Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 0-14237 | |
Entity Registrant Name | First United Corporation | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 52-1380770 | |
Entity Address, Address Line One | 19 South Second Street | |
Entity Address, City or Town | Oakland | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 21550-0009 | |
City Area Code | 800 | |
Local Phone Number | 470-4356 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FUNC | |
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 | 6,656,390 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Entity Central Index Key | 0000763907 | |
Amendment Flag | false |
Consolidated Statement of Finan
Consolidated Statement of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 28,888 | $ 109,823 |
Interest bearing deposits in banks | 1,868 | 5,897 |
Cash and cash equivalents | 30,756 | 115,720 |
Investment securities - available for sale (at fair value) | 128,039 | 286,771 |
Investment securities - held to maturity (fair value $205,745 at September 30, 2022 and $65,369 at December 31, 2021) | 238,445 | 56,259 |
Restricted investment in bank stock, at cost | 1,027 | 1,029 |
Loans held for sale | 67 | |
Loans | 1,277,924 | 1,153,687 |
Unearned fees | (210) | (292) |
Allowance for loan losses | (15,541) | (15,955) |
Net loans | 1,262,173 | 1,137,440 |
Premises and equipment, net | 35,022 | 34,697 |
Goodwill and other intangibles | 11,895 | 12,052 |
Bank owned life insurance | 46,041 | 45,150 |
Deferred tax assets | 16,180 | 6,857 |
Other real estate owned, net | 4,733 | 4,477 |
Right of use asset | 1,987 | 2,247 |
Pension asset | 4,765 | |
Accrued interest receivable | 5,157 | 4,821 |
Other Assets | 22,187 | 17,486 |
Total Assets | 1,803,642 | 1,729,838 |
Liabilities: | ||
Non-interest bearing deposits | 474,444 | 501,627 |
Interest bearing deposits | 1,036,674 | 967,747 |
Total deposits | 1,511,118 | 1,469,374 |
Short-term borrowings | 89,726 | 57,699 |
Long-term borrowings | 30,929 | 30,929 |
Operating lease liability | 2,472 | 2,761 |
SERP deferred compensation | 10,481 | 10,395 |
Pension Liability | 7,652 | |
Accrued interest payable and other liabilities | 18,221 | 15,787 |
Dividends payable | 999 | 993 |
Total Liabilities | 1,671,598 | 1,587,938 |
Shareholders' Equity: | ||
Common Stock - par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,659,390 shares at September 30, 2022 and 6,620,955 at December 31, 2021 | 67 | 66 |
Surplus | 24,238 | 23,661 |
Retained earnings | 160,573 | 145,487 |
Accumulated other comprehensive loss | (52,834) | (27,314) |
Total Shareholders' Equity | 132,044 | 141,900 |
Total Liabilities and Shareholders' Equity | $ 1,803,642 | $ 1,729,838 |
Consolidated Statement of Fin_2
Consolidated Statement of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Consolidated Statement of Financial Condition [Abstract] | ||
Held-to-maturity securities, fair value | $ 205,745 | $ 65,369 |
Common stock, Par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 6,659,390 | 6,620,955 |
Common Stock, Shares, Outstanding | 6,659,390 | 6,620,955 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income | ||||
Interest and fees on loans | $ 14,058 | $ 13,667 | $ 39,351 | $ 39,496 |
Interest on investment securities: Taxable | 1,587 | 880 | 4,533 | 2,864 |
Interest on investment securities: Exempt from federal income tax | 273 | 266 | 834 | 809 |
Total investment income | 1,860 | 1,146 | 5,367 | 3,673 |
Other | 267 | 97 | 345 | 239 |
Total interest income | 16,185 | 14,910 | 45,063 | 43,408 |
Interest expense | ||||
Savings | 34 | 17 | 70 | 63 |
Interest-bearing transaction accounts | 397 | 192 | 716 | 827 |
Time deposits | 190 | 523 | 711 | 1,987 |
Total interest on Deposits | 621 | 732 | 1,497 | 2,877 |
Interest on short-term borrowings | 47 | 17 | 86 | 67 |
Interest on long-term borrowings | 376 | 536 | 1,027 | 1,840 |
