Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 03, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Entity File Number | 001-32964 | ||
Entity Registrant Name | THE FIRST OF LONG ISLAND CORPORATION | ||
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 Central Index Key | 0000740663 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 382.3 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 22,512,395 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held April 18, 2023 are incorporated by reference into Part III. | ||
Auditor Firm ID | 173 | ||
Auditor Name | Crowe LLP | ||
Auditor Location | New York, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and cash equivalents | $ 74,178 | $ 43,675 |
Investment securities available-for-sale, at fair value | 673,413 | 734,318 |
Loans: | ||
Loans | 3,311,733 | 3,105,036 |
Allowance for credit losses | (31,432) | (29,831) |
Total | 3,280,301 | 3,075,205 |
Restricted stock, at cost | 26,363 | 21,524 |
Bank premises and equipment, net | 31,660 | 37,523 |
Right-of-use asset - operating leases | 23,952 | 8,438 |
Bank-owned life insurance | 110,848 | 107,831 |
Pension plan assets, net | 11,049 | 19,097 |
Deferred income tax benefit | 31,124 | 3,987 |
Other assets | 18,623 | 17,191 |
Total assets | 4,281,511 | 4,068,789 |
Deposits: | ||
Checking | 1,324,141 | 1,400,998 |
Savings, NOW and money market | 1,661,512 | 1,685,410 |
Time | 478,981 | 228,837 |
Total | 3,464,634 | 3,315,245 |
Short-term borrowings | 125,000 | |
Long-term debt | 411,000 | 186,322 |
Operating lease liability | 25,896 | 11,259 |
Accrued expenses and other liabilities | 15,445 | 17,151 |
Total liabilities | 3,916,975 | 3,654,977 |
Stockholders' Equity: | ||
Common stock, par value $0.10 per share: Authorized, 80,000,000 shares; Issued and outstanding, 22,443,380 and 23,240,596 shares | 2,244 | 2,324 |
Surplus | 78,462 | 93,480 |
Retained earnings | 348,597 | 320,321 |
Total | 429,303 | 416,125 |
Accumulated other comprehensive income (loss), net of tax | (64,767) | (2,313) |
Total Stock Holders' Equity | 364,536 | 413,812 |
Total Liabilities and Equity | 4,281,511 | 4,068,789 |
Commercial And Industrial [Member] | ||
Loans: | ||
Loans | 108,493 | 90,386 |
Allowance for credit losses | (1,543) | (888) |
SBA Paycheck Protection Program [Member] | ||
Loans: | ||
Loans | 30,534 | |
Allowance for credit losses | (46) | |
Commercial Mortgages [Member] | ||
Loans: | ||
Loans | 1,916,493 | 1,736,612 |
Consumer And Other [Member] | ||
Loans: | ||
Loans | 1,390 | 991 |
Allowance for credit losses | (15) | (3) |
Closed-end [Member] | Residential Mortgages [Member] | ||
Loans: | ||
Loans | 1,240,144 | 1,202,374 |
Allowance for credit losses | (10,633) | (11,298) |
Revolving Home Equity [Member] | Residential Mortgages [Member] | ||
Loans: | ||
Loans | 45,213 | 44,139 |
Allowance for credit losses | $ (362) | $ (449) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 22,443,380 | 23,240,596 |
Common stock, shares outstanding (in shares) | 22,443,380 | 23,240,596 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and dividend income: | |||
Loans | $ 116,352 | $ 106,266 | $ 109,492 |
Investment securities: | |||
Taxable | 9,795 | 8,162 | 11,873 |
Nontaxable | 8,063 | 8,531 | 9,851 |
Total interest and dividend income | 134,210 | 122,959 | 131,216 |
Interest expense: | |||
Savings, NOW and money market deposits | 7,180 | 4,414 | 9,097 |
Time deposits | 5,296 | 5,712 | 10,977 |
Short-term borrowings | 1,207 | 1,427 | 1,574 |
Long-term debt | 4,814 | 4,599 | 7,540 |
Total interest expense | 18,497 | 16,152 | 29,188 |
Net interest income | 115,713 | 106,807 | 102,028 |
Provision (credit) for credit losses | 2,331 | (2,573) | 3,006 |
Net interest income after provision (credit) for credit losses | 113,382 | 109,380 | 99,022 |
Noninterest income: | |||
Bank-owned life insurance | 3,017 | 2,399 | 2,313 |
Service charges on deposit accounts | 3,157 | 2,925 | 2,962 |
Net gains on sales of securities | 1,104 | 2,556 | |
Other | 6,242 | 6,146 | 6,255 |
Total noninterest income | 12,416 | 12,574 | 14,086 |
Noninterest expense: | |||
Salaries and employee benefits | 41,096 | 39,753 | 37,288 |
Occupancy and equipment | 13,407 | 15,338 | 12,370 |
Loss on disposition of premises and fixed assets | 553 | ||
Debt extinguishment | 1,021 | 2,559 | |
Other | 12,523 | 12,535 | 11,364 |
Total noninterest expense | 67,579 | 68,647 | 63,581 |
Income before income taxes | 58,219 | 53,307 | 49,527 |
Income tax expense | 11,287 | 10,218 | 8,324 |
Net income | $ 46,932 | $ 43,089 | $ 41,203 |
Weighted average: | |||
Common shares | 22,868,658 | 23,655,635 | 23,859,119 |
Dilutive stock options and restricted stock units | 99,895 | 107,348 | 53,915 |
Total weighted average | 22,968,553 | 23,762,983 | 23,913,034 |
Earnings per share: | |||
Basic | $ 2.05 | $ 1.82 | $ 1.73 |
Diluted | 2.04 | 1.81 | 1.72 |
Cash dividends declared per share | $ 0.82 | $ 0.78 | $ 0.74 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 46,932 | $ 43,089 | $ 41,203 |
Other comprehensive income (loss): | |||
Change in net unrealized holding gains (losses) on available-for-sale securities | (83,835) | (10,633) | 3,543 |
Change in funded status of pension plan | (8,176) | (1,341) | 1,571 |
Change in net unrealized loss on derivative instruments | 1,750 | 3,535 | (867) |
Other comprehensive income (loss) before income taxes | (90,261) | (8,439) | 4,247 |
Income tax expense (benefit) | (27,807) | (2,556) | 1,272 |
Other comprehensive income (loss) | (62,454) | (5,883) | 2,975 |
Comprehensive income (loss) | $ (15,522) | $ 37,206 | $ 44,178 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 23,934,632 | ||||
Balance at Dec. 31, 2019 | $ 2,393 | $ 111,744 | $ 272,051 | $ 595 | $ 386,783 |
Net income | 41,203 | 41,203 | |||
Other comprehensive income (loss) | 2,975 | 2,975 | |||
Repurchase of common stock (in shares) | (377,200) | ||||
Repurchase of common stock | $ (38) | (7,897) | (7,935) | ||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (66,142) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (6) | (1,521) | (1,527) | ||
Common stock issued under stock compensation plans (in shares) | 249,414 | ||||
Common stock issued under stock compensation plans | $ 25 | 625 | 650 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 49,885 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 5 | 808 | 813 | ||
Stock-based compensation | 1,788 | 1,788 | |||
Cash dividends declared | (17,632) | (17,632) | |||
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 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows From Operating Activities: | |||
Net income | $ 46,932 | $ 43,089 | $ 41,203 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision (credit) for credit losses | 2,331 | (2,573) | 3,006 |
Provision (credit) for deferred income taxes | 670 | (56) | (1,331) |
Depreciation and amortization of premises and equipment | 3,612 | 4,905 | 4,195 |
Amortization of right-of-use asset - operating leases | 2,699 | 3,774 | 2,177 |
Premium amortization on investment securities, net | 1,578 | 2,247 | 1,852 |
Net gain on sales of securities | (1,104) | (2,556) | |
Loss on debt extinguishment | 1,021 | 2,559 | |
Loss on disposition of premises and fixed assets | 553 | ||
Stock-based compensation expense | 2,466 | 1,635 | 1,788 |
Accretion of cash surrender value on bank-owned life insurance | (3,017) | (2,399) | (2,313) |
Pension credit | (129) | (329) | (263) |
Decrease in other liabilities | (3,770) | (2,522) | (3,751) |
Other decreases (increases) in assets | (2,501) | 3,093 | (531) |
Net cash provided by operating activities | 51,424 | 50,781 | 46,035 |
Available-for-sale securities: | |||
Proceeds from sales | 71,695 | 64,453 | |
Proceeds from maturities and redemptions | 45,054 | 113,736 | 146,063 |
Purchases | (69,562) | (268,803) | (171,447) |
Net decrease (increase) in loans | (207,427) | (72,215) | 152,649 |
Net decrease (increase) in restricted stock | (4,839) | (710) | 10,085 |
Proceeds from disposition of premises and fixed assets | 6,601 | ||
Purchases of bank-owned life insurance | (20,000) | ||
Purchases of premises and equipment, net | (3,598) | (7,697) | (3,008) |
Net cash provided by (used in) investing activities | (233,771) | (183,994) | 198,795 |
Cash Flows From Financing Activities: | |||
Net increase (decrease) in deposits | 149,389 | (6,343) | 177,572 |
Net increase (decrease) in short-term borrowings | (125,000) | 64,905 | (130,615) |
Proceeds from long-term debt | 300,000 | 120,000 | |
Repayment of long-term debt | (75,322) | (60,701) | (214,029) |
Proceeds from issuance of common stock, net of shares withheld | 263 | 607 | (188) |
Repurchase of common stock | (17,889) | (14,501) | (7,935) |
Cash dividends paid | (18,591) | (18,261) | (17,421) |
Net cash provided by (used in) financing activities | 212,850 | (34,294) | (72,616) |
Net increase (decrease) in cash and cash equivalents | 30,503 | (167,507) | 172,214 |
Cash and cash equivalents, beginning of year | 43,675 | 211,182 | 38,968 |
Cash and cash equivalents, end of period | 74,178 | 43,675 | 211,182 |
Supplemental Cash Flow Disclosures: | |||
Cash paid for interest | 17,142 | 16,713 | 29,500 |
Cash paid for income taxes | 11,610 | 11,650 | 7,582 |
Operating cash flows from operating leases | 4,148 | 2,475 | 2,796 |
Noncash investing and financing activities: | |||
Right-of-use assets obtained in exchange for operating lease liabilities | 18,386 | 923 | |
Cash dividends payable | 4,713 | 4,648 | $ 4,519 |
Bank premises transferred to held-for-sale | $ 2,407 | $ 3,796 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 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: The First of Long Island Agency, Inc.; 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 limited to, changes in interest rates, changes in the performance of the economy and changes in the financial condition of borrowers. Adoption of New Accounting Standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-2 “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” which affect entities that have adopted ASU 2016-13 “Measurement of Credit Losses on Financial Instruments” (“CECL”). The amendments in the ASU that relate to troubled debt restructurings (“TDRs”) eliminate the TDR recognition and measurement guidance and instead require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan, while also enhancing disclosure requirements. The amendments that relate to vintage disclosures require that an entity disclose current-period gross chargeoffs by year of origination for financing receivables and net investments in leases within the scope of CECL. Gross chargeoffs must be included in the vintage disclosures required by CECL. For entities that have adopted CECL such as the Corporation, the amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should generally be applied prospectively. Early adoption is permitted, including adoption in an interim period. Management adopted ASU 2022-2 in the second quarter of 2022 effective as of January 1, 2022 using the modified retrospective transition approach. Its adoption modified the Corporation’s disclosures but did not have a material impact on its financial position or results of operations. Disclosures pertaining to the ASU can be found in “Note C – Loans” of these unaudited consolidated financial statements. Cash and Cash Equivalents Cash and cash equivalents include cash and deposits with other financial institutions that generally mature within 90 days. 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 applicable to any securities in the Bank's portfolio because the Bank does not buy or hold debt or equity securities principally for the purpose of selling in the near term. HTM securities, or debt securities which the Bank has the intent and ability to hold to maturity, are reported at amortized cost, net of allowance for credit losses (“ACL” or “allowance”), if any. AFS securities, or debt securities which are neither HTM securities nor trading securities, are reported at fair value, with unrealized gains and losses, net of the related income tax effect, included in other comprehensive income (loss) (“OCI”). Equity securities, if any, are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. 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 call date, while discounts on municipal securities are accreted to the stated maturity date. Realized gains and losses on the sale of securities are determined using the specific identification method. 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 evaluates whether the decline in fair value has resulted from an actual or estimated credit loss event. Management considers the extent to which fair value is less than amortized cost, changes to the rating of the security, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss is likely, management then assesses whether it has the intent to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost and determines the present value of cash flows expected to be collected from the security as compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, an allowance is recorded for the estimated credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance is recognized in OCI. Accrued interest receivable on AFS securities is excluded from the estimate of credit losses. 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 days past due as to principal or interest payments. The accrual of interest income on a loan is also discontinued when it is determined that the borrower will not be able to make principal and interest payments according to the contractual terms of the current loan agreement. When the accrual of interest income is discontinued on a loan, any accrued but unpaid interest is reversed against current period income. Interest received on nonaccrual loans is applied to the outstanding principal balance until the loans qualify for return to an accrual status, if ever. Return to an accrual status occurs when all the principal and interest amounts contractually past due are brought current and all future payments are reasonably assured. 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 or information suggesting that the Bank will be unable to collect all the principal and interest due. For loans individually evaluated, a specific reserve 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) commercial and industrial; (2) small business credit scored; (3) multifamily; (4) owner-occupied; (5) other commercial real estate; (6) construction and land development; (7) closed end residential mortgage; (8) revolving home equity; (9) consumer; and (10) municipal loans. An additional pool was used for Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans while those loans were outstanding. Historical loss information from the Bank’s own loan portfolio from December 31, 2007 to present provides a basis for management’s assessment of expected credit losses. The choice of a historical look-back period that begins in 2007 covers an entire economic cycle and impacts the average historical loss rates used to calculate the final ACL. Due to the extensive loss data available, management selected the vintage approach to measure the historical loss component of credit losses for most of its loan pools. For the revolving home equity and small business credit scored pools, the Lifetime PD/LGD (probability of default/loss given default) method is used to measure historical losses. No historical loss method was applied to the SBA PPP loan pool which was 100% guaranteed by the federal government. 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 recorded upon modification. 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 year to two year forecasting horizon differ from the conditions that existed during the historical loss period. These quantitative adjustments reflect changes to relevant data such as changes in unemployment rates, gross domestic product (“GDP”), vacancies, average growth in pools of loans, delinquencies or other factors associated with the financial assets. The allowance for SBA PPP loans represented an estimate of potential loss due to documentation and processing deficiencies. The immediate reversion method is applied for periods beyond the forecasting horizon. The Bank’s ACL allocable to pools of loans that are collectively evaluated for credit loss results primarily from these qualitative and quantitative adjustments to historical loss experience. Because of the nature of the Q-factors and the degree of judgement involved in assessing their impact, management’s resulting estimate of losses may not accurately reflect current and future losses in the portfolio. 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 maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. 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 years to fifteen years . Furniture, fixtures and equipment are depreciated using the straight-line method over their estimated useful lives, which range from three years to ten years . Premises and equipment held-for-sale, if any, is included in “other assets” on the Corporation’s consolidated balance sheets and carried at the lower of cost or fair value. Writedowns upon transfer to held-for-sale are included in “other noninterest expense” on the consolidated income statements. Fair value is based on an appraisal, where available, adjusted for estimated costs to sell. 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 provide an implicit interest rate, the Bank uses its incremental borrowing rate to determine the present value of the lease payments. The Bank’s ROU asset and lease liability may include options to extend the lease when it is reasonably certain that the Bank will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Bank-owned Life Insurance The Bank is the owner and beneficiary of insurance policies on the lives of certain 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 have a readily determinable fair value, are carried at cost, classified as restricted stock and periodically evaluated for impairment based on the prospects for the ultimate recovery of cost. Cash dividends, if any, are reported as interest income on taxable investment securities. 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 be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. 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 historical loss factors 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 $ 421,000 and $ 492,000 , respectively, at December 31, 2022 and 2021. The ACL is adjusted through a provision (credit) for credit loss expense which is included in the line item “other noninterest expense” in the consolidated statements of income and amounted to ($ 71,000 ), $ 82,000 and ($ 195,000 ) in 2022, 2021 and 2020, respectively. Off-balance sheet credit instruments are recorded on the balance sheet when they are funded or drawn down. Derivatives The Corporation records cash flow hedges at the inception of a derivative contract based on management’s intentions and belief as to the likely effectiveness of the hedge. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is recorded in OCI and is reclassified into earnings in the same period during which the hedged transaction affects earnings. The changes in the fair value of a derivative that is not highly effective in hedging the expected cash flows of the hedged item are recognized immediately as interest expense in the consolidated statements of income. 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 qualify for hedge accounting are reported in noninterest income or noninterest expense. Cash flows from hedges are classified in the consolidated statements of cash flows in the same manner as the items being hedged. 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 longer effective in offsetting changes in cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm or treatment of the derivative as a hedge is no longer appropriate or intended. 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 expected to be realized. The measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law. The effects of future changes in tax laws or rates are not considered. The Corporation recognizes interest and/or penalties related to income tax matters in noninterest income or noninterest expense as appropriate. 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(k) plan expense is equal to the amount of the Corporation’s matching contributions and is included in salaries and employee benefits in the consolidated statements of income. 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 material and operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the financial operations of the Bank are aggregated in one reportable operating segment. Investment Services Assets held in a fiduciary capacity are not assets of the Corporation and, accordingly, are not included in the accompanying consolidated financial statements. The Bank records investment services fees on the accrual basis. 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 stock options and 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 stock options and 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 stock options and RSUs. 33,017 and 25,519 RSUs were excluded from the calculation of EPS at December 31, 2022 and 2020, because their inclusion would be anti-dilutive. There were no anti-dilutive RSUs at December 31, 2021. Other than the RSUs described in “Note I – Stock-Based Compensation,” the Corporation has no securities that could be converted into common stock nor does the Corporation have any contracts that could result in the issuance of common stock. 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 Period Change due to Other Balance Comprehensive Balance (in thousands) 12/31/21 Income (Loss) 12/31/22 Unrealized holding gains (losses) on AFS securities $ 1,955 $ ( 58,010 ) $ ( 56,055 ) Unrealized actuarial losses on pension plan ( 3,056 ) ( 5,656 ) ( 8,712 ) Unrealized loss on derivative instruments ( 1,212 ) 1,212 — Accumulated other comprehensive loss, net of tax $ ( 2,313 ) $ ( 62,454 ) $ ( 64,767 ) The components of OCI and the related tax effects are as follows: (in thousands) 2022 2021 2020 Change in net unrealized holding gains (losses) on AFS securities: Change arising during the period $ ( 83,835 ) $ ( 9,529 ) $ 6,099 Reclassification adjustment for gains included in net income (1) — ( 1,104 ) ( 2,556 ) ( 83,835 ) ( 10,633 ) 3,543 Tax effect ( 25,825 ) ( 3,163 ) 1,063 ( 58,010 ) ( 7,470 ) 2,480 Change in funded status of pension plan: Unrecognized net gain (loss) arising during the period ( 8,176 ) ( 1,341 ) 1,571 Tax effect ( 2,520 ) ( 438 ) 470 ( 5,656 ) ( 903 ) 1,101 Change in unrealized loss on derivative instruments: Amount of gain (loss) recognized during the period 1,324 668 ( 4,835 ) Reclassification adjustment for net interest expense included in net income (2) 426 2,867 3,968 1,750 3,535 ( 867 ) Tax effect 538 1,045 ( 261 ) 1,212 2,490 ( 606 ) Other comprehensive income (loss) $ ( 62,454 ) $ ( 5,883 ) $ 2,975 (1) Represents net realized gains arising from the sale of AFS securities, included in the consolidated statements of income in the line item “Net gains 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 net interest expense recorded from derivative transactions and included in the consolidated statements of income under “Interest expense.” Impact of Issued But Not Yet Effective Accounting Standards There were no issued but not yet effective pronouncements at December 31, 2022 that could materially impact the Corporation’s financial position, results of operations or disclosures. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investment Securities [Abstract] | |
