Originated Three Years Prior | 0 | |||
Originated Four Years Prior | 0 | |||
Originated Five or More Years Prior | 0 | |||
Revolving Loans | [1] | 0 | ||
Gross Loans | $ 0 | |||
[1]Includes revolving lines converted to term of $2.6 million of commercial and industrial, $1.0 million of owner-occupied commercial mortgage and $7.1 million of residential home equity.[2]Certain fixed rate residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $506,000 related to basis adjustments for loans in the closed portfolio under the portfolio layer method at December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See "Note O - Derivatives" for more information on the fair value hedge. |
Note D - Premise and Equipmen_3
Note D - Premise and Equipment and Operating Leases (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Gain (Loss) on Disposition of Property Plant Equipment | $ 240,000 | $ (553,000) | $ 0 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 11 years 1 month 24 days | 11 years 9 months 14 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.29% | 3.24% | |
Number of Short-term Leases | 1 | 1 | 0 |
Gain (Loss) on Termination of Lease | $ (905,000) | $ (3,100,000) | |
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 10 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 25 years | ||
Land and Building [Member] | |||
Asset, Held-for-Sale, Not Part of Disposal Group | $ 383,000 | $ 2,400,000 |
Note D - Premises and Equipment
Note D - Premises and Equipment and Operating Leases - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment, Gross | $ 81,316 | $ 79,702 |
Accumulated depreciation and amortization | (49,902) | (48,042) |
Property, Plant and Equipment, Net | 31,414 | 31,660 |
Land [Member] | ||
Property, Plant and Equipment, Gross | 9,002 | 8,552 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | 22,250 | 22,120 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Gross | 12,412 | 12,002 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | 37,010 | 36,595 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 642 | $ 433 |
Note D - Premises and Equipme_2
Note D - Premises and Equipment and Operating Leases - Components of Rent Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease cost | $ 3,480 | $ 3,271 | $ 4,462 |
Variable lease cost | 463 | 490 | 405 |
Short-term lease cost | 78 | 10 | 0 |
Lease, Cost | $ 4,021 | $ 3,771 | $ 4,867 |
Note D - Premises and Equipme_3
Note D - Premises and Equipment and Operating Leases - Maturity Analysis of Operating Lease Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 3,522 | |
2025 | 3,379 | |
2026 | 3,097 | |
2027 | 2,750 | |
2028 | 1,879 | |
Thereafter | 15,422 | |
Total lease payments | 30,049 | |
Less: interest | 5,109 | |
Operating Lease, Liability | $ 24,940 | $ 25,896 |
Note E - Deposits (Details Text
Note E - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits, at or Above FDIC Insurance Limit | $ 70,300 | $ 104,700 |
Related Party Deposit Liabilities | 8,400 | $ 8,800 |
Time Deposit Maturities, Year One | 528,784 | |
Brokered Deposits [Member] | ||
Time Deposit Maturities, Year One | $ 176,000 |
Note E - Deposits - Maturities
Note E - Deposits - Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposit Maturities, Year One | $ 528,784 | |
2025 | 15,455 | |
2026 | 11,194 | |
2027 | 18,209 | |
2028 | 16,218 | |
Thereafter | 1,573 | |
Time Deposits | $ 591,433 | $ 478,981 |
Note F - Borrowed Funds (Detail
Note F - Borrowed Funds (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Interest Payable | $ 1,400,000 | $ 535,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 1,900,000,000 | $ 2,200,000,000 |
Federal Home Loan Bank, Advance, Maturity, Year Four | $ 0 |
Note F - Borrowed Funds - Borro
Note F - Borrowed Funds - Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term borrowings | $ 70,000 | $ 0 |
Long-term debt | 472,500 | 411,000 |
Debt, Long-Term and Short-Term, Combined Amount | 542,500 | 411,000 |
Federal Home Loan Bank Advances [Member] | ||
Long-term debt | 472,500 | 411,000 |
Federal Home Loan Bank Overnight Advances [Member] | ||
Short-term borrowings | $ 70,000 | $ 0 |
Note F - Borrowed Funds - Contr
Note F - Borrowed Funds - Contractual Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Overnight, amount | $ 70,000 |
Overnight, weighted average rate | 5.64% |
2024, amount | $ 387,500 |
2024, weighted average rate | 4.79% |
2025, amount | $ 75,000 |
2025, weighted average rate | 4.51% |
2026, amount | $ 10,000 |
2026, weighted average rate | 2.12% |
2027, amount | $ 0 |
2027, weighted average rate | 0% |
2028, amount | $ 0 |
2028, weighted average rate | 0% |
After 2028, amount | $ 0 |
After 2028, weighted average rate | 0% |
Amount, long-term | $ 472,500 |
Weighted average rate, long-term | 4.69% |
Amount | $ 542,500 |
Weighted average rate | 4.81% |
Note G - Income Taxes (Details
Note G - Income Taxes (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent | 11% | 19.40% | 19.20% |
Open Tax Year | 2021 2022 2023 |
Note G - Income Taxes - Reconci