Total interest expense | 1,044 | 1,285 | 2,610 | 4,784 |
Net interest income | 15,141 | 13,625 | 42,453 | 38,624 |
Provision for loan losses | (108) | (597) | 97 | 68 |
Net interest income after provision for loan losses | 15,249 | 14,222 | 42,356 | 38,556 |
Other operating income | ||||
Net gains on investments, available for sale | 3 | 154 | ||
Net gains/(losses) on investments, held to maturity | 93 | (54) | 93 | (54) |
Net gains on sale of residential mortgage loans | 3 | 136 | 31 | 996 |
Net gains on disposal of fixed assets | 34 | 16 | ||
Net gains | 96 | 82 | 161 | 1,112 |
Total other income | 4,604 | 4,523 | 13,399 | 13,182 |
Total other operating income | 4,700 | 4,605 | 13,560 | 14,294 |
Other operating expenses | ||||
Salaries and employee benefits | 6,130 | 5,719 | 17,891 | 16,214 |
FDIC premiums | 150 | 209 | 479 | 575 |
Equipment expense | 1,037 | 1,032 | 3,110 | 2,837 |
Occupancy expense of premises | 734 | 684 | 2,172 | 2,102 |
Data processing expense | 890 | 819 | 2,516 | 2,420 |
Marketing expense | 152 | 129 | 409 | 408 |
Professional services | 873 | 2,872 | ||
Professional services | (211) | 615 | ||
Contract labor | 159 | 153 | 482 | 486 |
Telephone | 112 | 123 | 365 | 606 |
Losses/(gains) on sales and write downs of other real estate owned, net | 128 | 150 | 375 | (460) |
Investor relations | 39 | 116 | 258 | 546 |
Settlement expense | 3,300 | |||
Contributions | 121 | 55 | 184 | 105 |
FHLB prepayment penalty | 2,368 | 2,368 | ||
Other | 895 | 855 | 2,437 | 2,203 |
Total other operating expenses | 10,336 | 13,027 | 31,551 | 36,582 |
Income before income tax expense | 9,613 | 5,800 | 24,365 | 16,268 |
Provision for income tax expense | 2,677 | 1,412 | 6,286 | 4,047 |
Net Income | $ 6,936 | $ 4,388 | $ 18,079 | $ 12,221 |
Basic net income per share | $ 1.04 | $ 0.66 | $ 2.72 | $ 1.81 |
Diluted net income per share | $ 1.04 | $ 0.66 | $ 2.72 | $ 1.81 |
Weighted average number of basic shares outstanding | 6,658 | 6,617 | 6,645 | 6,741 |
Weighted average number of diluted shares outstanding | 6,669 | 6,624 | 6,655 | 6,746 |
Dividends declared per common share | $ 0.15 | $ 0.15 | $ 0.45 | $ 0.45 |
Service Charges on Deposit Accounts [Member] | ||||
Other operating income | ||||
Total other income | $ 523 | $ 475 | $ 1,451 | $ 1,292 |
Other Service Charges [Member] | ||||
Other operating income | ||||
Total other income | 241 | 232 | 686 | 664 |
Trust Department [Member] | ||||
Other operating income | ||||
Total other income | 2,005 | 2,166 | 6,238 | 6,441 |
Debit Card Income [Member] | ||||
Other operating income | ||||
Total other income | 1,053 | 900 | 2,922 | 2,623 |
Bank Owned Life Insurance [Member] | ||||
Other operating income | ||||
Total other income | 302 | 298 | 891 | 877 |
Brokerage Commissions [Member] | ||||
Other operating income | ||||
Total other income | 272 | 229 | 805 | 854 |
Other [Member] | ||||
Other operating income | ||||
Total other income | $ 208 | $ 223 | $ 406 | $ 431 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss)/Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income | $ 6,936 | $ 4,388 | $ 18,079 | $ 12,221 |
Other comprehensive (loss)/income, net of tax and reclassification adjustments: | ||||
Other Comprehensive Income (Loss), before Tax | (9,447) | (361) | (34,845) | 179 |
Income tax benefit/(expense) related to other comprehensive income | 2,529 | 97 | 9,325 | (48) |
Other comprehensive (loss)/income, net of tax | (6,918) | (264) | (25,520) | 131 |
Comprehensive (Loss)/Income | 18 | 4,124 | (7,441) | 12,352 |
Investment securities- with OTTI [Member] | ||||
Other comprehensive (loss)/income, net of tax and reclassification adjustments: | ||||
Unrealized holding (losses)/gains on investments | (199) | 751 | (853) | 3,274 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 51 | 50 | 152 | 151 |