Investment Securities | 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, 2022 and 2021. 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 2021 State and municipals $ 315,747 $ 11,600 $ ( 176 ) $ 327,171 Pass-through mortgage securities 187,494 54 ( 4,591 ) 182,957 Collateralized mortgage obligations 109,254 67 ( 3,239 ) 106,082 Corporate bonds 119,000 — ( 892 ) 118,108 $ 731,495 $ 11,721 $ ( 8,898 ) $ 734,318 At December 31, 2022 and 2021, investment securities with a carrying value of $ 350.8 million and $ 425.0 million, respectively, were pledged as collateral to secure public deposits and borrowed funds. There were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity at December 31, 2022 and 2021. Securities With Unrealized Losses. The following tables set forth securities with unrealized losses at December 31, 2022 and 2021 presented by length of time the securities had been in a continuous unrealized loss position. 2022 Less than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized 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 ) 2021 State and municipals $ 18,429 $ ( 176 ) $ — $ — $ 18,429 $ ( 176 ) Pass-through mortgage securities 179,575 ( 4,529 ) 1,641 ( 62 ) 181,216 ( 4,591 ) Collateralized mortgage obligations 99,305 ( 3,239 ) — — 99,305 ( 3,239 ) Corporate bonds 87,620 ( 380 ) 30,488 ( 512 ) 118,108 ( 892 ) Total temporarily impaired $ 384,929 $ ( 8,324 ) $ 32,129 $ ( 574 ) $ 417,058 $ ( 8,898 ) Following is a discussion of unrealized losses by type of security, none of which are considered impaired at December 31, 2022. State and Municipals At December 31, 2022, approximately $ 252.1 million of state and municipal bonds had an unrealized loss of $ 16.6 million. Substantially all the state and municipal bonds are considered high investment grade and rated Aa2/AA- or higher. The unrealized loss is attributable to changes in interest rates and illiquidity and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank does not intend to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity. Pass-through Mortgage Securities At December 31, 2022, pass-through mortgage securities of approximately $ 148.5 million had an unrealized loss of $ 31.1 million. These securities were issued by U.S. government and government-sponsored agencies and are considered high investment grade. The unrealized loss is attributable to changes in interest rates and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity. Collateralized Mortgage Obligations At December 31, 2022, collateralized mortgage obligations of approximately $ 113.4 million had an unrealized loss of $ 20.7 million. These securities were issued by U.S. government and government-sponsored agencies and are considered high investment grade. The unrealized loss is attributable to changes in interest rates and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity. Corporate Bonds At December 31, 2022, approximately $ 106.3 million of corporate bonds had an unrealized loss of $ 12.7 million. The corporate bonds represent senior unsecured debt obligations of six of the largest U.S. based financial institutions, including JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo. Each of the corporate bonds has a stated maturity of ten years and matures in 2028. The bonds reprice quarterly based on the ten year constant maturity swap rate. Each of the financial institutions is considered upper medium investment grade and rated A3 or higher. The unrealized loss is attributable to changes in credit spreads and interest rates and the illiquid nature of the securities. The Bank does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. Each of these financial institutions has diversified revenue streams, is well capitalized and continues to make timely interest payments. Management evaluates the quarterly financial statements of each company to determine if full payment of principal and interest is in doubt and does not believe there is any impairment at December 31, 2022. Sales of AFS Securities. Sales of AFS securities were as follows: (in thousands) 2022 2021 2020 Proceeds $ — $ 71,695 $ 64,453 Gains $ — $ 1,120 $ 2,556 Losses — ( 16 ) — Net gains $ — $ 1,104 $ 2,556 The income tax expense related to these net realized gains was $ 340,000 and $ 766,000 in 2021 and 2020, respectively, and is included in the consolidated statements of income in the line item “Income tax expense.” Sales of HTM Securities. The Bank did no t have any securities classified as HTM in 2022, 2021 or 2020. Maturities. The following table sets forth by maturity the amortized cost and fair value of the Bank’s state and municipal securities and corporate bonds at December 31, 2022 based on the earlier of their stated maturity or, if applicable, their pre-refunded date. The remaining securities in the Bank’s investment securities portfolio are mortgage-backed securities, consisting of pass-through mortgage securities and collateralized mortgage obligations. Although these securities are expected to have substantial periodic repayments they are reflected in the table below in aggregate amounts. (in thousands) Amortized Cost Fair Value Within one year $ 20,590 $ 20,503 After 1 through 5 years 86,981 86,019 After 5 through 10 years 206,044 191,252 After 10 years 127,085 113,725 Mortgage-backed securities 313,725 261,914 $ 754,425 $ 673,413 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2022 | |
Loans [Abstract] | |
Loans | NOTE C – LOANS The following table sets forth the loans outstanding by class of loans for the periods indicated. December 31, (in thousands) 2022 2021 Commercial and industrial $ 108,493 $ 90,386 SBA PPP — 30,534 Commercial mortgages: Multifamily 906,498 864,207 Other 789,140 700,872 Owner-occupied 220,855 171,533 Residential mortgages: Closed end 1,240,144 1,202,374 Revolving home equity 45,213 44,139 Consumer and other 1,390 991 $ 3,311,733 $ 3,105,036 The following tables present the activity in the ACL for the years ended December 31, 2022, 2021 and 2020 . (in thousands) Balance at 1/1/2022 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 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 (in thousands) Balance at 1/1/2021 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 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 (in thousands) Balance at 1/1/2020 Impact of ASC 326 Adoption Chargeoffs Recoveries Provision (Credit) for Loan Losses Balance at 12/31/2020 Commercial and industrial $ 1,493 $ ( 244 ) $ 1,283 $ 519 $ 931 $ 1,416 SBA PPP — — — — 209 209 Commercial mortgages: Multifamily 7,151 1,059 298 — 1,562 9,474 Other 3,498 ( 47 ) 502 1 1,963 4,913 Owner-occupied 921 778 — — 206 1,905 Residential mortgages: Closed end 15,698 1,356 558 32 ( 1,822 ) 14,706 Revolving home equity 515 ( 6 ) 86 30 ( 46 ) 407 Consumer and other 13 ( 8 ) 3 2 3 7 $ 29,289 $ 2,888 $ 2,730 $ 584 $ 3,006 $ 33,037 The provision recorded in 2022 was mainly due to an increase in outstanding mortgage loans, chargeoffs and deteriorating economic conditions, partially offset by lower historical loss rates. The credit provision recorded in 2021 was mainly due to improvements in economic conditions, asset quality and other portfolio metrics, partially offset by an increase in outstanding commercial mortgage loans and net chargeoffs. The provision recorded in 2020 was mainly due to the effects of the COVID-19 pandemic. Aging of Loans . The following tables present the aging of loans past due and loans in nonaccrual status by class of loans. December 31, 2022 Past Due Nonaccrual With an With No Total Past 90 Days or Allowance Allowance Due Loans & More and for Credit for Credit Nonaccrual Total (in thousands) 30-59 Days 60-89 Days Still Accruing Loss Loss Loans Current Loans Commercial and industrial $ 297 $ — $ — $ — $ — $ 297 $ 108,196 $ 108,493 SBA PPP — — — — — — — — 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 December 31, 2021 Commercial and industrial $ 128 $ — $ — $ — $ — $ 128 $ 90,258 $ 90,386 SBA PPP 259 — — — — 259 30,275 30,534 Commercial mortgages: Multifamily — — — — — — 864,207 864,207 Other — — — — — — 700,872 700,872 Owner-occupied — — — — — — 171,533 171,533 Residential mortgages: Closed end — — — — 1,235 1,235 1,201,139 1,202,374 Revolving home equity — — — — — — 44,139 44,139 Consumer and other 73 — — — — 73 918 991 $ 460 $ — $ — $ — $ 1,235 $ 1,695 $ 3,103,341 $ 3,105,036 There were no loans in the process of foreclosure no r did the Bank hold any foreclosed residential real estate property at December 31, 2022, 2021 or 2020. Accrued interest receivable from loans totaled $ 9.2 million and $ 8.0 million at December 31, 2022 and 2021, respectively, and is included in the line item “Other assets” on the consolidated balance sheets. Loans to Directors and Executive Officers. At December 31, 2022 and 2021, there were no outstanding loans to directors, including their immediate families and companies in which they are principal owners or executive officers. Loan Modifications. From time to time, the Bank may modify the terms of loans to borrowers experiencing financial difficulty in the form of principal forgiveness, an interest reduction, an other-than-insignificant payment delay or a term extension. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. The Bank performs the evaluation under its internal underwriting policy. The Bank did not modify any loans to borrowers experiencing financial difficulty during 2022, 2021 or 2020. Loans modified in prior years (formerly troubled debt restructurings) with a total outstanding balance of $ 480,000 at December 31, 2022 were performing in accordance with their modified terms. The Bank had no commitments to lend additional amounts to such borrowers. There were no modifications for which there was a payment default during 2022, 2021 and 2020 that were modified during the 12 month period prior to default. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. Risk Characteristics. Credit risk within the Bank’s loan portfolio primarily stems from factors such as changes in the borrower’s financial condition, credit concentrations, changes in collateral values, economic conditions, rent regulation and environmental contamination of properties securing mortgage loans. The Bank’s commercial loans, including those secured by real estate mortgages, are primarily made to small and medium-sized businesses. Such loans sometimes involve a higher degree of risk than those to larger companies because such businesses may have shorter operating histories, higher debt-to-equity ratios and may lack sophistication in internal record keeping and financial and operational controls. In addition, most of the Bank’s loans are made to businesses and consumers on Long Island and in the boroughs of New York City (“NYC”), and a large percentage of these loans are mortgage loans secured by properties located in those areas. The primary sources of repayment for residential and commercial mortgage loans include employment and other income of the borrowers, the businesses of the borrowers and cash flows from the underlying properties. In the case of multifamily mortgage loans, a substantial portion of the underlying properties are rent stabilized or rent controlled. These sources of repayment are dependent on the strength of the local economy. Credit Quality Indicators. The Bank categorizes loans into risk categories based on relevant information about the borrower’s ability to service their debt including, but not limited to, current financial information for the borrower and any guarantors, payment experience, credit underwriting documentation, public records, due diligence checks and current economic trends. Management analyzes loans individually and classifies them using risk rating matrices consistent with regulatory guidance as follows. Watch: The borrower’s cash flow has a high degree of variability and subject to economic downturns. Liquidity is strained and the ability of the borrower to access traditional sources of credit is diminished. Special Mention: The borrower has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Bank’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Bank to risk sufficient to warrant adverse classification. Substandard: Loans are inadequately protected by the current sound worth and paying capacity of the borrower or the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful: Loans have all the inherent weaknesses of those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on existing facts, conditions and values, highly questionable and improbable. 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 be classified, criticized or placed on management’s watch list if relevant information comes to light. 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 2022 by year of origination. December 31, 2022 Term Loans by Origination Year Revolving (in thousands) 2022 2021 2020 2019 2018 Prior Loans (1) Total Commercial and industrial: Risk rating: Pass $ 29,913 $ 27,212 $ 10,747 $ 5,369 $ 4,352 $ 3,840 $ 14,721 $ 96,154 Watch 1,998 10,067 274 — — — — 12,339 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 31,911 $ 37,279 $ 11,021 $ 5,369 $ 4,352 $ 3,840 $ 14,721 $ 108,493 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ ( 511 ) $ ( 511 ) Current-period recoveries — — — — — — 154 154 Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ ( 357 ) $ ( 357 ) Commercial mortgages – multifamily: Risk rating: Pass $ 195,614 $ 180,602 $ 39,687 $ 125,179 $ 112,456 $ 246,436 $ 225 $ 900,199 Watch — — — — — 6,299 — 6,299 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 195,614 $ 180,602 $ 39,687 $ 125,179 $ 112,456 $ 252,735 $ 225 $ 906,498 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – other: Risk rating: Pass $ 191,988 $ 224,005 $ 99,340 $ 34,448 $ 43,235 $ 188,327 $ — $ 781,343 Watch — — — — 934 — — 934 Special Mention — — — — — — — — Substandard — — — — — 6,863 — 6,863 Doubtful — — — — — — — — $ 191,988 $ 224,005 $ 99,340 $ 34,448 $ 44,169 $ 195,190 $ — $ 789,140 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – owner-occupied: Risk rating: Pass $ 56,771 $ 56,039 $ 21,199 $ 41,532 $ 2,763 $ 35,785 $ 1,487 $ 215,576 Watch — 5,279 — — — — — 5,279 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 56,771 $ 61,318 $ 21,199 $ 41,532 $ 2,763 $ 35,785 $ 1,487 $ 220,855 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — (1) Includes commercial and industrial lines converted to term of $ 4.7 million. December 31, 2022 Term Loans by Origination Year Revolving (in thousands) 2022 2021 2020 2019 2018 Prior Loans (1) Total Residential mortgages: Risk rating: Pass $ 203,272 $ 169,522 $ 35,754 $ 17,030 $ 182,248 $ 632,039 $ 45,213 $ 1,285,078 Watch — — — — — 279 — 279 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 203,272 $ 169,522 $ 35,754 $ 17,030 $ 182,248 $ 632,318 $ 45,213 $ 1,285,357 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ ( 372 ) $ — $ ( 372 ) Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ ( 372 ) $ — $ ( 372 ) Consumer and other: Risk rating: Pass $ 241 $ — $ — $ 100 $ — $ 72 $ 844 $ 1,257 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Not Rated — — — — — — 133 133 $ 241 $ — $ — $ 100 $ — $ 72 $ 977 $ 1,390 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ ( 1 ) $ ( 1 ) Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ ( 1 ) $ ( 1 ) Total loans $ 679,797 $ 672,726 $ 207,001 $ 223,658 $ 345,988 $ 1,119,940 $ 62,623 $ 3,311,733 Total net chargeoffs — — — — — ( 372 ) ( 358 ) ( 730 ) (1) Includes home equity lines converted to term of $ 8.1 million. |
Premises And Equipment And Oper
Premises And Equipment And Operating Leases | 12 Months Ended |
Dec. 31, 2022 | |
Premises And Equipment And Operating Leases [Abstract] | |
Premises And Equipment And Operating Leases | NOTE D – PREMISES AND EQUIPMENT AND OPERATING LEASES Premises and equipment. Bank premises and equipment consist of the following: December 31, (in thousands) 2022 2021 Land $ 8,552 $ 8,459 Buildings and improvements 22,120 28,838 Leasehold improvements 12,002 11,421 Furniture and equipment 36,595 34,782 Construction in process 433 493 79,702 83,993 Accumulated depreciation and amortization ( 48,042 ) ( 46,470 ) $ 31,660 $ 37,523 In 2022, the Bank incurred a net loss of $ 553,000 on the disposition of certain premises and fixed assets. The net loss includes a gain on sale of five Glen Head, NY buildings, a writedown and transfer to held-for-sale of a remaining building in Glen Head and a write-off of all related equipment and fixed assets including a nearby freestanding ATM location. Land and buildings held-for-sale at December 31, 2022 and 2021 amounted to $ 2.4 million and $ 3.8 million, respectively. Operating Leases. The Bank leases certain branch and back-office locations under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2038 and had a weighted average remaining term of 11.79 and 5.81 years at December 31, 2022 and 2021, respectively. Many of the Bank’s leases include renewal options of up to 10 years with the longest option extending to 25 years. The exercise of lease renewal options is at the Bank’s sole discretion. The weighted average discount rate for leases in place at December 31, 2022 and 2021 was 3.24 % and 2.93 %, respectively . Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Bank had one such lease in 2022 and two during 2020 and recognized rent expense for these leases on a straight-line basis over the lease term. There were no short-term leases in 2021. The Bank’s branch optimization strategy resulted in charges of $ 905,000 in 2022, $ 3.1 million in 2021 and $ 148,000 in 2020 related to the closing or relocation of leased branch office space. The charges include rent and depreciation expenses, lease acceleration costs and asset disposal charges. These charges are included in the consolidated statements of income in “occupancy and equipment expense” and, in 2022, partially included in “loss on disposition of premises and fixed assets.” Rental payments required by the Bank’s lease agreements may increase over time based on certain variable components such as real estate taxes and common area maintenance charges. The components of rent expense were as follows: , December 31, (in thousands) 2022 2021 2020 Operating lease cost $ 3,271 $ 4,462 $ 2,605 Variable lease cost 490 405 608 Short-term lease cost 10 — 103 $ 3,771 $ 4,867 $ 3,316 The following is a maturity analysis of the operating lease liability at December 31, 2022. Year (dollars in thousands) Total 2023 $ 2,954 2024 3,284 2025 3,142 2026 2,878 2027 2,592 Thereafter 16,757 Total lease payments 31,607 Less: interest 5,711 $ 25,896 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | NOTE E – DEPOSITS The following table sets forth the remaining maturities of the Bank’s time deposits at December 31, 2022. Year (dollars in thousands) Total 2023 $ 320,710 2024 94,564 2025 14,418 2026 12,936 2027 19,473 Thereafter 16,880 $ 478,981 Time deposits that meet or exceed the FDIC insurance limit of $250,000 totaled $ 104.7 million and $ 54.0 million at December 31, 2022 and 2021, respectively. Deposits from executive officers, directors and their affiliates at December 31, 2022 and 2021 were approximately $ 8.8 million and $ 9.1 million, respectively. Time deposits maturing in 2023 include $ 135.0 million of brokered deposits. |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2022 | |
Borrowed Funds [Abstract] | |