Note G - Income Taxes - Reconciliation of Statutory Federal Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statutory federal income tax rate | 21% | 21% | 21% |
State and local income taxes, net of federal income tax benefit | (4.80%) | 1.70% | 2.10% |
Tax-exempt income, net of disallowed cost of funding | (3.30%) | (2.80%) | (3.30%) |
BOLI income | (2.30%) | (1.10%) | (0.90%) |
Excess tax benefit of stock-based compensation | 0.40% | 0% | 0.10% |
Non-deductible officer compensation | 0% | 0.10% | 0% |
Other | 0% | 0.50% | 0.20% |
Effective Income Tax Rate Reconciliation, Percent | 11% | 19.40% | 19.20% |
Note G - Income Taxes - Provisi
Note G - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 3,469 | $ 9,287 | $ 8,807 |
State and local | 909 | 1,330 | 1,467 |
Current Income Tax Expense (Benefit) | 4,378 | 10,617 | 10,274 |
Federal | 1,771 | 358 | (76) |
State and local | (2,920) | 312 | 20 |
Deferred Income Tax Expense (Benefit) | (1,149) | 670 | (56) |
Income Tax Expense (Benefit) | $ 3,229 | $ 11,287 | $ 10,218 |
Note G - Income Taxes - Net Def
Note G - Income Taxes - Net Deferred Tax Asset (Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Unrealized loss on AFS securities | $ 22,070 | $ 24,957 |
Allowance for credit losses and off-balance sheet credit exposure | 9,036 | 9,767 |
Operating lease liability | 7,627 | 7,951 |
Net operating loss carryforwards | 2,869 | 0 |
Stock-based compensation | 519 | 865 |
Asset writedown | 51 | 51 |
Retirement expense | 35 | 38 |
Interest on nonperforming loans | 14 | 6 |
Contract incentive | 0 | 139 |
Accrued bonuses and severance | 0 | 50 |
Deferred Tax Assets, Gross | 42,221 | 43,824 |
Valuation allowance | 0 | 0 |
Deferred Tax Assets, Net of Valuation Allowance | 42,221 | 43,824 |
Right-of-use asset | 6,908 | 7,354 |
Prepaid pension | 3,274 | 3,370 |
Depreciation | 1,509 | 272 |
Deferred loan costs | 1,365 | 1,545 |
Prepaid expenses | 146 | 159 |
Interest rate swap fair market value adjustment | 23 | 0 |
Deferred Tax Liabilities, Gross | 13,225 | 12,700 |
Net deferred tax asset | $ 28,996 | $ 31,124 |
Note H - Regulatory Matters (De
Note H - Regulatory Matters (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Number Of Preceding Years of Retained Net Profits | 2 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 25.1 |
Note H - Regulatory Matters - C
Note H - Regulatory Matters - Capital Amounts and Ratios Under CBLR (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Tier 1 Capital to Average Assets, Actual Capital, Amount | $ 435,643 | $ 430,366 |
Tier 1 Capital to Average Assets, Actual Capital, Ratio | 0.1005 | 0.0983 |
Tier 1 capital to average assets, to be well capitalized, amount | $ 389,969 | $ 394,017 |
Tier 1 capital to average assets, to be well capitalized, ratio | 0.09 | 0.09 |
Bank [Member] | ||
Tier 1 Capital to Average Assets, Actual Capital, Amount | $ 438,648 | $ 429,377 |
Tier 1 Capital to Average Assets, Actual Capital, Ratio | 0.1013 | 0.0981 |
Tier 1 capital to average assets, to be well capitalized, amount | $ 389,874 | $ 393,883 |
Tier 1 capital to average assets, to be well capitalized, ratio | 0.09 | 0.09 |
Note I - Stock-based Compensa_3
Note I - Stock-based Compensation (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2024 shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 750 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 0 | 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 55,000 | |||
Proceeds from Stock Options Exercised | $ | 133,000 | |||
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | $ | 17,000 | |||
Share-Based Payment Arrangement, Expense | $ | $ 1,200,000 | $ 2,500,000 | 1,600,000 | |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ | 383,000 | 760,000 | 420,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 1,800,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | |||
Share-Based Payment Arrangement, Cash Used to Settle Award | $ | $ 0 | $ 0 | ||
Director [Member] | ||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 4,573 | 3,315 | 6,580 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 182,811 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 93,811 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | $ 2,200,000 | $ 2,000,000 | $ 1,600,000 | |
Restricted Stock Units Performance Based Vesting [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 42,847 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award Equity Instruments Other Than Options Vested And Expected To Vest (in shares) | 6,641 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Conversion Rate Of RSUs To Common Stock | 1.5 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 63,917 | |||
Service based Restricted Stock Units [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 171,032 | |||
Equity Incentive Plan 2021 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards With One Year Vesting Period | 95% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 750,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 524,573 | |||
Equity Incentive Plan 2021 [Member] | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 185,911 | |||
