Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 07, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 000-12896 | |
Entity Registrant Name | OLD POINT FINANCIAL CORP | |
Entity Central Index Key | 0000740971 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1265373 | |
Entity Address, Address Line One | 101 East Queen Street | |
Entity Address, City or Town | Hampton | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23669 | |
City Area Code | 757 | |
Local Phone Number | 728-1200 | |
Title of 12(b) Security | Common Stock, $5.00 par value per share | |
Trading Symbol | OPOF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,075,876 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Assets | |||
Cash and due from banks | $ 15,517 | $ 16,778 | |
Interest-bearing due from banks | 76,635 | 63,539 | |
Federal funds sold | 593 | 489 | |
Cash and cash equivalents | 92,745 | 80,806 | |
Securities available-for-sale, at fair value | 192,127 | 202,231 | |
Restricted securities, at cost | 3,825 | 5,176 | |
Loans held for sale | 0 | 470 | |
Loans, net | [1] | 1,042,774 | 1,068,046 |
Premises and equipment, net | 30,783 | 29,913 | |
Premises and equipment, held for sale | 344 | 344 | |
Bank-owned life insurance | 35,623 | 35,088 | |
Goodwill | 1,650 | 1,650 | |
Core deposit intangible, net | 165 | 187 | |
Other assets | 23,318 | 22,471 | |
Total assets | 1,423,354 | 1,446,382 | |
Deposits: | |||
Noninterest-bearing deposits | 360,296 | 331,992 | |
Savings deposits | 624,777 | 655,694 | |
Time deposits | 251,502 | 242,711 | |
Total deposits | 1,236,575 | 1,230,397 | |
Overnight repurchase agreements | 1,381 | 2,383 | |
Federal Home Loan Bank advances | 39,586 | 69,450 | |
Subordinated notes | 29,733 | 29,668 | |
Accrued expenses and other liabilities | 6,083 | 7,706 | |
Total liabilities | 1,313,358 | 1,339,604 | |
Stockholders' equity: | |||
Common stock, $5 par value, 10,000,000 shares authorized; 5,077,525 and 5,040,095 shares outstanding (includes 68,113 and 53,660 of nonvested restricted stock, respectively) | 25,047 | 24,932 | |
Additional paid-in capital | 17,248 | 17,099 | |
Retained earnings | 84,999 | 82,277 | |
Accumulated other comprehensive loss, net | (17,298) | (17,530) | |
Total stockholders' equity | 109,996 | 106,778 | |
Total liabilities and stockholders' equity | $ 1,423,354 | $ 1,446,382 | |
[1]Net deferred loan fees totaled $1.1 million on June 30, 2024 and $1.2 million on December 31, 2023. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares outstanding (in shares) | 5,077,525 | 5,040,095 |
Restricted Stock [Member] | ||
Stockholders' equity: | ||
Nonvested restricted stock (in shares) | 68,113 | 53,660 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest and dividend income: | ||||
Loans, including fees | $ 15,042 | $ 14,185 | $ 29,586 | $ 27,226 |
Due from banks | 1,087 | 93 | 1,886 | 157 |
Federal funds sold | 12 | 9 | 21 | 15 |
Securities: | ||||
Taxable | 1,761 | 1,772 | 3,559 | 3,536 |
Tax-exempt | 139 | 209 | 278 | 421 |
Dividends and interest on all other securities | 77 | 79 | 171 | 145 |
Total interest and dividend income | 18,118 | 16,347 | 35,501 | 31,500 |
Interest expense: | ||||
Checking and savings deposits | 2,699 | 1,569 | 5,296 | 2,423 |
Time deposits | 2,337 | 1,419 | 4,509 | 1,956 |
Federal funds purchased, securities sold under agreements to repurchase and other borrowings | 1 | 2 | 2 | 39 |
Federal Home Loan Bank advances | 670 | 963 | 1,448 | 1,580 |
Long-term borrowings | 295 | 295 | 590 | 590 |
Total interest expense | 6,002 | 4,248 | 11,845 | 6,588 |
Net interest income | 12,116 | 12,099 | 23,656 | 24,912 |
Provision for credit losses | 261 | 361 | 341 | 737 |
Net interest income after provision for credit losses | 11,855 | 11,738 | 23,315 | 24,175 |
Noninterest income: | ||||
Bank-owned life insurance income | 270 | 259 | 535 | 513 |
Mortgage banking income | 2 | 112 | 18 | 207 |
Loss on sale of available-for-sale securities, net | 0 | (164) | 0 | (164) |
Loss on sale of repossessed assets | (58) | (69) | (36) | (69) |
Gain on sale of fixed assets | 0 | 200 | 0 | 200 |
Total noninterest income | 3,471 | 3,477 | 6,693 | 6,898 |
Noninterest expense: | ||||
Salaries and employee benefits | 7,195 | 8,043 | 15,026 | 15,406 |
Occupancy and equipment | 1,373 | 1,255 | 2,546 | 2,450 |
Data processing | 1,393 | 1,264 | 2,708 | 2,443 |
Customer development | 176 | 101 | 231 | 214 |
Professional services | 680 | 756 | 1,265 | 1,429 |
Employee professional development | 167 | 289 | 378 | 523 |
Other taxes | 276 | 234 | 537 | 447 |
Card and other losses | 98 | 154 | 329 | 409 |
Other operating expenses | 966 | 1,051 | 2,007 | 1,994 |
Total noninterest expense | 12,324 | 13,147 | 25,027 | 25,315 |
Income before income taxes | 3,002 | 2,068 | 4,981 | 5,758 |
Income tax expense | 473 | 266 | 735 | 873 |
Net income | $ 2,529 | $ 1,802 | $ 4,246 | $ 4,885 |
Basic Earnings per Share: | ||||
Weighted average shares outstanding (in shares) | 5,064,363 | 5,023,305 | 5,052,091 | 5,011,481 |
Net income per share of common stock (in dollars per share) | $ 0.5 | $ 0.36 | $ 0.84 | $ 0.97 |
Diluted Earnings per Share: | ||||
Weighted average shares outstanding (in shares) | 5,064,503 | 5,023,603 | 5,052,190 | 5,011,697 |
Net income per share of common stock (in dollars per share) | $ 0.5 | $ 0.36 | $ 0.84 | $ 0.97 |
Fiduciary and Asset Management Fees [Member] | ||||
Noninterest income: | ||||
Noninterest revenue | $ 1,129 | $ 1,154 | $ 2,321 | $ 2,270 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Noninterest revenue | 837 | 793 | 1,595 | 1,546 |
Other Service Charges, Commissions and Fees [Member] | ||||
Noninterest income: | ||||
Noninterest revenue | 1,150 | 1,027 | 2,033 | 2,136 |
Other Operating Income [Member] | ||||
Noninterest income: | ||||
Noninterest revenue | $ 141 | $ 165 | $ 227 | $ 259 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 2,529 | $ 1,802 | $ 4,246 | $ 4,885 |
Other comprehensive income (loss), net of tax | ||||
Net unrealized gain (loss) on available-for-sale securities | 500 | (1,452) | 232 | 880 |
Reclassification for losses included in net income | 0 | 130 | 0 | 130 |
Other comprehensive income (loss), net of tax | 500 | (1,322) | 232 | 1,010 |
Comprehensive income | $ 3,029 | $ 480 | $ 4,478 | $ 5,895 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] |
Beginning Balance at Dec. 31, 2022 | $ 24,761 | $ 16,593 | $ 78,147 | $ (20,767) | $ 98,734 | |||||
Beginning Balance (ASC 326 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ (991) | $ 0 | $ (991) | |||||
Beginning Balance (in shares) at Dec. 31, 2022 | 4,952,094 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting Standards Update [Extensible Enumeration] | ASC 326 [Member] | ASC 326 [Member] | |||||||||
Net income | $ 0 | 0 | 4,885 | 0 | 4,885 | |||||
Other comprehensive (loss) income, net of tax | 0 | 0 | 0 | 1,010 | 1,010 | |||||
Employee Stock Purchase Plan share issuance | $ 15 | 46 | 0 | 0 | 61 | |||||
Employee Stock Purchase Plan share issuance (in shares) | 3,179 | |||||||||
Restricted stock vested | $ 110 | (110) | 0 | 0 | 0 | |||||
Restricted stock vested (in shares) | 22,003 | |||||||||
Share-based compensation expense | $ 0 | 248 | 0 | 0 | 248 | |||||
Cash dividends | 0 | 0 | (1,405) | 0 | (1,405) | |||||
Ending Balance at Jun. 30, 2023 | $ 24,886 | 16,777 | 80,636 | (19,757) | 102,542 | |||||
Ending Balance (in shares) at Jun. 30, 2023 | 4,977,276 | |||||||||
Beginning Balance at Mar. 31, 2023 | $ 24,767 | 16,727 | 79,539 | (18,435) | 102,598 | |||||
Beginning Balance (in shares) at Mar. 31, 2023 | 4,953,342 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | $ 0 | 0 | 1,802 | 0 | 1,802 | |||||
Other comprehensive (loss) income, net of tax | 0 | 0 | 0 | (1,322) | (1,322) | |||||
Employee Stock Purchase Plan share issuance | $ 9 | 19 | 0 | 0 | 28 | |||||
Employee Stock Purchase Plan share issuance (in shares) | 1,931 | |||||||||
Restricted stock vested | $ 110 | (110) | 0 | 0 | 0 | |||||
Restricted stock vested (in shares) | 22,003 | |||||||||
Share-based compensation expense | $ 0 | 141 | 0 | 0 | 141 | |||||
Cash dividends | 0 | 0 | (705) | 0 | (705) | |||||
Ending Balance at Jun. 30, 2023 | $ 24,886 | 16,777 | 80,636 | (19,757) | 102,542 | |||||
Ending Balance (in shares) at Jun. 30, 2023 | 4,977,276 | |||||||||
Beginning Balance at Dec. 31, 2023 | $ 24,932 | 17,099 | 82,277 | (17,530) | $ 106,778 | |||||
Beginning Balance (ASC 323 [Member]) at Dec. 31, 2023 | $ 0 | $ 0 | $ (108) | $ 0 | (108) | |||||
Beginning Balance (in shares) at Dec. 31, 2023 | 4,986,435 | 5,040,095 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting Standards Update [Extensible Enumeration] | ASC 323 [Member] | |||||||||
Accounting Standards Update [Extensible Enumeration] | ASC 323 [Member] | ASC 326 [Member] | |||||||||
Net income | $ 0 | 0 | 4,246 | 0 | $ 4,246 | |||||
Other comprehensive (loss) income, net of tax | 0 | 0 | 0 | 232 | 232 | |||||
Employee Stock Purchase Plan share issuance | $ 19 | 40 | 0 | 0 | 59 | |||||
Employee Stock Purchase Plan share issuance (in shares) | 3,865 | |||||||||
Restricted stock vested | $ 96 | (96) | 0 | 0 | 0 | |||||
Restricted stock vested (in shares) | 19,112 | |||||||||
Share-based compensation expense | $ 0 | 205 | 0 | 0 | 205 | |||||
Cash dividends | 0 | 0 | (1,416) | 0 | (1,416) | |||||
Ending Balance at Jun. 30, 2024 | $ 25,047 | 17,248 | 84,999 | (17,298) | $ 109,996 | |||||
Ending Balance (ASC 323 [Member]) at Jun. 30, 2024 | (108) | |||||||||
Ending Balance (in shares) at Jun. 30, 2024 | 5,009,412 | 5,077,525 | ||||||||
Beginning Balance at Mar. 31, 2024 | $ 24,946 | 17,193 | 83,289 | (17,798) | $ 107,630 | |||||
Beginning Balance (in shares) at Mar. 31, 2024 | 4,989,222 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting Standards Update [Extensible Enumeration] | ASC 323 [Member] | ASC 326 [Member] | |||||||||
Net income | $ 0 | 0 | 2,529 | 0 | 2,529 | |||||
Other comprehensive (loss) income, net of tax | 0 | 0 | 0 | 500 | 500 | |||||
Employee Stock Purchase Plan share issuance | $ 9 | 17 | 0 | 0 | 26 | |||||
Employee Stock Purchase Plan share issuance (in shares) | 1,839 | |||||||||
Restricted stock vested | $ 92 | (92) | 0 | 0 | 0 | |||||
Restricted stock vested (in shares) | 18,351 | |||||||||
Share-based compensation expense | $ 0 | 130 | 0 | 0 | 130 | |||||
Cash dividends | 0 | 0 | (711) | 0 | (711) | |||||
Ending Balance at Jun. 30, 2024 | $ 25,047 | $ 17,248 | $ 84,999 | $ (17,298) | $ 109,996 | |||||
Ending Balance (ASC 323 [Member]) at Jun. 30, 2024 | $ (108) | |||||||||
Ending Balance (in shares) at Jun. 30, 2024 | 5,009,412 | 5,077,525 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities: | ||
Net income | $ 4,246 | $ 4,885 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,081 | 1,092 |
Amortization of right of use lease assets | 312 | 202 |
Accretion related to acquisition, net | 22 | 22 |
Amortization of subordinated debt issuance costs | 65 | 65 |
Provision for credit losses | 341 | 737 |
Loss on sale of securities, net | 0 | 164 |
Net amortization of securities | 296 | 383 |
Decrease (increase) in loans held for sale, net | 470 | (596) |
Net gain on disposal of premises and equipment | 0 | (200) |
Net loss on write-down/sale of repossessed assets | 36 | 69 |
Income from bank owned life insurance | (535) | (513) |
Stock compensation expense | 205 | 248 |
Increase in other assets | (108) | (955) |
Decrease in accrued expenses and other liabilities | (1,695) | (540) |
Net cash provided by operating activities | 4,736 | 5,063 |
Investing activities: | ||
Proceeds from redemption (cash used in purchases) of restricted securities, net | 1,351 | (1,125) |
Proceeds from maturities and paydowns of available-for-sale securities | 970 | 0 |
Proceeds from sales of available-for-sale securities | 0 | 8,088 |
Paydowns on available-for-sale securities | 9,131 | 7,618 |
Net decrease (increase) in loans held for investment | 23,747 | (67,920) |
Purchases of premises and equipment | (1,951) | (487) |
Proceeds from sale of premises and equipment | 0 | 839 |
Net cash provided by (used in) investing activities | 33,248 | (52,987) |
Financing activities: | ||
Increase (decrease) in noninterest-bearing deposits | 28,304 | (73,886) |
(Decrease) increase in savings deposits | (30,917) | 41,758 |
Increase in time deposits | 8,791 | 104,824 |
Decrease in federal funds purchased, repurchase agreements and other borrowings, net | (1,002) | (11,865) |
Increase in Federal Home Loan Bank advances | 44,336 | 307,850 |
Repayment of Federal Home Loan Bank advances | (74,200) | (284,500) |
Proceeds from Employee Stock Purchase Plan issuance | 59 | 61 |
Cash dividends paid on common stock | (1,416) | (1,405) |
Net cash (used in) provided by financing activities | (26,045) | 82,837 |
Net increase in cash and cash equivalents | 11,939 | 34,913 |
Cash and cash equivalents at beginning of period | 80,806 | 21,066 |
Cash and cash equivalents at end of period | 92,745 | 55,979 |
Cash payments for: | ||
Interest | 11,724 | 5,646 |
Supplemental schedule of noncash transactions | ||
Unrealized gains on securities available-for-sale | 293 | 1,279 |
Loans transferred to repossessed assets | 1,256 | 0 |
Impact of adoption of new accounting pronouncements | $ 108 | $ 991 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Note 1. Description of Business and Summary of Significant Accounting Policies The Company Headquartered in Hampton, Virginia, Old Point Financial Corporation (NASDAQ: OPOF) (the Company) is a holding company that conducts substantially all of its operations through two wholly-owned subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services, N.A. (Wealth) 30, 2024, the Bank had 14 branch offices. The Bank offers a full range of deposit and loan products to its retail and commercial customers, including mortgage loan products offered through Old Point Mortgage. A full array of insurance products is also offered through Old Point Insurance, LLC in partnership with Morgan Marrow Company. Wealth offers a full range of services for individuals and businesses. Products and services include retirement planning, estate planning, financial planning, estate and trust administration, retirement plan administration, tax services and investment management services. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, and its wholly-owned subsidiaries, the Bank and Wealth Basis of Presentation The accompanying unaudited Consolidated Financial Statements of the Company and its subsidiaries have been prepared in accordance with U.S. GAAP for interim financial information. In the opinion of management, the accompanying unaudited Consolidated Financial Statements contain all adjustments and reclassifications of a normal and recurring nature considered necessary to present fairly the Company’s financial position at June 30, 2024 and December 31, 2023, the statements of income, comprehensive income, and changes in stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and the statements of cash flows for the six months ended June 30, 2024 and 2023. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2023 Form 10-K. Estimates In preparing Consolidated Financial Statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Balance Sheets and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the ACL and evaluation of goodwill for impairment. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the results of operations in these financial statements, have been made. Reclassification Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. None of these reclassifications are considered material and did not affect net income or total equity. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Subsequently, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” This guidance provides temporary, optional expedients and exceptions to ease the potential burden in accounting for modifications of loan contracts, borrowings, and other transactions related to reference rate reform associated with the LIBOR transition if certain criteria are met. The amendments are effective as of March 12, 2020 through December 31, 2024 and can be adopted at an instrument level. These modifications have not had and are not expected to have a material impact on the consolidated financial statements. In November 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures.” The amendments in ASU 2023-09 require that a public entity disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, the amount of income taxes paid disaggregated by federal, state, and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. The amendments also require that entities disclose income from continuing operations before income tax expense disaggregated between domestic and foreign, as well as income tax expense from continuing operations disaggregated by federal, state, and foreign. The amendments apply to all public entities that are subject to Topic 740, “Income Taxes,” and are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments are to be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material effect on its consolidated financial statements. Other accounting standards that have been adopted by the Company or issued by the FASB or other standards-setting bodies have not or are not currently expected to have a material effect on the Company’s financial position, results of operations or cash flows . |
Securities
Securities | 6 Months Ended |
Jun. 30, 2024 | |
Securities [Abstract] | |