Borrowed Funds | NOTE F – BORROWED FUNDS Borrowings at December 31, 2022 and 2021 consisted of overnight and fixed rate Federal Home Loan Bank (“FHLB”) advances as follows. December 31, (in thousands) 2022 2021 Short-term borrowings: FHLB overnight advances $ — $ 75,000 FHLB 3 month advances — 50,000 — 125,000 Long-term debt: FHLB advances 411,000 186,322 $ 411,000 $ 311,322 Accrued interest payable on borrowed funds is included in “accrued expenses and other liabilities” in the consolidated balance sheets and amounted to $ 535,000 and $ 336,000 at December 31, 2022 and 2021, respectively. FHLB advances are collateralized by a blanket lien on residential and commercial mortgage loans with a lendable value of $ 2.2 billion at December 31, 2022 and 2021. Each advance is non-amortizing and, for those advances with a term greater than one day, subject to a prepayment penalty. Short-term FHLB advances are those with original maturities of 90 days or less. The following table sets forth as of December 31, 2022 the contractual maturities and weighted average interest rates of FHLB advances for each of the next five years. There are no FHLB advances with contractual maturities beyond four years at December 31, 2022. Contractual Maturity (dollars in thousands) Amount Weighted Average Rate Overnight $ — — % 2023 213,500 3.03 2024 187,500 4.14 2025 — — 2026 10,000 2.12 2027 — — 411,000 3.51 $ 411,000 3.51 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE G – INCOME TAXES The Corporation, the Bank and the Bank’s subsidiaries, except for the REIT, file a consolidated federal income tax return. Income taxes charged to earnings in 2022, 2021 and 2020 had effective tax rates of 19.4 %, 19.2 % and 16.8 %, respectively. The following table sets forth a reconciliation of the statutory federal income tax rate to the Corporation’s effective tax rate. Year Ended December 31, 2022 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 1.7 2.1 0.7 Tax-exempt income, net of disallowed cost of funding ( 2.8 ) ( 3.3 ) ( 4.0 ) BOLI income ( 1.1 ) ( 0.9 ) ( 1.0 ) Excess tax benefit of stock-based compensation — 0.1 — Non-deductible officer compensation 0.1 — — Other 0.5 0.2 0.1 19.4 % 19.2 % 16.8 % Provision for Income Taxes . The following table sets forth the components of the provision for income taxes. Year Ended December 31, (in thousands) 2022 2021 2020 Current: Federal $ 9,287 $ 8,807 $ 8,703 State and local 1,330 1,467 952 10,617 10,274 9,655 Deferred: Federal 358 ( 76 ) ( 747 ) State and local 312 20 ( 584 ) 670 ( 56 ) ( 1,331 ) $ 11,287 $ 10,218 $ 8,324 Net Deferred Tax Asset . The following table sets forth the components of the Corporation’s net deferred tax asset. December 31, (in thousands) 2022 2021 Deferred tax assets: Unrealized loss on AFS securities $ 24,957 $ — Allowance for credit losses and off-balance sheet credit exposure 9,767 9,323 Operating lease liability 7,951 3,469 Stock-based compensation 865 689 Contract incentive 139 339 Asset writedown 51 51 Accrued bonuses and severance 50 1,262 Retirement expense 38 44 Interest on nonperforming loans 6 38 Unrealized loss on interest rate swaps — 538 Net operating loss carryforwards — 54 43,824 15,807 Valuation allowance — — 43,824 15,807 Deferred tax liabilities: Right-of-use asset 7,354 2,599 Prepaid pension 3,370 5,874 Deferred loan costs 1,545 1,529 Depreciation 272 791 Prepaid expenses 159 159 Unrealized gains on AFS securities — 868 12,700 11,820 Net deferred tax asset $ 31,124 $ 3,987 The Corporation had no material unrecognized tax benefits at December 31, 2022, 2021 or 2020. The Corporation has not taken any tax positions for which it is reasonably possible that unrecognized tax benefits will significantly increase within the next 12 months. The Corporation is subject to Federal, NY State, NYC, New Jersey and Connecticut income taxes. The Corporation did no t incur any amounts for interest and penalties due taxing authorities for calendar years 2022, 2021 or 2020. During 2020, the NY State Department of Taxation and Finance completed an examination of the Corporation’s 2016, 2017 and 2018 state income tax returns with a de minimis amount due relating to 2016. The tax years 2020 through 2022 remain open to examination by the Internal Revenue Service, NY State, NYC, New Jersey and Connecticut. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | NOTE H – REGULATORY MATTERS Minimum Regulatory Capital Requirements . The Corporation and the Bank are subject to the Basel III regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action (“PCA”) regulations, involve quantitative measures of assets, liabilities and certain off-balance sheet items calculated under regulatory accounting practices. Failure to meet the minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct material effect on the financial statements of the Corporation and Bank. The most recent regulatory notifications categorized the Bank as well capitalized under the PCA provisions and there are no conditions or events since that notification that management believes have changed that category. In accordance with the Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies adopted, effective January 1, 2020, a final rule whereby financial institutions and financial institution holding companies that have less than $10 billion in total consolidated assets and meet other qualifying criteria, including a leverage ratio of greater than 9% (“qualifying community banking organizations”), are eligible to opt into a community bank leverage ratio (“CBLR”) framework. Qualifying community banking organizations that elect to use the CBLR framework and that maintain a leverage ratio of greater than 9% are considered to have satisfied the generally applicable risk-based and leverage capital requirements in the agencies’ capital rules and will be considered to have met the well capitalized ratio requirements under the PCA statutes. The agencies reserved the authority to disallow the use of the CBLR framework by a financial institution or holding company, based on the risk profile of the organization. The Corporation and the Bank elected to adopt the CBLR framework. As a qualifying community banking organization, the Corporation and the Bank may opt out of the CBLR framework in any subsequent quarter by completing its regulatory agency reporting using the traditional capital rules. In April 2020, the federal banking agencies issued interim final rules pursuant to section 4012 of the Coronavirus Aid, Relief, and Economic Security Act, temporarily lowering the CBLR requirement to 8.00% through the end of 2020, 8.50% for calendar year 2021 and 9.00% in 2022. The Corporation and the Bank exclude accumulated OCI components from Tier 1 and Total regulatory capital. During 2020, the Corporation and the Bank elected the optional five-year transition period provided by the federal banking agencies for recognizing the regulatory capital impact of the implementation of CECL. The Corporation’s and the Bank’s actual and required capital amounts and ratios under the CBLR rules at December 31, 2022 and 2021 are presented in the tables below. 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 2021 Actual Capital To Be Well Capitalized Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital to average assets: Consolidated $ 417,615 10.23 % $ 346,965 8.50 % Bank 417,258 10.23 346,751 8.50 Other Matters. The source of funds for the Corporation’s dividend payments to shareholders is dividends received from the Bank. Banking regulations limit the amount of dividends that may be paid by the Bank without prior approval of regulatory agencies. Under these regulations, the amount of dividends that the Bank may pay in any calendar year is limited to the current year’s net profits, combined with the retained net profits of the preceding two years , subject to the minimum capital requirements described above. During 2023, the Bank could, without prior approval, declare dividends of approximately $ 24.5 million plus any 2023 net profits retained to the date of the dividend declaration. Regulation D of the Board of Governors of The Federal Reserve System may require banks to maintain reserves against certain deposit balances. There was no reserve requirement in 2022 or 2021. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | NOTE I – STOCK-BASED COMPENSATION On April 20, 2021, the stockholders of the Corporation approved the 2021 Equity Incentive Plan (“2021 Plan”). Upon approval of the 2021 Plan, no further awards could be made under the 2014 Equity Incentive Plan (“2014 Plan”). 2021 Plan. Under the 2021 Plan, awards may be granted to employees and non-employee directors as stock options, restricted stock awards or RSUs, with a one year minimum vesting period for at least 95 % of the awards granted. All awards granted under the 2021 Plan will immediately vest upon an involuntary termination following a change in control, total and permanent disability, as defined, or death. The Corporation has 750,000 shares of common stock reserved for awards under the 2021 Plan, plus 23,167 shares that remained available for grant as full value RSUs or restricted stock awards under the 2014 Plan. RSUs granted under the 2014 Plan that expire or are forfeited after April 20, 2021 are added to the number of shares of common stock reserved for issuance of awards under the 2021 Plan. At December 31, 2022, 618,146 equity awards remain available to be granted under the 2021 Plan. 2014 Plan. Under the 2014 Plan, awards were granted to employees and non-employee directors as non-qualified stock options, restricted stock awards and RSUs. Substantially all of the awards granted under the 2014 Plan were RSUs. All awards granted under the 2014 Plan will immediately vest upon an involuntary termination following a change in control, total and permanent disability, as defined, or death, and with certain exceptions, will immediately vest in the event of retirement, as defined. Details of RSUs. The following table summarizes the vesting schedule of RSUs outstanding at December 31, 2022. Total Number of RSUs: Vested and convertible at Dec 31, 2022 68,476 Scheduled to vest during: 2023 87,991 2024 46,005 2025 37,861 2026 3,332 2027 3,328 246,993 The RSUs in the table above include performance-based RSUs with vesting based on the financial performance of the Corporation in 2022 and 2023 and service-based RSUs with various service-based vesting periods. The grant date fair value of RSUs is equal to the market price of the shares underlying the awards on the grant date, discounted for dividends that are not paid on these RSUs. The fair values of awards made in 2022, 2021 and 2020, and the assumptions utilized in determining such values, are presented below. 2022 Performance-Based Service-Based Vesting Vesting 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 % 2020 Grant date fair value $ 21.30 $ 14.32 to $ 21.30 Market price on grant date $ 23.10 $ 16.46 to $ 23.10 Expected annual dividend $ 0.72 $ 0.72 to $ 0.76 Expected term (in years) 2.0 2.0 to 5.0 Risk-free interest rate 1.41 % 0.23 % to 1.41 % In January 2023, 142,280 RSUs were awarded under the 2021 Plan, including 83,028 performance-based RSUs and 59,252 service-based RSUs. The following table presents a summary of RSUs outstanding at December 31, 2022 and changes during the year then ended. Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Grant-Date Contractual Value RSUs Fair Value Term (yrs.) (in thousands) Outstanding at January 1, 2022 207,359 $ 17.70 Granted 140,150 19.67 Converted ( 97,658 ) 18.85 Forfeited ( 2,858 ) 18.49 Outstanding at December 31, 2022 246,993 $ 18.35 0.80 $ 4,446 Vested and Convertible at December 31, 2022 68,476 $ 17.63 — $ 1,233 RSUs outstanding at December 31, 2022 include 101,493 performance-based RSUs granted in 2022 and 2021, of which 68,476 are vested and convertible at year-end, and 145,500 service-based RSUs. The performance-based RSUs have a maximum payout potential of 1.50 shares of the Corporation’s common stock for each RSU awarded. Based on the Corporation’s performance in 2022, an additional 7,109 shares were earned on the performance-based RSUs. These additional shares are not reflected in the table above. Service-based RSUs have a maximum payout potential of one share of the Corporation’s common stock for each RSU awarded. The total intrinsic value of RSUs converted in 2022, 2021 and 2020 was $ 2.0 million, $ 1.6 million and $ 3.6 million, respectively. Stock Option Activity. During 2022, the 750 stock options outstanding at December 31, 2021 were forfeited. There were no stock options outstanding at December 31, 2022. No stock options were exercised in 2022. The total intrinsic value of options exercised in 2021 and 2020 was $ 55,000 and $ 329,000 , respectively. Cash received from option exercises in 2021 and 2020, was $ 133,000 and $ 526,000 , respectively. Tax benefits from stock option exercises were $ 17,000 and $ 99,000 in 2021 and 2020, respectively. Compensation Expense. The Corporation recorded expense for share-based payments of $ 2.5 million, $ 1.6 million and $ 1.8 million in 2022, 2021 and 2020, respectively, and related income tax benefits of $ 760,000 , $ 420,000 and $ 536,000 , respectively. Unrecognized Compensation Cost. As of December 31, 2022, there was $ 1.9 million of total unrecognized compensation cost related to non-vested RSUs. The total cost is expected to be recognized over a weighted-average period of 1.73 years. Other. No cash was used to settle stock options in 2021 or 2020. The Corporation uses newly issued shares for the conversion of RSUs. During 2022, 2021 and 2020, 3,315 , 6,580 and 7,785 shares, respectively, of the Corporation’s common stock were issued to members of the Board of Directors in payment of director fees. In April 2020, the Corporation awarded 38,064 shares of common stock to its Directors under the 2014 Plan with immediate vesting and a total grant date fair value of $ 547,000 . |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Plans [Abstract] | |
Retirement Plans | NOTE J – RETIREMENT PLANS The Bank has a 401(k) plan and a defined benefit pension plan (“Pension Plan” or “Plan”). Employees are immediately eligible to participate in the 401(k) plan provided they are at least 18 years of age. Participants may elect to contribute up to 100% of gross compensation, as defined, subject to the limitations of Section 401(k) of the Internal Revenue Code. The Bank may, at its sole discretion, make matching contributions to each participant's account based on the amount of the participant's contributions. Participants are fully vested in their elective contributions and, after five years of participation in the 401(k) plan, are fully vested ( 20 % vesting per year) in the matching contributions, if any, made by the Bank. The Bank’s expense for matching contributions was $ 530,000 , $ 519,000 and $ 524,000 for 2022, 2021 and 2020, respectively. 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 years of participation in the Pension Plan ( no vesting occurs during the four year period). Significant Actuarial Assumptions . The following table sets forth the significant actuarial assumptions used to determine the benefit obligation at December 31, 2022, 2021 and 2020 and the benefit cost for each of the Plan years then ended. 2022 2021 2020 Weighted average assumptions used to determine the benefit obligation at year end: Discount rate 5.44 % 2.97 % 2.67 % Rate of increase in compensation levels 3.50 % 3.50 % 3.50 % Weighted average assumptions used to determine net pension cost: Discount rate 2.97 % 2.67 % 3.55 % Rate of increase in compensation levels 3.50 % 3.50 % 3.50 % Expected long-term rate of return on plan assets 5.25 % 5.25 % 5.50 % The increase in the discount rate from 2.97 % in 2021 to 5.44 % in 2022 decreased the projected benefit obligation at December 31, 2022 by approximately $ 15.3 million. Changes due to experience, including changes in participant demographics, resulted in a net actuarial loss of approximately $ 1.6 million during 2022. The increase in the discount rate from 2.67 % in 2020 to 2.97 % in 2021 decreased the projected benefit obligation at December 31, 2021 by approximately $ 2.4 million. In calculating the benefit obligation at December 31, 2021, the mortality table previously utilized, RP-2014 Healthy Annuitant/Employee Mortality Table with Projection Scale MP-2020, was adjusted to reflect Scale MP-2021. The updated mortality table increased the projected benefit obligation at December 31, 2021 by approximately $ 177,000 . Net Pension Cost. The following table sets forth the components of net periodic pension cost. (in thousands) 2022 2021 2020 Service cost plus expected expenses and net of expected plan participant contributions $ 2,133 $ 2,131 $ 1,647 Interest cost 1,641 1,454 1,647 Expected return on plan assets ( 3,903 ) ( 3,914 ) ( 3,557 ) Net pension cost (credit) $ ( 129 ) $ ( 329 ) $ ( 263 ) 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 . The following table sets forth the change in the projected benefit obligation and Plan assets for each year and, as of the end of each year, the funded status of the Plan and accumulated benefit obligation. (in thousands) 2022 2021 2020 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 56,587 $ 55,642 $ 47,471 Service cost 2,357 2,340 1,844 Interest cost 1,641 1,454 1,647 Benefits paid ( 2,361 ) ( 2,264 ) ( 1,919 ) Assumption changes ( 15,343 ) ( 2,173 ) 5,771 Experience loss and other 1,579 1,588 828 Projected benefit obligation at end of year 44,460 56,587 55,642 Change in fair value of plan assets: Fair value of plan assets at beginning of year 75,684 75,751 65,746 Actual return on plan assets ( 18,113 ) 1,906 11,657 Plan participant contributions 425 413 383 Benefits paid ( 2,361 ) ( 2,264 ) ( 1,919 ) Expenses ( 126 ) ( 122 ) ( 116 ) Fair value of plan assets at end of year 55,509 75,684 75,751 Funded status at end of year $ 11,049 $ 19,097 $ 20,109 Accumulated benefit obligation $ 41,551 $ 52,362 $ 51,541 During 2022, the Bank did no t make a contribution to the Plan and the Bank has no minimum required pension contribution for the Plan year ending September 30, 2023. Its maximum tax-deductible contribution for the tax year beginning January 1, 2023 is $ 33.3 million. The Bank does not expect to make a contribution in 2023. Plan Assets. The objective for the Plan’s assets is to generate long-term investment returns from both income and capital appreciation which outpaces the rate of inflation, while maintaining sufficient liquidity to ensure the Plan’s ability to pay all anticipated benefit and expense obligations when due. The Plan will maintain a de minimis amount of cash equivalents, with the remaining assets allocated across two broadly-defined financial asset categories: (1) equity, both domestic and international; and (2) fixed income of various durations and issuer type. The goal of the equity allocation is to supplement the Bank’s contributions to the Plan when the Plan is underfunded and increase surplus when the Plan is overfunded. The fixed income component will include longer-duration bonds designed to match and hedge the characteristics of the Plan’s liabilities. Cash equivalents, under normal circumstances, will be temporary holdings for the purpose of paying expenses and monthly benefits. For fixed income investments: (1) the minimum average credit quality shall be investment grade (Standard & Poor’s BBB or Moody’s Baa) or higher; and (2) no more than 5 % of the portfolio may be invested in securities with ratings below investment grade, and none may be rated below investment grade at the time of purchase. 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 single investment security shall represent more than 5 % of total Plan assets; and 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 single investment pool or investment company (mutual fund) shall comprise more than 10 % of total plan assets. The portfolio will be rebalanced to the target asset allocation, if needed, no less often than quarterly. Unless expressly authorized in writing by the Committee, the following investing activities are prohibited: 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, 2022 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 % 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 % December 31, 2021 Cash equivalents 0 % - 1 % 0.3 % <1.00% Equity mutual funds 20 % - 30 % 28.2 % 5.3 % to 7.7 % Fixed income mutual funds 70 % - 80 % 71.5 % 2.5 % to 3.7 % 100.0 % 3.3 % to 4.8 % 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 to 75 th percentile returns provided by Vanguard. For these purposes Vanguard utilizes a proprietary capital markets model (the “model”) developed and maintained by Vanguard’s primary investment research and advice teams. The model forecasts distributions of future returns for a wide array of broad asset classes. The theoretical and empirical foundation of the model is that the returns of various asset classes reflect the compensation investors require for bearing different types of systematic risk. At the core of the model are estimates of the dynamic statistical relationship between risk factors and asset returns, obtained from statistical analysis based on available historical monthly financial and economic data. At December 31, 2022, the equity and fixed income components of Plan assets consisted of the following Vanguard institutional funds: 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. The fair value of Plan assets at December 31, 2022 and 2021 is summarized below. 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, 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 $ — December 31, 2021: Cash equivalents: Vanguard Prime Money Market Mutual Fund $ 195 $ — $ 195 $ — Total cash equivalents 195 — 195 — Equity mutual funds: Vanguard Total Stock Market Index Fund (VITSX) 12,792 12,792 — — Vanguard Total International Stock Index Fund (VTSNX) 8,560 8,560 — — Total equity mutual funds 21,352 21,352 — — Fixed income mutual funds: Vanguard Long-Term Investment Grade Fund (VWETX) 40,183 40,183 — — Vanguard Long-Term Treasury Index Fund (VLGIX) 13,954 13,954 — — Total fixed income mutual funds 54,137 54,137 — — Total Plan Assets $ 75,684 $ 75,489 $ 195 $ — The fair values of the Vanguard mutual funds represent their net asset values (“NAV”) at December 31, 2022 and 2021. On an ongoing basis, the Plan has the ability to readily redeem its investments in these funds at their NAV per share with no advance notification. An explanation of matrix pricing and the definitions of Level 1, 2 and 3 fair value measurements are included in “Note M – Fair Value of Financial Instruments” to these consolidated financial statements. At December 31, 2022 and 2021, the Plan’s cash and cash equivalents amounted to 0.3 % of the Plan’s total assets and represented investments in the Vanguard Prime Money Market Mutual Fund. Estimated Future Benefit Payments. The following benefit payments, which reflect expected future service as appropriate, are expected to be made by the Plan. Year (in thousands) Amount 2023 $ 2,594 2024 2,798 2025 2,996 2026 3,109 2027 3,226 2028 - 2032 17,506 Retirement plan expense for a discontinued Supplemental Executive Retirement Plan was $ 157,000 in 2020. |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Other Operating Expenses [Abstract] | |
Other Operating Expenses | NOTE K – OTHER OPERATING EXPENSES Expenses included in other operating expenses that exceed one percent of the aggregate of total interest income and noninterest income in one or more of the years shown are as follows. (in thousands) 2022 2021 2020 Telecommunications $ 1,669 $ 1,658 $ 1,564 Computer services 1,501 1,646 1,619 Director Fees 1,100 1,375 1,262 |