Equity Incentive Plan 2021 [Member] | Restricted Stock Units Performance Based Vesting [Member] | Subsequent Event [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 118,298 | |||
Equity Incentive Plan 2021 [Member] | Service based Restricted Stock Units [Member] | Subsequent Event [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 67,613 | |||
Equity Incentive Plan 2014 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 23,167 |
Note I - Stock-based Compensa_4
Note I - Stock-based Compensation - Summary of RSU Vested and Expected to Vest (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2023 shares | |
Vested and convertible at December 31, 2023 (in shares) | 6,641 |
Scheduled to vest (in shares) | 213,879 |
Share Based Compensation Award Scheduled to Vest in 2024 [Member] | |
Scheduled to vest (in shares) | 119,983 |
Share Based Compensation Award Scheduled to Vest in 2025 [Member] | |
Scheduled to vest (in shares) | 35,770 |
Share Based Compensation Award Scheduled to Vest in 2026 [Member] | |
Scheduled to vest (in shares) | 42,276 |
Share Based Compensation Award Scheduled to Vest in 2027 [Member] | |
Scheduled to vest (in shares) | 6,060 |
Share Based Compensation Award Scheduled to Vest in 2028 [Member] | |
Scheduled to vest (in shares) | 3,149 |
Note I - Stock-based Compensa_5
Note I - Stock-based Compensation - Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Performance-based Vesting [Member] | |||
Grant date fair value (in dollars per share) | $ 16.57 | $ 20.07 | $ 15.31 |
Market price on grant date (in dollars per share) | 18.14 | 21.64 | 16.83 |
Expected annual dividend (in dollars per share) | $ 0.84 | $ 0.8 | $ 0.76 |
Expected term (in years) (Year) | 2 years | 2 years | 2 years |
Risk-free interest rate | 4.24% | 1.12% | 0.13% |
Service-based Vesting [Member] | |||
Expected annual dividend (in dollars per share) | $ 0.84 | ||
Service-based Vesting [Member] | Minimum [Member] | |||
Grant date fair value (in dollars per share) | 11.77 | $ 17.7 | $ 15.31 |
Market price on grant date (in dollars per share) | $ 12.57 | 18.12 | 16.83 |
Expected annual dividend (in dollars per share) | $ 0.42 | $ 0.76 | |
Expected term (in years) (Year) | 1 year | 1 year | 1 year |
Risk-free interest rate | 4.01% | 1.12% | 0.08% |
Service-based Vesting [Member] | Maximum [Member] | |||
Grant date fair value (in dollars per share) | $ 16.57 | $ 20.07 | $ 20.54 |
Market price on grant date (in dollars per share) | $ 18.14 | 21.64 | 21.58 |
Expected annual dividend (in dollars per share) | $ 0.8 | $ 0.8 | |
Expected term (in years) (Year) | 5 years | 5 years | 3 years |
Risk-free interest rate | 4.80% | 4.56% | 0.52% |
Note I - Stock-based Compensa_6
Note I - Stock-based Compensation - Summary of RSUs Outstanding (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Outstanding, number of RSUs (in shares) | shares | 246,993 |
Outstanding, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 18.35 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 182,811 |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 15.43 |
Converted, number of RSUs (in shares) | shares | (122,114) |
Converted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 18.32 |
Forfeited, number of RSUs (in shares) | shares | (93,811) |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 17.97 |
Outstanding, number of RSUs (in shares) | shares | 213,879 |
Outstanding, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 16.04 |
Outstanding, weighted average remaining contractual term (Year) | 11 months 23 days |
Outstanding, aggregate intrinsic value | $ | $ 2,832 |
Vested and convertible, number of RSUs (in shares) | shares | 6,641 |
Vested and convertible, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 16.57 |
Vested and convertible, aggregate intrinsic value | $ | $ 88 |
Note J - Retirement Plans (Deta
Note J - Retirement Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | $ 1,778,000 | $ (15,343,000) | $ (2,173,000) |
The 401-K Plan [Member] | |||
Defined Contribution Plan, Participation Period for Vesting (Year) | 5 years | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20% | ||
Defined Contribution Plan, Cost | $ 571,000 | $ 530,000 | $ 519,000 |
The 401-K Plan [Member] | Minimum [Member] | |||
Age of Employees Eligible to Participate in Retirement Plan (Year) | 18 years | ||
Pension Plan [Member] | |||
Defined Benefit Plan, Period of Service Required (Month) | 12 months | ||
Defined Benefit Plan, Employee Matching, Contribution Percent | 2% | ||
Defined Benefit Plan, Vesting Period (Year) | 4 years | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.16% | 5.44% | 2.97% |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) Due to Change in the Discount Rate | $ 1,500,000 | $ 15,300,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4% | 3.50% | 3.50% |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Salary Scale Changes | $ 296,000 | ||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 1,000,000 | $ 1,600,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 0 | ||