Other Comprehensive Income (Loss), before Tax | (250) | 701 | (1,005) | 3,123 |
Income tax benefit/(expense) related to other comprehensive income | 67 | (188) | 269 | (837) |
Other comprehensive (loss)/income, net of tax | (183) | 513 | (736) | 2,286 |
Investment securities- all other [Member] | ||||
Other comprehensive (loss)/income, net of tax and reclassification adjustments: | ||||
Unrealized holdings losses on securities transferred to held to maturity | 8,328 | |||
Unrealized holding (losses)/gains on investments | (6,768) | (708) | (22,971) | (5,035) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 3 | 154 | ||
Other Comprehensive Income (Loss), before Tax | (6,768) | (708) | (14,646) | (5,189) |
Income tax benefit/(expense) related to other comprehensive income | 1,811 | 190 | 3,920 | 1,390 |
Other comprehensive (loss)/income, net of tax | (4,957) | (518) | (10,726) | (3,799) |
Investment Securities HTM [Member] | ||||
Other comprehensive (loss)/income, net of tax and reclassification adjustments: | ||||
Unrealized holdings losses on securities transferred to held to maturity | (8,328) | |||
Reclassification adjustment for gains/(losses) realized in income | 93 | (54) | 93 | (54) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (320) | 12 | (644) | (96) |
Other Comprehensive Income (Loss), before Tax | 227 | 42 | (7,777) | 150 |
Income tax benefit/(expense) related to other comprehensive income | (60) | (11) | 2,081 | (40) |
Other comprehensive (loss)/income, net of tax | 167 | 31 | (5,696) | 110 |
Investment Securities Transferred From AFS to HTM [Member] | ||||
Other comprehensive (loss)/income, net of tax and reclassification adjustments: | ||||
Unrealized holding (losses)/gains on investments | 8,328 | |||
Investment Securities Transferred to HTM [Member] | ||||
Other comprehensive (loss)/income, net of tax and reclassification adjustments: | ||||
Unrealized holding (losses)/gains on investments | (8,328) | |||
Cash Flow Hedge (OCI) [Member] | ||||
Other comprehensive (loss)/income, net of tax and reclassification adjustments: | ||||
Unrealized holding (losses)/gains on investments | 534 | 108 | 1,622 | 615 |
Other Comprehensive Income (Loss), before Tax | 534 | 108 | 1,622 | 615 |
Adjustment [Member] | ||||
Other comprehensive (loss)/income, net of tax and reclassification adjustments: | ||||
Unrealized holding (losses)/gains on investments | (3,537) | (951) | (14,079) | 139 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (279) | (372) | (837) | (1,116) |
Other Comprehensive Income (Loss), before Tax | (3,258) | (579) | (13,242) | 1,255 |
Accumulated SERP [Member] | ||||
Other comprehensive (loss)/income, net of tax and reclassification adjustments: | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (68) | (75) | (203) | (225) |
Other Comprehensive Income (Loss), before Tax | $ 68 | $ 75 | $ 203 | $ 225 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2020 | $ 70 | $ 30,149 | $ 129,691 | $ (28,863) | $ 131,047 |
Net income | 3,430 | 3,430 | |||
Other comprehensive loss | (4,335) | (4,335) | |||
Common stock issued | 46 | 46 | |||
Stock based compensation | 50 | 50 | |||
Common stock dividend declared | (1,049) | (1,049) | |||
Balance at Mar. 31, 2021 | 70 | 30,245 | 132,072 | (33,198) | 129,189 |
Balance at Dec. 31, 2020 | 70 | 30,149 | 129,691 | (28,863) | 131,047 |
Net income | 12,221 | ||||
Other comprehensive loss | 131 | ||||
Balance at Sep. 30, 2021 | 66 | 23,522 | 138,931 | (28,732) | 133,787 |
Balance at Mar. 31, 2021 | 70 | 30,245 | 132,072 | (33,198) | 129,189 |
Net income | 4,403 | 4,403 | |||
Other comprehensive loss | 4,730 | 4,730 | |||
Common stock issued | 56 | 56 | |||
Stock based compensation | 296 | 296 | |||
Stock repurchase | (4) | (7,175) | (7,179) | ||
Common stock dividend declared | (939) | (939) | |||
Balance at Jun. 30, 2021 | 66 | 23,422 | 135,536 | (28,468) | 130,556 |
Net income | 4,388 | 4,388 | |||