Commitments And Contingent Liab
Commitments And Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingent Liabilities [Abstract] | |
Commitments And Contingent Liabilities | NOTE L – COMMITMENTS AND CONTINGENT LIABILITIES Financial Instruments With Off-Balance-Sheet Risk. In the normal course of business, the Bank enters into various types of off-balance-sheet arrangements to meet the financing needs of its customers. These off-balance-sheet financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit. These instruments involve varying degrees of credit risk in excess of the amount recognized in the consolidated balance sheets and expose the Bank to credit loss in the event of nonperformance by the Bank’s customers. The Bank's exposure to credit loss is represented by the contractual notional amount of these instruments. The Bank uses the same credit policies in making commitments to extend credit, and generally uses the same credit policies for letters of credit, as it does for on-balance sheet instruments such as loans. Financial instruments whose contract amounts represent credit risk are as follows: 2022 2021 (in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 27,694 $ 222,470 $ 52,414 $ 239,924 Standby letters of credit 8,706 — 3,933 — A commitment to extend credit is a legally binding agreement to lend to a customer as long as there is no violation of any condition established in the contract. Unused home equity, small business and commercial lines of credit are a large component of the Bank’s variable rate loan commitments. Since some of the commitments to extend credit and letters of credit are expected to expire without being drawn upon and, with respect to unused lines of credit, can be frozen, reduced or terminated by the Bank based on the financial condition of the borrower, the total commitment amounts do not necessarily represent future cash requirements. Home equity lines generally expire ten years from their date of origination and small business lines generally have a three year term. Other real estate loan commitments generally expire within 60 to 90 days and commercial line commitments generally expire within one year . At December 31, 2022, the Bank’s fixed rate loan commitments are to make loans with interest rates ranging from 5.74 % to 6.24 % and maturities of up to ten years . The amount of collateral obtained, if any, by the Bank upon extension of credit is based on management’s credit evaluation of the borrower. Collateral held varies but may include mortgages on commercial and residential real estate, securities, deposit accounts with the Bank or other financial institutions and security interests in business assets and equipment. Standby letters of credit are conditional commitments issued by the Bank to assure the performance or financial obligations of a customer to a third party. The Bank's standby letters of credit extend through September 2031. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. The Bank generally holds collateral and/or obtains personal guarantees supporting these commitments. The extent of collateral held for these commitments at December 31, 2022 varied from 84 % to 100 % of the contractual notional amount of each instrument, with the average amount of collateral totaling 99 % of the aggregate outstanding notional amount. Standby letters of credit are considered financial guarantees and are recorded at fair value. Employment Agreements. At December 31, 2022, the Corporation’s chief executive officer and executive vice presidents, collectively referred to as the senior executives, have employment agreements with the Corporation under which they are entitled to severance compensation in the event that their employment is terminated without cause or they terminate their employment following an event constituting Good Reason, as defined. The chief executive officer’s employment agreement has a term of three years beginning January 1, 2020. Each of the other senior executives has an employment agreement with a term of two years and various effective dates. These two year and three year employment agreements automatically renew for an additional period of one year on January 1 of each year unless the Corporation gives written notice of non-renewal at least 30 days prior to such date. Notwithstanding the foregoing, each of these employment agreements expire on December 31 of the calendar year in which the executive attains normal retirement age (“Retirement Age Termination Date”), which for these purposes is age 65. At the appropriate time and at its option, the Corporation can extend the employment agreements for two years beyond their retirement age termination dates. The current aggregate annual salaries provided for in these employment agreements is $ 2.8 million. Litigation. From time to time the Corporation may be a named defendant in legal actions incidental to the business. For some of these actions there is always a possibility that the Corporation will sustain a financial loss. Management believes that none of the possible losses are material. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | NOTE M – FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Instruments Recorded at Fair Value . When measuring fair value, the Corporation uses a fair value hierarchy, which is designed to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy involves three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Corporation can access at the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect the Corporation’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. 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 transfers between levels of the fair value hierarchy in either 2022 or 2021. 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 inputs). Matrix pricing, which is a mathematical technique widely used in the industry to value debt securities, does not rely exclusively on quoted prices for the specific securities but rather on the relationship of such securities to other benchmark quoted securities. Where no significant other observable inputs were available, Level 3 inputs were used. The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date resulting in a Level 2 classification. 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, 2022: Financial Assets: AFS 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 December 31, 2021: Financial Assets: AFS Securities: State and municipals $ 327,171 $ — $ 326,201 $ 970 Pass-through mortgage securities 182,957 — 182,957 — Collateralized mortgage obligations 106,082 — 106,082 — Corporate bonds 118,108 — 118,108 — $ 734,318 $ — $ 733,348 $ 970 Financial Liabilities: Derivative - interest rate swap $ 1,750 $ — $ 1,750 $ — State and municipal AFS securities measured using Level 3 inputs. The Bank held five non-rated bond anticipation notes with a book value of $ 567,000 at December 31, 2022. These bonds have a one year maturity and are issued by local municipalities that are customers of the Bank. Due to the short duration of the bonds, book value approximates fair value at December 31, 2022. Land and Buildings. Premises and facilities held-for-sale of $ 2.4 million and $ 3.8 million at December 31, 2022 and 2021, respectively, are reported in the line item “Other assets” in the consolidated balance sheets and are measured at lower of cost or fair value on a nonrecurring basis. Financial Instruments Not Recorded at Fair Value. Fair value estimates are made at a specific point in time. Such estimates are generally subjective in nature and dependent upon a number of significant assumptions associated with each financial instrument or group of similar financial instruments, including estimates of discount rates, liquidity, risks associated with specific financial instruments, estimates of future cash flows, and relevant available market information. Changes in assumptions could significantly affect the estimates. In addition, fair value estimates do not reflect the value of anticipated future business, premiums or discounts that could result from offering for sale at one time the Corporation’s entire holdings of a particular financial instrument, or the income tax consequences of realizing gains or losses on the sale of financial instruments. The following table sets forth the carrying amounts and estimated fair values of financial instruments that are not recorded at fair value in the Corporation’s financial statements. December 31, 2022 December 31, 2021 (in thousands) Level of Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 74,178 $ 74,178 $ 43,675 $ 43,675 Loans, net Level 3 3,280,301 3,064,849 (1) 3,075,205 3,048,791 Restricted stock n/a 26,363 n/a 21,524 n/a Financial Liabilities: Checking deposits Level 1 1,324,141 1,324,141 1,400,998 1,400,998 Savings, NOW and money market deposits Level 1 1,661,512 1,661,512 1,685,410 1,685,410 Time deposits Level 2 478,981 467,986 228,837 232,973 Short-term borrowings Level 1 — — 125,000 125,000 Long-term debt Level 2 411,000 407,890 186,322 188,413 (1) The decrease in fair value of net loans is mainly due to an increase in interest rates. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2022 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue From Contracts With Customers | 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. Fees are earned and collected on a monthly basis for account maintenance and activity-based service charges on deposit accounts. The services are performed for customers over time, requiring a time-based measure of progress. Customers may be required to maintain minimum balances and average balances. Additional fees may also be earned for overdrafts, replacement of debit cards, bill payment, lockbox services and ACH services and are earned and collected as transactions take place. All deposit account fees are accrued to income as earned, either monthly or at the point of sale, and included in the consolidated statements of income in the line item "Service charges on deposit accounts." Transaction and Branch Service Fees. The following revenue streams are components of “Other noninterest income” on the consolidated statements of income. These components totaled $ 2.9 million, $ 2.6 million and $ 2.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Other items included in “Other noninterest income,” such as non-service components of net pension cost, real estate tax refunds and gains on sales of fixed assets are outside of the scope of Accounting Standards Codification 606. Debit/Credit Card Revenues . The Bank earns a fee when its customers use their debit or credit cards in point-of-sale transactions. These fees are generally known as interchange fees. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recorded daily, concurrently with the transaction processing services provided to the cardholder. Merchant Card Services. Together with a third-party vendor, the Bank offers its small business customers debit/ credit card readers for them to accept and process card payments. The vendor aggregates the charges, collects the fees and remits the Bank’s portion on a monthly basis. Fees are accrued to income as earned and collected. Branch Services Revenues. The Bank charges fees for safe deposit box rentals, wire transfers, money orders, checkbook printing, official checks and ATM usage. Fees are earned, collected and generally recorded as revenue when the service is provided. Investment Services Revenues. Customer assets are held in a fiduciary capacity and the Bank provides trust services to those customers as it transitions its remaining accounts to the LPL Financial platform. The services are performed for customers over time, requiring a time-based measure of progress. Fees are assessed based on market values of customer assets held as of a certain point in time, and income cannot be estimated prior to the end of the measurement period. Volatility in equity and other market values impacts the amount of revenue earned. Fees are generally earned and collected on a monthly or quarterly basis and accrued to income as earned. Investment Management Services. The Bank provides investment management, trust, estate and custody services and offers retail investment services through a partnership with an outside service provider, LPL Financial . Fees are variable and based on various factors including the market value of financial assets under management. Fees are accrued to income as earned and collected . |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2022 | |
Derivatives [Abstract] | |
Derivatives | NOTE O – DERIVATIVES As part of its asset liability management activities, the Corporation may utilize interest rate swaps to help manage its interest rate risk position. The notional amount of an interest rate swap does not represent the amount exchanged by the parties. The exchange of cash flows is determined by reference to the notional amount and the other terms of the interest rate swap agreements. The Bank entered into a five year interest rate swap with a notional amount totaling $ 50 million on January 17, 2019, which was designated as a cash flow hedge of certain FHLB advances and included in short-term borrowings on the consolidated balance sheets. In April 2022, the swap was terminated and the FHLB advance was paid off. Termination fees were immaterial. In May 2021 a second interest rate swap with a notional amount totaling $ 150 million expired and the Bank paid off $ 150 million of brokered certificates of deposit used in the cash flow hedge. The following table summarizes information about the interest rate swaps designated as cash flow hedges. December 31, 2022 December 31, 2021 Notional amount — $ 50 million Weighted average fixed pay rate — 2.62 % Weighted average 3-month LIBOR receive rate — 0.13 % Weighted average maturity — 2.05 Years Interest expense recorded on the swap transactions, which totaled $ 426,000 , $ 2.9 million and $ 4.0 million for 2022, 2021 and 2020, respectively, was recorded as a component of interest expense in the consolidated statements of income. Amounts reported in accumulated OCI related to the swaps were reclassified to interest expense as interest payments were made on the Bank’s variable rate liabilities. During 2022, 2021 and 2020, the Corporation had $ 426,000 , $ 2.9 million and $ 4.0 million, respectively, of reclassifications to interest expense. The following table presents the net gains (losses) 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) 2022 2021 2020 Interest rate contracts: Amount of gain (loss) recognized in OCI (effective portion) $ 1,324 $ 668 $ ( 4,835 ) Amount of loss reclassified from OCI to interest expense 426 2,867 3,968 Amount of loss recognized in other noninterest income (ineffective portion) — — — The following table reflects the amounts relating to interest rate swaps included in the consolidated balance sheets. December 31, 2022 December 31, 2021 Notional Fair Value Notional Fair Value (in thousands) Amount Asset Liability Amount Asset Liability Included in other assets or other liabilities $ — $ — $ — $ 1,750 Interest rate swap hedging FHLB advances $ — $ 50,000 |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company Financial Information [Abstract] | |
Parent Company Financial Information | 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) 2022 2021 Assets: Cash and due from banks $ 897 $ 987 Investment in subsidiary bank, at equity 363,547 413,455 Prepaid income taxes 3,712 3,120 Deferred income tax benefits 1,088 889 Other assets 25 24 $ 369,269 $ 418,475 Liabilities: Other liabilities $ 20 $ 15 Cash dividends payable 4,713 4,648 4,733 4,663 Stockholders' equity: Common stock 2,244 2,324 Surplus 78,462 93,480 Retained earnings 348,597 320,321 429,303 416,125 Accumulated other comprehensive income (loss), net of tax ( 64,767 ) ( 2,313 ) 364,536 413,812 $ 369,269 $ 418,475 CONDENSED STATEMENTS OF INCOME Year Ended December 31, (in thousands) 2022 2021 2020 Income: Dividends from subsidiary bank $ 36,450 $ 33,200 $ 25,100 Interest on deposits with subsidiary bank 5 3 3 36,455 33,203 25,103 Expenses: Salaries 2,065 1,365 1,241 Other operating expenses 795 661 951 2,860 2,026 2,192 Income before income taxes 33,595 31,177 22,911 Income tax expense (benefit) ( 791 ) 89 ( 570 ) Income before undistributed earnings of subsidiary bank 34,386 31,088 23,481 Equity in undistributed earnings 12,546 12,001 17,722 Net income $ 46,932 $ 43,089 $ 41,203 Comprehensive income (loss) $ ( 15,522 ) $ 37,206 $ 44,178 CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, (in thousands) 2022 2021 2020 Cash Flows From Operating Activities: Net income $ 46,932 $ 43,089 $ 41,203 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed earnings of subsidiary bank ( 12,546 ) ( 12,001 ) ( 17,722 ) Deferred income tax provision (credit) ( 199 ) 533 495 Stock-based compensation expense 2,466 1,635 1,788 Decrease (increase) in other assets ( 1 ) — — Increase (decrease) in other liabilities 5 1 ( 1 ) Other increases ( 530 ) ( 1,112 ) ( 941 ) Net cash provided by operating activities 36,127 32,145 24,822 Cash Flows From Investing Activities: Capital contributions to Bank subsidiary — — — Cash Flows From Financing Activities: Repurchase of common stock ( 17,889 ) ( 14,501 ) ( 7,935 ) Proceeds from issuance of common stock, net of shares withheld 263 607 ( 188 ) Cash dividends paid ( 18,591 ) ( 18,261 ) ( 17,421 ) Net cash used in financing activities ( 36,217 ) ( 32,155 ) ( 25,544 ) Net decrease in cash and cash equivalents* ( 90 ) ( 10 ) ( 722 ) Cash and cash equivalents, beginning of year 987 997 1,719 Cash and cash equivalents, end of year $ 897 $ 987 $ 997 Supplemental Schedule of Noncash Financing Activities: Cash dividends payable $ 4,713 $ 4,648 $ 4,519 * 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation | 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: The First of Long Island Agency, Inc.; 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 limited to, changes in interest rates, changes in the performance of the economy and changes in the financial condition of borrowers. |
Adoption Of New Accounting Standards | Adoption of New Accounting Standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-2 “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” which affect entities that have adopted ASU 2016-13 “Measurement of Credit Losses on Financial Instruments” (“CECL”). The amendments in the ASU that relate to troubled debt restructurings (“TDRs”) eliminate the TDR recognition and measurement guidance and instead require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan, while also enhancing disclosure requirements. The amendments that relate to vintage disclosures require that an entity disclose current-period gross chargeoffs by year of origination for financing receivables and net investments in leases within the scope of CECL. Gross chargeoffs must be included in the vintage disclosures required by CECL. For entities that have adopted CECL such as the Corporation, the amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should generally be applied prospectively. Early adoption is permitted, including adoption in an interim period. Management adopted ASU 2022-2 in the second quarter of 2022 effective as of January 1, 2022 using the modified retrospective transition approach. Its adoption modified the Corporation’s disclosures but did not have a material impact on its financial position or results of operations. Disclosures pertaining to the ASU can be found in “Note C – Loans” of these unaudited consolidated financial statements. |
Cash And Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and deposits with other financial institutions that generally mature within 90 days. |
Investment Securities | 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 applicable to any securities in the Bank's portfolio because the Bank does not buy or hold debt or equity securities principally for the purpose of selling in the near term. HTM securities, or debt securities which the Bank has the intent and ability to hold to maturity, are reported at amortized cost, net of allowance for credit losses (“ACL” or “allowance”), if any. AFS securities, or debt securities which are neither HTM securities nor trading securities, are reported at fair value, with unrealized gains and losses, net of the related income tax effect, included in other comprehensive income (loss) (“OCI”). Equity securities, if any, are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. 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 call date, while discounts on municipal securities are accreted to the stated maturity date. Realized gains and losses on the sale of securities are determined using the specific identification method. 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 evaluates whether the decline in fair value has resulted from an actual or estimated credit loss event. Management considers the extent to which fair value is less than amortized cost, changes to the rating of the security, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss is likely, management then assesses whether it has the intent to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost and determines the present value of cash flows expected to be collected from the security as compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, an allowance is recorded for the estimated credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance is recognized in OCI. Accrued interest receivable on AFS securities is excluded from the estimate of credit losses. |