Securities | Note 2. Securities The Company’s debt securities all of which are classified as available-for-sale, are summarized as follows: June 30, 2024 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains (Losses) Value U.S. Treasury securities $ 4,052 $ - $ (201 ) $ 3,851 Obligations of U.S. Government agencies 36,875 247 (360 ) 36,762 Obligations of state and political subdivisions 57,918 - (7,692 ) 50,226 Mortgage-backed securities 87,679 30 (10,403 ) 77,306 Corporate bonds and other securities 27,500 - (3,518 ) 23,982 $ 214,024 $ 277 $ (22,174 ) $ 192,127 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains (Losses) Value U.S. Treasury securities $ 4,068 $ - $ (211 ) $ 3,857 Obligations of U.S. Government agencies 43,233 167 (665 ) 42,735 Obligations of state and political subdivisions 58,292 13 (7,708 ) 50,597 Mortgage-backed securities 91,328 84 (10,105 ) 81,307 Corporate bonds and other securities 27,500 - (3,765 ) 23,735 $ 224,421 $ 264 $ (22,454 ) $ 202,231 The amortized cost and fair value of securities at June 30, 2024 and December 31, 2023, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties. June 30, 2024 Amortized Fair (dollars in thousands) Cost Value Due in one year or less $ 1,702 $ 1,665 Due after one year through five years 19,909 18,386 Due after five through ten years 54,125 46,856 Due after ten years 138,288 125,220 $ 214,024 $ 192,127 December 31, 2023 Amortized Fair (dollars in thousands) Cost Value Due in one year or less $ 1,570 $ 1,541 Due after one year through five years 12,962 12,178 Due after five through ten years 63,248 54,806 Due after ten years 146,641 133,706 $ 224,421 $ 202,231 The following table shows realized gains or losses on the sale of investment securities during the three and six months ended June 30, 2024 and 2023, respectively. Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2024 2023 2024 2023 Realized gains on sales of securities $ - $ - $ - $ - Realized losses on sales of securities - (164 ) - (164 ) Net realized loss $ - $ (164 ) $ - $ (164 ) The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses for which an ACL has not been recorded as of June 30, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated: June 30, 2024 Less than 12 months 12 months or more Total Gross Gross Gross Number Unrealized Fair Unrealized Fair Unrealized Fair of (dollars in thousands) Losses Value Losses Value Losses Value Securities U.S. Treasury securities $ 201 $ 3,851 $ - $ - $ 201 $ 3,851 1 Obligations of U.S. Government agencies 185 17,180 175 3,025 360 20,205 33 Obligations of state and political subdivisions 7,642 49,775 50 450 7,692 50,225 43 Mortgage-backed securities 10,403 73,920 - - 10,403 73,920 40 Corporate bonds and other securities 3,518 23,982 - - 3,518 23,982 24 Total securities available-for-sale $ 21,949 $ 168,708 $ 225 $ 3,475 $ 22,174 $ 172,183 141 December 31, 2023 Less than 12 months 12 months or more Total Gross Gross Gross Number Unrealized Fair Unrealized Fair Unrealized Fair of (dollars in thousands) Losses Value Losses Value Losses Value Securities U.S. Treasury securities $ - $ - $ 211 $ 3,857 $ 211 $ 3,857 1 Obligations of U.S. Government agencies 91 8,803 574 22,817 665 31,620 43 Obligations of state and political subdivisions - - 7,708 49,597 7,708 49,597 43 Mortgage-backed securities 96 4,423 10,009 73,347 10,105 77,770 40 Corporate bonds and other securities - - 3,765 22,735 3,765 22,735 23 Total securities available-for-sale $ 187 $ 13,226 $ 22,267 $ 172,353 $ 22,454 $ 185,579 150 The number of investments in an unrealized loss position as of June and December were and respectively. The Company concluded no ACL should be recognized based primarily on the fact that (1) changes in fair value were caused primarily by fluctuations in interest rates, (2) securities with unrealized losses had generally high credit quality, (3) the Company intends to hold these investments in debt securities to maturity and it is more-likely-than-not that the Company will not be required to sell these investments before a recovery of its investment, and (4) issuers have continued to make timely payments of principal and interest. Additionally, the Company’s state and political subdivision securities are rated AA or better and the Company receives a surveillance report that is reviewed quarterly for indications of credit concerns. The Company’s mortgage-backed securities are entirely issued by either U.S. government agencies or U.S. government-sponsored enterprises. Collectively, these entities provide a guarantee, which is either explicitly or implicitly supported by the full faith and credit of the U.S. government, that investors in such mortgage-backed securities will receive timely principal and interest payments. The Company’s corporate bonds and other securities portfolio issuers consist of bank holding companies that are monitored on a quarterly basis by the Company’s credit department for indications of declining credit quality. Restricted Stock The restricted stock category is comprised of stock in FHLB, FRB, and CBB. These stocks are classified as restricted securities because their ownership is restricted to certain types of entities and the securities lack a market. Therefore, FHLB, FRB, and CBB stock are carried at cost and evaluated for impairment. When evaluating these stocks for impairment, their value is determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. Restricted stock is viewed as a long-term investment and management believes that the Company has the ability and the intent to hold this stock until its value is recovered. The Company did not consider its investment in restricted stock to be impaired at June 30, 2024 and no impairment has been recognized. |
Loans and the Allowance for Cre
Loans and the Allowance for Credit Losses on Loans | 6 Months Ended |
Jun. 30, 2024 | |
Loans and the Allowance for Credit Losses on Loans [Abstract] | |
Loans and the Allowance for Credit Losses on Loans | Note 3. Loans and the Allowance for Credit Losses on Loans The following is a summary of the balances in each class of the Company’s portfolio of loans held for investment as of the dates indicated: June 30, December 31, (dollars in thousands) 2024 2023 Mortgage loans on real estate: Residential 1-4 family $ 187,071 $ 188,517 Commercial - owner occupied 143,185 156,466 Commercial - non-owner occupied 309,317 285,250 Multifamily 38,645 29,207 Construction and land development 90,184 107,179 Second mortgages 9,996 10,148 Equity lines of credit 59,096 55,981 Total mortgage loans on real estate 837,494 832,748 Commercial and industrial loans 56,635 64,112 Consumer automobile loans 138,912 160,437 Other consumer loans 19,573 19,718 Other (1) 1,988 3,237 Total loans, net of deferred fees (2) 1,054,602 1,080,252 Less: Allowance for credit losses on loans 11,828 12,206 Loans, net of allowance and deferred fees (2) $ 1,042,774 $ 1,068,046 (1) Overdrawn accounts are reclassified as loans and included in the Other category in the table above. Overdrawn deposit accounts, excluding internal use accounts, totaled $394 thousand and $244 thousand at June 30, 2024 and December 31, 2023, respectively. (2) Net deferred loan fees totaled $1.1 million on June 30, 2024 and $1.2 million on December 31, 2023. All classes of loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Interest and fees continue to accrue on past due loans until the date the loan is placed in nonaccrual status, if applicable. Any accrued interest receivable on loans placed on nonaccrual status is reversed by an adjustment to interest income. The following table includes an aging analysis of the recorded investment in past due loans as of the dates indicated. Also included in the table below are loans that are 90 days or more past due as to interest and principal and still accruing interest, because they are well-secured and in the process of collection. The following tables show the aging of the Company’s loan portfolio, by class, as of June 30, 2024 and December 31, 2023. Age Analysis of Past Due Loans as of June 30, 2024 (dollars in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due and still Accruing Nonaccrual (2) Total Current Loans (1) Total Mortgage loans on real estate: Residential 1-4 family $ - $ 28 $ 42 $ - $ 187,001 $ 187,071 Commercial - owner occupied - - - - 143,185 143,185 Commercial - non-owner occupied - - - - 309,317 309,317 Multifamily - - - - 38,645 38,645 Construction and land development - - - - 90,184 90,184 Second mortgages - 52 - - 9,944 9,996 Equity lines of credit 552 - - 44 58,500 59,096 Total mortgage loans on real estate $ 552 $ 80 $ 42 $ 44 $ 836,776 $ 837,494 Commercial and industrial loans 861 322 - - 55,452 56,635 Consumer automobile loans 2,057 654 371 - 135,830 138,912 Other consumer loans 236 127 31 - 19,179 19,573 Other 33 2 3 - 1,950 1,988 Total $ 3,739 $ 1,185 $ 447 $ 44 $ 1,049,187 $ 1,054,602 Age Analysis of Past Due Loans as of December 31, 2023 (dollars in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due and still Accruing Nonaccrual (2) Total Current Loans (1) Total Mortgage loans on real estate: Residential 1-4 family $ 1,194 $ - $ 368 $ 142 $ 186,813 $ 188,517 Commercial - owner occupied 100 - 322 - 156,044 156,466 Commercial - non-owner occupied - 896 - - 284,354 285,250 Multifamily - - - - 29,207 29,207 Construction and land development - - - - 107,179 107,179 Second mortgages 160 6 - - 9,982 10,148 Equity lines of credit 205 - - 46 55,730 55,981 Total mortgage loans on real estate $ 1,659 $ 902 $ 690 $ 188 $ 829,309 $ 832,748 Commercial and industrial loans 527 427 306 - 62,852 64,112 Consumer automobile loans 3,254 706 661 - 155,816 160,437 Other consumer loans 634 264 123 - 18,697 19,718 Other 29 - - - 3,208 3,237 Total $ 6,103 $ 2,299 $ 1,780 $ 188 $ 1,069,882 $ 1,080,252 (1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. (2) For purposes of this table, if a loan is past due and on nonaccrual, it is included in the nonaccrual column and not also in its respective past due column. The following table shows the Company’s amortized cost basis of loans on nonaccrual status as of June 30, 2024 and December 31, 2023. All nonaccrual loans had an ACLL as of June 30, 2024 and December 31, 2023. Nonaccrual (dollars in thousands) June 30, 2024 December 31, 2023 Mortgage loans on real estate: Residential 1-4 family $ - $ 142 Commercial - non-owner occupied - - Second mortgages - - Equity lines of credit 44 46 Total mortgage loans on real estate 44 188 Commercial and industrial loans - - Consumer automobile loans - - Other consumer loans - - Total $ 44 $ 188 The Company’s loan portfolio may include certain loans modified, where economic concessions have been granted to borrowers who are experiencing financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reduction in the interest rate below current market rates for borrowers with similar risk profiles, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. The Company closely monitors the performance of modified loans to understand the effectiveness of modification efforts. Upon the determination that all or a portion of a modified loan is uncollectible, that amount is charged against the ACL. The Company did not grant any such modifications during the three and six months ended June 30, 2024 and June 30, 2023 Allowance for Credit Losses on Loans ACLL is a material estimate for the Company. The Company estimates its ACLL on a quarterly basis. The Company models the ACLL using two primary segments, commercial and consumer. Within each segment, loan classes are • Commercial • Consumer Each portfolio class has risk characteristics as follows: • Commercial and industrial: • Real estate - construction and land development: • Real estate - commercial (owner occupied and non-owner occupied): • Real estate - mortgage: • Consumer loans: • Other loans: The following tables presents the activity in the ACLL by portfolio class for the six months ended June 30, 2024 and June 30, 2023. Allowance for Credit Losses and Recorded Investment in Loans For the Six Months ended June 30, 2024 (dollars in thousands) Commercial and Industrial Real Estate Construction and Land Development Real Estate - Mortgage (1) Real Estate - Commercial (2) Consumer (3) Other Unallocated Total Allowance for credit losses on loans: Balance, beginning $ 573 $ 982 $ 2,904 $ 5,742 $ 1,827 $ 178 $ - $ 12,206 Charge-offs (117 ) - - - (756 ) (104 ) - (977 ) Recoveries 6 - 20 11 267 26 - 330 Provision for loan losses 17 (129 ) 58 (58 ) 372 9 - 269 Ending Balance $ 479 $ 853 $ 2,982 $ 5,695 $ 1,710 $ 109 $ - $ 11,828 For the Six Months Ended June 30, 2023 (dollars in thousands) Commercial and Industrial Real Estate Construction Real Estate - Mortgage (1) Real Estate - Commercial (2) Consumer (3) Other Unallocated Total Allowance for credit losses on loans: Balance, beginning $ 673 $ 552 $ 2,575 $ 4,499 $ 2,065 $ 156 $ 6 $ 10,526 Day 1 impact of adoption of CECL (11 ) 19 87 1,048 (365 ) (137 ) - 641 Charge-offs (51 ) - - - (534 ) (169 ) - (754 ) Recoveries 12 - 20 - 312 21 - 365 Provision for loan losses 43 136 198 162 112 228 (6 ) 873 Ending Balance $ 666 $ 707 $ 2,880 $ 5,709 $ 1,590 $ 99 $ - $ 11,651 (1) The real estate-mortgage segment includes residential 1 – 4 family, multi-family, second mortgages and equity lines of credit. (2) The real estate-commercial segment included commercial-owner occupied and commercial non-owner occupied. (3) The consumer segment includes consumer automobile loans. The following table presents a breakdown of the provision for credit losses for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Provision for credit losses: Provision for loans $ 191 $ 310 $ 269 $ 873 Provison for (recovery of) unfunded commitments 70 51 72 (136 ) Total $ 261 $ 361 $ 341 $ 737 Credit Quality Indicators Credit quality indicators are utilized to help estimate the collectability of each loan. Consumer loans not secured by real estate and made to individuals for household, family and other personal expenditures are segmented into pools based on days past due, while all other loans, including loans to consumers that are secured by real estate, are segmented by risk grades. While other credit quality indicators are evaluated and analyzed as part of the Company’s credit risk management activities, the Company uses internally-assigned risk grades as the primary indicator to estimate the capability of borrowers to repay the contractual obligations of their loan agreements as scheduled or at all. The Company’s internal risk grade system is based on experiences with similarly graded loans. Credit risk grades are updated at least quarterly as additional information becomes available, at which time management analyzes the resulting scores to track loan performance. The Company’s internally assigned risk grades are as follows: • Pass: Loans are of acceptable risk. • Other Assets Especially Mentioned (OAEM): Loans have potential weaknesses that deserve management’s close attention. • Substandard: Loans reflect significant deficiencies due to several adverse trends of a financial, economic, or managerial nature. • Doubtful: Loans have all the weaknesses inherent in a substandard loan with added characteristics that make collection or liquidation in full based on currently existing facts, conditions, and values highly questionable or improbable. • Loss: Loans have been identified for charge-off because they are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. The following tables present credit quality exposures by internally assigned risk ratings originated as of the dates indicated: June 30, 2024 Term Loans Amortized Cost Basis by Origination Year (dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Construction and land development Pass $ 15,683 $ 35,372 $ 29,170 $ 5,149 $ 2,523 $ 649 $ 1,638 $ 90,184 OAEM - - - - - - - - Substandard - - - - - - - - Total construction and land development $ 15,683 $ 35,372 $ 29,170 $ 5,149 $ 2,523 $ 649 $ 1,638 $ 90,184 Commercial real estate - owner occupied Pass $ 5,262 $ 7,989 $ 28,903 $ 18,073 $ 11,163 $ 69,715 $ 1,274 $ 142,379 OAEM - - - - - 56 750 806 Substandard - - - - - - - - Total commercial real estate - owner occupied $ 5,262 $ 7,989 $ 28,903 $ 18,073 $ 11,163 $ 69,771 $ 2,024 $ 143,185 Commercial real estate - non-owner occupied Pass $ 3,259 $ 33,843 $ 64,109 $ 116,726 $ 40,179 $ 49,548 $ 873 $ 308,537 OAEM - - - - - 780 - 780 Substandard - - - - - - - - Total commercial real estate - non-owner occupied $ 3,259 $ 33,843 $ 64,109 $ 116,726 $ 40,179 $ 50,328 $ 873 $ 309,317 Commercial and industrial Pass $ 5,432 $ 13,417 $ 16,147 $ 3,639 $ 1,247 $ 5,055 $ 11,698 $ 56,635 OAEM - - - - - - - - Substandard - - - - - - - - Total commercial and industrial $ 5,432 $ 13,417 $ 16,147 $ 3,639 $ 1,247 $ 5,055 $ 11,698 $ 56,635 Multifamily real estate Pass $ - $ 7,663 $ 1,363 $ 2,116 $ 592 $ 22,998 $ 3,913 $ 38,645 OAEM - - - - - - - - Substandard - - - - - - - - Total multifamily real estate $ - $ 7,663 $ 1,363 $ 2,116 $ 592 $ 22,998 $ 3,913 $ 38,645 Residential 1-4 family Pass $ 4,874 $ 32,469 $ 41,099 $ 33,756 $ 25,445 $ 60,409 $ 57,592 $ 255,644 OAEM - - - - - - - - Substandard - - - - 339 180 - 519 Total residential 1-4 family $ 4,874 $ 32,469 $ 41,099 $ 33,756 $ 25,784 $ 60,589 $ 57,592 $ 256,163 Consumer - automobile Pass $ 10,721 $ 42,895 $ 68,183 $ 9,739 $ 2,948 $ 4,426 $ - $ 138,912 OAEM - - - - - - - - Substandard - - - - - - - - Total consumer - automobile $ 10,721 $ 42,895 $ 68,183 $ 9,739 $ 2,948 $ 4,426 $ - $ 138,912 Consumer - other Pass $ 468 $ 248 $ 445 $ 280 $ 45 $ 15,363 $ 2,724 $ 19,573 OAEM - - - - - - - - Substandard - - - - - - - - Total consumer - other $ 468 $ 248 $ 445 $ 280 $ 45 $ 15,363 $ 2,724 $ 19,573 Other Pass $ 90 $ - $ - $ 292 $ - $ 1,606 $ - $ 1,988 OAEM - - - - - - - - Substandard - - - - - - - - Total other $ 90 $ - $ - $ 292 $ - $ 1,606 $ - $ 1,988 Total loans Pass $ 45,789 $ 173,896 $ 249,419 $ 189,770 $ 84,142 $ 229,769 $ 79,712 $ 1,052,497 OAEM - - - - - 836 750 1,586 Substandard - - - - 339 180 - 519 Total loans $ 45,789 $ 173,896 $ 249,419 $ 189,770 $ 84,481 $ 230,785 $ 80,462 $ 1,054,602 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Construction and land development Pass $ 40,168 $ 36,581 $ 25,770 $ 3,630 $ 297 $ 285 $ 448 $ 107,179 OAEM - - - - - - - - Substandard - - - - - - - - Total construction and land development $ 40,168 $ 36,581 $ 25,770 $ 3,630 $ 297 $ 285 $ 448 $ 107,179 Commercial real estate - owner occupied Pass $ 10,145 $ 33,720 $ 21,058 $ 13,708 $ 12,025 $ 56,978 $ 5,680 $ 153,314 OAEM - - - - 77 2,985 - 3,062 Substandard - - - - - 90 - 90 Total commercial real estate - owner occupied $ 10,145 $ 33,720 $ 21,058 $ 13,708 $ 12,102 $ 60,053 $ 5,680 $ 156,466 Commercial real estate - non-owner occupied Pass $ 31,539 $ 53,217 $ 96,755 $ 38,704 $ 10,517 $ 51,451 $ 2,263 $ 284,446 OAEM - - - - 804 - - 804 Substandard - - - - - - - - Total commercial real estate - non-owner occupied $ 31,539 $ 53,217 $ 96,755 $ 38,704 $ 11,321 $ 51,451 $ 2,263 $ 285,250 Commercial and industrial Pass $ 18,248 $ 21,698 $ 4,300 $ 1,691 $ 2,192 $ 2,075 $ 13,908 $ 64,112 OAEM - - - - - - - - Substandard - - - - - - - - Total commercial and industrial $ 18,248 $ 21,698 $ 4,300 $ 1,691 $ 2,192 $ 2,075 $ 13,908 $ 64,112 Multifamily real estate Pass $ 6,568 $ 3,841 $ 2,151 $ 605 $ 5,955 $ 9,005 $ 1,082 $ 29,207 OAEM - - - - - - - - Substandard - - - - - - - - Total multifamily real estate $ 6,568 $ 3,841 $ 2,151 $ 605 $ 5,955 $ 9,005 $ 1,082 $ 29,207 Residential 1-4 family Pass $ 27,497 $ 41,062 $ 39,937 $ 26,368 $ 13,009 $ 52,148 $ 54,087 $ 254,108 OAEM - - - - - - - - Substandard - - - 350 46 142 - 538 Total residential 1-4 family $ 27,497 $ 41,062 $ 39,937 $ 26,718 $ 13,055 $ 52,290 $ 54,087 $ 254,646 Consumer - automobile Pass $ 52,750 $ 83,885 $ 13,184 $ 4,152 $ 1,618 $ 4,848 $ - $ 160,437 OAEM - - - - - - - - Substandard - - - - - - - - Total consumer - automobile $ 52,750 $ 83,885 $ 13,184 $ 4,152 $ 1,618 $ 4,848 $ - $ 160,437 Consumer - other Pass $ 323 $ 765 $ 330 $ 109 $ 11 $ 16,089 $ 2,091 $ 19,718 OAEM - - - - - - - - Substandard - - - - - - - - Total consumer - other $ 323 $ 765 $ 330 $ 109 $ 11 $ 16,089 $ 2,091 $ 19,718 Other Pass $ 1,620 $ - $ 292 $ - $ - $ 1,325 $ - $ 3,237 OAEM - - - - - - - - Substandard - - - - - - - - Total other $ 1,620 $ - $ 292 $ - $ - $ 1,325 $ - $ 3,237 Total loans Pass $ 188,858 $ 274,769 $ 203,777 $ 88,967 $ 45,624 $ 194,204 $ 79,559 $ 1,075,758 OAEM - - - - 881 2,985 - 3,866 Substandard - - - 350 46 232 - 628 Total loans $ 188,858 $ 274,769 $ 203,777 $ 89,317 $ 46,551 $ 197,421 $ 79,559 $ 1,080,252 The following tables detail the current period gross charge-offs of loans by year of origination for the six months ended June 30, 2024 and June 30, 2023: June 30, 2024 Current Period Charge-offs by Origination Year (dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial $ - $ - $ 108 $ - $ - $ 9 $ - $ 117 Consumer - automobile - 151 438 131 17 15 - 752 Consumer - other - - - - - 4 - 4 Other (1) 104 - - - - - - 104 Total $ 104 $ 151 $ 546 $ 131 $ 17 $ 28 $ - $ 977 (1) Gross charge-offs of other loans for the six months ended June 30, 2024 included $104 thousand of demand deposit overdrafts that originated in 2024. June 30, 2023 Current Period Charge-offs by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial $ - $ 51 $ - $ - $ - $ - $ - $ 51 Consumer - automobile - 265 142 45 18 49 - 519 Consumer - other - - 5 - 3 7 - 15 Other (1) 147 22 - - - - - 169 Total $ 147 $ 338 $ 147 $ 45 $ 21 $ 56 $ - $ 754 (1) Gross charge-offs of other loans for the six months ended June 30, 2023 included $147 thousand of demand deposit overdrafts that originated in 2023. As of June 30, 2024 and December 31, 2023, the Company had no collateral dependent loans for which repayment was expected to be derived substantially through the operation or sale of the collateral and where the borrower was experiencing financial difficulty. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Note 4. Leases Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs, and any incentives received from the lessor. The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The right-of-use assets and lease liabilities are included in “ Other Assets Other Liabilities The following tables present information about the Company’s leases: (dollars in thousands) June 30, 2024 December 31, 2023 Lease liabilities $ 1,032 $ 1,248 Right-of-use assets $ 836 $ 1,148 Weighted average remaining lease term 3.02 years 3.37 years Weighted average discount rate 3.16 % 3.06 % Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Operating lease cost $ 206 $ 101 $ 312 $ 202 Total lease cost $ 206 $ 101 $ 312 $ 202 Cash paid for amounts included in the measurement of lease liabilities $ 109 $ 112 $ 217 $ 203 A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows: As of (dollars in thousands) June 30, 2024 Six months ending December 31, 2024 $ 206 Twelve months ending December 31, 2025 382 Twelve months ending December 31, 2026 278 Twelve months ending December 31, 2027 208 Twelve months ending December 31, 2028 24 Total undiscounted cash flows $ 1,098 Discount (66 ) Lease liabilities $ 1,032 |
Low-Income Housing Tax Credits
Low-Income Housing Tax Credits | 6 Months Ended |
Jun. 30, 2024 | |
Low-Income Housing Tax Credits [Abstract] | |
Low-Income Housing Tax Credits | Note 5. Low-Income Housing Tax Credits The Company was invested in four separate housing equity funds at both June 30, 2024 and December 31, 2023. The general purpose of these funds is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia; develop and implement strategies to maintain projects as low-income housing; deliver Federal Low Income Housing Credits to investors; allocate tax losses and other possible tax benefits to investors; and preserve and protect project assets. The investments in these funds were recorded as other assets on the consolidated balance sheets and were $821 thousand and $1.1 million at June 30, 2024 and December 31, 2023, respectively. The expected terms of these investments and the related tax benefits run through 2033. There were no additional capital calls expected for the funds at June 30, 2024. During the period, the Company adopted ASU 2023-02 The table below summarizes the tax credits and other tax benefits recognized by the Company related to these investments during the periods indicated Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2024 2023 2024 2023 Tax credits and other benefits Amortization of operating losses $ 42 $ 92 $ 134 $ 184 Tax benefit of operating losses* 9 19 28 39 Tax credits 78 78 155 155 Total tax benefits $ 87 $ 97 $ 183 $ 194 * Computed using a 21 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Borrowings [Abstract] | |
Borrowings | Note 6. Borrowings Short-Term Borrowings The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Short-term borrowings sources consist of federal funds purchased, overnight repurchase agreements (which are secured transactions with customers that generally mature within one The Company maintains federal funds lines with several correspondent banks to address short-term borrowing needs. As of both June 30, 2024 and December 31, 2023, the remaining credit available from these lines totaled $90.0 million. The Company has a secured credit line with the FHLB with remaining credit availability of $391.3 million and $362.1 million as of June 30, 2024 and December 31, 2023, respectively. The following table presents total short-term borrowings as of the dates indicated: (dollars in thousands) June 30, 2024 December 31, 2023 Federal funds purchased $ - $ - Overnight repurchase agreements 1,381 2,383 Federal Home Loan Bank advances 19,586 9,450 Total short-term borrowings $ 20,967 $ 11,833 Maximum month-end outstanding balance (year-to-date) $ 41,682 $ 84,360 Average outstanding balance during the period $ 44,106 $ 53,466 Average interest rate (year-to-date) 4.63 % 4.90 % Average interest rate at end of period 5.65 % 5.65 % Long-Term Borrowings The Company had a long-term FHLB advance totaling $20.0 million outstanding at June 30, 2024 with a scheduled maturity of April 14, 2025 at a rate of 4.28%. The Company had long-term FHLB advances totaling $60.0 million outstanding at December 31, 2023 with scheduled maturities through November 29, 2028 and rates ranging from 3.37% to 4.28%. On July 14, 2021, the Company completed a $30.0 million issuance, ($29.4 million, net of issuance costs) of subordinated notes (the Notes) in a private placement transaction. The Notes are due in 2031 SOFR |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 7. Commitments and Contingencies Credit-Related Financial Instruments The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making such commitments as it does for on-balance-sheet instruments. Financial instruments whose contract amounts represent credit risk were outstanding as of June 30, 2024 and December 31, 2023 were as follows: June 30, December 31, (dollars in thousands) 2024 2023 Commitments to extend credit: Home equity lines of credit $ 94,729 $ 91,885 Commercial real estate, construction and development loans committed but not funded 72,861 74,218 Other lines of credit (principally commercial) 49,251 47,622 Total $ 216,841 $ 213,725 Letters of credit $ 816 $ 802 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | Note 8. Share-Based Compensation The Company has adopted an ESPP and offers share-based compensation through its equity compensation plan. Share-based compensation arrangements may include stock options, restricted and unrestricted stock awards, restricted stock units, performance units and stock appreciation rights. Accounting standards require all share-based payments to employees and non-employee directors to be valued using a fair value method on the date of grant and to be expensed based on that fair value over the applicable vesting period. The Company accounts for forfeitures during the vesting period as they occur. Employee Stock Purchase Plan Under the Company’s ESPP, substantially all employees of the Company and its subsidiaries can authorize a specific payroll deduction from their base compensation for the periodic purchase of the Company’s common stock. Shares of stock are issued quarterly at a discount to the market price of the Company’s stock on the day of purchase, which can range from 0-15% and was set at 5% for 2023 and for the first six months of 2024. Total stock purchases under the ESPP amounted to 3,865 shares during the six months ended June 30, 2024. At June 30, 2024, the Company had 210,488 remaining shares reserved for issuance under the ESPP. Incentive Stock Plan The Incentive Stock Plan permits the issuance of up to 300,000 shares of common stock for awards to key employees and non-employee directors of the Company and its subsidiaries in the form of stock options, restricted stock, restricted stock units, stock appreciation rights, stock awards and performance units. As of June 30, 2024, only restricted stock had been granted under the Incentive Stock Plan. Restricted stock activity for the six months ended June 30, 2024 and June 30, 2023 is summarized below: Weighted Average Grant Date Shares Fair Value Nonvested, December 31, 2023 53,660 $ 22.32 Issued 37,674 14.05 Vested (19,112 ) 19.95 Forfeited (4,109 ) 20.70 Nonvested, June 30, 2024 68,113 $ 18.51 Weighted Average Grant Date Shares Fair Value Nonvested, December 31, 2022 46,989 $ 22.49 Issued 35,013 17.20 Vested (22,003 ) 19.86 Forfeited - - Nonvested, June 30, 2023 59,999 $ 20.37 The weighted average period over which nonvested awards are expected to be recognized in compensation expense is 1.93 years. The remaining unrecognized compensation expense for nonvested restricted stock shares totaled $796 thousand as of June 30, 2024 and $523 thousand as of December 31, 2023. Stock-based compensation expense was $130 thousand and $141 thousand for the three months ended June 30, 2024 and 2023, respectively, and $205 thousand and $248 thousand for the six months ended June 30, 2024 and 2023, respectively. |
Stockholders' Equity and Earnin
Stockholders' Equity and Earnings per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity and Earnings Per Common Share [Abstract] | |
Stockholders' Equity and Earnings per Common Share | Note 9. Stockholders’ Equity and Earnings per Common Share Stockholders’ Equity – Accumulated Other Comprehensive Loss The following tables present amounts reclassified out of accumulated other comprehensive income (loss), by category, during the three and six months ended June 30, 2024 and 2023, respectively. Three Months Ended Six Months Ended June 30, June 30, Affected Line Item on (dollars in thousands) 2024 2023 2024 2023 Sale of securities Realized loss on sale of securities $ - $ (164 ) $ - $ (164 ) Loss on sale of securities, net Tax effect - 34 - 34 Income tax expense $ - $ (130 ) $ - $ (130 ) The following table presents the changes in accumulated other comprehensive income (loss), by category, net of tax, for the periods indicated: (dollars in thousands) Unrealized Gains (Losses) on Available- for-Sale Securities Accumulated Other Comprehensive (Loss) Income Three Months Ended June 30 2024 Balance at beginning of period $ (17,798 ) $ (17,798 ) Net other comprehensive income 500 500 Balance at end of period $ (17,298 ) $ (17,298 ) Three Months Ended June 30 2023 Balance at beginning of period $ (18,435 ) $ (18,435 ) Net other comprehensive loss (1,322 ) (1,322 ) Balance at end of period $ (19,757 ) $ (19,757 ) (dollars in thousands) Unrealized Gains (Losses) on Available- for-Sale Securities Accumulated Other Comprehensive (Loss) Income Six June 30 2024 Balance at beginning of period $ (17,530 ) $ (17,530 ) Net other comprehensive income 232 232 Balance at end of period $ (17,298 ) $ (17,298 ) Six June 30 2023 Balance at beginning of period $ (20,767 ) $ (20,767 ) Net other comprehensive income 1,010 1,010 Balance at end of period $ (19,757 ) $ (19,757 ) The following tables present the change in each component of accumulated other comprehensive income (loss) on a pre-tax and after-tax basis for the periods indicated: Three Months Ended June 30, 2024 (dollars in thousands) Pretax Tax Net-of-Tax Unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 633 $ (133 ) $ 500 Total change in accumulated other comprehensive loss, net $ 633 $ (133 ) $ 500 Three Months Ended June 30, 2023 (dollars in thousands) Pretax Tax Net-of-Tax Unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (1,838 ) $ 386 $ (1,452 ) Reclassification adjustment for losses recognized in income 164 (34 ) 130 (1,674 ) 352 (1,322 ) Total change in accumulated other comprehensive loss, net $ (1,674 ) $ 352 $ (1,322 ) Six Months Ended June 30, 2024 (dollars in thousands) Pretax Tax Net-of-Tax Unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 294 $ (62 ) $ 232 Total change in accumulated other comprehensive loss, net $ 294 $ (62 ) $ 232 Six Months Ended June 30, 2023 (dollars in thousands) Pretax Tax Net-of-Tax Unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 1,114 $ (234 ) $ 880 Reclassification adjustment for losses recognized in income 164 (34 ) 130 1,278 (268 ) 1,010 Total change in accumulated other comprehensive loss, net $ 1,278 $ (268 ) $ 1,010 Earnings Per Common Share Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of potentially dilutive common shares attributable to the ESPP. The Company had no antidilutive shares outstanding in the three and six months ended June 30, 2024 and 2023, respectively. Nonvested restricted common shares, which carry all rights and privileges of a common share with respect to the stock, including the right to vote, were included in the basic and diluted per common share calculations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 10. Fair Value Measurements Determination of Fair Value In estimating the fair value of assets and liabilities, the Company relies mainly on two • Level 1: Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. • Level 2: Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. • Level 3: Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. An instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured at Fair Value on a Recurring Basis Debt securities with readily determinable fair values that are classified as “available-for-sale” are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive loss. Securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third-party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2). In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Currently, all of the Company’s available-for-sale securities are considered to be Level 2 securities. The Company enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Company simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and offsetting terms. These back-to-back loan swaps are derivative financial instruments and are reported at fair value in “other assets” and “other liabilities” in the Consolidated Balance Sheets. Changes in the fair value of loan swaps are recorded in other noninterest income and sum to zero because of the offsetting terms of swaps with borrowers and swaps with dealer counterparties. All of the Company’s interest rate swaps on loans are classified as Level 2. and $470 thousand at December 31, 2023. The following tables present the balances of certain assets measured at fair value on a recurring basis as of the dates indicated: Fair Value Measurements at June 30, 2024 Using (dollars in thousands) Balance Level 1 Level 2 Level 3 Assets: Available-for-sale securities U.S. Treasury securities $ 3,851 $ - $ 3,851 $ - Obligations of U.S. Government agencies 36,762 - 36,762 - Obligations of state and political subdivisions 50,226 - 50,226 - Mortgage-backed securities 77,306 - 77,306 - Corporate bonds and other securities 23,982 - 23,982 - Total available-for-sale securities 192,127 - 192,127 - Derivatives Interest rate swap on loans 1,724 - 1,724 - Total assets $ 193,851 $ - $ 193,851 $ - Liabilities: Derivatives Interest rate swap on loans 1,724 - 1,724 - Total liabilities $ 1,724 $ - $ 1,724 $ - Fair Value Measurements at December 31, 2023 Using (dollars in thousands) Balance Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury securities $ 3,857 $ - $ 3,857 $ - Obligations of U.S. Government agencies 42,735 - 42,735 - Obligations of state and political subdivisions 50,597 - 50,597 - Mortgage-backed securities 81,307 - 81,307 - Corporate bonds and other securities 23,735 - 23,735 - Total available-for-sale securities $ 202,231 $ - $ 202,231 $ - Loans held for sale 470 - 470 - Derivatives Interest rate locks 10 - 10 - Interest rate swap on loans 1,249 - 1,249 - Total assets $ 203,960 $ - $ 203,960 $ - Liabilities: Derivatives Interest rate swap on loans 1,249 - 1,249 - Total liabilities $ 1,249 $ - $ 1,249 $ - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Fair Value of Financial Instruments The following tables reflect the carrying amounts and estimated fair values of the Company’s financial instruments whether or not recognized on the Consolidated Balance Sheets at fair value. Fair Value Measurements at June 30, 2024 Using (dollars in thousands) Carrying Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 92,745 $ 92,745 $ - $ - Securities available-for-sale 192,127 - 192,127 - Restricted securities 3,825 - 3,825 - Loans, net 1,042,774 - - 984,390 Derivatives Interest rate swap on loans 1,724 - 1,724 - Bank owned life insurance 35,623 - 35,623 - Accrued interest receivable 4,873 - 4,873 - Liabilities Deposits $ 1,236,575 $ - $ 1,234,452 $ - Overnight repurchase agreements 1,381 - 1,381 - Federal Home Loan Bank advances 39,586 - 39,586 - Subordinated notes 29,733 - 25,786 - Derivatives Interest rate swap on loans 1,724 - 1,724 - Accrued interest payable 2,028 - 2,028 - Fair Value Measurements at December 31, 2023 Using (dollars in thousands) Carrying Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 78,759 $ 78,759 $ - $ - Securities available-for-sale 202,231 - 202,231 - Restricted securities 5,176 - 5,176 - Loans held for sale 470 - 470 - Loans, net 1,068,046 - - 1,025,622 Derivatives Interest rate lock 10 - 10 - Interest rate swap on loans 1,249 - 1,249 - Bank owned life insurance 35,088 - 35,088 - Accrued interest receivable 4,921 - 4,921 - Liabilities Deposits $ 1,230,397 $ - $ 1,228,477 $ - Overnight repurchase agreements 2,383 - 2,383 - Federal Home Loan Bank advances 69,450 - 69,450 - Subordinated notes 29,668 - 25,561 - Derivatives Interest rate swap on loans 1,249 - 1,249 - Accrued interest payable 1,972 - 1,972 - |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 11. Segment Reporting The Company operates in a decentralized fashion in three principal business segments: the Bank, Wealth, and the Company (for purposes of this Note, the Parent). Revenues from the Bank’s operations consist primarily of interest earned on loans and investment securities and service charges on deposit accounts. Wealth’s operating revenues consist principally of income from fiduciary and