Percentage of Portfolio That May be Invested in Securities With Ratings Below Investment Grade | 5% | ||
Maximum Percentage of Single Investment Pool or Investment Company of Total Plan Assets | 10% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100% | 100% | |
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0.30% | 0.30% | |
Pension Plan [Member] | Minimum [Member] | |||
Age of Employees Eligible to Participate in Retirement Plan (Year) | 21 years |
Note J - Retirement Plans - Sig
Note J - Retirement Plans - Significant Actuarial Assumptions (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.16% | 5.44% | 2.97% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4% | 3.50% | 3.50% |
Discount rate | 5.44% | 2.97% | 2.67% |
Rate of increase in compensation levels | 3.50% | 3.50% | 3.50% |
Expected long-term rate of return on plan assets | 6% | 5.25% | 5.25% |
Note J - Retirement Plans - Net
Note J - Retirement Plans - Net Pension Cost (Credit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest cost | $ 2,341 | $ 1,641 | $ 1,454 |
Net pension cost (credit) | 1,492 | (129) | (329) |
Pension Plan [Member] | |||
Service cost plus expected expenses and net of expected plan participant contributions | 1,378 | 2,133 | 2,131 |
Interest cost | 2,341 | 1,641 | 1,454 |
Expected return on plan assets | (3,245) | (3,903) | (3,914) |
Amortization of net actuarial loss | 1,018 | 0 | 0 |
Net pension cost (credit) | $ 1,492 | $ (129) | $ (329) |
Note J - Retirement Plans - Fun
Note J - Retirement Plans - Funded Status of the Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Projected benefit obligation at beginning of year | $ 44,460 | $ 56,587 | $ 55,642 |
Service cost | 1,630 | 2,357 | 2,340 |
Interest cost | 2,341 | 1,641 | 1,454 |
Benefits paid | (2,430) | (2,361) | (2,264) |
Assumption changes | (1,778) | 15,343 | 2,173 |
Experience loss and other | 1,019 | 1,579 | 1,588 |
Projected benefit obligation at end of year | 48,798 | 44,460 | 56,587 |
Fair value of plan assets at beginning of year | 55,509 | 75,684 | 75,751 |
Actual return on plan assets | 6,127 | (18,113) | 1,906 |
Plan participant contributions | 455 | 425 | 413 |
Benefits paid | (2,430) | (2,361) | (2,264) |
Expenses | (123) | (126) | (122) |
Fair value of plan assets at end of year | 59,538 | 55,509 | 75,684 |
Funded status at end of year | 10,740 | 11,049 | 19,097 |
Accumulated benefit obligation | $ 45,185 | $ 41,551 | $ 52,362 |
Note J - Retirement Plans - Sch
Note J - Retirement Plans - Schedule of Allocation of Plan Assets (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Percentage of Plan Assets | 100% | 100% | |
Weighted Average Expected Long-term Rates of Return | 6% | 5.25% | 5.25% |
Minimum [Member] | |||
Weighted Average Expected Long-term Rates of Return | 5.20% | 4.80% | |
Maximum [Member] | |||
Weighted Average Expected Long-term Rates of Return | 6.70% | 6.30% | |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | |||
Percentage of Plan Assets | 0.30% | 0.30% | |
Weighted Average Expected Long-term Rates of Return | 1% | 1% | |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Minimum [Member] | |||
Target Allocation | 0% | 0% | |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Maximum [Member] | |||
Target Allocation | 1% | 1% | |
Equity Funds [Member] | |||
Percentage of Plan Assets | 25% | 24.80% | |
Equity Funds [Member] | Minimum [Member] | |||
Target Allocation | 20% | 20% | |
Weighted Average Expected Long-term Rates of Return | 6.10% | 6.30% | |
Equity Funds [Member] | Maximum [Member] | |||
Target Allocation | 30% | 30% | |
Weighted Average Expected Long-term Rates of Return | 8.50% | 8.80% | |
Fixed Income Funds [Member] | |||
Percentage of Plan Assets | 74.70% | 74.90% | |
Fixed Income Funds [Member] | Minimum [Member] | |||
Target Allocation | 70% | 70% | |
Weighted Average Expected Long-term Rates of Return | 4.90% | 4.30% | |
Fixed Income Funds [Member] | Maximum [Member] | |||
Target Allocation | 80% | 80% | |
Weighted Average Expected Long-term Rates of Return | 6.10% | 5.60% |
Note J - Retirement Plans - Fai
Note J - Retirement Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair value of plan assets | $ 59,538 | $ 55,509 | $ 75,684 | $ 75,751 |
Pension Plan [Member] | ||||
Fair value of plan assets | 59,538 | 55,509 | ||
Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 59,342 | 55,317 | ||
Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 196 | 192 | ||
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash Equivalents Vanguard Prime Money Market Mutual Fund [Member] | Pension Plan [Member] | ||||
Fair value of plan assets | 196 | 192 | ||
Cash Equivalents Vanguard Prime Money Market Mutual Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash Equivalents Vanguard Prime Money Market Mutual Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 196 | 192 | ||
Cash Equivalents Vanguard Prime Money Market Mutual Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Pension Plan [Member] | ||||