Loans Held-For-Sale | 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 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 days past due as to principal or interest payments. The accrual of interest income on a loan is also discontinued when it is determined that the borrower will not be able to make principal and interest payments according to the contractual terms of the current loan agreement. When the accrual of interest income is discontinued on a loan, any accrued but unpaid interest is reversed against current period income. Interest received on nonaccrual loans is applied to the outstanding principal balance until the loans qualify for return to an accrual status, if ever. Return to an accrual status occurs when all the principal and interest amounts contractually past due are brought current and all future payments are reasonably assured. 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 or information suggesting that the Bank will be unable to collect all the principal and interest due. For loans individually evaluated, a specific reserve 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) commercial and industrial; (2) small business credit scored; (3) multifamily; (4) owner-occupied; (5) other commercial real estate; (6) construction and land development; (7) closed end residential mortgage; (8) revolving home equity; (9) consumer; and (10) municipal loans. An additional pool was used for Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans while those loans were outstanding. Historical loss information from the Bank’s own loan portfolio from December 31, 2007 to present provides a basis for management’s assessment of expected credit losses. The choice of a historical look-back period that begins in 2007 covers an entire economic cycle and impacts the average historical loss rates used to calculate the final ACL. Due to the extensive loss data available, management selected the vintage approach to measure the historical loss component of credit losses for most of its loan pools. For the revolving home equity and small business credit scored pools, the Lifetime PD/LGD (probability of default/loss given default) method is used to measure historical losses. No historical loss method was applied to the SBA PPP loan pool which was 100% guaranteed by the federal government. 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 recorded upon modification. 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 year to two year forecasting horizon differ from the conditions that existed during the historical loss period. These quantitative adjustments reflect changes to relevant data such as changes in unemployment rates, gross domestic product (“GDP”), vacancies, average growth in pools of loans, delinquencies or other factors associated with the financial assets. The allowance for SBA PPP loans represented an estimate of potential loss due to documentation and processing deficiencies. The immediate reversion method is applied for periods beyond the forecasting horizon. The Bank’s ACL allocable to pools of loans that are collectively evaluated for credit loss results primarily from these qualitative and quantitative adjustments to historical loss experience. Because of the nature of the Q-factors and the degree of judgement involved in assessing their impact, management’s resulting estimate of losses may not accurately reflect current and future losses in the portfolio. 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 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 maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Bank Premises And Equipment And Operating Leases | 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 years to fifteen years . Furniture, fixtures and equipment are depreciated using the straight-line method over their estimated useful lives, which range from three years to ten years . Premises and equipment held-for-sale, if any, is included in “other assets” on the Corporation’s consolidated balance sheets and carried at the lower of cost or fair value. Writedowns upon transfer to held-for-sale are included in “other noninterest expense” on the consolidated income statements. Fair value is based on an appraisal, where available, adjusted for estimated costs to sell. 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 provide an implicit interest rate, the Bank uses its incremental borrowing rate to determine the present value of the lease payments. The Bank’s ROU asset and lease liability may include options to extend the lease when it is reasonably certain that the Bank will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. |
Bank-Owned Life Insurance | Bank-owned Life Insurance The Bank is the owner and beneficiary of insurance policies on the lives of certain 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 | 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 have a readily determinable fair value, are carried at cost, classified as restricted stock and periodically evaluated for impairment based on the prospects for the ultimate recovery of cost. Cash dividends, if any, are reported as interest income on taxable investment securities. |
Other Real Estate Owned | 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 | 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 be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Loan Commitments And Related Financial Instruments | 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 historical loss factors 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 $ 421,000 and $ 492,000 , respectively, at December 31, 2022 and 2021. The ACL is adjusted through a provision (credit) for credit loss expense which is included in the line item “other noninterest expense” in the consolidated statements of income and amounted to ($ 71,000 ), $ 82,000 and ($ 195,000 ) in 2022, 2021 and 2020, respectively. Off-balance sheet credit instruments are recorded on the balance sheet when they are funded or drawn down. |
Derivatives | Derivatives The Corporation records cash flow hedges at the inception of a derivative contract based on management’s intentions and belief as to the likely effectiveness of the hedge. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is recorded in OCI and is reclassified into earnings in the same period during which the hedged transaction affects earnings. The changes in the fair value of a derivative that is not highly effective in hedging the expected cash flows of the hedged item are recognized immediately as interest expense in the consolidated statements of income. 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 qualify for hedge accounting are reported in noninterest income or noninterest expense. Cash flows from hedges are classified in the consolidated statements of cash flows in the same manner as the items being hedged. 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 longer effective in offsetting changes in cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm or treatment of the derivative as a hedge is no longer appropriate or intended. 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 | 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 expected to be realized. The measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law. The effects of future changes in tax laws or rates are not considered. The Corporation recognizes interest and/or penalties related to income tax matters in noninterest income or noninterest expense as appropriate. |
Retirement Plans | 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(k) plan expense is equal to the amount of the Corporation’s matching contributions and is included in salaries and employee benefits in the consolidated statements of income. |
Loss Contingencies | 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 | Operating Segments While management monitors the revenue streams of the Bank’s various products and services, the identifiable segments are not material and operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the financial operations of the Bank are aggregated in one reportable operating segment. |
Investment Services | Investment Services Assets held in a fiduciary capacity are not assets of the Corporation and, accordingly, are not included in the accompanying consolidated financial statements. The Bank records investment services fees on the accrual basis. |
Reclassifications | Reclassifications When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation. |
Earnings Per Share | 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 stock options and 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 stock options and 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 stock options and RSUs. 33,017 and 25,519 RSUs were excluded from the calculation of EPS at December 31, 2022 and 2020, because their inclusion would be anti-dilutive. There were no anti-dilutive RSUs at December 31, 2021. Other than the RSUs described in “Note I – Stock-Based Compensation,” the Corporation has no securities that could be converted into common stock nor does the Corporation have any contracts that could result in the issuance of common stock. |
Stock-based Compensation | 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 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 Period Change due to Other Balance Comprehensive Balance (in thousands) 12/31/21 Income (Loss) 12/31/22 Unrealized holding gains (losses) on AFS securities $ 1,955 $ ( 58,010 ) $ ( 56,055 ) Unrealized actuarial losses on pension plan ( 3,056 ) ( 5,656 ) ( 8,712 ) Unrealized loss on derivative instruments ( 1,212 ) 1,212 — Accumulated other comprehensive loss, net of tax $ ( 2,313 ) $ ( 62,454 ) $ ( 64,767 ) The components of OCI and the related tax effects are as follows: (in thousands) 2022 2021 2020 Change in net unrealized holding gains (losses) on AFS securities: Change arising during the period $ ( 83,835 ) $ ( 9,529 ) $ 6,099 Reclassification adjustment for gains included in net income (1) — ( 1,104 ) ( 2,556 ) ( 83,835 ) ( 10,633 ) 3,543 Tax effect ( 25,825 ) ( 3,163 ) 1,063 ( 58,010 ) ( 7,470 ) 2,480 Change in funded status of pension plan: Unrecognized net gain (loss) arising during the period ( 8,176 ) ( 1,341 ) 1,571 Tax effect ( 2,520 ) ( 438 ) 470 ( 5,656 ) ( 903 ) 1,101 Change in unrealized loss on derivative instruments: Amount of gain (loss) recognized during the period 1,324 668 ( 4,835 ) Reclassification adjustment for net interest expense included in net income (2) 426 2,867 3,968 1,750 3,535 ( 867 ) Tax effect 538 1,045 ( 261 ) 1,212 2,490 ( 606 ) Other comprehensive income (loss) $ ( 62,454 ) $ ( 5,883 ) $ 2,975 (1) Represents net realized gains arising from the sale of AFS securities, included in the consolidated statements of income in the line item “Net gains 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 net interest expense recorded from derivative transactions and included in the consolidated statements of income under “Interest expense.” |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Components Of Accumulated OCI, Net Of Tax | Current Period Change due to Other Balance Comprehensive Balance (in thousands) 12/31/21 Income (Loss) 12/31/22 Unrealized holding gains (losses) on AFS securities $ 1,955 $ ( 58,010 ) $ ( 56,055 ) Unrealized actuarial losses on pension plan ( 3,056 ) ( 5,656 ) ( 8,712 ) Unrealized loss on derivative instruments ( 1,212 ) 1,212 — Accumulated other comprehensive loss, net of tax $ ( 2,313 ) $ ( 62,454 ) $ ( 64,767 ) |
Components Of OCI And Related Tax Effects | (in thousands) 2022 2021 2020 Change in net unrealized holding gains (losses) on AFS securities: Change arising during the period $ ( 83,835 ) $ ( 9,529 ) $ 6,099 Reclassification adjustment for gains included in net income (1) — ( 1,104 ) ( 2,556 ) ( 83,835 ) ( 10,633 ) 3,543 Tax effect ( 25,825 ) ( 3,163 ) 1,063 ( 58,010 ) ( 7,470 ) 2,480 Change in funded status of pension plan: Unrecognized net gain (loss) arising during the period ( 8,176 ) ( 1,341 ) 1,571 Tax effect ( 2,520 ) ( 438 ) 470 ( 5,656 ) ( 903 ) 1,101 Change in unrealized loss on derivative instruments: Amount of gain (loss) recognized during the period 1,324 668 ( 4,835 ) Reclassification adjustment for net interest expense included in net income (2) 426 2,867 3,968 1,750 3,535 ( 867 ) Tax effect 538 1,045 ( 261 ) 1,212 2,490 ( 606 ) Other comprehensive income (loss) $ ( 62,454 ) $ ( 5,883 ) $ 2,975 (1) Represents net realized gains arising from the sale of AFS securities, included in the consolidated statements of income in the line item “Net gains 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 net interest expense recorded from derivative transactions and included in the consolidated statements of income under “Interest expense.” |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment Securities [Abstract] | |
Amortized Cost And Estimated Fair Values Of AFS Investment Securities | 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 2021 State and municipals $ 315,747 $ 11,600 $ ( 176 ) $ 327,171 Pass-through mortgage securities 187,494 54 ( 4,591 ) 182,957 Collateralized mortgage obligations 109,254 67 ( 3,239 ) 106,082 Corporate bonds 119,000 — ( 892 ) 118,108 $ 731,495 $ 11,721 $ ( 8,898 ) $ 734,318 |
Securities With A Continuous Unrealized Loss Position | 2022 Less than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized 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 ) 2021 State and municipals $ 18,429 $ ( 176 ) $ — $ — $ 18,429 $ ( 176 ) Pass-through mortgage securities 179,575 ( 4,529 ) 1,641 ( 62 ) 181,216 ( 4,591 ) Collateralized mortgage obligations 99,305 ( 3,239 ) — — 99,305 ( 3,239 ) Corporate bonds 87,620 ( 380 ) 30,488 ( 512 ) 118,108 ( 892 ) Total temporarily impaired $ 384,929 $ ( 8,324 ) $ 32,129 $ ( 574 ) $ 417,058 $ ( 8,898 ) |
Sales Of Available-For-Sale Securities | (in thousands) 2022 2021 2020 Proceeds $ — $ 71,695 $ 64,453 Gains $ — $ 1,120 $ 2,556 Losses — ( 16 ) — Net gains $ — $ 1,104 $ 2,556 |
Maturities | (in thousands) Amortized Cost Fair Value Within one year $ 20,590 $ 20,503 After 1 through 5 years 86,981 86,019 After 5 through 10 years 206,044 191,252 After 10 years 127,085 113,725 Mortgage-backed securities 313,725 261,914 $ 754,425 $ 673,413 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loans [Abstract] | |
Loans Outstanding By Class Of Loans | December 31, (in thousands) 2022 2021 Commercial and industrial $ 108,493 $ 90,386 SBA PPP — 30,534 Commercial mortgages: Multifamily 906,498 864,207 Other 789,140 700,872 Owner-occupied 220,855 171,533 Residential mortgages: Closed end 1,240,144 1,202,374 Revolving home equity 45,213 44,139 Consumer and other 1,390 991 $ 3,311,733 $ 3,105,036 |
Allowance For Loan Losses | (in thousands) Balance at 1/1/2022 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 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 (in thousands) Balance at 1/1/2021 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 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 (in thousands) Balance at 1/1/2020 Impact of ASC 326 Adoption Chargeoffs Recoveries Provision (Credit) for Loan Losses Balance at 12/31/2020 Commercial and industrial $ 1,493 $ ( 244 ) $ 1,283 $ 519 $ 931 $ 1,416 SBA PPP — — — — 209 209 Commercial mortgages: Multifamily 7,151 1,059 298 — 1,562 9,474 Other 3,498 ( 47 ) 502 1 1,963 4,913 Owner-occupied 921 778 — — 206 1,905 Residential mortgages: Closed end 15,698 1,356 558 32 ( 1,822 ) 14,706 Revolving home equity 515 ( 6 ) 86 30 ( 46 ) 407 Consumer and other 13 ( 8 ) 3 2 3 7 $ 29,289 $ 2,888 $ 2,730 $ 584 $ 3,006 $ 33,037 |
Aging Of The Recorded Investment In Loans | December 31, 2022 Past Due Nonaccrual With an With No Total Past 90 Days or Allowance Allowance Due Loans & More and for Credit for Credit Nonaccrual Total (in thousands) 30-59 Days 60-89 Days Still Accruing Loss Loss Loans Current Loans Commercial and industrial $ 297 $ — $ — $ — $ — $ 297 $ 108,196 $ 108,493 SBA PPP — — — — — — — — 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 December 31, 2021 Commercial and industrial $ 128 $ — $ — $ — $ — $ 128 $ 90,258 $ 90,386 SBA PPP 259 — — — — 259 30,275 30,534 Commercial mortgages: Multifamily — — — — — — 864,207 864,207 Other — — — — — — 700,872 700,872 Owner-occupied — — — — — — 171,533 171,533 Residential mortgages: Closed end — — — — 1,235 1,235 1,201,139 1,202,374 Revolving home equity — — — — — — 44,139 44,139 Consumer and other 73 — — — — 73 918 991 $ 460 $ — $ — $ — $ 1,235 $ 1,695 $ 3,103,341 $ 3,105,036 |
Amortized Cost Basis of Loans by Class of Loans, Vintage and Risk Rating | December 31, 2022 Term Loans by Origination Year Revolving (in thousands) 2022 2021 2020 2019 2018 Prior Loans (1) Total Commercial and industrial: Risk rating: Pass $ 29,913 $ 27,212 $ 10,747 $ 5,369 $ 4,352 $ 3,840 $ 14,721 $ 96,154 Watch 1,998 10,067 274 — — — — 12,339 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 31,911 $ 37,279 $ 11,021 $ 5,369 $ 4,352 $ 3,840 $ 14,721 $ 108,493 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ ( 511 ) $ ( 511 ) Current-period recoveries — — — — — — 154 154 Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ ( 357 ) $ ( 357 ) Commercial mortgages – multifamily: Risk rating: Pass $ 195,614 $ 180,602 $ 39,687 $ 125,179 $ 112,456 $ 246,436 $ 225 $ 900,199 Watch — — — — — 6,299 — 6,299 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 195,614 $ 180,602 $ 39,687 $ 125,179 $ 112,456 $ 252,735 $ 225 $ 906,498 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – other: Risk rating: Pass $ 191,988 $ 224,005 $ 99,340 $ 34,448 $ 43,235 $ 188,327 $ — $ 781,343 Watch — — — — 934 — — 934 Special Mention — — — — — — — — Substandard — — — — — 6,863 — 6,863 Doubtful — — — — — — — — $ 191,988 $ 224,005 $ 99,340 $ 34,448 $ 44,169 $ 195,190 $ — $ 789,140 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – owner-occupied: Risk rating: Pass $ 56,771 $ 56,039 $ 21,199 $ 41,532 $ 2,763 $ 35,785 $ 1,487 $ 215,576 Watch — 5,279 — — — — — 5,279 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 56,771 $ 61,318 $ 21,199 $ 41,532 $ 2,763 $ 35,785 $ 1,487 $ 220,855 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — (1) Includes commercial and industrial lines converted to term of $ 4.7 million. December 31, 2022 Term Loans by Origination Year Revolving (in thousands) 2022 2021 2020 2019 2018 Prior Loans (1) Total Residential mortgages: Risk rating: Pass $ 203,272 $ 169,522 $ 35,754 $ 17,030 $ 182,248 $ 632,039 $ 45,213 $ 1,285,078 Watch — — — — — 279 — 279 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 203,272 $ 169,522 $ 35,754 $ 17,030 $ 182,248 $ 632,318 $ 45,213 $ 1,285,357 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ ( 372 ) $ — $ ( 372 ) Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ ( 372 ) $ — $ ( 372 ) Consumer and other: Risk rating: Pass $ 241 $ — $ — $ 100 $ — $ 72 $ 844 $ 1,257 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Not Rated — — — — — — 133 133 $ 241 $ — $ — $ 100 $ — $ 72 $ 977 $ 1,390 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ ( 1 ) $ ( 1 ) Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ ( 1 ) $ ( 1 ) Total loans $ 679,797 $ 672,726 $ 207,001 $ 223,658 $ 345,988 $ 1,119,940 $ 62,623 $ 3,311,733 Total net chargeoffs — — — — — ( 372 ) ( 358 ) ( 730 ) (1) Includes home equity lines converted to term of $ 8.1 million. |
Premises And Equipment And Op_2
Premises And Equipment And Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Premises And Equipment And Operating Leases [Abstract] | |
Components Of Premises And Equipment | December 31, (in thousands) 2022 2021 Land $ 8,552 $ 8,459 Buildings and improvements 22,120 28,838 Leasehold improvements 12,002 11,421 Furniture and equipment 36,595 34,782 Construction in process 433 493 79,702 83,993 Accumulated depreciation and amortization ( 48,042 ) ( 46,470 ) $ 31,660 $ 37,523 |
Components Of Lease Cost | , December 31, (in thousands) 2022 2021 2020 Operating lease cost $ 3,271 $ 4,462 $ 2,605 Variable lease cost 490 405 608 Short-term lease cost 10 — 103 $ 3,771 $ 4,867 $ 3,316 |
Maturity Analysis For Operating Lease Liability | Year (dollars in thousands) Total 2023 $ 2,954 2024 3,284 2025 3,142 2026 2,878 2027 2,592 Thereafter 16,757 Total lease payments 31,607 Less: interest 5,711 $ 25,896 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Schedule Of Remaining Maturities Of Banks Time Deposits | Year (dollars in thousands) Total 2023 $ 320,710 2024 94,564 2025 14,418 2026 12,936 2027 19,473 Thereafter 16,880 $ 478,981 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowed Funds [Abstract] | |
Summary Of Borrowed Funds | December 31, (in thousands) 2022 2021 Short-term borrowings: FHLB overnight advances $ — $ 75,000 FHLB 3 month advances — 50,000 — 125,000 Long-term debt: FHLB advances 411,000 186,322 $ 411,000 $ 311,322 |
Contractual Maturity And Weighted Average Interest Rates On FHLB Advances | Contractual Maturity (dollars in thousands) Amount Weighted Average Rate Overnight $ — — % 2023 213,500 3.03 2024 187,500 4.14 2025 — — 2026 10,000 2.12 2027 — — 411,000 3.51 $ 411,000 3.51 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Reconciliation Of Statutory Federal Income Tax Rate | Year Ended December 31, 2022 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 1.7 2.1 0.7 Tax-exempt income, net of disallowed cost of funding ( 2.8 ) ( 3.3 ) ( 4.0 ) BOLI income ( 1.1 ) ( 0.9 ) ( 1.0 ) Excess tax benefit of stock-based compensation — 0.1 — Non-deductible officer compensation 0.1 — — Other 0.5 0.2 0.1 19.4 % 19.2 % 16.8 % |
Provision For Income Taxes | Year Ended December 31, (in thousands) 2022 2021 2020 Current: Federal $ 9,287 $ 8,807 $ 8,703 State and local 1,330 1,467 952 10,617 10,274 9,655 Deferred: Federal 358 ( 76 ) ( 747 ) State and local 312 20 ( 584 ) 670 ( 56 ) ( 1,331 ) $ 11,287 $ 10,218 $ 8,324 |
Net Deferred Tax Asset (Liability) | December 31, (in thousands) 2022 2021 Deferred tax assets: Unrealized loss on AFS securities $ 24,957 $ — Allowance for credit losses and off-balance sheet credit exposure 9,767 9,323 Operating lease liability 7,951 3,469 Stock-based compensation 865 689 Contract incentive 139 339 Asset writedown 51 51 Accrued bonuses and severance 50 1,262 Retirement expense 38 44 Interest on nonperforming loans 6 38 Unrealized loss on interest rate swaps — 538 Net operating loss carryforwards — 54 43,824 15,807 Valuation allowance — — 43,824 15,807 Deferred tax liabilities: Right-of-use asset 7,354 2,599 Prepaid pension 3,370 5,874 Deferred loan costs 1,545 1,529 Depreciation 272 791 Prepaid expenses 159 159 Unrealized gains on AFS securities — 868 12,700 11,820 Net deferred tax asset $ 31,124 $ 3,987 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Schedule Of Capital Amounts And Ratios | 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 2021 Actual Capital To Be Well Capitalized Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital to average assets: Consolidated $ 417,615 10.23 % $ 346,965 8.50 % Bank 417,258 10.23 346,751 8.50 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stock-based Compensation [Abstract] | |