asset management fees. The Parent’s revenues are mainly interest and dividends received from the Bank and Wealth. The Company has no other segments. The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each segment appeals to different markets and, accordingly, requires different technologies and marketing strategies. Information about reportable segments, and reconciliation of such information to the Consolidated Financial Statements as of and for the three and six months ended June 30, 2024 and 2023 follows: Three Months Ended June 30, 2024 (dollars in thousands) Bank Wealth Parent Eliminations Consolidated Revenues Interest and dividend income $ 18,069 $ 49 $ 4,321 $ (4,321 ) $ 18,118 Income from fiduciary activities - 1,179 - (50 ) 1,129 Other income 2,158 236 50 (102 ) 2,342 Total operating income 20,227 1,464 4,371 (4,473 ) 21,589 Expenses Interest expense 5,707 - 295 - 6,002 Provision for credit losses 261 - - - 261 Salaries and employee benefits 6,159 887 199 (50 ) 7,195 Other expenses 4,720 337 174 (102 ) 5,129 Total operating expenses 16,847 1,224 668 (152 ) 18,587 Income (loss) before taxes 3,380 240 3,703 (4,321 ) 3,002 Income tax expense (benefit) 552 51 (130 ) - 473 Net income (loss) $ 2,828 $ 189 $ 3,833 $ (4,321 ) $ 2,529 Capital expenditures $ 1,152 $ - $ - $ - $ 1,152 Three Months Ended June 30, 2023 (dollars in thousands) Bank Wealth Parent Eliminations Consolidated Revenues Interest and dividend income $ 16,312 $ 35 $ 2,296 $ (2,296 ) $ 16,347 Income from fiduciary activities - 1,154 - - 1,154 Other income 2,139 200 50 (66 ) 2,323 Total operating income 18,451 1,389 2,346 (2,362 ) 19,824 Expenses Interest expense 3,953 - 295 - 4,248 Provision for credit losses 361 - - - 361 Salaries and employee benefits 6,745 1,099 199 - 8,043 Other expenses 4,648 341 181 (66 ) 5,104 Total operating expenses 15,707 1,440 675 (66 ) 17,756 Income (loss) before taxes 2,744 (51 ) 1,671 (2,296 ) 2,068 Income tax expense (benefit) 406 (9 ) (131 ) - 266 Net income (loss) $ 2,338 $ (42 ) $ 1,802 $ (2,296 ) $ 1,802 Capital expenditures $ 357 $ - $ - $ - $ 357 Six Months Ended June 30, 2024 (dollars in thousands) Bank Wealth Parent Eliminations Consolidated Revenues Interest and dividend income $ 35,410 $ 91 $ 5,121 $ (5,121 ) $ 35,501 Income from fiduciary activities - 2,396 - (75 ) 2,321 Other income 3,992 447 100 (167 ) 4,372 Total operating income 39,402 2,934 5,221 (5,363 ) 42,194 Expenses Interest expense 11,255 - 590 - 11,845 Provision for credit losses 341 - - - 341 Salaries and employee benefits 12,800 1,911 390 (75 ) 15,026 Other expenses 9,205 735 228 (167 ) 10,001 Total operating expenses 33,601 2,646 1,208 (242 ) 37,213 Income (loss) before taxes 5,801 288 4,013 (5,121 ) 4,981 Income tax expense (benefit) 905 63 (233 ) - 735 Net income (loss) $ 4,896 $ 225 $ 4,246 $ (5,121 ) $ 4,246 Capital expenditures $ 1,951 $ - $ - $ - $ 1,951 Six Months Ended June 30, 2023 (dollars in thousands) Bank Wealth Parent Eliminations Consolidated Revenues Interest and dividend income $ 31,433 $ 67 $ 5,801 $ (5,801 ) $ 31,500 Income from fiduciary activities - 2,270 - - 2,270 Other income 4,205 454 100 (131 ) 4,628 Total operating income 35,638 2,791 5,901 (5,932 ) 38,398 Expenses Interest expense 5,998 - 590 - 6,588 Provision for credit losses 737 - - - 737 Salaries and employee benefits 12,830 2,173 403 - 15,406 Other expenses 9,129 645 266 (131 ) 9,909 Total operating expenses 28,694 2,818 1,259 (131 ) 32,640 Income (loss) before taxes 6,944 (27 ) 4,642 (5,801 ) 5,758 Income tax expense (benefit) 1,119 (3 ) (243 ) - 873 Net income (loss) $ 5,825 $ (24 ) $ 4,885 $ (5,801 ) $ 4,885 Capital expenditures $ 487 $ - $ - $ - $ 487 (dollars in thousands) Bank Wealth Parent Eliminations Consolidated Total assets at June 30,2024 $ 1,414,168 $ 7,481 $ 140,287 $ (138,582 ) $ 1,423,354 Total assets at December 31, 2023 $ 1,437,603 $ 7,235 $ 137,004 $ (135,460 ) $ 1,446,382 The accounting policies of the segments are the same as those described in the summary of significant accounting policies reported in the Company’s 2023 Form 10-K. The Company evaluates performance based on profit or loss from operations before income taxes, not including nonrecurring gains or losses. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, and its wholly-owned subsidiaries, the Bank and Wealth |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements of the Company and its subsidiaries have been prepared in accordance with U.S. GAAP for interim financial information. In the opinion of management, the accompanying unaudited Consolidated Financial Statements contain all adjustments and reclassifications of a normal and recurring nature considered necessary to present fairly the Company’s financial position at June 30, 2024 and December 31, 2023, the statements of income, comprehensive income, and changes in stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and the statements of cash flows for the six months ended June 30, 2024 and 2023. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2023 Form 10-K. |
Estimates | Estimates In preparing Consolidated Financial Statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Balance Sheets and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the ACL and evaluation of goodwill for impairment. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the results of operations in these financial statements, have been made. |
Reclassification | Reclassification Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. None of these reclassifications are considered material and did not affect net income or total equity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Subsequently, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” This guidance provides temporary, optional expedients and exceptions to ease the potential burden in accounting for modifications of loan contracts, borrowings, and other transactions related to reference rate reform associated with the LIBOR transition if certain criteria are met. The amendments are effective as of March 12, 2020 through December 31, 2024 and can be adopted at an instrument level. These modifications have not had and are not expected to have a material impact on the consolidated financial statements. In November 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures.” The amendments in ASU 2023-09 require that a public entity disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, the amount of income taxes paid disaggregated by federal, state, and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. The amendments also require that entities disclose income from continuing operations before income tax expense disaggregated between domestic and foreign, as well as income tax expense from continuing operations disaggregated by federal, state, and foreign. The amendments apply to all public entities that are subject to Topic 740, “Income Taxes,” and are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments are to be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material effect on its consolidated financial statements. Other accounting standards that have been adopted by the Company or issued by the FASB or other standards-setting bodies have not or are not currently expected to have a material effect on the Company’s financial position, results of operations or cash flows . |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Securities [Abstract] | |
Debt Securities Classified as Available for Sale | The Company’s debt securities all of which are classified as available-for-sale, are summarized as follows: June 30, 2024 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains (Losses) Value U.S. Treasury securities $ 4,052 $ - $ (201 ) $ 3,851 Obligations of U.S. Government agencies 36,875 247 (360 ) 36,762 Obligations of state and political subdivisions 57,918 - (7,692 ) 50,226 Mortgage-backed securities 87,679 30 (10,403 ) 77,306 Corporate bonds and other securities 27,500 - (3,518 ) 23,982 $ 214,024 $ 277 $ (22,174 ) $ 192,127 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains (Losses) Value U.S. Treasury securities $ 4,068 $ - $ (211 ) $ 3,857 Obligations of U.S. Government agencies 43,233 167 (665 ) 42,735 Obligations of state and political subdivisions 58,292 13 (7,708 ) 50,597 Mortgage-backed securities 91,328 84 (10,105 ) 81,307 Corporate bonds and other securities 27,500 - (3,765 ) 23,735 $ 224,421 $ 264 $ (22,454 ) $ 202,231 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities at June 30, 2024 and December 31, 2023, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties. June 30, 2024 Amortized Fair (dollars in thousands) Cost Value Due in one year or less $ 1,702 $ 1,665 Due after one year through five years 19,909 18,386 Due after five through ten years 54,125 46,856 Due after ten years 138,288 125,220 $ 214,024 $ 192,127 December 31, 2023 Amortized Fair (dollars in thousands) Cost Value Due in one year or less $ 1,570 $ 1,541 Due after one year through five years 12,962 12,178 Due after five through ten years 63,248 54,806 Due after ten years 146,641 133,706 $ 224,421 $ 202,231 |
Net Realized Gains or Losses on Sale of Investments | The following table shows realized gains or losses on the sale of investment securities during the three and six months ended June 30, 2024 and 2023, respectively. Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2024 2023 2024 2023 Realized gains on sales of securities $ - $ - $ - $ - Realized losses on sales of securities - (164 ) - (164 ) Net realized loss $ - $ (164 ) $ - $ (164 ) |
Available-for-Sale Securities, Continuous Unrealized Loss Position | The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses for which an ACL has not been recorded as of June 30, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated: June 30, 2024 Less than 12 months 12 months or more Total Gross Gross Gross Number Unrealized Fair Unrealized Fair Unrealized Fair of (dollars in thousands) Losses Value Losses Value Losses Value Securities U.S. Treasury securities $ 201 $ 3,851 $ - $ - $ 201 $ 3,851 1 Obligations of U.S. Government agencies 185 17,180 175 3,025 360 20,205 33 Obligations of state and political subdivisions 7,642 49,775 50 450 7,692 50,225 43 Mortgage-backed securities 10,403 73,920 - - 10,403 73,920 40 Corporate bonds and other securities 3,518 23,982 - - 3,518 23,982 24 Total securities available-for-sale $ 21,949 $ 168,708 $ 225 $ 3,475 $ 22,174 $ 172,183 141 December 31, 2023 Less than 12 months 12 months or more Total Gross Gross Gross Number Unrealized Fair Unrealized Fair Unrealized Fair of (dollars in thousands) Losses Value Losses Value Losses Value Securities U.S. Treasury securities $ - $ - $ 211 $ 3,857 $ 211 $ 3,857 1 Obligations of U.S. Government agencies 91 8,803 574 22,817 665 31,620 43 Obligations of state and political subdivisions - - 7,708 49,597 7,708 49,597 43 Mortgage-backed securities 96 4,423 10,009 73,347 10,105 77,770 40 Corporate bonds and other securities - - 3,765 22,735 3,765 22,735 23 Total securities available-for-sale $ 187 $ 13,226 $ 22,267 $ 172,353 $ 22,454 $ 185,579 150 |
Loans and the Allowance for C_2
Loans and the Allowance for Credit Losses on Loans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Loans and the Allowance for Credit Losses on Loans [Abstract] | |
Outstanding Loans by Segment Type | The following is a summary of the balances in each class of the Company’s portfolio of loans held for investment as of the dates indicated: June 30, December 31, (dollars in thousands) 2024 2023 Mortgage loans on real estate: Residential 1-4 family $ 187,071 $ 188,517 Commercial - owner occupied 143,185 156,466 Commercial - non-owner occupied 309,317 285,250 Multifamily 38,645 29,207 Construction and land development 90,184 107,179 Second mortgages 9,996 10,148 Equity lines of credit 59,096 55,981 Total mortgage loans on real estate 837,494 832,748 Commercial and industrial loans 56,635 64,112 Consumer automobile loans 138,912 160,437 Other consumer loans 19,573 19,718 Other (1) 1,988 3,237 Total loans, net of deferred fees (2) 1,054,602 1,080,252 Less: Allowance for credit losses on loans 11,828 12,206 Loans, net of allowance and deferred fees (2) $ 1,042,774 $ 1,068,046 (1) Overdrawn accounts are reclassified as loans and included in the Other category in the table above. Overdrawn deposit accounts, excluding internal use accounts, totaled $394 thousand and $244 thousand at June 30, 2024 and December 31, 2023, respectively. (2) Net deferred loan fees totaled $1.1 million on June 30, 2024 and $1.2 million on December 31, 2023. |
Past Due Loans | The following tables show the aging of the Company’s loan portfolio, by class, as of June 30, 2024 and December 31, 2023. Age Analysis of Past Due Loans as of June 30, 2024 (dollars in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due and still Accruing Nonaccrual (2) Total Current Loans (1) Total Mortgage loans on real estate: Residential 1-4 family $ - $ 28 $ 42 $ - $ 187,001 $ 187,071 Commercial - owner occupied - - - - 143,185 143,185 Commercial - non-owner occupied - - - - 309,317 309,317 Multifamily - - - - 38,645 38,645 Construction and land development - - - - 90,184 90,184 Second mortgages - 52 - - 9,944 9,996 Equity lines of credit 552 - - 44 58,500 59,096 Total mortgage loans on real estate $ 552 $ 80 $ 42 $ 44 $ 836,776 $ 837,494 Commercial and industrial loans 861 322 - - 55,452 56,635 Consumer automobile loans 2,057 654 371 - 135,830 138,912 Other consumer loans 236 127 31 - 19,179 19,573 Other 33 2 3 - 1,950 1,988 Total $ 3,739 $ 1,185 $ 447 $ 44 $ 1,049,187 $ 1,054,602 Age Analysis of Past Due Loans as of December 31, 2023 (dollars in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due and still Accruing Nonaccrual (2) Total Current Loans (1) Total Mortgage loans on real estate: Residential 1-4 family $ 1,194 $ - $ 368 $ 142 $ 186,813 $ 188,517 Commercial - owner occupied 100 - 322 - 156,044 156,466 Commercial - non-owner occupied - 896 - - 284,354 285,250 Multifamily - - - - 29,207 29,207 Construction and land development - - - - 107,179 107,179 Second mortgages 160 6 - - 9,982 10,148 Equity lines of credit 205 - - 46 55,730 55,981 Total mortgage loans on real estate $ 1,659 $ 902 $ 690 $ 188 $ 829,309 $ 832,748 Commercial and industrial loans 527 427 306 - 62,852 64,112 Consumer automobile loans 3,254 706 661 - 155,816 160,437 Other consumer loans 634 264 123 - 18,697 19,718 Other 29 - - - 3,208 3,237 Total $ 6,103 $ 2,299 $ 1,780 $ 188 $ 1,069,882 $ 1,080,252 (1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. (2) For purposes of this table, if a loan is past due and on nonaccrual, it is included in the nonaccrual column and not also in its respective past due column. |
Amortized Cost Basis of Loans on Nonaccrual Status | The following table shows the Company’s amortized cost basis of loans on nonaccrual status as of June 30, 2024 and December 31, 2023. All nonaccrual loans had an ACLL as of June 30, 2024 and December 31, 2023. Nonaccrual (dollars in thousands) June 30, 2024 December 31, 2023 Mortgage loans on real estate: Residential 1-4 family $ - $ 142 Commercial - non-owner occupied - - Second mortgages - - Equity lines of credit 44 46 Total mortgage loans on real estate 44 188 Commercial and industrial loans - - Consumer automobile loans - - Other consumer loans - - Total $ 44 $ 188 |
Allowance for Credit Losses by Segment | The following tables presents the activity in the ACLL by portfolio class for the six months ended June 30, 2024 and June 30, 2023. Allowance for Credit Losses and Recorded Investment in Loans For the Six Months ended June 30, 2024 (dollars in thousands) Commercial and Industrial Real Estate Construction and Land Development Real Estate - Mortgage (1) Real Estate - Commercial (2) Consumer (3) Other Unallocated Total Allowance for credit losses on loans: Balance, beginning $ 573 $ 982 $ 2,904 $ 5,742 $ 1,827 $ 178 $ - $ 12,206 Charge-offs (117 ) - - - (756 ) (104 ) - (977 ) Recoveries 6 - 20 11 267 26 - 330 Provision for loan losses 17 (129 ) 58 (58 ) 372 9 - 269 Ending Balance $ 479 $ 853 $ 2,982 $ 5,695 $ 1,710 $ 109 $ - $ 11,828 For the Six Months Ended June 30, 2023 (dollars in thousands) Commercial and Industrial Real Estate Construction Real Estate - Mortgage (1) Real Estate - Commercial (2) Consumer (3) Other Unallocated Total Allowance for credit losses on loans: Balance, beginning $ 673 $ 552 $ 2,575 $ 4,499 $ 2,065 $ 156 $ 6 $ 10,526 Day 1 impact of adoption of CECL (11 ) 19 87 1,048 (365 ) (137 ) - 641 Charge-offs (51 ) - - - (534 ) (169 ) - (754 ) Recoveries 12 - 20 - 312 21 - 365 Provision for loan losses 43 136 198 162 112 228 (6 ) 873 Ending Balance $ 666 $ 707 $ 2,880 $ 5,709 $ 1,590 $ 99 $ - $ 11,651 (1) The real estate-mortgage segment includes residential 1 – 4 family, multi-family, second mortgages and equity lines of credit. (2) The real estate-commercial segment included commercial-owner occupied and commercial non-owner occupied. (3) The consumer segment includes consumer automobile loans. |
Breakdown of Provision for Credit Losses | The following table presents a breakdown of the provision for credit losses for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Provision for credit losses: Provision for loans $ 191 $ 310 $ 269 $ 873 Provison for (recovery of) unfunded commitments 70 51 72 (136 ) Total $ 261 $ 361 $ 341 $ 737 |