Fair value of plan assets | 196 | 192 | ||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 196 | 192 | ||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Funds Vanguard Total Stock Market Index Fund [Member] | Pension Plan [Member] | ||||
Fair value of plan assets | 8,940 | 0 | ||
Equity Funds Vanguard Total Stock Market Index Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 8,940 | 8,131 | ||
Equity Funds Vanguard Total Stock Market Index Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | 8,131 | ||
Equity Funds Vanguard Total Stock Market Index Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Funds Vanguard Total International Stock Index Fund [Member] | Pension Plan [Member] | ||||
Fair value of plan assets | 5,928 | |||
Equity Funds Vanguard Total International Stock Index Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 5,928 | |||
Equity Funds Vanguard Total International Stock Index Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | |||
Equity Funds Vanguard Total International Stock Index Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | |||
Equity Funds [Member] | Pension Plan [Member] | ||||
Fair value of plan assets | 14,868 | 13,794 | ||
Equity Funds [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 14,868 | 13,794 | ||
Equity Funds [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Funds [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fix Income Vanguard Long-Term Investment Grade Fund [Member] | Pension Plan [Member] | ||||
Fair value of plan assets | 33,062 | |||
Fix Income Vanguard Long-Term Investment Grade Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 33,062 | |||
Fix Income Vanguard Long-Term Investment Grade Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | |||
Fix Income Vanguard Long-Term Investment Grade Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | |||
Fix Income Vanguard Long Term Treasury Index Fund [Member] | Pension Plan [Member] | ||||
Fair value of plan assets | 11,412 | |||
Fix Income Vanguard Long Term Treasury Index Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 11,412 | |||
Fix Income Vanguard Long Term Treasury Index Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | |||
Fix Income Vanguard Long Term Treasury Index Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | |||
Fixed Income Funds [Member] | Pension Plan [Member] | ||||
Fair value of plan assets | 44,474 | 41,523 | ||
Fixed Income Funds [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 44,474 | 41,523 | ||
Fixed Income Funds [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Funds [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | $ 0 | 0 | ||
Vanguard Total International Stock Index Fund (VTSNX) Equity Fund [Member] | Pension Plan [Member] | ||||
Fair value of plan assets | 5,663 | |||
Vanguard Total International Stock Index Fund (VTSNX) Equity Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 5,663 | |||
Vanguard Total International Stock Index Fund (VTSNX) Equity Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | |||
Vanguard Total International Stock Index Fund (VTSNX) Equity Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | |||
Fix Income Vanguard Long-Term Investment Grade Fund (VWETX) [Member] | Pension Plan [Member] | ||||
Fair value of plan assets | 30,869 | |||
Fix Income Vanguard Long-Term Investment Grade Fund (VWETX) [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 30,869 | |||
Fix Income Vanguard Long-Term Investment Grade Fund (VWETX) [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | |||
Fix Income Vanguard Long-Term Investment Grade Fund (VWETX) [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | |||
Fix Income Vanguard Long-Term Treasury Index Fund (VLGIX) [Member] | Pension Plan [Member] | ||||
Fair value of plan assets | 10,654 | |||
Fix Income Vanguard Long-Term Treasury Index Fund (VLGIX) [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 10,654 | |||
Fix Income Vanguard Long-Term Treasury Index Fund (VLGIX) [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | |||
Fix Income Vanguard Long-Term Treasury Index Fund (VLGIX) [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | $ 0 |
Note J - Retirement Plans - Est
Note J - Retirement Plans - Estimated Future Benefit Payment (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 2,824 |
2025 | 2,997 |
2026 | 3,139 |
2027 | 3,272 |
2028 | 3,418 |
2029 - 2033 | $ 18,393 |
Note K - Other Operating Expe_3
Note K - Other Operating Expenses - Other Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
FDIC Insurance | $ 1,944 | $ 1,162 | $ 1,092 |
Computer services | 1,436 | 1,501 | 1,646 |
Telecommunications | 1,354 | 1,669 | 1,658 |
Director Fees | $ 1,293 | $ 1,100 | $ 1,375 |
Note L - Commitments and Cont_3
Note L - Commitments and Contingent Liabilities (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Employment Contracts, Automatic Extended Period of Employment (Year) | 1 year |
Employment Contracts, Extended Period of Employment (Year) | 2 years |
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 2.7 |
Chief Executive Officer [Member] | |
Employment Contracts, Contract Term (Year) | 3 years |