Summary Of RSU Vested And Expected To Vest | Total Number of RSUs: Vested and convertible at Dec 31, 2022 68,476 Scheduled to vest during: 2023 87,991 2024 46,005 2025 37,861 2026 3,332 2027 3,328 246,993 |
Schedule Of Share-based Payment Award Equity Instruments Other Than Options Valuation Assumptions | 2022 Performance-Based Service-Based Vesting Vesting 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 % 2020 Grant date fair value $ 21.30 $ 14.32 to $ 21.30 Market price on grant date $ 23.10 $ 16.46 to $ 23.10 Expected annual dividend $ 0.72 $ 0.72 to $ 0.76 Expected term (in years) 2.0 2.0 to 5.0 Risk-free interest rate 1.41 % 0.23 % to 1.41 % |
RSU Activity | Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Grant-Date Contractual Value RSUs Fair Value Term (yrs.) (in thousands) Outstanding at January 1, 2022 207,359 $ 17.70 Granted 140,150 19.67 Converted ( 97,658 ) 18.85 Forfeited ( 2,858 ) 18.49 Outstanding at December 31, 2022 246,993 $ 18.35 0.80 $ 4,446 Vested and Convertible at December 31, 2022 68,476 $ 17.63 — $ 1,233 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Plans [Abstract] | |
Projected Benefit Obligation | 2022 2021 2020 Weighted average assumptions used to determine the benefit obligation at year end: Discount rate 5.44 % 2.97 % 2.67 % Rate of increase in compensation levels 3.50 % 3.50 % 3.50 % Weighted average assumptions used to determine net pension cost: Discount rate 2.97 % 2.67 % 3.55 % Rate of increase in compensation levels 3.50 % 3.50 % 3.50 % Expected long-term rate of return on plan assets 5.25 % 5.25 % 5.50 % |
Net Pension Cost (Credit) | (in thousands) 2022 2021 2020 Service cost plus expected expenses and net of expected plan participant contributions $ 2,133 $ 2,131 $ 1,647 Interest cost 1,641 1,454 1,647 Expected return on plan assets ( 3,903 ) ( 3,914 ) ( 3,557 ) Net pension cost (credit) $ ( 129 ) $ ( 329 ) $ ( 263 ) |
Schedule Of Net Funded Status And Accumulated Benefit Obligation | (in thousands) 2022 2021 2020 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 56,587 $ 55,642 $ 47,471 Service cost 2,357 2,340 1,844 Interest cost 1,641 1,454 1,647 Benefits paid ( 2,361 ) ( 2,264 ) ( 1,919 ) Assumption changes ( 15,343 ) ( 2,173 ) 5,771 Experience loss and other 1,579 1,588 828 Projected benefit obligation at end of year 44,460 56,587 55,642 Change in fair value of plan assets: Fair value of plan assets at beginning of year 75,684 75,751 65,746 Actual return on plan assets ( 18,113 ) 1,906 11,657 Plan participant contributions 425 413 383 Benefits paid ( 2,361 ) ( 2,264 ) ( 1,919 ) Expenses ( 126 ) ( 122 ) ( 116 ) Fair value of plan assets at end of year 55,509 75,684 75,751 Funded status at end of year $ 11,049 $ 19,097 $ 20,109 Accumulated benefit obligation $ 41,551 $ 52,362 $ 51,541 |
Schedule Of Allocation Of Plan Assets | December 31, 2022 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 % 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 % December 31, 2021 Cash equivalents 0 % - 1 % 0.3 % <1.00% Equity mutual funds 20 % - 30 % 28.2 % 5.3 % to 7.7 % Fixed income mutual funds 70 % - 80 % 71.5 % 2.5 % to 3.7 % 100.0 % 3.3 % to 4.8 % |
Schedule Of Fair Value Of Plan Assets | 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, 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 $ — December 31, 2021: Cash equivalents: Vanguard Prime Money Market Mutual Fund $ 195 $ — $ 195 $ — Total cash equivalents 195 — 195 — Equity mutual funds: Vanguard Total Stock Market Index Fund (VITSX) 12,792 12,792 — — Vanguard Total International Stock Index Fund (VTSNX) 8,560 8,560 — — Total equity mutual funds 21,352 21,352 — — Fixed income mutual funds: Vanguard Long-Term Investment Grade Fund (VWETX) 40,183 40,183 — — Vanguard Long-Term Treasury Index Fund (VLGIX) 13,954 13,954 — — Total fixed income mutual funds 54,137 54,137 — — Total Plan Assets $ 75,684 $ 75,489 $ 195 $ — |
Schedule Of Estimated Future Benefit Payments | Year (in thousands) Amount 2023 $ 2,594 2024 2,798 2025 2,996 2026 3,109 2027 3,226 2028 - 2032 17,506 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Operating Expenses [Abstract] | |
Schedule Of Other Operating Expenses | (in thousands) 2022 2021 2020 Telecommunications $ 1,669 $ 1,658 $ 1,564 Computer services 1,501 1,646 1,619 Director Fees 1,100 1,375 1,262 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingent Liabilities [Abstract] | |
Off-Balance Sheet Risks | 2022 2021 (in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 27,694 $ 222,470 $ 52,414 $ 239,924 Standby letters of credit 8,706 — 3,933 — |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Of Financial Instruments [Abstract] | |
Assets Measured On Recurring Basis | 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, 2022: Financial Assets: AFS 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 December 31, 2021: Financial Assets: AFS Securities: State and municipals $ 327,171 $ — $ 326,201 $ 970 Pass-through mortgage securities 182,957 — 182,957 — Collateralized mortgage obligations 106,082 — 106,082 — Corporate bonds 118,108 — 118,108 — $ 734,318 $ — $ 733,348 $ 970 Financial Liabilities: Derivative - interest rate swap $ 1,750 $ — $ 1,750 $ — |
Financial Instruments | December 31, 2022 December 31, 2021 (in thousands) Level of Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 74,178 $ 74,178 $ 43,675 $ 43,675 Loans, net Level 3 3,280,301 3,064,849 (1) 3,075,205 3,048,791 Restricted stock n/a 26,363 n/a 21,524 n/a Financial Liabilities: Checking deposits Level 1 1,324,141 1,324,141 1,400,998 1,400,998 Savings, NOW and money market deposits Level 1 1,661,512 1,661,512 1,685,410 1,685,410 Time deposits Level 2 478,981 467,986 228,837 232,973 Short-term borrowings Level 1 — — 125,000 125,000 Long-term debt Level 2 411,000 407,890 186,322 188,413 (1) The decrease in fair value of net loans is mainly due to an increase in interest rates. |
Derivatives (Tables)
Derivatives (Tables) - Cash Flow Hedging [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Interest Rate Swaps | December 31, 2022 December 31, 2021 Notional amount — $ 50 million Weighted average fixed pay rate — 2.62 % Weighted average 3-month LIBOR receive rate — 0.13 % Weighted average maturity — 2.05 Years |
Schedule Of Losses Recorded In The Consolidated Statements Of Income And The Consolidated Statements Of Comprehensive Income | Year Ended December 31, (in thousands) 2022 2021 2020 Interest rate contracts: Amount of gain (loss) recognized in OCI (effective portion) $ 1,324 $ 668 $ ( 4,835 ) Amount of loss reclassified from OCI to interest expense 426 2,867 3,968 Amount of loss recognized in other noninterest income (ineffective portion) — — — |
Schedule Of Cash Flow Hedges Included In The Consolidated Balance Sheets | December 31, 2022 December 31, 2021 Notional Fair Value Notional Fair Value (in thousands) Amount Asset Liability Amount Asset Liability Included in other assets or other liabilities $ — $ — $ — $ 1,750 Interest rate swap hedging FHLB advances $ — $ 50,000 |
Parent Company Financial Info_2
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company Financial Information [Abstract] | |
Condensed Balance Sheets | December 31, (in thousands) 2022 2021 Assets: Cash and due from banks $ 897 $ 987 Investment in subsidiary bank, at equity 363,547 413,455 Prepaid income taxes 3,712 3,120 Deferred income tax benefits 1,088 889 Other assets 25 24 $ 369,269 $ 418,475 Liabilities: Other liabilities $ 20 $ 15 Cash dividends payable 4,713 4,648 4,733 4,663 Stockholders' equity: Common stock 2,244 2,324 Surplus 78,462 93,480 Retained earnings 348,597 320,321 429,303 416,125 Accumulated other comprehensive income (loss), net of tax ( 64,767 ) ( 2,313 ) 364,536 413,812 $ 369,269 $ 418,475 |
Condensed Statements Of Income | Year Ended December 31, (in thousands) 2022 2021 2020 Income: Dividends from subsidiary bank $ 36,450 $ 33,200 $ 25,100 Interest on deposits with subsidiary bank 5 3 3 36,455 33,203 25,103 Expenses: Salaries 2,065 1,365 1,241 Other operating expenses 795 661 951 2,860 2,026 2,192 Income before income taxes 33,595 31,177 22,911 Income tax expense (benefit) ( 791 ) 89 ( 570 ) Income before undistributed earnings of subsidiary bank 34,386 31,088 23,481 Equity in undistributed earnings 12,546 12,001 17,722 Net income $ 46,932 $ 43,089 $ 41,203 Comprehensive income (loss) $ ( 15,522 ) $ 37,206 $ 44,178 |
Condensed Statements Of Cash Flows | Year Ended December 31, (in thousands) 2022 2021 2020 Cash Flows From Operating Activities: Net income $ 46,932 $ 43,089 $ 41,203 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed earnings of subsidiary bank ( 12,546 ) ( 12,001 ) ( 17,722 ) Deferred income tax provision (credit) ( 199 ) 533 495 Stock-based compensation expense 2,466 1,635 1,788 Decrease (increase) in other assets ( 1 ) — — Increase (decrease) in other liabilities 5 1 ( 1 ) Other increases ( 530 ) ( 1,112 ) ( 941 ) Net cash provided by operating activities 36,127 32,145 24,822 Cash Flows From Investing Activities: Capital contributions to Bank subsidiary — — — Cash Flows From Financing Activities: Repurchase of common stock ( 17,889 ) ( 14,501 ) ( 7,935 ) Proceeds from issuance of common stock, net of shares withheld 263 607 ( 188 ) Cash dividends paid ( 18,591 ) ( 18,261 ) ( 17,421 ) Net cash used in financing activities ( 36,217 ) ( 32,155 ) ( 25,544 ) Net decrease in cash and cash equivalents* ( 90 ) ( 10 ) ( 722 ) Cash and cash equivalents, beginning of year 987 997 1,719 Cash and cash equivalents, end of year $ 897 $ 987 $ 997 Supplemental Schedule of Noncash Financing Activities: Cash dividends payable $ 4,713 $ 4,648 $ 4,519 * 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. |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) segment security shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 USD ($) shares | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Retained earnings | $ 348,597 | $ 320,321 | ||
Allowance for credit losses on loans | 31,432 | 29,831 | $ 33,037 | $ 29,289 |
ACL provision (credit) for credit loss expense | (71) | (82) | $ (195) | |
ACL off-balance sheet credit exposures | $ 421 | $ 492 | ||
Number of securities that could be converted into common stock | security | 0 | |||
Number of reportable segments | segment | 1 | |||
RSUs [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Anti-dilutive securities | shares | 33,017 | 0 | 25,519 | |
Employee Stock Option [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Anti-dilutive securities | shares | 0 | 0 | ||
Building [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 31 years | |||
Building [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 40 years | |||
Leasehold Improvements [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 5 years | |||
Leasehold Improvements [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 15 years | |||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 3 years | |||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 10 years |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Components Of Accumulated OCI, Net Of Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 413,812 | $ 407,118 | $ 386,783 |
Other Comprehensive Income (Loss) | (62,454) | (5,883) | 2,975 |
Balance | 364,536 | 413,812 | 407,118 |
Unrealized Holding Gains (Losses) On Available-For-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 1,955 | ||
Other Comprehensive Income (Loss) | (58,010) | ||
Balance | (56,055) | 1,955 | |
Unrealized Actuarial Loss On Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (3,056) | ||
Other Comprehensive Income (Loss) | (5,656) | ||
Balance | (8,712) | (3,056) | |
Unrealized Loss On Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (1,212) | ||
Other Comprehensive Income (Loss) | 1,212 | ||
Balance | (1,212) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (2,313) | 3,570 | 595 |
Other Comprehensive Income (Loss) | (62,454) | (5,883) | 2,975 |
Balance | $ (64,767) | $ (2,313) | $ 3,570 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Components Of OCI And Related Tax Effects) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in net unrealized holding gains or losses on available-for-sale securities: | |||
Change arising during the period | $ (83,835) | $ (9,529) | $ 6,099 |
Reclassification adjustment for gains included in net income | (1,104) | (2,556) | |
Change in net unrealized holding losses on available-for-sale securities | (83,835) | (10,633) | 3,543 |
Tax effect | (25,825) | (3,163) | 1,063 |
Total | (58,010) | (7,470) | 2,480 |
Change in funded status of pension plan: | |||
Unrecognized net gain (loss) arising during the period | (8,176) | (1,341) | 1,571 |
Tax effect | (2,520) | (438) | 470 |
Total | (5,656) | (903) | 1,101 |
Change in unrealized loss on derivative instruments: | |||
Amount of gain (loss) during the period | 1,324 | 668 | (4,835) |
Reclassification adjustment for net interest expense included in net income | 426 | 2,867 | 3,968 |
Change in unrealized loss on derivative instruments | 1,750 | 3,535 | (867) |
Tax effect | 538 | 1,045 | (261) |
Total | 1,212 | 2,490 | (606) |
Other comprehensive income (loss) | $ (62,454) | $ (5,883) | $ 2,975 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) security item | Dec. 31, 2021 USD ($) security item | Dec. 31, 2020 USD ($) security | |
Investment Securities [Line Items] | |||
Number of holdings greater than 10 percent of stockholders equity | item | 0 | 0 | |
Income tax expense (benefit) related to net realized gains (losses) | $ 340,000 | $ 766,000 | |
Held-to-maturity, number of securities | security | 0 | 0 | 0 |
Restricted investment securities | $ 350,800,000 | $ 425,000,000 | |
Security impairments | 0 | ||
Fair Value | 620,257,000 | 417,058,000 | |
Unrealized Loss | 81,148,000 | 8,898,000 | |
State And Municipals [Member] | |||
Investment Securities [Line Items] | |||
Fair Value | 252,091,000 | 18,429,000 | |
Unrealized Loss | 16,589,000 | 176,000 | |
Pass-Through Mortgage Securities [Member] | |||
Investment Securities [Line Items] | |||
Fair Value | 148,520,000 | 181,216,000 | |
Unrealized Loss | 31,135,000 | 4,591,000 | |
Collateralized Mortgage Obligations [Member] | |||
Investment Securities [Line Items] | |||
Fair Value | 113,394,000 | 99,305,000 | |
Unrealized Loss | 20,676,000 | 3,239,000 | |
Corporate Bonds [Member] | |||
Investment Securities [Line Items] | |||
Fair Value | 106,252,000 | 118,108,000 | |
Unrealized Loss | $ 12,748,000 | $ 892,000 | |
Number of institutions | item | 6 | ||
Maturity period | 10 years |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Estimated Fair Values Of AFS Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | $ 754,425 | $ 731,495 |
Available-for-Sale Securities, Gross Unrealized Gains | 136 | 11,721 |
Available-for-Sale Securities, Gross Unrealized Losses | (81,148) | (8,898) |
Available-for-Sale Securities, Fair value | 673,413 | 734,318 |
State And Municipals [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 321,700 | 315,747 |
Available-for-Sale Securities, Gross Unrealized Gains | 136 | 11,600 |
Available-for-Sale Securities, Gross Unrealized Losses | (16,589) | (176) |
Available-for-Sale Securities, Fair value | 305,247 | 327,171 |
Pass-Through Mortgage Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 179,655 | 187,494 |
Available-for-Sale Securities, Gross Unrealized Gains | 54 | |
Available-for-Sale Securities, Gross Unrealized Losses | (31,135) | (4,591) |
Available-for-Sale Securities, Fair value | 148,520 | 182,957 |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 134,070 | 109,254 |
Available-for-Sale Securities, Gross Unrealized Gains | 67 | |
Available-for-Sale Securities, Gross Unrealized Losses | (20,676) | (3,239) |
Available-for-Sale Securities, Fair value | 113,394 | 106,082 |
Corporate Bonds [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 119,000 | 119,000 |
Available-for-Sale Securities, Gross Unrealized Losses | (12,748) | (892) |
Available-for-Sale Securities, Fair value | $ 106,252 | $ 118,108 |
Investment Securities (Securiti
Investment Securities (Securities With A Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 293,384 | $ 384,929 |
Less than 12 Months, Unrealized Loss | (14,541) | (8,324) |
12 Months or More, Fair Value | 326,873 | 32,129 |
12 Months or More, Unrealized Loss | (66,607) | (574) |
Total, Fair Value | 620,257 | 417,058 |
Total, Unrealized Loss | (81,148) | (8,898) |
State And Municipals [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 238,157 | 18,429 |
Less than 12 Months, Unrealized Loss | (12,047) | (176) |
12 Months or More, Fair Value | 13,934 | |
12 Months or More, Unrealized Loss | (4,542) | |
Total, Fair Value | 252,091 | 18,429 |
Total, Unrealized Loss | (16,589) | (176) |
Pass-Through Mortgage Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 12,667 | 179,575 |
Less than 12 Months, Unrealized Loss | (979) | (4,529) |
12 Months or More, Fair Value | 135,853 | 1,641 |
12 Months or More, Unrealized Loss | (30,156) | (62) |
Total, Fair Value | 148,520 | 181,216 |
Total, Unrealized Loss | (31,135) | (4,591) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 42,560 | 99,305 |
Less than 12 Months, Unrealized Loss | (1,515) | (3,239) |
12 Months or More, Fair Value | 70,834 | |
12 Months or More, Unrealized Loss | (19,161) | |
Total, Fair Value | 113,394 | 99,305 |
Total, Unrealized Loss | (20,676) | (3,239) |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 87,620 | |
Less than 12 Months, Unrealized Loss | (380) | |
12 Months or More, Fair Value | 106,252 | 30,488 |
12 Months or More, Unrealized Loss | (12,748) | (512) |
Total, Fair Value | 106,252 | 118,108 |
Total, Unrealized Loss | $ (12,748) | $ (892) |
Investment Securities (Sales Of
Investment Securities (Sales Of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Securities [Abstract] | ||
Proceeds | $ 71,695 | $ 64,453 |
Gains | 1,120 | 2,556 |
Losses | (16) | |
Net gains | $ 1,104 | $ 2,556 |
Investment Securities (Maturiti
Investment Securities (Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment Securities [Abstract] | ||
Amortized Cost, Within one year | $ 20,590 | |
Amortized Cost, After 1 through 5 years | 86,981 | |
Amortized Cost, After 5 through 10 years | 206,044 | |
Amortized Cost, After 10 years | 127,085 | |
Amortized Cost, Mortgage-backed securities | 313,725 | |
Amortized Cost | 754,425 | $ 731,495 |
Fair Value, Within one year | 20,503 | |
Fair Value, After 1 through 5 years | 86,019 | |
Fair Value, After 5 through 10 years | 191,252 | |
Fair Value, After 10 years | 113,725 | |
Fair Value, Mortgage-backed securities | 261,914 | |
Fair Value | $ 673,413 | $ 734,318 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) contract loan | Dec. 31, 2021 USD ($) contract loan | Dec. 31, 2020 USD ($) loan contract | |
Financing Receivable, Past Due [Line Items] | |||
Number of days past due to be considered default | 90 days | ||
Number of contracts with payment default | contract | 0 | 0 | 0 |
Commitments to lend additional amounts | $ 0 | ||
Number of loans in the process of foreclosure | loan | 0 | 0 | 0 |
Accrued interest receivable | $ 9,200,000 | $ 8,000,000 | |
Outstanding loan balance | $ 480,000 | ||
Directors and Executive Officers [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Number of outstanding loans | loan | 0 | 0 | |
Residential Mortgages [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real estate acquired through foreclosure | $ 0 | $ 0 | $ 0 |
Loans (Loans Outstanding By Cla
Loans (Loans Outstanding By Class Of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | $ 3,311,733 | $ 3,105,036 |
Commercial And Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 108,493 | 90,386 |
SBA Paycheck Protection Program [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 30,534 | |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 906,498 | 864,207 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 789,140 | 700,872 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 220,855 | 171,533 |
Residential Mortgages [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 1,285,357 | |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 1,240,144 | 1,202,374 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 45,213 | 44,139 |
Consumer And Other [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | $ 1,390 | $ 991 |
Loans (Allowance For Loan Losse
Loans (Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning balance | $ 29,831 | $ 33,037 | $ 29,289 |
Impact of ASC 326 Adoption | 2,888 | ||
Chargeoffs | 884 | 1,206 | 2,730 |
Recoveries | 154 | 573 | 584 |
Provision (Credit) for Credit Losses | 2,331 | (2,573) | 3,006 |
Allowance for credit losses, ending balance | 31,432 | 29,831 | 33,037 |
Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning balance | 888 | 1,416 | 1,493 |
Impact of ASC 326 Adoption | (244) | ||
Chargeoffs | 511 | 307 | 1,283 |
Recoveries | 154 | 205 | 519 |
Provision (Credit) for Credit Losses | 1,012 | (426) | 931 |
Allowance for credit losses, ending balance | 1,543 | 888 | 1,416 |
SBA Paycheck Protection Program [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning balance | 46 | 209 | |
Provision (Credit) for Credit Losses | (46) | (163) | 209 |
Allowance for credit losses, ending balance | 46 | 209 | |
Commercial Mortgages [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning balance | 8,154 | 9,474 | 7,151 |
Impact of ASC 326 Adoption | 1,059 | ||
Chargeoffs | 544 | 298 | |
Provision (Credit) for Credit Losses | 276 | (776) | 1,562 |
Allowance for credit losses, ending balance | 8,430 | 8,154 | 9,474 |
Commercial Mortgages [Member] | Other Loan [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning balance | 6,478 | 4,913 | 3,498 |
Impact of ASC 326 Adoption | (47) | ||
Chargeoffs | 502 | ||
Recoveries | 1 | ||
Provision (Credit) for Credit Losses | 947 | 1,565 | 1,963 |
Allowance for credit losses, ending balance | 7,425 | 6,478 | 4,913 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning balance | 2,515 | 1,905 | 921 |
Impact of ASC 326 Adoption | 778 | ||
Chargeoffs | 165 | ||
Recoveries | 91 | ||
Provision (Credit) for Credit Losses | 509 | 684 | 206 |