Risk Category Loans by Class of Loans | The following tables present credit quality exposures by internally assigned risk ratings originated as of the dates indicated: June 30, 2024 Term Loans Amortized Cost Basis by Origination Year (dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Construction and land development Pass $ 15,683 $ 35,372 $ 29,170 $ 5,149 $ 2,523 $ 649 $ 1,638 $ 90,184 OAEM - - - - - - - - Substandard - - - - - - - - Total construction and land development $ 15,683 $ 35,372 $ 29,170 $ 5,149 $ 2,523 $ 649 $ 1,638 $ 90,184 Commercial real estate - owner occupied Pass $ 5,262 $ 7,989 $ 28,903 $ 18,073 $ 11,163 $ 69,715 $ 1,274 $ 142,379 OAEM - - - - - 56 750 806 Substandard - - - - - - - - Total commercial real estate - owner occupied $ 5,262 $ 7,989 $ 28,903 $ 18,073 $ 11,163 $ 69,771 $ 2,024 $ 143,185 Commercial real estate - non-owner occupied Pass $ 3,259 $ 33,843 $ 64,109 $ 116,726 $ 40,179 $ 49,548 $ 873 $ 308,537 OAEM - - - - - 780 - 780 Substandard - - - - - - - - Total commercial real estate - non-owner occupied $ 3,259 $ 33,843 $ 64,109 $ 116,726 $ 40,179 $ 50,328 $ 873 $ 309,317 Commercial and industrial Pass $ 5,432 $ 13,417 $ 16,147 $ 3,639 $ 1,247 $ 5,055 $ 11,698 $ 56,635 OAEM - - - - - - - - Substandard - - - - - - - - Total commercial and industrial $ 5,432 $ 13,417 $ 16,147 $ 3,639 $ 1,247 $ 5,055 $ 11,698 $ 56,635 Multifamily real estate Pass $ - $ 7,663 $ 1,363 $ 2,116 $ 592 $ 22,998 $ 3,913 $ 38,645 OAEM - - - - - - - - Substandard - - - - - - - - Total multifamily real estate $ - $ 7,663 $ 1,363 $ 2,116 $ 592 $ 22,998 $ 3,913 $ 38,645 Residential 1-4 family Pass $ 4,874 $ 32,469 $ 41,099 $ 33,756 $ 25,445 $ 60,409 $ 57,592 $ 255,644 OAEM - - - - - - - - Substandard - - - - 339 180 - 519 Total residential 1-4 family $ 4,874 $ 32,469 $ 41,099 $ 33,756 $ 25,784 $ 60,589 $ 57,592 $ 256,163 Consumer - automobile Pass $ 10,721 $ 42,895 $ 68,183 $ 9,739 $ 2,948 $ 4,426 $ - $ 138,912 OAEM - - - - - - - - Substandard - - - - - - - - Total consumer - automobile $ 10,721 $ 42,895 $ 68,183 $ 9,739 $ 2,948 $ 4,426 $ - $ 138,912 Consumer - other Pass $ 468 $ 248 $ 445 $ 280 $ 45 $ 15,363 $ 2,724 $ 19,573 OAEM - - - - - - - - Substandard - - - - - - - - Total consumer - other $ 468 $ 248 $ 445 $ 280 $ 45 $ 15,363 $ 2,724 $ 19,573 Other Pass $ 90 $ - $ - $ 292 $ - $ 1,606 $ - $ 1,988 OAEM - - - - - - - - Substandard - - - - - - - - Total other $ 90 $ - $ - $ 292 $ - $ 1,606 $ - $ 1,988 Total loans Pass $ 45,789 $ 173,896 $ 249,419 $ 189,770 $ 84,142 $ 229,769 $ 79,712 $ 1,052,497 OAEM - - - - - 836 750 1,586 Substandard - - - - 339 180 - 519 Total loans $ 45,789 $ 173,896 $ 249,419 $ 189,770 $ 84,481 $ 230,785 $ 80,462 $ 1,054,602 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Construction and land development Pass $ 40,168 $ 36,581 $ 25,770 $ 3,630 $ 297 $ 285 $ 448 $ 107,179 OAEM - - - - - - - - Substandard - - - - - - - - Total construction and land development $ 40,168 $ 36,581 $ 25,770 $ 3,630 $ 297 $ 285 $ 448 $ 107,179 Commercial real estate - owner occupied Pass $ 10,145 $ 33,720 $ 21,058 $ 13,708 $ 12,025 $ 56,978 $ 5,680 $ 153,314 OAEM - - - - 77 2,985 - 3,062 Substandard - - - - - 90 - 90 Total commercial real estate - owner occupied $ 10,145 $ 33,720 $ 21,058 $ 13,708 $ 12,102 $ 60,053 $ 5,680 $ 156,466 Commercial real estate - non-owner occupied Pass $ 31,539 $ 53,217 $ 96,755 $ 38,704 $ 10,517 $ 51,451 $ 2,263 $ 284,446 OAEM - - - - 804 - - 804 Substandard - - - - - - - - Total commercial real estate - non-owner occupied $ 31,539 $ 53,217 $ 96,755 $ 38,704 $ 11,321 $ 51,451 $ 2,263 $ 285,250 Commercial and industrial Pass $ 18,248 $ 21,698 $ 4,300 $ 1,691 $ 2,192 $ 2,075 $ 13,908 $ 64,112 OAEM - - - - - - - - Substandard - - - - - - - - Total commercial and industrial $ 18,248 $ 21,698 $ 4,300 $ 1,691 $ 2,192 $ 2,075 $ 13,908 $ 64,112 Multifamily real estate Pass $ 6,568 $ 3,841 $ 2,151 $ 605 $ 5,955 $ 9,005 $ 1,082 $ 29,207 OAEM - - - - - - - - Substandard - - - - - - - - Total multifamily real estate $ 6,568 $ 3,841 $ 2,151 $ 605 $ 5,955 $ 9,005 $ 1,082 $ 29,207 Residential 1-4 family Pass $ 27,497 $ 41,062 $ 39,937 $ 26,368 $ 13,009 $ 52,148 $ 54,087 $ 254,108 OAEM - - - - - - - - Substandard - - - 350 46 142 - 538 Total residential 1-4 family $ 27,497 $ 41,062 $ 39,937 $ 26,718 $ 13,055 $ 52,290 $ 54,087 $ 254,646 Consumer - automobile Pass $ 52,750 $ 83,885 $ 13,184 $ 4,152 $ 1,618 $ 4,848 $ - $ 160,437 OAEM - - - - - - - - Substandard - - - - - - - - Total consumer - automobile $ 52,750 $ 83,885 $ 13,184 $ 4,152 $ 1,618 $ 4,848 $ - $ 160,437 Consumer - other Pass $ 323 $ 765 $ 330 $ 109 $ 11 $ 16,089 $ 2,091 $ 19,718 OAEM - - - - - - - - Substandard - - - - - - - - Total consumer - other $ 323 $ 765 $ 330 $ 109 $ 11 $ 16,089 $ 2,091 $ 19,718 Other Pass $ 1,620 $ - $ 292 $ - $ - $ 1,325 $ - $ 3,237 OAEM - - - - - - - - Substandard - - - - - - - - Total other $ 1,620 $ - $ 292 $ - $ - $ 1,325 $ - $ 3,237 Total loans Pass $ 188,858 $ 274,769 $ 203,777 $ 88,967 $ 45,624 $ 194,204 $ 79,559 $ 1,075,758 OAEM - - - - 881 2,985 - 3,866 Substandard - - - 350 46 232 - 628 Total loans $ 188,858 $ 274,769 $ 203,777 $ 89,317 $ 46,551 $ 197,421 $ 79,559 $ 1,080,252 The following tables detail the current period gross charge-offs of loans by year of origination for the six months ended June 30, 2024 and June 30, 2023: June 30, 2024 Current Period Charge-offs by Origination Year (dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial $ - $ - $ 108 $ - $ - $ 9 $ - $ 117 Consumer - automobile - 151 438 131 17 15 - 752 Consumer - other - - - - - 4 - 4 Other (1) 104 - - - - - - 104 Total $ 104 $ 151 $ 546 $ 131 $ 17 $ 28 $ - $ 977 (1) Gross charge-offs of other loans for the six months ended June 30, 2024 included $104 thousand of demand deposit overdrafts that originated in 2024. June 30, 2023 Current Period Charge-offs by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial $ - $ 51 $ - $ - $ - $ - $ - $ 51 Consumer - automobile - 265 142 45 18 49 - 519 Consumer - other - - 5 - 3 7 - 15 Other (1) 147 22 - - - - - 169 Total $ 147 $ 338 $ 147 $ 45 $ 21 $ 56 $ - $ 754 (1) Gross charge-offs of other loans for the six months ended June 30, 2023 included $147 thousand of demand deposit overdrafts that originated in 2023. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Information About Leases | The following tables present information about the Company’s leases: (dollars in thousands) June 30, 2024 December 31, 2023 Lease liabilities $ 1,032 $ 1,248 Right-of-use assets $ 836 $ 1,148 Weighted average remaining lease term 3.02 years 3.37 years Weighted average discount rate 3.16 % 3.06 % |
Lease Cost | Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Operating lease cost $ 206 $ 101 $ 312 $ 202 Total lease cost $ 206 $ 101 $ 312 $ 202 Cash paid for amounts included in the measurement of lease liabilities $ 109 $ 112 $ 217 $ 203 |
Maturity of Operating Lease Liabilities | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows: As of (dollars in thousands) June 30, 2024 Six months ending December 31, 2024 $ 206 Twelve months ending December 31, 2025 382 Twelve months ending December 31, 2026 278 Twelve months ending December 31, 2027 208 Twelve months ending December 31, 2028 24 Total undiscounted cash flows $ 1,098 Discount (66 ) Lease liabilities $ 1,032 |
Low-Income Housing Tax Credits
Low-Income Housing Tax Credits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Low-Income Housing Tax Credits [Abstract] | |
Tax Credits and Other Tax Benefits Recognized Related to Investments | The table below summarizes the tax credits and other tax benefits recognized by the Company related to these investments during the periods indicated Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2024 2023 2024 2023 Tax credits and other benefits Amortization of operating losses $ 42 $ 92 $ 134 $ 184 Tax benefit of operating losses* 9 19 28 39 Tax credits 78 78 155 155 Total tax benefits $ 87 $ 97 $ 183 $ 194 * Computed using a 21 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Borrowings [Abstract] | |
Short-term Borrowings | The following table presents total short-term borrowings as of the dates indicated: (dollars in thousands) June 30, 2024 December 31, 2023 Federal funds purchased $ - $ - Overnight repurchase agreements 1,381 2,383 Federal Home Loan Bank advances 19,586 9,450 Total short-term borrowings $ 20,967 $ 11,833 Maximum month-end outstanding balance (year-to-date) $ 41,682 $ 84,360 Average outstanding balance during the period $ 44,106 $ 53,466 Average interest rate (year-to-date) 4.63 % 4.90 % Average interest rate at end of period 5.65 % 5.65 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies [Abstract] | |
Financial Instruments whose Contract Amounts Represent Credit Risk | Financial instruments whose contract amounts represent credit risk were outstanding as of June 30, 2024 and December 31, 2023 were as follows: June 30, December 31, (dollars in thousands) 2024 2023 Commitments to extend credit: Home equity lines of credit $ 94,729 $ 91,885 Commercial real estate, construction and development loans committed but not funded 72,861 74,218 Other lines of credit (principally commercial) 49,251 47,622 Total $ 216,841 $ 213,725 Letters of credit $ 816 $ 802 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Compensation [Abstract] | |
Restricted Stock Activity | Restricted stock activity for the six months ended June 30, 2024 and June 30, 2023 is summarized below: Weighted Average Grant Date Shares Fair Value Nonvested, December 31, 2023 53,660 $ 22.32 Issued 37,674 14.05 Vested (19,112 ) 19.95 Forfeited (4,109 ) 20.70 Nonvested, June 30, 2024 68,113 $ 18.51 Weighted Average Grant Date Shares Fair Value Nonvested, December 31, 2022 46,989 $ 22.49 Issued 35,013 17.20 Vested (22,003 ) 19.86 Forfeited - - Nonvested, June 30, 2023 59,999 $ 20.37 |
Stockholders' Equity and Earn_2
Stockholders' Equity and Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity and Earnings Per Common Share [Abstract] | |
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss), by Category | The following tables present amounts reclassified out of accumulated other comprehensive income (loss), by category, during the three and six months ended June 30, 2024 and 2023, respectively. Three Months Ended Six Months Ended June 30, June 30, Affected Line Item on (dollars in thousands) 2024 2023 2024 2023 Sale of securities Realized loss on sale of securities $ - $ (164 ) $ - $ (164 ) Loss on sale of securities, net Tax effect - 34 - 34 Income tax expense $ - $ (130 ) $ - $ (130 ) |
Changes in Accumulated Other Comprehensive Income (Loss), by Category | The following table presents the changes in accumulated other comprehensive income (loss), by category, net of tax, for the periods indicated: (dollars in thousands) Unrealized Gains (Losses) on Available- for-Sale Securities Accumulated Other Comprehensive (Loss) Income Three Months Ended June 30 2024 Balance at beginning of period $ (17,798 ) $ (17,798 ) Net other comprehensive income 500 500 Balance at end of period $ (17,298 ) $ (17,298 ) Three Months Ended June 30 2023 Balance at beginning of period $ (18,435 ) $ (18,435 ) Net other comprehensive loss (1,322 ) (1,322 ) Balance at end of period $ (19,757 ) $ (19,757 ) (dollars in thousands) Unrealized Gains (Losses) on Available- for-Sale Securities Accumulated Other Comprehensive (Loss) Income Six June 30 2024 Balance at beginning of period $ (17,530 ) $ (17,530 ) Net other comprehensive income 232 232 Balance at end of period $ (17,298 ) $ (17,298 ) Six June 30 2023 Balance at beginning of period $ (20,767 ) $ (20,767 ) Net other comprehensive income 1,010 1,010 Balance at end of period $ (19,757 ) $ (19,757 ) |
Component of Accumulated Other Comprehensive Income (Loss) on Pre-Tax and After-Tax | The following tables present the change in each component of accumulated other comprehensive income (loss) on a pre-tax and after-tax basis for the periods indicated: Three Months Ended June 30, 2024 (dollars in thousands) Pretax Tax Net-of-Tax Unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 633 $ (133 ) $ 500 Total change in accumulated other comprehensive loss, net $ 633 $ (133 ) $ 500 Three Months Ended June 30, 2023 (dollars in thousands) Pretax Tax Net-of-Tax Unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (1,838 ) $ 386 $ (1,452 ) Reclassification adjustment for losses recognized in income 164 (34 ) 130 (1,674 ) 352 (1,322 ) Total change in accumulated other comprehensive loss, net $ (1,674 ) $ 352 $ (1,322 ) Six Months Ended June 30, 2024 (dollars in thousands) Pretax Tax Net-of-Tax Unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 294 $ (62 ) $ 232 Total change in accumulated other comprehensive loss, net $ 294 $ (62 ) $ 232 Six Months Ended June 30, 2023 (dollars in thousands) Pretax Tax Net-of-Tax Unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 1,114 $ (234 ) $ 880 Reclassification adjustment for losses recognized in income 164 (34 ) 130 1,278 (268 ) 1,010 Total change in accumulated other comprehensive loss, net $ 1,278 $ (268 ) $ 1,010 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurements [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the balances of certain assets measured at fair value on a recurring basis as of the dates indicated: Fair Value Measurements at June 30, 2024 Using (dollars in thousands) Balance Level 1 Level 2 Level 3 Assets: Available-for-sale securities U.S. Treasury securities $ 3,851 $ - $ 3,851 $ - Obligations of U.S. Government agencies 36,762 - 36,762 - Obligations of state and political subdivisions 50,226 - 50,226 - Mortgage-backed securities 77,306 - 77,306 - Corporate bonds and other securities 23,982 - 23,982 - Total available-for-sale securities 192,127 - 192,127 - Derivatives Interest rate swap on loans 1,724 - 1,724 - Total assets $ 193,851 $ - $ 193,851 $ - Liabilities: Derivatives Interest rate swap on loans 1,724 - 1,724 - Total liabilities $ 1,724 $ - $ 1,724 $ - Fair Value Measurements at December 31, 2023 Using (dollars in thousands) Balance Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury securities $ 3,857 $ - $ 3,857 $ - Obligations of U.S. Government agencies 42,735 - 42,735 - Obligations of state and political subdivisions 50,597 - 50,597 - Mortgage-backed securities 81,307 - 81,307 - Corporate bonds and other securities 23,735 - 23,735 - Total available-for-sale securities $ 202,231 $ - $ 202,231 $ - Loans held for sale 470 - 470 - Derivatives Interest rate locks 10 - 10 - Interest rate swap on loans 1,249 - 1,249 - Total assets $ 203,960 $ - $ 203,960 $ - Liabilities: Derivatives Interest rate swap on loans 1,249 - 1,249 - Total liabilities $ 1,249 $ - $ 1,249 $ - |
Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments | The following tables reflect the carrying amounts and estimated fair values of the Company’s financial instruments whether or not recognized on the Consolidated Balance Sheets at fair value. Fair Value Measurements at June 30, 2024 Using (dollars in thousands) Carrying Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 92,745 $ 92,745 $ - $ - Securities available-for-sale 192,127 - 192,127 - Restricted securities 3,825 - 3,825 - Loans, net 1,042,774 - - 984,390 Derivatives Interest rate swap on loans 1,724 - 1,724 - Bank owned life insurance 35,623 - 35,623 - Accrued interest receivable 4,873 - 4,873 - Liabilities Deposits $ 1,236,575 $ - $ 1,234,452 $ - Overnight repurchase agreements 1,381 - 1,381 - Federal Home Loan Bank advances 39,586 - 39,586 - Subordinated notes 29,733 - 25,786 - Derivatives Interest rate swap on loans 1,724 - 1,724 - Accrued interest payable 2,028 - 2,028 - Fair Value Measurements at December 31, 2023 Using (dollars in thousands) Carrying Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 78,759 $ 78,759 $ - $ - Securities available-for-sale 202,231 - 202,231 - Restricted securities 5,176 - 5,176 - Loans held for sale 470 - 470 - Loans, net 1,068,046 - - 1,025,622 Derivatives Interest rate lock 10 - 10 - Interest rate swap on loans 1,249 - 1,249 - Bank owned life insurance 35,088 - 35,088 - Accrued interest receivable 4,921 - 4,921 - Liabilities Deposits $ 1,230,397 $ - $ 1,228,477 $ - Overnight repurchase agreements 2,383 - 2,383 - Federal Home Loan Bank advances 69,450 - 69,450 - Subordinated notes 29,668 - 25,561 - Derivatives Interest rate swap on loans 1,249 - 1,249 - Accrued interest payable 1,972 - 1,972 - |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Reconciliation of Assets and Revenues from Segment to Consolidated | Information about reportable segments, and reconciliation of such information to the Consolidated Financial Statements as of and for the three and six months ended June 30, 2024 and 2023 follows: Three Months Ended June 30, 2024 (dollars in thousands) Bank Wealth Parent Eliminations Consolidated Revenues Interest and dividend income $ 18,069 $ 49 $ 4,321 $ (4,321 ) $ 18,118 Income from fiduciary activities - 1,179 - (50 ) 1,129 Other income 2,158 236 50 (102 ) 2,342 Total operating income 20,227 1,464 4,371 (4,473 ) 21,589 Expenses Interest expense 5,707 - 295 - 6,002 Provision for credit losses 261 - - - 261 Salaries and employee benefits 6,159 887 199 (50 ) 7,195 Other expenses 4,720 337 174 (102 ) 5,129 Total operating expenses 16,847 1,224 668 (152 ) 18,587 Income (loss) before taxes 3,380 240 3,703 (4,321 ) 3,002 Income tax expense (benefit) 552 51 (130 ) - 473 Net income (loss) $ 2,828 $ 189 $ 3,833 $ (4,321 ) $ 2,529 Capital expenditures $ 1,152 $ - $ - $ - $ 1,152 Three Months Ended June 30, 2023 (dollars in thousands) Bank Wealth Parent Eliminations Consolidated Revenues Interest and dividend income $ 16,312 $ 35 $ 2,296 $ (2,296 ) $ 16,347 Income from fiduciary activities - 1,154 - - 1,154 Other income 2,139 200 50 (66 ) 2,323 Total operating income 18,451 1,389 2,346 (2,362 ) 19,824 Expenses Interest expense 3,953 - 295 - 4,248 Provision for credit losses 361 - - - 361 Salaries and employee benefits 6,745 1,099 199 - 8,043 Other expenses 4,648 341 181 (66 ) 5,104 Total operating expenses 15,707 1,440 675 (66 ) 17,756 Income (loss) before taxes 2,744 (51 ) 1,671 (2,296 ) 2,068 Income tax expense (benefit) 406 (9 ) (131 ) - 266 Net income (loss) $ 2,338 $ (42 ) $ 1,802 $ (2,296 ) $ 1,802 Capital expenditures $ 357 $ - $ - $ - $ 357 Six Months Ended June 30, 2024 (dollars in thousands) Bank Wealth Parent Eliminations Consolidated Revenues Interest and dividend income $ 35,410 $ 91 $ 5,121 $ (5,121 ) $ 35,501 Income from fiduciary activities - 2,396 - (75 ) 2,321 Other income 3,992 447 100 (167 ) 4,372 Total operating income 39,402 2,934 5,221 (5,363 ) 42,194 Expenses Interest expense 11,255 - 590 - 11,845 Provision for credit losses 341 - - - 341 Salaries and employee benefits 12,800 1,911 390 (75 ) 15,026 Other expenses 9,205 735 228 (167 ) 10,001 Total operating expenses 33,601 2,646 1,208 (242 ) 37,213 Income (loss) before taxes 5,801 288 4,013 (5,121 ) 4,981 Income tax expense (benefit) 905 63 (233 ) - 735 Net income (loss) $ 4,896 $ 225 $ 4,246 $ (5,121 ) $ 4,246 Capital expenditures $ 1,951 $ - $ - $ - $ 1,951 Six Months Ended June 30, 2023 (dollars in thousands) Bank Wealth Parent Eliminations Consolidated Revenues Interest and dividend income $ 31,433 $ 67 $ 5,801 $ (5,801 ) $ 31,500 Income from fiduciary activities - 2,270 - - 2,270 Other income 4,205 454 100 (131 ) 4,628 Total operating income 35,638 2,791 5,901 (5,932 ) 38,398 Expenses Interest expense 5,998 - 590 - 6,588 Provision for credit losses 737 - - - 737 Salaries and employee benefits 12,830 2,173 403 - 15,406 Other expenses 9,129 645 266 (131 ) 9,909 Total operating expenses 28,694 2,818 1,259 (131 ) 32,640 Income (loss) before taxes 6,944 (27 ) 4,642 (5,801 ) 5,758 Income tax expense (benefit) 1,119 (3 ) (243 ) - 873 Net income (loss) $ 5,825 $ (24 ) $ 4,885 $ (5,801 ) $ 4,885 Capital expenditures $ 487 $ - $ - $ - $ 487 (dollars in thousands) Bank Wealth Parent Eliminations Consolidated Total assets at June 30,2024 $ 1,414,168 $ 7,481 $ 140,287 $ (138,582 ) $ 1,423,354 Total assets at December 31, 2023 $ 1,437,603 $ 7,235 $ 137,004 $ (135,460 ) $ 1,446,382 |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies, The Company (Details) | Jun. 30, 2024 Subsidiary Branch |
THE COMPANY [Abstract] | |
Number of wholly-owned subsidiaries | Subsidiary | 2 |