Other Senior Executives [Member] | |
Employment Contracts, Contract Term (Year) | 2 years |
Home Equity Line of Credit [Member] | |
Financial Instruments, Off Balance Sheet Risks, Expiration Period (Year) | 10 years |
Financial Instruments, Off Balance Sheet Risks, Maturity Period (Year) | 3 years |
Commercial Loan Commitments [Member] | |
Financial Instruments, Off Balance Sheet Risks, Expiration Period (Year) | 1 year |
Commercial Loan Commitments [Member] | Minimum [Member] | |
Financial Instruments, Off Balance Sheet Risks, Expiration Period (Year) | 60 days |
Commercial Loan Commitments [Member] | Maximum [Member] | |
Financial Instruments, Off Balance Sheet Risks, Expiration Period (Year) | 90 days |
Note L - Commitments and Cont_4
Note L - Commitments and Contingent Liabilities - Off-balance Sheet Risks (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fixed Rate Financial Instrument [Member] | Standby Letters of Credit [Member] | ||
Unused commitments | $ 6,852 | $ 8,706 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Unused commitments | 0 | 0 |
Commitments to Extend Credit [Member] | Fixed Rate Financial Instrument [Member] | ||
Unused commitments | 1,877 | 27,694 |
Commitments to Extend Credit [Member] | Variable Rate [Member] | ||
Unused commitments | $ 237,083 | $ 222,470 |
Note M - Fair Value of Financ_3
Note M - Fair Value of Financial Instruments (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale | $ 695,877,000 | $ 673,413,000 |
Fair Value, Recurring [Member] | ||
Debt Securities, Available-for-Sale | 695,877,000 | 673,413,000 |
Assets, Fair Value Disclosure | 696,459,000 | |
Fair Value, Recurring [Member] | Premises And Facilities [Member] | ||
Assets, Fair Value Disclosure | 383,000 | 2,400,000 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Debt Securities, Available-for-Sale | 192,000 | $ 567,000 |
Assets, Fair Value Disclosure | $ 192,000 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Number Of Non-Rated Bond Anticipation Notes | 3 | |
Debt Securities, Available-for-Sale | $ 192,000 | |
Debt Securities, Maturity Period (Year) | 1 year |
Note M - Fair Value of Financ_4
Note M - Fair Value of Financial Instruments - Financial Instruments Recorded at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale | $ 695,877 | $ 673,413 |
Fair Value, Recurring [Member] | ||
Debt Securities, Available-for-Sale | 695,877 | 673,413 |
Assets, Fair Value Disclosure | 696,459 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative - interest rate swaps | 582 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Assets, Fair Value Disclosure | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivative - interest rate swaps | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 695,685 | 672,846 |
Assets, Fair Value Disclosure | 696,267 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative - interest rate swaps | 582 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 192 | 567 |
Assets, Fair Value Disclosure | 192 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative - interest rate swaps | 0 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale | 143,621 | 305,247 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Debt Securities, Available-for-Sale | 143,621 | 305,247 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 143,429 | 304,680 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 192 | 567 |
Passthrough Mortgage Securities [Member] | ||
Debt Securities, Available-for-Sale | 138,603 | 148,520 |
Passthrough Mortgage Securities [Member] | Fair Value, Recurring [Member] | ||
Debt Securities, Available-for-Sale | 138,603 | 148,520 |
Passthrough Mortgage Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Passthrough Mortgage Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 138,603 | 148,520 |
Passthrough Mortgage Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-Sale | 182,262 | 113,394 |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | ||
Debt Securities, Available-for-Sale | 182,262 | 113,394 |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 182,262 | 113,394 |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Debt Securities, Available-for-Sale | 125,476 | |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 125,476 | |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | |
Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-Sale | 105,915 | 106,252 |
Corporate Bond Securities [Member] | Fair Value, Recurring [Member] | ||
Debt Securities, Available-for-Sale | 105,915 | 106,252 |
Corporate Bond Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Corporate Bond Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 105,915 | 106,252 |
Corporate Bond Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | $ 0 | $ 0 |
Note M - Fair Value of Financ_5
Note M - Fair Value of Financial Instruments - Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted stock | $ 32,659 | $ 26,363 | |
Checking deposits | 1,133,184 | 1,324,141 | |
Savings, NOW and money market deposits | 1,546,369 | 1,661,512 | |