Allowance for credit losses, ending balance | 3,024 | 2,515 | 1,905 |
Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Chargeoffs | 372 | ||
Residential Mortgages [Member] | Closed-end [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning balance | 11,298 | 14,706 | 15,698 |
Impact of ASC 326 Adoption | 1,356 | ||
Chargeoffs | 372 | 189 | 558 |
Recoveries | 22 | 32 | |
Provision (Credit) for Credit Losses | (293) | (3,241) | (1,822) |
Allowance for credit losses, ending balance | 10,633 | 11,298 | 14,706 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning balance | 449 | 407 | 515 |
Impact of ASC 326 Adoption | (6) | ||
Chargeoffs | 86 | ||
Recoveries | 254 | 30 | |
Provision (Credit) for Credit Losses | (87) | (212) | (46) |
Allowance for credit losses, ending balance | 362 | 449 | 407 |
Consumer And Other [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning balance | 3 | 7 | 13 |
Impact of ASC 326 Adoption | (8) | ||
Chargeoffs | 1 | 1 | 3 |
Recoveries | 1 | 2 | |
Provision (Credit) for Credit Losses | 13 | (4) | 3 |
Allowance for credit losses, ending balance | $ 15 | $ 3 | $ 7 |
Loans (Aging Of The Recorded In
Loans (Aging Of The Recorded Investment In Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 3,311,733 | $ 3,105,036 |
Nonaccrual - With No Allowance for Credit Loss | 1,235 | |
Total Past Due Loans & Nonaccrual Loans | 750 | 1,695 |
Current | 3,310,983 | 3,103,341 |
Total Loans | 3,311,733 | 3,105,036 |
Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 108,493 | 90,386 |
Total Past Due Loans & Nonaccrual Loans | 297 | 128 |
Current | 108,196 | 90,258 |
Total Loans | 108,493 | 90,386 |
SBA Paycheck Protection Program [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 30,534 | |
Total Past Due Loans & Nonaccrual Loans | 259 | |
Current | 30,275 | |
Total Loans | 30,534 | |
Commercial Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,916,493 | 1,736,612 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 906,498 | 864,207 |
Current | 906,498 | 864,207 |
Total Loans | 906,498 | 864,207 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 789,140 | 700,872 |
Current | 789,140 | 700,872 |
Total Loans | 789,140 | 700,872 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 220,855 | 171,533 |
Current | 220,855 | 171,533 |
Total Loans | 220,855 | 171,533 |
Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,285,357 | |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,240,144 | 1,202,374 |
Nonaccrual - With No Allowance for Credit Loss | 1,235 | |
Total Past Due Loans & Nonaccrual Loans | 452 | 1,235 |
Current | 1,239,692 | 1,201,139 |
Total Loans | 1,240,144 | 1,202,374 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 45,213 | 44,139 |
Current | 45,213 | 44,139 |
Total Loans | 45,213 | 44,139 |
Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,390 | 991 |
Total Past Due Loans & Nonaccrual Loans | 1 | 73 |
Current | 1,389 | 918 |
Total Loans | 1,390 | 991 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 750 | 460 |
30 to 59 Days Past Due [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 297 | 128 |
30 to 59 Days Past Due [Member] | SBA Paycheck Protection Program [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 259 | |
30 to 59 Days Past Due [Member] | Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 452 | |
30 to 59 Days Past Due [Member] | Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 1 | $ 73 |
Loans (Amortized Cost Basis of
Loans (Amortized Cost Basis of Loans by Class of Loans, Vintage and Risk Rating) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | $ 679,797 | ||
Year one | 672,726 | ||
Year two | 207,001 | ||
Year three | 223,658 | ||
Year four | 345,988 | ||
Prior | 1,119,940 | ||
Revolving Loans | 62,623 | ||
Total Loans | 3,311,733 | $ 3,105,036 | |
Current-period chargeoffs | (884) | (1,206) | $ (2,730) |
Current-period recoveries | 154 | 573 | 584 |
Current-period net chargeoffs, Prior | (372) | ||
Current-period net chargeoffs, Revolving | (358) | ||
Current-period net chargeoffs | (730) | ||
Commercial And Industrial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 31,911 | ||
Year one | 37,279 | ||
Year two | 11,021 | ||
Year three | 5,369 | ||
Year four | 4,352 | ||
Prior | 3,840 | ||
Revolving Loans | 14,721 | ||
Total Loans | 108,493 | 90,386 | |
Current-period gross chargeoffs, Revolving | (511) | ||
Current-period chargeoffs | (511) | (307) | (1,283) |
Current-period recoveries, Revolving | 154 | ||
Current-period recoveries | 154 | 205 | 519 |
Current-period net chargeoffs, Revolving | (357) | ||
Current-period net chargeoffs | (357) | ||
Receivables converted to term loan | 4,700 | ||
Commercial And Industrial [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 29,913 | ||
Year one | 27,212 | ||
Year two | 10,747 | ||
Year three | 5,369 | ||
Year four | 4,352 | ||
Prior | 3,840 | ||
Revolving Loans | 14,721 | ||
Total Loans | 96,154 | ||
Commercial And Industrial [Member] | Watch [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,998 | ||
Year one | 10,067 | ||
Year two | 274 | ||
Total Loans | 12,339 | ||
SBA Paycheck Protection Program [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 30,534 | ||
Commercial Mortgages [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 195,614 | ||
Year one | 180,602 | ||
Year two | 39,687 | ||
Year three | 125,179 | ||
Year four | 112,456 | ||
Prior | 252,735 | ||
Revolving Loans | 225 | ||
Total Loans | 906,498 | 864,207 | |
Current-period chargeoffs | (544) | (298) | |
Commercial Mortgages [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 191,988 | ||
Year one | 224,005 | ||
Year two | 99,340 | ||
Year three | 34,448 | ||
Year four | 44,169 | ||
Prior | 195,190 | ||
Total Loans | 789,140 | 700,872 | |
Current-period chargeoffs | (502) | ||
Current-period recoveries | 1 | ||
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 56,771 | ||
Year one | 61,318 | ||
Year two | 21,199 | ||
Year three | 41,532 | ||
Year four | 2,763 | ||
Prior | 35,785 | ||
Revolving Loans | 1,487 | ||
Total Loans | 220,855 | 171,533 | |
Current-period chargeoffs | (165) | ||
Current-period recoveries | 91 | ||
Commercial Mortgages [Member] | Pass [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 195,614 | ||
Year one | 180,602 | ||
Year two | 39,687 | ||
Year three | 125,179 | ||
Year four | 112,456 | ||
Prior | 246,436 | ||
Revolving Loans | 225 | ||
Total Loans | 900,199 | ||
Commercial Mortgages [Member] | Pass [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 191,988 | ||
Year one | 224,005 | ||
Year two | 99,340 | ||
Year three | 34,448 | ||
Year four | 43,235 | ||
Prior | 188,327 | ||
Total Loans | 781,343 | ||
Commercial Mortgages [Member] | Pass [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 56,771 | ||
Year one | 56,039 | ||
Year two | 21,199 | ||
Year three | 41,532 | ||
Year four | 2,763 | ||
Prior | 35,785 | ||
Revolving Loans | 1,487 | ||
Total Loans | 215,576 | ||
Commercial Mortgages [Member] | Watch [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 6,299 | ||
Total Loans | 6,299 | ||
Commercial Mortgages [Member] | Watch [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year four | 934 | ||
Total Loans | 934 | ||
Commercial Mortgages [Member] | Watch [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 5,279 | ||
Total Loans | 5,279 | ||
Commercial Mortgages [Member] | Substandard [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 6,863 | ||
Total Loans | 6,863 | ||
Residential Mortgages [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 203,272 | ||
Year one | 169,522 | ||
Year two | 35,754 | ||
Year three | 17,030 | ||
Year four | 182,248 | ||
Prior | 632,318 | ||
Revolving Loans | 45,213 | ||
Total Loans | 1,285,357 | ||
Current-period gross chargeoffs, Prior | (372) | ||
Current-period chargeoffs | (372) | ||
Current-period net chargeoffs, Prior | (372) | ||
Current-period net chargeoffs | (372) | ||
Receivables converted to term loan | 8,100 | ||
Residential Mortgages [Member] | Closed-end [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 1,240,144 | 1,202,374 | |
Current-period chargeoffs | (372) | (189) | (558) |
Current-period recoveries | 22 | 32 | |
Residential Mortgages [Member] | Revolving Home Equity [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 45,213 | 44,139 | |
Current-period chargeoffs | (86) | ||
Current-period recoveries | 254 | 30 | |
Residential Mortgages [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 203,272 | ||
Year one | 169,522 | ||
Year two | 35,754 | ||
Year three | 17,030 | ||
Year four | 182,248 | ||
Prior | 632,039 | ||
Revolving Loans | 45,213 | ||
Total Loans | 1,285,078 | ||
Residential Mortgages [Member] | Watch [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 279 | ||
Total Loans | 279 | ||
Consumer And Other [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 241 | ||
Year three | 100 | ||
Prior | 72 | ||
Revolving Loans | 977 | ||
Total Loans | 1,390 | 991 | |
Current-period gross chargeoffs, Revolving | (1) | ||
Current-period chargeoffs | (1) | (1) | (3) |
Current-period recoveries | $ 1 | $ 2 | |
Current-period net chargeoffs, Revolving | (1) | ||
Current-period net chargeoffs | (1) | ||
Consumer And Other [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 241 | ||
Year three | 100 | ||
Prior | 72 | ||
Revolving Loans | 844 | ||
Total Loans | 1,257 | ||
Consumer And Other [Member] | Not Rated [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 133 | ||
Total Loans | $ 133 |
Premises And Equipment And Op_3
Premises And Equipment And Operating Leases (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) item | |
Loss on disposition of premises and fixed assets | $ 553 | ||
Number of short-term leases | item | 1 | 0 | 2 |
Weighted-average remaining lease term | 11 years 9 months 14 days | 5 years 9 months 21 days | |
Termination charges | $ 905 | $ 3,100 | $ 148 |
Weighted-average discount rate | 3.24% | 2.93% | |
Land and Building [Member] | |||
Premise and equipment, fair value | $ 2,400 | $ 3,800 | |
Minimum [Member] | |||
Renewal term | 10 years | ||
Maximum [Member] | |||
Renewal term | 25 years |
Premises And Equipment And Op_4
Premises And Equipment And Operating Leases (Components Of Premises And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 79,702 | $ 83,993 |
Accumulated depreciation and amortization | (48,042) | (46,470) |
Total | 31,660 | 37,523 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 8,552 | 8,459 |
Building And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 22,120 | 28,838 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 12,002 | 11,421 |
Furniture And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 36,595 | 34,782 |
Construction In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 433 | $ 493 |
Premises And Equipment And Op_5
Premises And Equipment And Operating Leases (Components Of Lease Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 3,271 | $ 4,462 | $ 2,605 |
Variable lease cost | 490 | 405 | 608 |
Short-term lease cost | 10 | 103 | |
Total lease expense | $ 3,771 | $ 4,867 | $ 3,316 |
Premises And Equipment And Op_6
Premises And Equipment And Operating Leases (Maturity Analysis For Operating Lease Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 2,954 | |
2024 | 3,284 | |
2025 | 3,142 | |
2026 | 2,878 | |
2027 | 2,592 | |
Thereafter | 16,757 | |
Total lease payments | 31,607 | |
Less: interest | 5,711 | |
Present value of lease payments | $ 25,896 | $ 11,259 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Line Items] | ||
Time deposits, meet or exceed the FDIC insurance limit | $ 104,700 | $ 54,000 |
Related party deposit | 8,800 | $ 9,100 |
Time deposits maturing in 2023 | 320,710 | |
Brokered Deposits [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Time deposits maturing in 2023 | $ 135,000 |
Deposits (Schedule Of Remaining
Deposits (Schedule Of Remaining Maturities Of Banks Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
2023 | $ 320,710 | |
2024 | 94,564 | |
2025 | 14,418 | |
2026 | 12,936 | |
2027 | 19,473 | |
Thereafter | 16,880 | |
Total time deposits | $ 478,981 | $ 228,837 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Borrowed Funds [Abstract] | ||
Interest payable | $ 535,000 | $ 336,000 |
Federal home loan bank advances | $ 2,200,000,000 | $ 2,200,000,000 |
Borrowed Funds (Summary Of Borr
Borrowed Funds (Summary Of Borrowed Funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Short-term borrowings: | ||
Short-term borrowings | $ 125,000 | |
Long-term debt: | ||
Long-term debt | $ 411,000 | 186,322 |
Total | 411,000 | 311,322 |
FHLB Overnight Advances [Member] | ||
Short-term borrowings: | ||
Short-term borrowings | 75,000 | |
FHLB 3 Month Advances [Member] | ||
Short-term borrowings: | ||
Short-term borrowings | 50,000 | |
FHLB Advances [Member] | ||
Long-term debt: | ||
Long-term debt | $ 411,000 | $ 186,322 |
Borrowed Funds (Contractual Mat
Borrowed Funds (Contractual Maturity And Weighted Average Interest Rates On FHLB Advances) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Borrowed Funds [Abstract] | |
Amount, Overnight | |
Amount, 2023 | 213,500 |
Amount, 2024 | 187,500 |
Amount, 2025 | |
Amount, 2026 | 10,000 |
Amount, 2027 | |
Amount, Long-term | 411,000 |
Amount | $ 411,000 |
Weighted Average Rate, Overnight | |
Weighted Average Rate, 2023 | 3.03% |
Weighted Average Rate, 2024 | 4.14% |
Weighted Average Rate, 2025 | |
Weighted Average Rate, 2026 | 2.12% |
Weighted Average Rate, 2027 | |
Weighted Average Rate, Long-term | 3.51% |
Weighted Average Rate | 3.51% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Effective tax rate | 19.40% | 19.20% | 16.80% |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Tax interest and penalties expense | $ 0 | $ 0 | $ 0 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Statutory Federal Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
State and local income taxes, net of federal income tax benefit | 1.70% | 2.10% | 0.70% |
Tax-exempt income, net of disallowed cost of funding | (2.80%) | (3.30%) | (4.00%) |
BOLI income | (1.10%) | (0.90%) | (1.00%) |
Excess tax benefit of share-based compensation | 0.10% | ||
Non-deductible officer compensation | 0.10% | ||
Other | 0.50% | 0.20% | 0.10% |
Total | 19.40% | 19.20% | 16.80% |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 9,287 | $ 8,807 | $ 8,703 |
State and local | 1,330 | 1,467 | 952 |
Total | 10,617 | 10,274 | 9,655 |
Deferred: | |||
Federal | 358 | (76) | (747) |
State and local | 312 | 20 | (584) |
Total deferred income tax expense (benefit) | 670 | (56) | (1,331) |
Total income tax expense (benefit) | $ 11,287 | $ 10,218 | $ 8,324 |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Asset (Liability)) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Unrealized losses on AFS securities | $ 24,957 | |
Allowance for credit losses and off-balance-sheet credit exposure | 9,767 | $ 9,323 |
Operating lease liability | 7,951 | 3,469 |
Stock-based compensation | 865 | 689 |
Contract incentive | 139 | 339 |
Asset writedown | 51 | 51 |
Accrued bonuses and severance | 50 | 1,262 |
Retirement expense | 38 | 44 |
Interest on nonperforming loans | 6 | 38 |
Unrealized loss on interest rate swaps | 538 | |
Net operating loss carryforwards | 54 | |
Total deferred tax assets gross | 43,824 | 15,807 |
Valuation allowance | ||
Total deferred tax assets net | 43,824 | 15,807 |
Deferred tax liabilities: | ||
Right-of-use asset | 7,354 | 2,599 |
Prepaid pension | 3,370 | 5,874 |
Deferred loan costs | 1,545 | 1,529 |
Depreciation | 272 | 791 |
Prepaid expenses | 159 | 159 |
Unrealized gains on AFS securities | 868 | |
Total deferred income tax liabilities | 12,700 | 11,820 |
Net deferred tax asset | $ 31,124 | $ 3,987 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Number of preceding years of retained net profits | 2 years | |
Forecast [Member] | ||
Dividends declared without prior approval | $ 24.5 |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Capital Amounts And Ratios) (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Tier 1 Capital to Average Assets: | ||
Tier 1 Capital to Average Assets, Actual Capital, Amount | $ 430,366 | $ 417,615 |
Tier 1 Capital to Average Assets, Actual Capital, Ratio | 0.0983 | 0.1023 |
Tier 1 Capital to Average Assets, Minimum Capital Adequacy Requirement, Amount | $ 394,017 | $ 346,965 |
Tier 1 Capital to Average Assets, Minimum Capital Adequacy Requirement, Ratio | 0.0900 | 0.0850 |
Bank [Member] | ||
Tier 1 Capital to Average Assets: | ||
Tier 1 Capital to Average Assets, Actual Capital, Amount | $ 429,377 | $ 417,258 |
Tier 1 Capital to Average Assets, Actual Capital, Ratio | 0.0981 | 0.1023 |
Tier 1 Capital to Average Assets, Minimum Capital Adequacy Requirement, Amount | $ 393,883 | $ 346,751 |
Tier 1 Capital to Average Assets, Minimum Capital Adequacy Requirement, Ratio | 0.0900 | 0.0850 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2023 shares | Apr. 30, 2020 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Apr. 20, 2021 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options, forfeited | 750 | |||||
Stock options, exercised | 0 | |||||
Intrinsic value | $ | $ 55,000 | $ 329,000 | ||||
Proceeds from exercise of stock options | $ | 133,000 | 526,000 | ||||
Tax benefit from stock option exercised | $ | 17,000 | 99,000 | ||||
Compensation expense for share-based payments | $ | 2,500,000 | 1,600,000 | $ 1,800,000 | |||
Income tax benefits | $ | 760,000 | $ 420,000 | $ 536,000 | |||
Unrecognized compensation cost | $ | $ 1,900,000 | |||||
Weighted average period expected to be recognized | 1 year 8 months 23 days | |||||
Shares issued | 3,315 | 6,580 | 7,785 | |||
Number of shares awarded | 38,064 | |||||
Total grant date fair value | $ | $ 547,000 | |||||
RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of RSU granted | 140,150 | |||||
Number of RSUs vested and convertible | 68,476 | |||||
Total intrinsic value of RSUs converted | $ | $ 2,000,000 | $ 1,600,000 | $ 3,600,000 | |||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cash used to settle stock options | $ | $ 0 | $ 0 | ||||
RSUs Performance-Based Vesting [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of RSU granted | 101,493 | 101,493 | ||||
Number of additional shares authorized | 7,109 | |||||
RSUs Performance-Based Vesting [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Conversion rate of RSUs to common stock | 1.50 | 1.50 | ||||
RSUs Service-Based Vesting [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of RSU granted | 145,500 | |||||
Conversion rate of RSUs to common stock | 1 | |||||
Equity Incentive Plan 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for issuance | 23,167 | 0 | ||||
Equity Incentive Plan 2021 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized | 750,000 | |||||
Number of shares available for issuance | 618,146 | |||||
Equity Incentive Plan 2021 [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award minimum vesting period | 1 year | |||||
Percentage of award with one year vesting period | 95% | |||||
Equity Incentive Plan 2021 [Member] | RSUs [Member] | Awarded In 2023 [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of RSU granted | 142,280 | |||||
Equity Incentive Plan 2021 [Member] | RSUs Performance-Based Vesting [Member] | Awarded In 2023 [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of RSU granted | 83,028 | |||||
Equity Incentive Plan 2021 [Member] | RSUs Service-Based Vesting [Member] | Awarded In 2023 [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of RSU granted | 59,252 |
Stock-based Compensation (Summa
Stock-based Compensation (Summary Of RSU Vested And Expected To Vest) (Details) - Equity Incentive Plan 2014 [Member] - RSUs [Member] | 12 Months Ended |
Dec. 31, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Scheduled to vest | 246,993 |
Vested and Convertible at Dec. 31, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vested and convertible at December 31, 2022 | 68,476 |
2023 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Scheduled to vest | 87,991 |
2024 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Scheduled to vest | 46,005 |
2025 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Scheduled to vest | 37,861 |
2026 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Scheduled to vest | 3,332 |
2027 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Scheduled to vest | 3,328 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Share-based Payment Award Equity Instruments Other Than Options Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
RSUs Performance-Based Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 20.07 | $ 15.31 | |
Market price on grant date | 21.64 | 16.83 | |
Expected annual dividend | $ 0.80 | $ 0.76 | |
Expected term (in years) | 2 years | 2 years | 2 years |
Risk-free interest rate | 1.12% | 0.13% | |
RSUs Performance-Based Vesting [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 21.30 | ||
Market price on grant date | 23.10 | ||
Expected annual dividend | $ 0.72 | ||
Risk-free interest rate | 1.41% | ||
RSUs Performance-Based Vesting [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 21.30 | ||
Market price on grant date | 23.10 | ||
Expected annual dividend | $ 0.72 | ||
Risk-free interest rate | 1.41% | ||
RSUs Service-Based Vesting [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 17.70 | $ 15.31 | $ 14.32 |
Market price on grant date | 18.12 | 16.83 | 16.46 |
Expected annual dividend | $ 0.42 | $ 0.76 | $ 0.72 |
Expected term (in years) | 1 year | 1 year | 2 years |
Risk-free interest rate | 1.12% | 0.08% | 0.23% |
RSUs Service-Based Vesting [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 20.07 | $ 20.54 | $ 21.30 |
Market price on grant date | 21.64 | 21.58 | 23.10 |
Expected annual dividend | $ 0.80 | $ 0.80 | $ 0.76 |
Expected term (in years) | 5 years | 3 years | 5 years |
Risk-free interest rate | 4.56% | 0.52% | 1.41% |
Stock-based Compensation (RSU A
Stock-based Compensation (RSU Activity) (Details) - RSUs [Member] | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Number of RSUs | shares | 207,359 |
Granted, Number of RSUs | shares | 140,150 |
Converted, Number of RSUs | shares | (97,658) |
Forfeited, Number of RSUs | shares | (2,858) |