Number of branch offices | Branch | 14 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies, Recent Accounting Pronouncements (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Minimum [Member] | |
Recent Accounting Pronouncements [Abstract] | |
Income tax paid percentage | 5% |
Securities, Debt Classified as
Securities, Debt Classified as Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | $ 214,024 | $ 224,421 |
Gross unrealized gains | 277 | 264 |
Gross unrealized (losses) | (22,174) | (22,454) |
Fair value | 192,127 | 202,231 |
U.S. Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 4,052 | 4,068 |
Gross unrealized gains | 0 | 0 |
Gross unrealized (losses) | (201) | (211) |
Fair value | 3,851 | 3,857 |
Obligations of U.S. Government Agencies [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 36,875 | 43,233 |
Gross unrealized gains | 247 | 167 |
Gross unrealized (losses) | (360) | (665) |
Fair value | 36,762 | 42,735 |
Obligations of State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 57,918 | 58,292 |
Gross unrealized gains | 0 | 13 |
Gross unrealized (losses) | (7,692) | (7,708) |
Fair value | 50,226 | 50,597 |
Mortgage-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 87,679 | 91,328 |
Gross unrealized gains | 30 | 84 |
Gross unrealized (losses) | (10,403) | (10,105) |
Fair value | 77,306 | 81,307 |
Corporate Bonds and Other Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 27,500 | 27,500 |
Gross unrealized gains | 0 | 0 |
Gross unrealized (losses) | (3,518) | (3,765) |
Fair value | $ 23,982 | $ 23,735 |
Securities, Amortized Cost and
Securities, Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Available-for-Sale, Amortized Cost [Abstract] | ||
Due in one year or less | $ 1,702 | $ 1,570 |
Due after one year through five years | 19,909 | 12,962 |
Due after five through ten years | 54,125 | 63,248 |
Due after ten years | 138,288 | 146,641 |
Amortized Cost | 214,024 | 224,421 |
Available-for-Sale, Fair Value [Abstract] | ||
Due in one year or less | 1,665 | 1,541 |
Due after one year through five years | 18,386 | 12,178 |
Due after five through ten years | 46,856 | 54,806 |
Due after ten years | 125,220 | 133,706 |
Fair Value | $ 192,127 | $ 202,231 |
Securities, Net Realized Gains
Securities, Net Realized Gains and Losses on Sale of Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss) [Abstract] | ||||
Realized gains on sales of securities | $ 0 | $ 0 | $ 0 | $ 0 |
Realized losses on sales of securities | 0 | (164) | 0 | (164) |
Net realized loss | $ 0 | $ (164) | $ 0 | $ (164) |
Securities, Individual Securiti
Securities, Individual Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 USD ($) Security | Dec. 31, 2023 USD ($) Security | |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less than 12 months | $ 21,949 | $ 187 |
12 months or more | 225 | 22,267 |
Total | 22,174 | 22,454 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than 12 months | 168,708 | 13,226 |
12 months or more | 3,475 | 172,353 |
Total | $ 172,183 | $ 185,579 |
Number of securities | Security | 141 | 150 |
Securities Available-for-Sale, Number of Securities [Abstract] | ||
Allowance for credit loss | $ 0 | $ 0 |
U.S. Treasury Securities [Member] | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less than 12 months | 201 | 0 |
12 months or more | 0 | 211 |
Total | 201 | 211 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than 12 months | 3,851 | 0 |
12 months or more | 0 | 3,857 |
Total | $ 3,851 | $ 3,857 |
Number of securities | Security | 1 | 1 |
Obligations of U.S. Government Agencies [Member] | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less than 12 months | $ 185 | $ 91 |
12 months or more | 175 | 574 |
Total | 360 | 665 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than 12 months | 17,180 | 8,803 |
12 months or more | 3,025 | 22,817 |
Total | $ 20,205 | $ 31,620 |
Number of securities | Security | 33 | 43 |
Obligations of State and Political Subdivisions [Member] | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less than 12 months | $ 7,642 | $ 0 |
12 months or more | 50 | 7,708 |
Total | 7,692 | 7,708 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than 12 months | 49,775 | 0 |
12 months or more | 450 | 49,597 |
Total | $ 50,225 | $ 49,597 |
Number of securities | Security | 43 | 43 |
Mortgage-backed Securities [Member] | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less than 12 months | $ 10,403 | $ 96 |
12 months or more | 0 | 10,009 |
Total | 10,403 | 10,105 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than 12 months | 73,920 | 4,423 |
12 months or more | 0 | 73,347 |
Total | $ 73,920 | $ 77,770 |
Number of securities | Security | 40 | 40 |
Corporate Bonds and Other Securities [Member] | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less than 12 months | $ 3,518 | $ 0 |
12 months or more | 0 | 3,765 |
Total | 3,518 | 3,765 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than 12 months | 23,982 | 0 |
12 months or more | 0 | 22,735 |
Total | $ 23,982 | $ 22,735 |
Number of securities | Security | 24 | 23 |
Restricted Securities [Member] | ||
Securities Available-for-Sale, Number of Securities [Abstract] | ||
Impairment loss | $ 0 |
Loans and the Allowance for C_3
Loans and the Allowance for Credit Losses on Loans, Outstanding Loans By Segment Type (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | [1] | $ 1,054,602 | $ 1,080,252 | ||
Less: Allowance for credit losses on loans | 11,828 | 12,206 | $ 11,651 | $ 10,526 | |
Loans, net of allowance and deferred fees | [1] | 1,042,774 | 1,068,046 | ||
Overdrawn deposit accounts, excluding internal use accounts | 394 | 244 | |||
Net deferred loan costs | 1,100 | 1,200 | |||
Mortgage Loans on Real Estate [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | 837,494 | 832,748 | |||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | 187,071 | 188,517 | |||
Mortgage Loans on Real Estate [Member] | Commercial Real Estate [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Less: Allowance for credit losses on loans | [2] | 5,695 | 5,742 | 5,709 | 4,499 |
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | 143,185 | 156,466 | |||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | 309,317 | 285,250 | |||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | 38,645 | 29,207 | |||
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | 90,184 | 107,179 | |||
Less: Allowance for credit losses on loans | 853 | 982 | |||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | 9,996 | 10,148 | |||
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | 59,096 | 55,981 | |||
Commercial and Industrial Loans [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | 56,635 | 64,112 | |||
Less: Allowance for credit losses on loans | 479 | 573 | 666 | 673 | |
Consumer [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Less: Allowance for credit losses on loans | [3] | 1,710 | 1,827 | 1,590 | 2,065 |
Consumer [Member] | Consumer Automobile Loans [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | 138,912 | 160,437 | |||
Consumer [Member] | Other Consumer Loans [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | 19,573 | 19,718 | |||
Other [Member] | |||||
Portfolio of Loans Held for Investment [Abstract] | |||||
Loans, net of deferred fees | [4] | 1,988 | 3,237 | ||
Less: Allowance for credit losses on loans | 109 | $ 178 | 99 | $ 156 | |
Overdrawn deposit accounts, excluding internal use accounts | $ 104 | $ 147 | |||
[1]Net deferred loan fees totaled $1.1 million on June 30, 2024 and $1.2 million on December 31, 2023.[2]The real estate-commercial segment included commercial-owner occupied and commercial non-owner occupied.[3]The consumer segment includes consumer automobile loans.[4]Overdrawn accounts are reclassified as loans and included in the Other category in the table above. Overdrawn deposit accounts, excluding internal use accounts, totaled $394 thousand and $244 thousand at June 30, 2024 and December 31, 2023, respectively. |
Loans and the Allowance for C_4
Loans and the Allowance for Credit Losses on Loans, Past Due (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Loans, Aging [Abstract] | |||
Loans | [1] | $ 1,054,602 | $ 1,080,252 |
Nonaccrual | [2] | 44 | 188 |
30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 3,739 | 6,103 | |
60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 1,185 | 2,299 | |
90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 447 | 1,780 | |
Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 1,049,187 | 1,069,882 |
Mortgage Loans on Real Estate [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 837,494 | 832,748 | |
Nonaccrual | [2] | 44 | 188 |
Mortgage Loans on Real Estate [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 552 | 1,659 | |
Mortgage Loans on Real Estate [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 80 | 902 | |
Mortgage Loans on Real Estate [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 42 | 690 | |
Mortgage Loans on Real Estate [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 836,776 | 829,309 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 187,071 | 188,517 | |
Nonaccrual | [2] | 0 | 142 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 1,194 | |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 28 | 0 | |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 42 | 368 | |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 187,001 | 186,813 |
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 143,185 | 156,466 | |
Nonaccrual | [2] | 0 | 0 |
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 100 | |
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 322 | |
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 143,185 | 156,044 |
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 309,317 | 285,250 | |
Nonaccrual | [2] | 0 | 0 |
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 896 | |
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 309,317 | 284,354 |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 38,645 | 29,207 | |
Nonaccrual | [2] | 0 | 0 |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 38,645 | 29,207 |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 90,184 | 107,179 | |
Nonaccrual | [2] | 0 | 0 |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 90,184 | 107,179 |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 9,996 | 10,148 | |
Nonaccrual | [2] | 0 | 0 |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 160 | |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 52 | 6 | |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 9,944 | 9,982 |
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 59,096 | 55,981 | |
Nonaccrual | [2] | 44 | 46 |
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 552 | 205 | |
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 0 | |
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 58,500 | 55,730 |
Commercial and Industrial Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 56,635 | 64,112 | |
Nonaccrual | [2] | 0 | 0 |
Commercial and Industrial Loans [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 861 | 527 | |
Commercial and Industrial Loans [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 322 | 427 | |
Commercial and Industrial Loans [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 0 | 306 | |
Commercial and Industrial Loans [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 55,452 | 62,852 |
Consumer [Member] | Consumer Automobile Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 138,912 | 160,437 | |
Nonaccrual | [2] | 0 | 0 |
Consumer [Member] | Consumer Automobile Loans [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 2,057 | 3,254 | |
Consumer [Member] | Consumer Automobile Loans [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 654 | 706 | |
Consumer [Member] | Consumer Automobile Loans [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 371 | 661 | |
Consumer [Member] | Consumer Automobile Loans [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 135,830 | 155,816 |
Consumer [Member] | Other Consumer Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 19,573 | 19,718 | |
Nonaccrual | [2] | 0 | 0 |
Consumer [Member] | Other Consumer Loans [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 236 | 634 | |
Consumer [Member] | Other Consumer Loans [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 127 | 264 | |
Consumer [Member] | Other Consumer Loans [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 31 | 123 | |
Consumer [Member] | Other Consumer Loans [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | 19,179 | 18,697 |
Other [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [4] | 1,988 | 3,237 |
Nonaccrual | [2] | 0 | 0 |
Other [Member] | 30 - 59 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 33 | 29 | |
Other [Member] | 60 - 89 Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 2 | 0 | |
Other [Member] | 90 or More Days Past Due [Member] | |||
Loans, Aging [Abstract] | |||
Loans | 3 | 0 | |
Other [Member] | Current Loans [Member] | |||
Loans, Aging [Abstract] | |||
Loans | [3] | $ 1,950 | $ 3,208 |
[1]Net deferred loan fees totaled $1.1 million on June 30, 2024 and $1.2 million on December 31, 2023.[2] For purposes of this table, if a loan is past due and on nonaccrual, it is included in the nonaccrual column and not also in its respective past due column. |
Loans and the Allowance for C_5
Loans and the Allowance for Credit Losses on Loans, Amortized Cost Basis of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Amortized Cost Basis of Loans on Nonaccrual Status [Abstract] | |||
Nonaccrual | [1] | $ 44 | $ 188 |
Mortgage Loans on Real Estate [Member] | |||
Amortized Cost Basis of Loans on Nonaccrual Status [Abstract] | |||
Nonaccrual | [1] | 44 | 188 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | |||
Amortized Cost Basis of Loans on Nonaccrual Status [Abstract] | |||
Nonaccrual | [1] | 0 | 142 |
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | |||
Amortized Cost Basis of Loans on Nonaccrual Status [Abstract] | |||
Nonaccrual | [1] | 0 | 0 |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | |||
Amortized Cost Basis of Loans on Nonaccrual Status [Abstract] | |||
Nonaccrual | [1] | 0 | 0 |
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | |||
Amortized Cost Basis of Loans on Nonaccrual Status [Abstract] | |||
Nonaccrual | [1] | 44 | 46 |
Commercial and Industrial Loans [Member] | |||
Amortized Cost Basis of Loans on Nonaccrual Status [Abstract] | |||
Nonaccrual | [1] | 0 | 0 |
Consumer [Member] | Consumer Automobile Loans [Member] | |||
Amortized Cost Basis of Loans on Nonaccrual Status [Abstract] | |||
Nonaccrual | [1] | 0 | 0 |
Consumer [Member] | Other Consumer Loans [Member] | |||
Amortized Cost Basis of Loans on Nonaccrual Status [Abstract] | |||
Nonaccrual | [1] | $ 0 | $ 0 |
[1] For purposes of this table, if a loan is past due and on nonaccrual, it is included in the nonaccrual column and not also in its respective past due column. |
Loans and the Allowance for C_6
Loans and the Allowance for Credit Losses on Loans, Allowance for Credit Losses (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) Segment | Jun. 30, 2023 USD ($) | ||||
Loans and the Allowance for Credit Losses on Loans [Abstract] | |||||||
Number of primary segments | Segment | 2 | ||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | $ 12,206 | $ 10,526 | |||||
Charge-offs | (977) | (754) | |||||
Recoveries | 330 | 365 | |||||
Provision for loan losses | $ 191 | $ 310 | 269 | 873 | |||
Ending Balance | 11,828 | 11,651 | 11,828 | 11,651 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | 641 | ||||||
Commercial and Industrial Loans [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | 573 | 673 | |||||
Charge-offs | (117) | (51) | |||||
Recoveries | 6 | 12 | |||||
Provision for loan losses | 17 | 43 | |||||
Ending Balance | 479 | 666 | 479 | 666 | |||
Commercial and Industrial Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | (11) | ||||||
Real Estate [Member] | Construction [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | 552 | ||||||
Charge-offs | 0 | ||||||
Recoveries | 0 | ||||||
Provision for loan losses | 136 | ||||||
Ending Balance | 707 | 707 | |||||
Real Estate [Member] | Construction [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | 19 | ||||||
Real Estate [Member] | Construction and Land Development [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | 982 | ||||||
Charge-offs | 0 | ||||||
Recoveries | 0 | ||||||
Provision for loan losses | (129) | ||||||
Ending Balance | 853 | 853 | |||||
Real Estate [Member] | Mortgage [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | [1] | 2,904 | 2,575 | ||||
Charge-offs | [1] | 0 | 0 | ||||
Recoveries | [1] | 20 | 20 | ||||
Provision for loan losses | [1] | 58 | 198 | ||||
Ending Balance | [1] | 2,982 | 2,880 | 2,982 | 2,880 | ||
Real Estate [Member] | Mortgage [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | [1] | 87 | |||||
Real Estate [Member] | Commercial [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | [2] | 5,742 | 4,499 | ||||
Charge-offs | [2] | 0 | 0 | ||||
Recoveries | [2] | 11 | 0 | ||||
Provision for loan losses | [2] | (58) | 162 | ||||
Ending Balance | [2] | 5,695 | 5,709 | 5,695 | 5,709 | ||
Real Estate [Member] | Commercial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | [2] | 1,048 | |||||
Consumer [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | [3] | 1,827 | 2,065 | ||||
Charge-offs | [3] | (756) | (534) | ||||
Recoveries | [3] | 267 | 312 | ||||
Provision for loan losses | [3] | 372 | 112 | ||||
Ending Balance | [3] | 1,710 | 1,590 | 1,710 | 1,590 | ||
Consumer [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | [3] | (365) | |||||
Other [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | 178 | 156 | |||||
Charge-offs | (104) | [4] | (169) | [5] | |||
Recoveries | 26 | 21 | |||||
Provision for loan losses | 9 | 228 | |||||
Ending Balance | 109 | 99 | 109 | 99 | |||
Other [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | (137) | ||||||
Unallocated [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | 0 | 6 | |||||
Charge-offs | 0 | 0 | |||||
Recoveries | 0 | 0 | |||||
Provision for loan losses | 0 | (6) | |||||
Ending Balance | $ 0 | $ 0 | $ 0 | 0 | |||
Unallocated [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | |||||||
Allowance for Credit Losses and Recorded Investment in Loans [Abstract] | |||||||
Beginning Balance | $ 0 | ||||||
[1]The real estate-mortgage segment includes residential 1 – 4 family, multi-family, second mortgages and equity lines of credit.[2]The real estate-commercial segment included commercial-owner occupied and commercial non-owner occupied.[3]The consumer segment includes consumer automobile loans.[4] Gross charge-offs of other loans for the six months ended June 30, 2024 included $104 thousand of demand deposit overdrafts that originated in 2024. Gross charge-offs of other loans for the six months ended June 30, 2023 included $147 thousand of demand deposit overdrafts that originated in 2023. |