Other comprehensive loss | (264) | (264) | |||
Common stock issued | 57 | 57 | |||
Stock based compensation | 43 | 43 | |||
Common stock dividend declared | (993) | (993) | |||
Balance at Sep. 30, 2021 | 66 | 23,522 | 138,931 | (28,732) | 133,787 |
Balance at Dec. 31, 2021 | 66 | 23,661 | 145,487 | (27,314) | 141,900 |
Net income | 5,715 | 5,715 | |||
Other comprehensive loss | (9,593) | (9,593) | |||
Common stock issued | 55 | 55 | |||
Stock based compensation | (4) | (4) | |||
Common stock dividend declared | (995) | (995) | |||
Balance at Mar. 31, 2022 | 66 | 23,712 | 150,207 | (36,907) | 137,078 |
Balance at Dec. 31, 2021 | 66 | 23,661 | 145,487 | (27,314) | 141,900 |
Net income | 18,079 | ||||
Other comprehensive loss | (25,520) | ||||
Balance at Sep. 30, 2022 | 67 | 24,238 | 160,573 | (52,834) | 132,044 |
Balance at Mar. 31, 2022 | 66 | 23,712 | 150,207 | (36,907) | 137,078 |
Net income | 5,428 | 5,428 | |||
Other comprehensive loss | (9,009) | (9,009) | |||
Common stock issued | 54 | 54 | |||
Stock based compensation | 1 | 339 | 340 | ||
Common stock dividend declared | (999) | (999) | |||
Balance at Jun. 30, 2022 | 67 | 24,105 | 154,636 | (45,916) | 132,892 |
Net income | 6,936 | 6,936 | |||
Other comprehensive loss | (6,918) | (6,918) | |||
Common stock issued | 53 | 53 | |||
Stock based compensation | 80 | 80 | |||
Common stock dividend declared | (999) | (999) | |||
Balance at Sep. 30, 2022 | $ 67 | $ 24,238 | $ 160,573 | $ (52,834) | $ 132,044 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Consolidated Statement of Changes in Shareholders' Equity [Abstract] | ||||||
Common stock issued, shares | 4,563,000 | 18,416 | 15,456 | 3,337,000 | 3,261 | 2,956 |
Stock repurchase, shares | 400,000 | |||||
Common stock dividend declared per share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Operating activities | |||||||
Net income | $ 6,936 | $ 5,715 | $ 4,388 | $ 3,430 | $ 18,079 | $ 12,221 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan losses | (108) | (597) | 97 | 68 | |||
Depreciation | 2,475 | 2,453 | |||||
Stock based compensation | 415 | 389 | |||||
Gains on sales of other real estate owned | 2 | (594) | |||||
Write-downs of other real estate owned | (160) | ||||||
Originations of loans held for sale | (1,156) | (23,618) | |||||
Proceeds from sale of loans held for sale | 1,254 | 27,758 | |||||
Gains from sale of loans held for sale | (31) | (996) | |||||
Gains on disposal of fixed assets | (34) | (16) | |||||
Net (accretion)/ amortization of investment securities discounts and premiums- AFS | 100 | 790 | |||||
Net (accretion)/amortization of investment securities discounts and premiums- HTM | (625) | 276 | |||||
Amortization of intangible assets | 157 | ||||||
Gains on sales/calls of investment securities - AFS | (3) | (154) | |||||
Losses/(gains) on investment securities - HTM | (93) | 54 | (93) | 54 | |||
Earnings on Bank owned life insurance | (891) | (877) | |||||
Amortization of deferred loan fees | (123) | (3,228) | |||||
Amortization of operating lease right of use asset | 260 | 77 | |||||
Increase in accrued interest receivable and other assets | (651) | (1,638) | |||||
Deferred tax benefit | (9,322) | (48) | |||||
Operating lease liability | (289) | (104) | |||||
Increase/(decrease) in accrued interest payable and other liabilities | 9,106 | (2,216) | |||||
Net cash provided by operating activities | 18,725 | 10,437 | |||||
Investing activities | |||||||
Proceeds from maturities/calls of investment securities - AFS | 12,153 | 40,045 | |||||
Proceeds from maturities/calls of investment securities - HTM | 13,254 | 12,286 | |||||
Proceeds from sales of investment securities - AFS | 1,023 | 13,687 | |||||
Purchases of investment securities - AFS | (17,652) | (65,101) | |||||
Purchases of investment securities - HTM | (55,686) | (6,332) | |||||