Outstanding, Number of RSUs | shares | 246,993 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.70 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 19.67 |
Converted, Weighted-Average Grant-Date Fair Value | $ / shares | 18.85 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 18.49 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.35 |
Outstanding, Weighted Average Remaining Contractual Term | 9 months 18 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 4,446,000 |
Number of RSUs vested and convertible | shares | 68,476 |
Vested and Convertible, Weighted-Average Grant Date Fair Value | $ / shares | $ 17.63 |
Vested and Convertible, Aggregate Intrinsic Value | $ | $ 1,233,000 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | |||||
Discount rate | 5.44% | 2.97% | 2.67% | 2.97% | |
Decrease amount of defined benefit plan from discounted rate change | $ 15,300,000 | $ 2,400,000 | |||
Net actuarial loss | $ 1,600,000 | ||||
Amount of defined benefit plan from change in mortality assumption | $ 177,000 | ||||
Percentage of portfolio that may be invested in securities with ratings below investment grade | 5% | ||||
Percentage investment in single security, Maximum | 5% | ||||
Maximum percentage of single investment pool or investment company of total plan assets | 10% | ||||
Percentage of plan assets | 100% | 100% | |||
401(k) Plan [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Requisite service period | 5 years | ||||
Annual vesting percentage | 20% | ||||
Cost for contribution plan | $ 530,000 | $ 519,000 | $ 524,000 | ||
401(k) Plan [Member] | Minimum [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Age of employees eligible to participate in retirement plan | 18 years | ||||
Pension Plan [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Age of employees eligible to participate in retirement plan | 21 years | ||||
Requisite service period and vested period | 4 years | ||||
Requisite service for plan eligibility | 12 months | ||||
Employee matching contribution, percent | 2% | ||||
Pension benefit vested, Prior to meeting the vesting requirements | 0 | ||||
Estimated minimum pension contribution | $ 0 | ||||
Employer contributions | $ 0 | ||||
Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Percentage of plan assets | 0.30% | 0.30% | |||
Supplemental Executive Retirement Plan [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Pension and other postretirement benefits expense | $ 157,000 | ||||
Subsequent Event [Member] | Pension Plan [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Maximum annual contributions | $ 33,300,000 |
Retirement Plans (Projected Ben
Retirement Plans (Projected Benefit Obligation) (Details) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average assumptions used to determine the benefit obligation at year end: | ||||
Discount rate | 5.44% | 2.97% | 2.67% | 2.97% |
Rate of increase in compensation levels | 3.50% | 3.50% | 3.50% | |
Weighted average assumptions used to determine net pension cost: | ||||
Discount rate | 2.97% | 2.67% | 3.55% | |
Rate of increase in compensation levels | 3.50% | 3.50% | 3.50% | |
Expected long-term rate of return on plan assets | 5.25% | 5.25% | 5.50% |
Retirement Plans (Net Pension C
Retirement Plans (Net Pension Cost (Credit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Plans [Abstract] | |||
Service cost plus expected expenses and net of expected plan participant contributions | $ 2,133 | $ 2,131 | $ 1,647 |
Interest cost | 1,641 | 1,454 | 1,647 |
Expected return on plan assets | (3,903) | (3,914) | (3,557) |
Net pension cost (credit) | $ (129) | $ (329) | $ (263) |
Retirement Plans (Schedule Of N
Retirement Plans (Schedule Of Net Funded Status And Accumulated Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | $ 56,587 | $ 55,642 | $ 47,471 |
Service cost | 2,357 | 2,340 | 1,844 |
Interest cost | 1,641 | 1,454 | 1,647 |
Benefits paid | (2,361) | (2,264) | (1,919) |
Assumption changes | (15,343) | (2,173) | 5,771 |
Experience loss and other | 1,579 | 1,588 | 828 |
Projected benefit obligation at end of year | 44,460 | 56,587 | 55,642 |
Change in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 75,684 | 75,751 | 65,746 |
Actual return on plan assets | (18,113) | 1,906 | 11,657 |
Plan participant contributions | 425 | 413 | 383 |
Benefits paid | (2,361) | (2,264) | (1,919) |
Expenses | (126) | (122) | (116) |
Fair value of plan assets at end of year | 55,509 | 75,684 | 75,751 |
Funded status at end of year | 11,049 | 19,097 | 20,109 |
Accumulated benefit obligation | $ 41,551 | $ 52,362 | $ 51,541 |
Retirement Plans (Schedule Of A
Retirement Plans (Schedule Of Allocation Of Plan Assets) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 100% | 100% | |
Weighted Average Expected Long-term Rates of Return | 5.25% | 5.25% | 5.50% |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted Average Expected Long-term Rates of Return | 4.80% | 3.30% | |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted Average Expected Long-term Rates of Return | 6.30% | 4.80% | |
Defined Benefit Plan, Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 0.30% | 0.30% | |
Defined Benefit Plan, Cash [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 0% | 0% | |
Defined Benefit Plan, Cash [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 1% | 1% | |
Equity Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 24.80% | 28.20% | |
Equity Mutual Funds [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 20% | 20% | |
Weighted Average Expected Long-term Rates of Return | 6.30% | 5.30% | |
Equity Mutual Funds [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 30% | 30% | |
Weighted Average Expected Long-term Rates of Return | 8.80% | 7.70% | |
Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 74.90% | 71.50% | |
Fixed Income Mutual Funds [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 70% | 70% | |
Weighted Average Expected Long-term Rates of Return | 4.30% | 2.50% | |
Fixed Income Mutual Funds [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 80% | 80% | |
Weighted Average Expected Long-term Rates of Return | 5.60% | 3.70% |
Retirement Plans (Schedule Of F
Retirement Plans (Schedule Of Fair Value Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 55,509 | $ 75,684 | $ 75,751 | $ 65,746 |
Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 55,317 | 75,489 | ||
Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 192 | 195 | ||
Defined Benefit Plan, Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 192 | 195 | ||
Defined Benefit Plan, Cash [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 192 | 195 | ||
Vanguard Prime Money Market Mutual Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 192 | 195 | ||
Vanguard Prime Money Market Mutual Fund [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 192 | 195 | ||
Equity Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 13,794 | 21,352 | ||
Equity Mutual Funds [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 13,794 | 21,352 | ||
Vanguard Total Stock Market Index Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 8,131 | 12,792 | ||
Vanguard Total Stock Market Index Fund [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 8,131 | 12,792 | ||
Vanguard Total International Stock Index Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 5,663 | 8,560 | ||
Vanguard Total International Stock Index Fund [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 5,663 | 8,560 | ||
Fixed Income Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 41,523 | 54,137 | ||
Fixed Income Mutual Funds [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 41,523 | 54,137 | ||
Vanguard Long-Term Investment Grade Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 30,869 | 40,183 | ||
Vanguard Long-Term Investment Grade Fund [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 30,869 | 40,183 | ||
Vanguard Long-Term Treasury Index Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10,654 | 13,954 | ||
Vanguard Long-Term Treasury Index Fund [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 10,654 | $ 13,954 |
Retirement Plans (Schedule Of E
Retirement Plans (Schedule Of Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Retirement Plans [Abstract] | |
2023 | $ 2,594 |
2024 | 2,798 |
2025 | 2,996 |
2026 | 3,109 |
2027 | 3,226 |
2028 - 2032 | $ 17,506 |
Other Operating Expenses (Sched
Other Operating Expenses (Schedule Of Other Operating Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Operating Expenses [Abstract] | |||
Telecommunications | $ 1,669 | $ 1,658 | $ 1,564 |
Computer services | 1,501 | 1,646 | 1,619 |
Director Fees | $ 1,100 | $ 1,375 | $ 1,262 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fixed Rate, Maturity period | 3 years |
Terms of employment contract, Lower range | 2 years |
Terms of employment contract, Upper range | 3 years |
Extended period of contract | 2 years |
Salaries provided for employment contracts | $ 2.8 |
Chief Executive Officer [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Employment contract term | 3 years |
Other Senior Executives [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Employment contract term | 2 years |
Automatic contract renewal | 1 year |
Days to submit written notice of non-renewal | 30 days |
Home Equity Line of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off balance sheet risks, Expiration period | 10 years |
Other Real Estate Loan [Member] | Minimum [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off balance sheet risks, Expiration period | 60 days |
Other Real Estate Loan [Member] | Maximum [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off balance sheet risks, Expiration period | 90 days |
Commercial Loan Commitments [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off balance sheet risks, Expiration period | 1 year |
Residential And Commercial Mortgage [Member] | Minimum [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fixed rate loan, Percentage rate | 5.74% |
Residential And Commercial Mortgage [Member] | Maximum [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fixed rate loan, Percentage rate | 6.24% |
Fixed Rate, Maturity period | 10 years |
Unused Lines of Credit [Member] | Minimum [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Percentage of collateral held for commitments | 84% |
Unused Lines of Credit [Member] | Maximum [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Percentage of collateral held for commitments | 100% |
Unused Lines of Credit [Member] | Weighted Average [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Percentage of collateral held for commitments | 99% |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Off-Balance Sheet Risks) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed Rate [Member] | Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Amounts commitments to extend credit | $ 8,706 | $ 3,933 |
Commitments to Extend Credit [Member] | Fixed Rate [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Amounts commitments to extend credit | 27,694 | 52,414 |
Commitments to Extend Credit [Member] | Variable Rate [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Amounts commitments to extend credit | $ 222,470 | $ 239,924 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Transfers between levels | $ 0 | $ 0 |
Available-for-Sale Securities, Fair value | 673,413,000 | 734,318,000 |
State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | 305,247,000 | 327,171,000 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | 673,413,000 | 734,318,000 |
Fair Value, Measurements, Recurring [Member] | Premises and Facilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 2,400,000 | 3,800,000 |
Fair Value, Measurements, Recurring [Member] | State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | 305,247,000 | 327,171,000 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | 567,000 | 970,000 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | $ 567,000 | $ 970,000 |
Number of non-rated bond anticipation notes | item | 5 | |
Maturity period | 1 year |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Assets Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 673,413 | $ 734,318 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 673,413 | 734,318 |
Derivative - interest rate swap | 1,750 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 672,846 | 733,348 |
Derivative - interest rate swap | 1,750 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 567 | 970 |
State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 305,247 | 327,171 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 305,247 | 327,171 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 304,680 | 326,201 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 567 | 970 |
Pass-Through Mortgage Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 148,520 | 182,957 |
Pass-Through Mortgage Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 148,520 | 182,957 |
Pass-Through Mortgage Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 148,520 | 182,957 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 113,394 | 106,082 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 113,394 | 106,082 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 113,394 | 106,082 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 106,252 | 118,108 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 106,252 | 118,108 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 106,252 | $ 118,108 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Restricted stock | $ 26,363 | $ 21,524 |
Financial Liabilities: | ||
Checking deposits | 1,324,141 | 1,400,998 |
Savings, NOW and money market deposits | 1,661,512 | 1,685,410 |
Time deposits | 478,981 | 228,837 |
Carrying Amount [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 74,178 | 43,675 |
Restricted stock | 26,363 | 21,524 |
Financial Liabilities: | ||
Checking deposits | 1,324,141 | 1,400,998 |
Savings, NOW and money market deposits | 1,661,512 | 1,685,410 |
Short-term borrowings | 125,000 | |
Carrying Amount [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Time deposits | 478,981 | 228,837 |
Long-term debt | 411,000 | 186,322 |
Carrying Amount [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans | 3,280,301 | 3,075,205 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 74,178 | 43,675 |
Financial Liabilities: | ||
Checking deposits | 1,324,141 | 1,400,998 |
Savings, NOW and money market deposits | 1,661,512 | 1,685,410 |
Short-term borrowings | 125,000 | |
Fair Value [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Time deposits | 467,986 | 232,973 |
Long-term debt | 407,890 | 188,413 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans | $ 3,064,849 | $ 3,048,791 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Transaction And Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 2.9 | $ 2.6 | $ 2 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
May 22, 2021 | Jan. 17, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest expense | $ 18,497 | $ 16,152 | $ 29,188 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest expense | 426 | 2,900 | 4,000 | ||
FHLB [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest expense | $ 426 | 2,900 | $ 4,000 | ||
Cash Flow Hedging [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Derivative term | 5 years | ||||
Notional amount | $ 150,000 | $ 50,000 | $ 50,000 | ||
Payment for Brokered certificates of deposit | $ 150,000 |
Derivatives (Schedule Of Intere
Derivatives (Schedule Of Interest Rate Swaps) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | May 22, 2021 | Jan. 17, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | $ 50 | $ 150 | $ 50 |
Weighted average fixed pay rate | 2.62% | ||
Weighted average 3-month LIBOR receive rate | 0.13% | ||
Weighted average maturity | 2 years 18 days |
Derivatives (Schedule Of Losses
Derivatives (Schedule Of Losses Recorded In The Consolidated Statements Of Income And The Consolidated Statements Of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | $ 1,324 | $ 668 | $ (4,835) |
Amount of loss reclassified from OCI to interest expense | 426 | 2,867 | 3,968 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | 1,324 | 668 | (4,835) |
Amount of loss reclassified from OCI to interest expense | $ 426 | $ 2,867 | $ 3,968 |
Derivatives (Schedule Of Cash F
Derivatives (Schedule Of Cash Flow Hedges Included In The Consolidated Balance Sheets) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | May 22, 2021 | Jan. 17, 2019 |
Derivatives, Fair Value [Line Items] | |||
Notional amount | $ 50,000 | $ 150,000 | $ 50,000 |
Interest Rate Swaps [Member] | FHLB [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount | 50,000 | ||
Interest Rate Swaps [Member] | Other Assets Or Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value Liability | $ 1,750 |
Parent Company Financial Info_3
Parent Company Financial Information (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||||
Deferred income tax benefit | $ 31,124 | $ 3,987 | ||
Other assets | 18,623 | 17,191 | ||
Total assets | 4,281,511 | 4,068,789 | ||
Liabilities: | ||||
Cash dividends payable | 4,713 | 4,648 | $ 4,519 | |
Total liabilities | 3,916,975 | 3,654,977 | ||
Stockholders' Equity: | ||||
Common stock | 2,244 | 2,324 | ||
Surplus | 78,462 | 93,480 | ||
Retained earnings | 348,597 | 320,321 | ||
Total | 429,303 | 416,125 | ||
Accumulated other comprehensive income (loss), net of tax | (64,767) | (2,313) | ||
Total Stock Holders' Equity | 364,536 | 413,812 | 407,118 | $ 386,783 |
Total Liabilities and Equity | 4,281,511 | 4,068,789 | ||
Parent Company [Member] | ||||
Assets: | ||||
Cash and due from banks | 897 | 987 | ||
Investment in subsidiary bank, at equity | 363,547 | 413,455 | ||
Prepaid income taxes | 3,712 | 3,120 | ||
Deferred income tax benefit | 1,088 | 889 | ||
Other assets | 25 | 24 | ||
Total assets | 369,269 | 418,475 | ||
Liabilities: | ||||
Other liabilities | 20 | 15 | ||
Cash dividends payable | 4,713 | 4,648 | $ 4,519 | |
Total liabilities | 4,733 | 4,663 | ||
Stockholders' Equity: | ||||
Common stock | 2,244 | 2,324 | ||
Surplus | 78,462 | 93,480 | ||
Retained earnings | 348,597 | 320,321 | ||
Total | 429,303 | 416,125 | ||
Accumulated other comprehensive income (loss), net of tax | (64,767) | (2,313) | ||
Total Stock Holders' Equity | 364,536 | 413,812 | ||
Total Liabilities and Equity | $ 369,269 | $ 418,475 |
Parent Company Financial Info_4
Parent Company Financial Information (Condensed Statements Of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income: | |||
Total interest and dividend income | $ 134,210 | $ 122,959 | $ 131,216 |
Expenses: | |||
Salaries | 2,800 | ||
Other operating expenses | 12,523 | 12,535 | 11,364 |
Total noninterest expense | 67,579 | 68,647 | 63,581 |
Income tax expense (benefit) | 11,287 | 10,218 | 8,324 |
Net income | 46,932 | 43,089 | 41,203 |
Comprehensive income | (15,522) | 37,206 | 44,178 |
Parent Company [Member] | |||
Income: | |||
Dividends from subsidiary bank | 36,450 | 33,200 | 25,100 |
Interest on deposits with subsidiary bank | 5 | 3 | 3 |
Total interest and dividend income | 36,455 | 33,203 | 25,103 |
Expenses: | |||
Salaries | 2,065 | 1,365 | 1,241 |
Other operating expenses | 795 | 661 | 951 |
Total noninterest expense | 2,860 | 2,026 | 2,192 |
Income before income taxes | 33,595 | 31,177 | 22,911 |
Income tax expense (benefit) | (791) | 89 | (570) |
Income before undistributed earnings of subsidiary bank | 34,386 | 31,088 | 23,481 |
Equity in undistributed earnings | 12,546 | 12,001 | 17,722 |
Net income | 46,932 | 43,089 | 41,203 |
Comprehensive income | $ (15,522) | $ 37,206 | $ 44,178 |
Parent Company Financial Info_5
Parent Company Financial Information (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash Flows From Operating Activities: | ||||
Net income | $ 46,932 | $ 43,089 | $ 41,203 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Deferred income tax provision | 670 | (56) | (1,331) | |
Stock-based compensation expense | 2,466 | 1,635 | 1,788 | |
Other increases | (2,501) | 3,093 | (531) | |
Net cash provided by operating activities | 51,424 | 50,781 | 46,035 | |
Cash Flows From Financing Activities: | ||||
Repurchase of common stock | (17,889) | (14,501) | (7,935) | |
Proceeds from exercise of stock options | 133 | 526 | ||
Proceeds from issuance of common stock, net of shares withheld | 263 | 607 | (188) | |
Cash dividends paid | (18,591) | (18,261) | (17,421) | |
Net cash provided by (used in) financing activities | 212,850 | (34,294) | (72,616) | |
Net increase (decrease) in cash and cash equivalents | 30,503 | (167,507) | 172,214 | |
Cash and cash equivalents, beginning of year | 43,675 | 211,182 | 38,968 | |
Cash and cash equivalents, end of period | 74,178 | 43,675 | 211,182 | |
Supplemental Schedule of Noncash Financing Activities: | ||||
Cash dividends payable | 4,713 | 4,648 | 4,519 | |
Parent Company [Member] | ||||
Cash Flows From Operating Activities: | ||||
Net income | 46,932 | 43,089 | 41,203 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Undistributed earnings of subsidiary bank | (12,546) | (12,001) | (17,722) | |
Deferred income tax provision | (199) | 533 | 495 | |
Stock-based compensation expense | 2,466 | 1,635 | 1,788 | |
Decrease (increase) in other assets | (1) | |||
Increase (decrease) in other liabilities | 5 | 1 | (1) | |
Other increases | (530) | (1,112) | (941) | |
Net cash provided by operating activities | 36,127 | 32,145 | 24,822 | |
Cash Flows From Investing Activities: | ||||
Capital contributions to Bank subsidiary | ||||
Cash Flows From Financing Activities: | ||||
Repurchase of common stock | (17,889) | (14,501) | (7,935) | |
Proceeds from issuance of common stock, net of shares withheld | 263 | 607 | (188) | |
Cash dividends paid | (18,591) | (18,261) | (17,421) | |
Net cash provided by (used in) financing activities | (36,217) | (32,155) | (25,544) | |
Net increase (decrease) in cash and cash equivalents | [1] | (90) | (10) | (722) |
Cash and cash equivalents, beginning of year | 987 | 997 | 1,719 | |
Cash and cash equivalents, end of period | 897 | 987 | 997 | |
Supplemental Schedule of Noncash Financing Activities: | ||||
Cash dividends payable | $ 4,713 | $ 4,648 | $ 4,519 | |
[1] 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. |