Loans and the Allowance for C_7
Loans and the Allowance for Credit Losses on Loans, Breakdown of Provision for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Provision for Credit Losses [Abstract] | ||||
Provision for loans | $ 191 | $ 310 | $ 269 | $ 873 |
Provision for (recovery of) unfunded commitments | 70 | 51 | 72 | (136) |
Total | $ 261 | $ 361 | $ 341 | $ 737 |
Loans and the Allowance for C_8
Loans and the Allowance for Credit Losses on Loans, Credit Quality Indicators (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | $ 45,789 | $ 188,858 | ||||
2023/2022 | 173,896 | 274,769 | ||||
2022/2021 | 249,419 | 203,777 | ||||
2021/2020 | 189,770 | 89,317 | ||||
2020/2019 | 84,481 | 46,551 | ||||
Prior | 230,785 | 197,421 | ||||
Revolving Loans | 80,462 | 79,559 | ||||
Total loans | [1] | 1,054,602 | 1,080,252 | |||
Current Period Charge-offs by Origination Year [Abstract] | ||||||
2024/2023 | 104 | $ 147 | ||||
2023/2022 | 151 | 338 | ||||
2022/2021 | 546 | 147 | ||||
2021/2020 | 131 | 45 | ||||
2020/2019 | 17 | 21 | ||||
Prior | 28 | 56 | ||||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||||
Current period gross charge-offs | 977 | 754 | ||||
Demand deposit overdrafts | 394 | 244 | ||||
Collateral [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
Total loans | 0 | 0 | ||||
Pass [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 45,789 | 188,858 | ||||
2023/2022 | 173,896 | 274,769 | ||||
2022/2021 | 249,419 | 203,777 | ||||
2021/2020 | 189,770 | 88,967 | ||||
2020/2019 | 84,142 | 45,624 | ||||
Prior | 229,769 | 194,204 | ||||
Revolving Loans | 79,712 | 79,559 | ||||
Total loans | 1,052,497 | 1,075,758 | ||||
OAEM [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 881 | ||||
Prior | 836 | 2,985 | ||||
Revolving Loans | 750 | 0 | ||||
Total loans | 1,586 | 3,866 | ||||
Substandard [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 350 | ||||
2020/2019 | 339 | 46 | ||||
Prior | 180 | 232 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 519 | 628 | ||||
Mortgage Loans on Real Estate [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
Total loans | 837,494 | 832,748 | ||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | ||||||
Current Period Charge-offs by Origination Year [Abstract] | ||||||
Current period gross charge-offs | 0 | |||||
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 15,683 | 40,168 | ||||
2023/2022 | 35,372 | 36,581 | ||||
2022/2021 | 29,170 | 25,770 | ||||
2021/2020 | 5,149 | 3,630 | ||||
2020/2019 | 2,523 | 297 | ||||
Prior | 649 | 285 | ||||
Revolving Loans | 1,638 | 448 | ||||
Total loans | 90,184 | 107,179 | ||||
Current Period Charge-offs by Origination Year [Abstract] | ||||||
Current period gross charge-offs | 0 | |||||
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | Pass [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 15,683 | 40,168 | ||||
2023/2022 | 35,372 | 36,581 | ||||
2022/2021 | 29,170 | 25,770 | ||||
2021/2020 | 5,149 | 3,630 | ||||
2020/2019 | 2,523 | 297 | ||||
Prior | 649 | 285 | ||||
Revolving Loans | 1,638 | 448 | ||||
Total loans | 90,184 | 107,179 | ||||
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | OAEM [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | Substandard [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Commercial Real Estate [Member] | ||||||
Current Period Charge-offs by Origination Year [Abstract] | ||||||
Current period gross charge-offs | [2] | 0 | 0 | |||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 5,262 | 10,145 | ||||
2023/2022 | 7,989 | 33,720 | ||||
2022/2021 | 28,903 | 21,058 | ||||
2021/2020 | 18,073 | 13,708 | ||||
2020/2019 | 11,163 | 12,102 | ||||
Prior | 69,771 | 60,053 | ||||
Revolving Loans | 2,024 | 5,680 | ||||
Total loans | 143,185 | 156,466 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | Pass [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 5,262 | 10,145 | ||||
2023/2022 | 7,989 | 33,720 | ||||
2022/2021 | 28,903 | 21,058 | ||||
2021/2020 | 18,073 | 13,708 | ||||
2020/2019 | 11,163 | 12,025 | ||||
Prior | 69,715 | 56,978 | ||||
Revolving Loans | 1,274 | 5,680 | ||||
Total loans | 142,379 | 153,314 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | OAEM [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 77 | ||||
Prior | 56 | 2,985 | ||||
Revolving Loans | 750 | 0 | ||||
Total loans | 806 | 3,062 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | Substandard [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 90 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 90 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 3,259 | 31,539 | ||||
2023/2022 | 33,843 | 53,217 | ||||
2022/2021 | 64,109 | 96,755 | ||||
2021/2020 | 116,726 | 38,704 | ||||
2020/2019 | 40,179 | 11,321 | ||||
Prior | 50,328 | 51,451 | ||||
Revolving Loans | 873 | 2,263 | ||||
Total loans | 309,317 | 285,250 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | Pass [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 3,259 | 31,539 | ||||
2023/2022 | 33,843 | 53,217 | ||||
2022/2021 | 64,109 | 96,755 | ||||
2021/2020 | 116,726 | 38,704 | ||||
2020/2019 | 40,179 | 10,517 | ||||
Prior | 49,548 | 51,451 | ||||
Revolving Loans | 873 | 2,263 | ||||
Total loans | 308,537 | 284,446 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | OAEM [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 804 | ||||
Prior | 780 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 780 | 804 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | Substandard [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 6,568 | ||||
2023/2022 | 7,663 | 3,841 | ||||
2022/2021 | 1,363 | 2,151 | ||||
2021/2020 | 2,116 | 605 | ||||
2020/2019 | 592 | 5,955 | ||||
Prior | 22,998 | 9,005 | ||||
Revolving Loans | 3,913 | 1,082 | ||||
Total loans | 38,645 | 29,207 | ||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | Pass [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 6,568 | ||||
2023/2022 | 7,663 | 3,841 | ||||
2022/2021 | 1,363 | 2,151 | ||||
2021/2020 | 2,116 | 605 | ||||
2020/2019 | 592 | 5,955 | ||||
Prior | 22,998 | 9,005 | ||||
Revolving Loans | 3,913 | 1,082 | ||||
Total loans | 38,645 | 29,207 | ||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | OAEM [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | Substandard [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 4,874 | 27,497 | ||||
2023/2022 | 32,469 | 41,062 | ||||
2022/2021 | 41,099 | 39,937 | ||||
2021/2020 | 33,756 | 26,718 | ||||
2020/2019 | 25,784 | 13,055 | ||||
Prior | 60,589 | 52,290 | ||||
Revolving Loans | 57,592 | 54,087 | ||||
Total loans | 256,163 | 254,646 | ||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | Pass [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 4,874 | 27,497 | ||||
2023/2022 | 32,469 | 41,062 | ||||
2022/2021 | 41,099 | 39,937 | ||||
2021/2020 | 33,756 | 26,368 | ||||
2020/2019 | 25,445 | 13,009 | ||||
Prior | 60,409 | 52,148 | ||||
Revolving Loans | 57,592 | 54,087 | ||||
Total loans | 255,644 | 254,108 | ||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | OAEM [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | Substandard [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 350 | ||||
2020/2019 | 339 | 46 | ||||
Prior | 180 | 142 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 519 | 538 | ||||
Commercial and Industrial Loans [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 5,432 | 18,248 | ||||
2023/2022 | 13,417 | 21,698 | ||||
2022/2021 | 16,147 | 4,300 | ||||
2021/2020 | 3,639 | 1,691 | ||||
2020/2019 | 1,247 | 2,192 | ||||
Prior | 5,055 | 2,075 | ||||
Revolving Loans | 11,698 | 13,908 | ||||
Total loans | 56,635 | 64,112 | ||||
Current Period Charge-offs by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 51 | ||||
2022/2021 | 108 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 9 | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||||
Current period gross charge-offs | 117 | 51 | ||||
Commercial and Industrial Loans [Member] | Pass [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 5,432 | 18,248 | ||||
2023/2022 | 13,417 | 21,698 | ||||
2022/2021 | 16,147 | 4,300 | ||||
2021/2020 | 3,639 | 1,691 | ||||
2020/2019 | 1,247 | 2,192 | ||||
Prior | 5,055 | 2,075 | ||||
Revolving Loans | 11,698 | 13,908 | ||||
Total loans | 56,635 | 64,112 | ||||
Commercial and Industrial Loans [Member] | OAEM [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Commercial and Industrial Loans [Member] | Substandard [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Consumer [Member] | ||||||
Current Period Charge-offs by Origination Year [Abstract] | ||||||
Current period gross charge-offs | [3] | 756 | 534 | |||
Consumer [Member] | Consumer Automobile [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 10,721 | 52,750 | ||||
2023/2022 | 42,895 | 83,885 | ||||
2022/2021 | 68,183 | 13,184 | ||||
2021/2020 | 9,739 | 4,152 | ||||
2020/2019 | 2,948 | 1,618 | ||||
Prior | 4,426 | 4,848 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 138,912 | 160,437 | ||||
Current Period Charge-offs by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 151 | 265 | ||||
2022/2021 | 438 | 142 | ||||
2021/2020 | 131 | 45 | ||||
2020/2019 | 17 | 18 | ||||
Prior | 15 | 49 | ||||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||||
Current period gross charge-offs | 752 | 519 | ||||
Consumer [Member] | Consumer Automobile [Member] | Pass [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 10,721 | 52,750 | ||||
2023/2022 | 42,895 | 83,885 | ||||
2022/2021 | 68,183 | 13,184 | ||||
2021/2020 | 9,739 | 4,152 | ||||
2020/2019 | 2,948 | 1,618 | ||||
Prior | 4,426 | 4,848 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 138,912 | 160,437 | ||||
Consumer [Member] | Consumer Automobile [Member] | OAEM [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Consumer [Member] | Consumer Automobile [Member] | Substandard [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Consumer [Member] | Other Consumer Loans [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 468 | 323 | ||||
2023/2022 | 248 | 765 | ||||
2022/2021 | 445 | 330 | ||||
2021/2020 | 280 | 109 | ||||
2020/2019 | 45 | 11 | ||||
Prior | 15,363 | 16,089 | ||||
Revolving Loans | 2,724 | 2,091 | ||||
Total loans | 19,573 | 19,718 | ||||
Current Period Charge-offs by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 5 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 3 | ||||
Prior | 4 | 7 | ||||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||||
Current period gross charge-offs | 4 | 15 | ||||
Consumer [Member] | Other Consumer Loans [Member] | Pass [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 468 | 323 | ||||
2023/2022 | 248 | 765 | ||||
2022/2021 | 445 | 330 | ||||
2021/2020 | 280 | 109 | ||||
2020/2019 | 45 | 11 | ||||
Prior | 15,363 | 16,089 | ||||
Revolving Loans | 2,724 | 2,091 | ||||
Total loans | 19,573 | 19,718 | ||||
Consumer [Member] | Other Consumer Loans [Member] | OAEM [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Consumer [Member] | Other Consumer Loans [Member] | Substandard [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Other [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 90 | 1,620 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 292 | ||||
2021/2020 | 292 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 1,606 | 1,325 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | [4] | 1,988 | 3,237 | |||
Current Period Charge-offs by Origination Year [Abstract] | ||||||
2024/2023 | 104 | [5] | 147 | [6] | ||
2023/2022 | 0 | [5] | 22 | [6] | ||
2022/2021 | 0 | [5] | 0 | [6] | ||
2021/2020 | 0 | [5] | 0 | [6] | ||
2020/2019 | 0 | [5] | 0 | [6] | ||
Prior | 0 | [5] | 0 | [6] | ||
Revolving Loans Amortized Cost Basis | 0 | [5] | 0 | [6] | ||
Current period gross charge-offs | 104 | [5] | 169 | [6] | ||
Demand deposit overdrafts | 104 | $ 147 | ||||
Other [Member] | Pass [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 90 | 1,620 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 292 | ||||
2021/2020 | 292 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 1,606 | 1,325 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 1,988 | 3,237 | ||||
Other [Member] | OAEM [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Other [Member] | Substandard [Member] | ||||||
Term Loans Amortized Cost Basis by Origination Year [Abstract] | ||||||
2024/2023 | 0 | 0 | ||||
2023/2022 | 0 | 0 | ||||
2022/2021 | 0 | 0 | ||||
2021/2020 | 0 | 0 | ||||
2020/2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans | 0 | 0 | ||||
Total loans | $ 0 | $ 0 | ||||
[1]Net deferred loan fees totaled $1.1 million on June 30, 2024 and $1.2 million on December 31, 2023.[2]The real estate-commercial segment included commercial-owner occupied and commercial non-owner occupied.[3]The consumer segment includes consumer automobile loans.[4]Overdrawn accounts are reclassified as loans and included in the Other category in the table above. Overdrawn deposit accounts, excluding internal use accounts, totaled $394 thousand and $244 thousand at June 30, 2024 and December 31, 2023, respectively.[5] Gross charge-offs of other loans for the six months ended June 30, 2024 included $104 thousand of demand deposit overdrafts that originated in 2024. Gross charge-offs of other loans for the six months ended June 30, 2023 included $147 thousand of demand deposit overdrafts that originated in 2023. |
Leases, Information About Lease
Leases, Information About Leases (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 USD ($) Lease | Dec. 31, 2023 USD ($) | |
Assets and Liabilities, Lessee [Abstract] | ||
Number of new leases | Lease | 0 | |
Information about Leases [Abstract] | ||
Lease liabilities | $ 1,032 | $ 1,248 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Right-of-use assets | $ 836 | $ 1,148 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Weighted average remaining lease term | 3 years 7 days | 3 years 4 months 13 days |
Weighted average discount rate | 3.16% | 3.06% |
Leases, Lease Cost (Details)
Leases, Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Lease cost [Abstract] | ||||
Operating lease cost | $ 206 | $ 101 | $ 312 | $ 202 |
Total lease cost | 206 | 101 | 312 | 202 |
Cash paid for amounts included in the measurement of lease liabilities | $ 109 | $ 112 | $ 217 | $ 203 |
Leases, Maturity of Operating L
Leases, Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Lease payments due [Abstract] | ||
Six months ending December 31, 2024 | $ 206 | |
Twelve months ending December 31, 2025 | 382 | |
Twelve months ending December 31, 2026 | 278 | |
Twelve months ending December 31, 2027 | 208 | |
Twelve months ending December 31, 2028 | 24 | |
Total undiscounted cash flows | 1,098 | |
Discount | (66) | |
Lease liabilities | $ 1,032 | $ 1,248 |
Low-Income Housing Tax Credit_2
Low-Income Housing Tax Credits (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2024 USD ($) Fund | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) Fund | Jun. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) Fund | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Low-Income Housing Tax Credits [Abstract] | |||||||||
Number of housing equity funds | Fund | 4 | 4 | 4 | ||||||
Low-income housing investment | $ 821 | $ 821 | $ 1,100 | ||||||
Additional capital calls expected | 0 | 0 | |||||||
Stockholders' equity | 109,996 | $ 102,542 | $ 109,996 | $ 102,542 | $ 107,630 | 106,778 | $ 102,598 | $ 98,734 | |
Accounting Standards Update [Extensible Enumeration] | ASC 323 [Member] | ||||||||
Tax credits and other benefits [Abstract] | |||||||||
Amortization of operating losses | 42 | 92 | $ 134 | 184 | |||||
Tax benefit of operating losses | [1] | 9 | 19 | 28 | 39 | ||||
Tax credits | 78 | 78 | 155 | 155 | |||||
Total tax benefits | 87 | $ 97 | $ 183 | $ 194 | |||||
Federal income tax rate | 21% | ||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 323 [Member] | |||||||||
Low-Income Housing Tax Credits [Abstract] | |||||||||
Stockholders' equity | $ (108) | $ (108) | $ (108) | ||||||
[1]Computed using a 21 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jul. 14, 2021 | Jun. 30, 2024 | Dec. 31, 2023 | |
Borrowings and FHLB Advances [Abstract] | |||
Available federal funds lines | $ 90,000 | $ 90,000 | |
Available credit with FHLB | 391,300 | 362,100 | |
Short-Term Borrowings [Abstract] | |||
Federal funds purchased | 0 | 0 | |
Overnight repurchase agreements | 1,381 | 2,383 | |
Federal Home Loan Bank advances | 19,586 | 9,450 | |
Total short-term borrowings | 20,967 | 11,833 | |
Maximum month-end outstanding balance (year-to-date) | 41,682 | 84,360 | |
Average outstanding balance during the period | $ 44,106 | $ 53,466 | |
Average interest rate (year-to-date) | 4.63% | 4.90% | |
Average interest rate at end of period | 5.65% | 5.65% | |
Minimum [Member] | |||
Borrowings and FHLB Advances [Abstract] | |||
Overnight repurchase agreements maturity period | 1 day | ||
Maximum [Member] | |||
Borrowings and FHLB Advances [Abstract] | |||
Overnight repurchase agreements maturity period | 4 days | ||
Federal Home Loan Bank Advances [Member] | |||
Long-Term Borrowings [Abstract] | |||
Long term borrowings, net of issuance costs | $ 20,000 | $ 60,000 | |
Loan maturity date | Apr. 14, 2025 | Nov. 29, 2028 | |
Interest rate | 4.28% | ||
Federal Home Loan Bank Advances [Member] | Minimum [Member] | |||
Long-Term Borrowings [Abstract] | |||
Interest rate | 3.37% | ||
Federal Home Loan Bank Advances [Member] | Maximum [Member] | |||
Long-Term Borrowings [Abstract] | |||
Interest rate | 4.28% | ||
The Notes [Member] | Subordinated Notes [Member] | |||
Long-Term Borrowings [Abstract] | |||
Principal amount | $ 30,000 | ||
Long term borrowings, net of issuance costs | $ 29,400 | ||
Loan maturity date | Dec. 31, 2031 | ||
Interest rate | 3.50% | ||
Fixed interest rate, period | 5 years | ||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:SecuredOvernightFinancingRateSofrMember | ||
Term of variable rate | 3 months | ||
Debt instrument, basis spread on variable rate | 2.86% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments to extend credit [Abstract] | ||
Commitments to extend credit | $ 216,841 | $ 213,725 |
Home Equity Lines of Credit [Member] | ||
Commitments to extend credit [Abstract] | ||
Commitments to extend credit | 94,729 | 91,885 |
Commercial Real Estate, Construction and Development Loans Committed but not Funded [Member] | ||
Commitments to extend credit [Abstract] | ||
Commitments to extend credit | 72,861 | 74,218 |
Other Lines of Credit (Principally Commercial) [Member] | ||
Commitments to extend credit [Abstract] | ||