Time deposits | 591,433 | 478,981 | |
Reported Value Measurement [Member] | |||
Restricted stock | 32,659 | 26,363 | |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |||
Cash and cash equivalents | 60,887 | 74,178 | |
Checking deposits | 1,133,184 | 1,324,141 | |
Savings, NOW and money market deposits | 1,546,369 | 1,661,512 | |
Short-term borrowings | 70,000 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 60,887 | 74,178 | |
Checking deposits | 1,133,184 | 1,324,141 | |
Savings, NOW and money market deposits | 1,546,369 | 1,661,512 | |
Time deposits | 586,856 | 467,986 | |
Short-term borrowings | 70,000 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | |||
Loans, net (1) | [1] | 3,219,072 | 3,280,301 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||
Loans, net (1) | [1] | 2,945,864 | 3,064,849 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | |||
Time deposits | 591,433 | 478,981 | |
Long-term debt | 472,500 | 411,000 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Long-term debt | $ 471,276 | $ 407,890 | |
[1]The decrease in fair value of net loans is mainly due to an increase in interest rates. |
Note N - Revenue From Contrac_2
Note N - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3.3 | $ 2.9 | $ 2.6 |
Note O - Derivatives (Details T
Note O - Derivatives (Details Textual) - USD ($) | 12 Months Ended | |||||
Mar. 16, 2023 | Jan. 17, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 31, 2021 | |
Interest Income (Expense), Net | $ 86,865,000 | $ 115,713,000 | $ 106,807,000 | |||
Interest Expense | 68,618,000 | 18,497,000 | 16,152,000 | |||
Residential Portfolio Segment [Member] | ||||||
Derivative, Notional Amount | 582,000 | |||||
Hedged Asset, Fair Value Hedge, Portfolio Layer Method, Hedged Layer, Fair Value, Cumulative Increase (Decrease), Excluded from Amortized Cost | 466,000,000 | |||||
Hedged Asset, Fair Value Hedge, Portfolio Layer Method, Hedged Layer, Fair Value, Cumulative Increase (Decrease) | (506,000) | 0 | ||||
Fair Value Hedging [Member] | ||||||
Derivative, Term of Contract (Year) | 3 years | |||||
Derivative, Notional Amount | $ 300,000,000 | |||||
Derivative, Fixed Interest Rate | 3.82% | |||||
Interest Income (Expense), Net | 3,100,000 | |||||
Cash Flow Hedging [Member] | ||||||
Derivative, Term of Contract (Year) | 5 years | |||||
Derivative, Notional Amount | $ 50,000,000 | 0 | $ 150,000,000 | |||
Interest Expense | $ 426,000 | 2,900,000 | ||||
Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain Loss Cash Flow Hedge [Member] | ||||||
Interest Expense | $ 426,000 | $ 2,900,000 |
Note O - Derivatives - Fair Val
Note O - Derivatives - Fair Value Hedge (Details) - Fair Value Hedging [Member] - USD ($) $ in Billions | Dec. 31, 2023 | Mar. 16, 2023 |
Notional amount (in millions) | $ 0.3 | |
Fixed pay rate | 3.82% | |
Interest Rate Swap [Member] | ||
Notional amount (in millions) | $ 0.3 | |
Fixed pay rate | 3.82% | |
Maturity (in years) (Year) | 2 years 2 months 15 days | |
Interest Rate Swap [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||
Overnight SOFR receive rate | 5.38% |
Note O - Derivative - Hedged As
Note O - Derivative - Hedged Asset Amounts (Details) - Residential Portfolio Segment [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Carrying amount of the hedged asset (1) | [1] | $ 465,495,000 | $ 0 |
Hedged Asset, Fair Value Hedge, Portfolio Layer Method, Hedged Layer, Fair Value, Cumulative Increase (Decrease) | $ (506,000) | $ 0 | |
[1]This amount represents the amortized cost basis of the closed loan portfolio used to designate the hedging relationship in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedge period. At December 31, 2023, the amortized cost basis of the closed portfolio used in this hedging relationship was $466.0 million. The cumulative basis adjustment associated with this hedging relationship was $506,000 and the amount of the designated hedged item was $582,000. |
Note O - Derivative - Gains (Lo
Note O - Derivative - Gains (Losses) on Interest Rate Swaps (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Amount of gain recognized in OCI (effective portion) | $ 0 | $ 1,324 | $ 668 | |
Amount of loss reclassified from OCI to interest expense | [1] | 0 | (426) | (2,867) |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Amount of gain recognized in OCI (effective portion) | 0 | 1,324 | 668 | |
Amount of loss reclassified from OCI to interest expense | 0 | 426 | 2,867 | |
Amount of loss recognized in other noninterest income (ineffective portion) | $ 0 | $ 0 | $ 0 | |
[1]Represents the net interest expense recorded from derivative transactions and included in the consolidated statements of income under "Interest expense." |
Note P - Parent Company Finan_3
Note P - Parent Company Financial Information - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax benefits | $ 28,996 | $ 31,124 | ||
Other assets | 19,622 | 18,623 | ||
Assets | 4,235,900 | 4,281,511 | ||
Cash dividends payable | 4,744 | 4,713 | $ 4,648 | |
Liabilities | 3,855,754 | 3,916,975 | ||
Common stock, par value $0.10 per share: Authorized, 80,000,000 shares; Issued and outstanding, 22,590,942 and 22,443,380 shares | 2,259 | 2,244 | ||
Surplus | 79,728 | 78,462 | ||
Retained earnings | 355,887 | 348,597 | ||
Stockholders Equity Before Accumulated Other Comprehensive Income Net Of Taxes | 437,874 | 429,303 | ||
Accumulated other comprehensive loss, net of tax | (57,728) | (64,767) | ||
Equity, Attributable to Parent | 380,146 | 364,536 | 413,812 | $ 407,118 |
Liabilities and Equity | 4,235,900 | 4,281,511 | ||
Parent Company [Member] | ||||
Cash and due from banks | 695 | 897 | ||
Investment in subsidiary bank, at equity | 383,151 | 363,547 | ||
Prepaid income taxes | 42 | 3,712 | ||
Deferred income tax benefits | 1,010 | 1,088 | ||
Other assets | 9 | 25 | ||
Assets | 384,907 | 369,269 | ||
Other liabilities | 17 | 20 | ||
Cash dividends payable | 4,744 | 4,713 | $ 4,648 | |
Liabilities | 4,761 | 4,733 | ||
Common stock, par value $0.10 per share: Authorized, 80,000,000 shares; Issued and outstanding, 22,590,942 and 22,443,380 shares | 2,259 | 2,244 | ||
Surplus | 79,728 | 78,462 | ||
Retained earnings | 355,887 | 348,597 | ||
Stockholders Equity Before Accumulated Other Comprehensive Income Net Of Taxes | 437,874 | 429,303 | ||
Accumulated other comprehensive loss, net of tax | (57,728) | (64,767) | ||
Equity, Attributable to Parent | 380,146 | 364,536 | ||
Liabilities and Equity | $ 384,907 | $ 369,269 |
Note P - Parent Company Finan_4
Note P - Parent Company Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and Dividend Income, Operating | $ 155,483 | $ 134,210 | $ 122,959 |
Salaries | 2,700 | ||
Other operating expenses | 13,546 | 12,523 | 12,535 |
Noninterest Expense | 64,059 | 67,026 | 68,647 |
Income tax expense | 3,229 | 11,287 | 10,218 |
Net income | 26,239 | 46,932 | 43,089 |
Comprehensive income (loss) | 33,278 | (15,522) | 37,206 |
Parent Company [Member] | |||
Dividends from subsidiary bank | 15,000 | 36,450 | 33,200 |
Interest on deposits with subsidiary bank | 6 | 5 | 3 |
Other | 13 | 0 | 0 |
Interest and Dividend Income, Operating | 15,019 | 36,455 | 33,203 |
Salaries | 779 | 2,065 | 1,365 |
Other operating expenses | 1,070 | 795 | 661 |
Noninterest Expense | 1,849 | 2,860 | 2,026 |
Income before income taxes | 13,170 | 33,595 | 31,177 |
Income tax expense | (504) | (791) | 89 |
Income before undistributed earnings of subsidiary bank | 13,674 | 34,386 | 31,088 |
Equity in undistributed earnings | 12,565 | 12,546 | 12,001 |
Net income | 26,239 | 46,932 | 43,089 |
Comprehensive income (loss) | $ 33,278 | $ (15,522) | $ 37,206 |
Note P - Parent Company Finan_5
Note P - Parent Company Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities: | |||
Net income | $ 26,239 | $ 46,932 | $ 43,089 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income tax provision (credit) | (1,149) | 670 | (56) |
Stock-based compensation expense | 1,249 | 2,466 | 1,635 |
Other decreases (increases) in assets | (2,990) | (2,501) | 3,093 |
Decrease in other liabilities | (384) | (3,770) | (2,522) |
Net cash provided by operating activities | 32,162 | 51,424 | 50,781 |
Cash Flows From Financing Activities: | |||
Repurchase of common stock | 0 | (17,889) | (14,501) |
Proceeds from issuance of common stock, net of shares withheld | (28) | 263 | 607 |
Cash dividends paid | (18,918) | (18,591) | (18,261) |
Net cash provided by (used in) financing activities | (81,094) | 212,850 | (34,294) |
Net increase (decrease) in cash and cash equivalents | (13,291) | 30,503 | (167,507) |
Cash and cash equivalents, beginning of year | 74,178 | 43,675 | 211,182 |
Cash and cash equivalents, end of period | 60,887 | 74,178 | 43,675 |
Noncash investing and financing activities: | |||
Cash dividends payable | 4,744 | 4,713 | 4,648 |
Parent Company [Member] | |||
Cash Flows From Operating Activities: | |||
Net income | 26,239 | 46,932 | 43,089 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Undistributed earnings of subsidiary bank | (12,565) | (12,546) | (12,001) |
Deferred income tax provision (credit) | 78 | (199) | 533 |
Stock-based compensation expense | 1,249 | 2,466 | 1,635 |
Other decreases (increases) in assets | 16 | (1) | 0 |
Decrease in other liabilities | (3) | 5 | 1 |
Other decreases (increases) | 3,730 | (530) | (1,112) |
Net cash provided by operating activities | 18,744 | 36,127 | 32,145 |
Cash Flows From Investing Activities: | |||
Capital contributions to Bank subsidiary | 0 | 0 | 0 |
Cash Flows From Financing Activities: | |||
Repurchase of common stock | 0 | (17,889) | (14,501) |
Proceeds from issuance of common stock, net of shares withheld | (28) | 263 | 607 |
Cash dividends paid | (18,918) | (18,591) | (18,261) |
Net cash provided by (used in) financing activities | (18,946) | (36,217) | (32,155) |
Net increase (decrease) in cash and cash equivalents | (202) | (90) | (10) |
Cash and cash equivalents, beginning of year | 897 | 987 | 997 |
Cash and cash equivalents, end of period | 695 | 897 | 987 |
Noncash investing and financing activities: | |||
Cash dividends payable | $ 4,744 | $ 4,713 | $ 4,648 |