Commitments to extend credit | 49,251 | 47,622 |
Letters of Credit [Member] | ||
Commitments to extend credit [Abstract] | ||
Commitments to extend credit | $ 816 | $ 802 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Weighted Average Grant Date Fair Value [Abstract] | |||||
Stock-based compensation expense | $ 130 | $ 141 | $ 205 | $ 248 | |
Restricted Stock [Member] | |||||
Shares [Roll Forward] | |||||
Nonvested balance at beginning of period (in shares) | 53,660 | 46,989 | 46,989 | ||
Issued (in shares) | 37,674 | 35,013 | |||
Vested (in shares) | (19,112) | (22,003) | |||
Forfeited (in shares) | (4,109) | 0 | |||
Nonvested balance at end of period (in shares) | 68,113 | 59,999 | 68,113 | 59,999 | 53,660 |
Weighted Average Grant Date Fair Value [Abstract] | |||||
Non-vested balance at beginning of period (in dollars per share) | $ 22.32 | $ 22.49 | $ 22.49 | ||
Issued (in dollars per share) | 14.05 | 17.2 | |||
Vested (in dollars per share) | 19.95 | 19.86 | |||
Forfeited (in dollars per share) | 20.7 | 0 | |||
Non-vested balance at end of period (in dollars per share) | $ 18.51 | $ 20.37 | $ 18.51 | $ 20.37 | $ 22.32 |
Weighted-average remaining vesting period for recognition | 1 year 11 months 4 days | ||||
Unrecognized stock-based compensation expense | $ 796 | $ 796 | $ 523 | ||
Employee Stock Purchase Plan [Member] | |||||
Employee Stock Purchase Plan [Abstract] | |||||
Discount from market price at date of purchase | 5% | ||||
Incentive Stock Plan [Abstract] | |||||
Total stock purchases under the plan (in shares) | 3,865 | ||||
Shares reserved for issuance (in shares) | 210,488 | 210,488 | |||
Employee Stock Purchase Plan [Member] | Minimum [Member] | |||||
Employee Stock Purchase Plan [Abstract] | |||||
Discount from market price at date of purchase | 0% | ||||
Employee Stock Purchase Plan [Member] | Maximum [Member] | |||||
Employee Stock Purchase Plan [Abstract] | |||||
Discount from market price at date of purchase | 15% | ||||
Incentive Stock Plan [Member] | |||||
Incentive Stock Plan [Abstract] | |||||
Shares available for grant (in shares) | 300,000 | 300,000 |
Stockholders' Equity and Earn_3
Stockholders' Equity and Earnings per Common Share, Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Sale of Securities [Abstract] | ||||
Realized loss on sale of securities | $ 0 | $ (164) | $ 0 | $ (164) |
Tax effect | 0 | 34 | 0 | 34 |
Total | $ 0 | $ (130) | $ 0 | $ (130) |
Stockholders' Equity and Earn_4
Stockholders' Equity and Earnings per Common Share, Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stockholders Equity Note [Abstract] | ||||
Beginning Balance | $ 107,630 | $ 102,598 | $ 106,778 | $ 98,734 |
Ending Balance | 109,996 | 102,542 | 109,996 | 102,542 |
Other comprehensive income (Loss), pretax [Abstract] | ||||
Unrealized holding gains (losses) arising during the period, pretax | 633 | (1,838) | 294 | 1,114 |
Reclassification adjustment for losses recognized in income, pretax | 0 | 164 | 0 | 164 |
Total change in accumulated other comprehensive loss net, pretax | 633 | (1,674) | 294 | 1,278 |
Other Comprehensive Income (Loss), Tax Effect [Abstract] | ||||
Unrealized holding gains (losses) arising during the period, tax effect | (133) | 386 | (62) | (234) |
Reclassification adjustment for losses recognized in income, tax effect | 0 | (34) | 0 | (34) |
Total change in accumulated other comprehensive loss, net | (133) | 352 | (62) | (268) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Unrealized holding gains (losses) arising during the period | 500 | (1,452) | 232 | 880 |
Reclassification adjustment for losses recognized in income, net of tax | 0 | 130 | 0 | 130 |
Other comprehensive income (loss), net of tax | 500 | (1,322) | 232 | 1,010 |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ||||
Stockholders Equity Note [Abstract] | ||||
Beginning Balance | (17,798) | (18,435) | (17,530) | (20,767) |
Net other comprehensive loss (income) | 500 | (1,322) | 232 | 1,010 |
Ending Balance | (17,298) | (19,757) | (17,298) | (19,757) |
Accumulated Other Comprehensive (Loss) Income [Member] | ||||
Stockholders Equity Note [Abstract] | ||||
Beginning Balance | (17,798) | (18,435) | (17,530) | (20,767) |
Net other comprehensive loss (income) | 500 | (1,322) | 232 | 1,010 |
Ending Balance | (17,298) | (19,757) | (17,298) | (19,757) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Other comprehensive income (loss), net of tax | $ 500 | $ (1,322) | $ 232 | $ 1,010 |
Stockholders' Equity and Earn_5
Stockholders' Equity and Earnings per Common Share, Earnings Per Common Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 | 0 |
Fair Value Measurements, Recurr
Fair Value Measurements, Recurring and Nonrecurring Basis (Details) | Jun. 30, 2024 USD ($) Source | Dec. 31, 2023 USD ($) |
Fair Value Measurements [Abstract] | ||
Number of models used for estimating fair value of assets and liabilities | Source | 2 | |
Assets [Abstract] | ||
Debt securities, available-for-sale | $ 192,127,000 | $ 202,231,000 |
Loans held for sale | 470,000 | |
U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 3,851,000 | 3,857,000 |
Obligations of U.S. Government Agencies [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 36,762,000 | 42,735,000 |
Obligations of State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 50,226,000 | 50,597,000 |
Mortgage-Backed Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 77,306,000 | 81,307,000 |
Interest Rate Locks [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 10,000 | |
Interest Rate Swap on Loans [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 1,724,000 | 1,249,000 |
Derivative [Abstract] | ||
Derivative Liabilities | 1,724,000 | 1,249,000 |
Recurring [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 192,127,000 | 202,231,000 |
Loans held for sale | 470,000 | |
Derivatives [Abstract] | ||
Total assets | 193,851,000 | 203,960,000 |
Derivative [Abstract] | ||
Total liabilities | 1,724,000 | 1,249,000 |
Recurring [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 3,851,000 | 3,857,000 |
Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 36,762,000 | 42,735,000 |
Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 50,226,000 | 50,597,000 |
Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 77,306,000 | 81,307,000 |
Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 23,982,000 | 23,735,000 |
Recurring [Member] | Interest Rate Locks [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 10,000 | |
Recurring [Member] | Interest Rate Swap on Loans [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 1,724,000 | 1,249,000 |
Derivative [Abstract] | ||
Derivative Liabilities | 1,724,000 | 1,249,000 |
Nonrecurring [Member] | ||
Derivatives [Abstract] | ||
Total assets | 0 | 0 |
Derivative [Abstract] | ||
Total liabilities | 0 | 0 |
Level 1 [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Loans held for sale | 0 | |
Level 1 [Member] | Interest Rate Locks [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 0 | |
Level 1 [Member] | Interest Rate Swap on Loans [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 0 | 0 |
Derivative [Abstract] | ||
Derivative Liabilities | 0 | 0 |
Level 1 [Member] | Recurring [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Loans held for sale | 0 | |
Derivatives [Abstract] | ||
Total assets | 0 | 0 |
Derivative [Abstract] | ||
Total liabilities | 0 | 0 |
Level 1 [Member] | Recurring [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Interest Rate Locks [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 0 | |
Level 1 [Member] | Recurring [Member] | Interest Rate Swap on Loans [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 0 | 0 |
Derivative [Abstract] | ||
Derivative Liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 192,127,000 | 202,231,000 |
Loans held for sale | 470,000 | |
Level 2 [Member] | Interest Rate Locks [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 10,000 | |
Level 2 [Member] | Interest Rate Swap on Loans [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 1,724,000 | 1,249,000 |
Derivative [Abstract] | ||
Derivative Liabilities | 1,724,000 | 1,249,000 |
Level 2 [Member] | Recurring [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 192,127,000 | 202,231,000 |
Loans held for sale | 0 | 470,000 |
Derivatives [Abstract] | ||
Total assets | 193,851,000 | 203,960,000 |
Derivative [Abstract] | ||
Total liabilities | 1,724,000 | 1,249,000 |
Level 2 [Member] | Recurring [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 3,851,000 | 3,857,000 |
Level 2 [Member] | Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 36,762,000 | 42,735,000 |
Level 2 [Member] | Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 50,226,000 | 50,597,000 |
Level 2 [Member] | Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 77,306,000 | 81,307,000 |
Level 2 [Member] | Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 23,982,000 | 23,735,000 |
Level 2 [Member] | Recurring [Member] | Interest Rate Locks [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 0 | 10,000 |
Level 2 [Member] | Recurring [Member] | Interest Rate Swap on Loans [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 1,724,000 | 1,249,000 |
Derivative [Abstract] | ||
Derivative Liabilities | 1,724,000 | 1,249,000 |
Level 3 [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Loans held for sale | 0 | |
Level 3 [Member] | Interest Rate Locks [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 0 | |
Level 3 [Member] | Interest Rate Swap on Loans [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 0 | 0 |
Derivative [Abstract] | ||
Derivative Liabilities | 0 | 0 |
Level 3 [Member] | Recurring [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Loans held for sale | 0 | |
Derivatives [Abstract] | ||
Total assets | 0 | 0 |
Derivative [Abstract] | ||
Total liabilities | 0 | 0 |
Level 3 [Member] | Recurring [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Assets [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Interest Rate Locks [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 0 | |
Level 3 [Member] | Recurring [Member] | Interest Rate Swap on Loans [Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 0 | 0 |
Derivative [Abstract] | ||
Derivative Liabilities | $ 0 | $ 0 |
Fair Value Measurements, Estima
Fair Value Measurements, Estimated Fair Values and Related Carrying or Notional Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Cash and cash equivalents | $ 92,745 | $ 78,759 |
Securities available-for-sale, at fair value | 192,127 | 202,231 |
Restricted securities | 3,825 | 5,176 |
Loans held for sale | 470 | |
Loans, net | 1,042,774 | 1,068,046 |
Bank owned life insurance | 35,623 | 35,088 |
Accrued interest receivable | 4,873 | 4,921 |
Liabilities [Abstract] | ||
Deposits | 1,236,575 | 1,230,397 |
Overnight repurchase agreements | 1,381 | 2,383 |
Federal Home Loan Bank advances | 39,586 | |
Federal Reserve Bank borrowings | 69,450 | |
Subordinated notes | 29,733 | 29,668 |
Accrued interest payable | 2,028 | 1,972 |
Interest Rate Locks [Member] | ||
Assets [Abstract] | ||
Derivatives | 10 | |
Interest Rate Swap on Loans [Member] | ||
Assets [Abstract] | ||
Derivatives | 1,724 | 1,249 |
Liabilities [Abstract] | ||
Derivative | 1,724 | 1,249 |
Level 1 [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents | 92,745 | 78,759 |
Securities available-for-sale, at fair value | 0 | 0 |
Restricted securities | 0 | 0 |
Loans held for sale | 0 | |
Loans, net | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities [Abstract] | ||
Deposits | 0 | 0 |
Overnight repurchase agreements | 0 | 0 |
Federal Home Loan Bank advances | 0 | |
Federal Reserve Bank borrowings | 0 | |
Subordinated notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 1 [Member] | Interest Rate Locks [Member] | ||
Assets [Abstract] | ||
Derivatives | 0 | |
Level 1 [Member] | Interest Rate Swap on Loans [Member] | ||
Assets [Abstract] | ||
Derivatives | 0 | 0 |
Liabilities [Abstract] | ||
Derivative | 0 | 0 |
Level 2 [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale, at fair value | 192,127 | 202,231 |
Restricted securities | 3,825 | 5,176 |
Loans held for sale | 470 | |
Loans, net | 0 | 0 |
Bank owned life insurance | 35,623 | 35,088 |
Accrued interest receivable | 4,873 | 4,921 |
Liabilities [Abstract] | ||
Deposits | 1,234,452 | 1,228,477 |
Overnight repurchase agreements | 1,381 | 2,383 |
Federal Home Loan Bank advances | 39,586 | |
Federal Reserve Bank borrowings | 69,450 | |
Subordinated notes | 25,786 | 25,561 |
Accrued interest payable | 2,028 | 1,972 |
Level 2 [Member] | Interest Rate Locks [Member] | ||
Assets [Abstract] | ||
Derivatives | 10 | |
Level 2 [Member] | Interest Rate Swap on Loans [Member] | ||
Assets [Abstract] | ||
Derivatives | 1,724 | 1,249 |
Liabilities [Abstract] | ||
Derivative | 1,724 | 1,249 |
Level 3 [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale, at fair value | 0 | 0 |
Restricted securities | 0 | 0 |
Loans held for sale | 0 | |
Loans, net | 984,390 | 1,025,622 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities [Abstract] | ||
Deposits | 0 | 0 |
Overnight repurchase agreements | 0 | 0 |
Federal Home Loan Bank advances | 0 | |
Federal Reserve Bank borrowings | 0 | |
Subordinated notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 3 [Member] | Interest Rate Locks [Member] | ||
Assets [Abstract] | ||
Derivatives | 0 | |
Level 3 [Member] | Interest Rate Swap on Loans [Member] | ||
Assets [Abstract] | ||
Derivatives | 0 | 0 |
Liabilities [Abstract] | ||
Derivative | $ 0 | $ 0 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) Segment | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Segment Reporting [Abstract] | |||||
Number of principal business segments | Segment | 3 | ||||
Revenues [Abstract] | |||||
Interest and dividend income | $ 18,118 | $ 16,347 | $ 35,501 | $ 31,500 | |
Total operating income | 21,589 | 19,824 | 42,194 | 38,398 | |
Expenses [Abstract] | |||||
Interest expense | 6,002 | 4,248 | 11,845 | 6,588 | |
Provision for credit losses | 261 | 361 | 341 | 737 | |
Salaries and employee benefits | 7,195 | 8,043 | 15,026 | 15,406 | |
Other expenses | 5,129 | 5,104 | 10,001 | 9,909 | |
Total operating expenses | 18,587 | 17,756 | 37,213 | 32,640 | |
Income (loss) before taxes | 3,002 | 2,068 | 4,981 | 5,758 | |
Income tax expense (benefit) | 473 | 266 | 735 | 873 | |
Net income (loss) | 2,529 | 1,802 | 4,246 | 4,885 | |
Capital expenditures | 1,152 | 357 | 1,951 | 487 | |
Total assets | 1,423,354 | 1,423,354 | $ 1,446,382 | ||
Income from Fiduciary Activities [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 1,129 | 1,154 | 2,321 | 2,270 | |
Other Income [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 2,342 | 2,323 | 4,372 | 4,628 | |
Operating Segments [Member] | Bank [Member] | |||||
Revenues [Abstract] | |||||
Interest and dividend income | 18,069 | 16,312 | 35,410 | 31,433 | |
Total operating income | 20,227 | 18,451 | 39,402 | 35,638 | |
Expenses [Abstract] | |||||
Interest expense | 5,707 | 3,953 | 11,255 | 5,998 | |
Provision for credit losses | 261 | 361 | 341 | 737 | |
Salaries and employee benefits | 6,159 | 6,745 | 12,800 | 12,830 | |
Other expenses | 4,720 | 4,648 | 9,205 | 9,129 | |
Total operating expenses | 16,847 | 15,707 | 33,601 | 28,694 | |
Income (loss) before taxes | 3,380 | 2,744 | 5,801 | 6,944 | |
Income tax expense (benefit) | 552 | 406 | 905 | 1,119 | |
Net income (loss) | 2,828 | 2,338 | 4,896 | 5,825 | |
Capital expenditures | 1,152 | 357 | 1,951 | 487 | |
Total assets | 1,414,168 | 1,414,168 | 1,437,603 | ||
Operating Segments [Member] | Bank [Member] | Income from Fiduciary Activities [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Bank [Member] | Other Income [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 2,158 | 2,139 | 3,992 | 4,205 | |
Operating Segments [Member] | Wealth [Member] | |||||
Revenues [Abstract] | |||||
Interest and dividend income | 49 | 35 | 91 | 67 | |
Total operating income | 1,464 | 1,389 | 2,934 | 2,791 | |
Expenses [Abstract] | |||||
Interest expense | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Salaries and employee benefits | 887 | 1,099 | 1,911 | 2,173 | |
Other expenses | 337 | 341 | 735 | 645 | |
Total operating expenses | 1,224 | 1,440 | 2,646 | 2,818 | |
Income (loss) before taxes | 240 | (51) | 288 | (27) | |
Income tax expense (benefit) | 51 | (9) | 63 | (3) | |
Net income (loss) | 189 | (42) | 225 | (24) | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Total assets | 7,481 | 7,481 | 7,235 | ||
Operating Segments [Member] | Wealth [Member] | Income from Fiduciary Activities [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 1,179 | 1,154 | 2,396 | 2,270 | |
Operating Segments [Member] | Wealth [Member] | Other Income [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 236 | 200 | 447 | 454 | |
Operating Segments [Member] | Parent [Member] | |||||
Revenues [Abstract] | |||||
Interest and dividend income | 4,321 | 2,296 | 5,121 | 5,801 | |
Total operating income | 4,371 | 2,346 | 5,221 | 5,901 | |
Expenses [Abstract] | |||||
Interest expense | 295 | 295 | 590 | 590 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Salaries and employee benefits | 199 | 199 | 390 | 403 | |
Other expenses | 174 | 181 | 228 | 266 | |
Total operating expenses | 668 | 675 | 1,208 | 1,259 | |
Income (loss) before taxes | 3,703 | 1,671 | 4,013 | 4,642 | |
Income tax expense (benefit) | (130) | (131) | (233) | (243) | |
Net income (loss) | 3,833 | 1,802 | 4,246 | 4,885 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Total assets | 140,287 | 140,287 | 137,004 | ||
Operating Segments [Member] | Parent [Member] | Income from Fiduciary Activities [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Parent [Member] | Other Income [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 50 | 50 | 100 | 100 | |
Eliminations [Member] | |||||
Revenues [Abstract] | |||||
Interest and dividend income | (4,321) | (2,296) | (5,121) | (5,801) | |
Total operating income | (4,473) | (2,362) | (5,363) | (5,932) | |
Expenses [Abstract] | |||||
Interest expense | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Salaries and employee benefits | (50) | 0 | (75) | 0 | |
Other expenses | (102) | (66) | (167) | (131) | |
Total operating expenses | (152) | (66) | (242) | (131) | |
Income (loss) before taxes | (4,321) | (2,296) | (5,121) | (5,801) | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net income (loss) | (4,321) | (2,296) | (5,121) | (5,801) | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Total assets | (138,582) | (138,582) | $ (135,460) | ||
Eliminations [Member] | Income from Fiduciary Activities [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | (50) | 0 | (75) | 0 | |
Eliminations [Member] | Other Income [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | $ (102) | $ (66) | $ (167) | $ (131) |