Proceeds from sales of other real estate owned | 3,477 | ||||||
Proceeds from disposal of fixed assets | 37 | 39 | |||||
Net decrease in restricted stock | 2 | 3,439 | |||||
Net (increase)/decrease in loans | (124,963) | 67,908 | |||||
Purchases of loans | (58,943) | ||||||
Purchases of premises and equipment | (2,803) | (826) | |||||
Net cash (used in)/provided by investing activities | (174,635) | 9,679 | |||||
Financing activities | |||||||
Net increase in deposits | 41,744 | 22,128 | |||||
Issuance of common stock | 162 | 103 | |||||
Cash dividends on common stock | (2,987) | (2,898) | |||||
Net increase in short-term borrowings | 32,027 | 23,236 | |||||
Stock repurchase | (7,179) | ||||||
Net decrease in long-term borrowings | (70,000) | ||||||
Net cash provided by/(used in) financing activities | 70,946 | (34,610) | |||||
Decrease in cash and cash equivalents | (84,964) | (14,494) | |||||
Cash and cash equivalents at beginning of the year | $ 115,720 | $ 149,432 | 115,720 | 149,432 | $ 149,432 | ||
Cash and cash equivalents at end of period | $ 30,756 | $ 134,938 | 30,756 | 134,938 | $ 115,720 | ||
Supplemental information | |||||||
Interest paid | 2,655 | 5,033 | |||||
Taxes paid | 5,248 | $ 4,637 | |||||
Non-cash investing activities: | |||||||
Transfers from loans to other real estate owned | 256 | ||||||
Transfers from securities available for sale to held to maturity | $ 139,036 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The financial information is presented in accordance with generally accepted accounting principles and general practice for financial institutions in the United States of America (“GAAP”). In preparing financial statements, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of financial statements. In addition, these estimates and assumptions affect revenues and expenses in the financial statements and as such, actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of First United Corporation, First United Bank & Trust (the “Bank”), First United Statutory Trust I, First United Statutory Trust II, OakFirst Loan Center, LLC, Oakfirst Loan Center, Inc., First OREO Trust and FUBT OREO I, LLC. All significant inter-company accounts and transactions have been eliminated. Certain prior period balances have been reclassified to conform to the current period presentation. Operating results for the nine and three month periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the full year or for any future interim period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in First United Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021. As used in these notes, the terms “the Corporation” “we”, “us”, and “our” refer to First United Corporation and, unless the context clearly requires otherwise, its consolidated subsidiaries. The Corporation has evaluated events and transactions occurring subsequent to the statement of financial condition date of September 30, 2022 and through the date these consolidated financial statements were issued, for items of potential recognition or disclosure. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Note 2 – Earnings Per Common Share Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). There were no anti-dilutive shares outstanding at September 30, 2022 or 2021. The following table sets forth the calculation of basic and diluted earnings per common share for the nine and three month periods ended September 30, 2022 and 2021: Nine months ended September 30, 2022 2021 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic Earnings Per Share: Net income $ 18,079 6,645 $ 2.72 $ 12,221 6,741 $ 1.81 Diluted Earnings Per Share: Restricted stock units 10 5 Net income $ 18,079 6,655 $ 2.72 $ 12,221 6,746 $ 1.81 Three months ended September 30, 2022 2021 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic Earnings Per Share: Net income $ 6,936 6,658 $ 1.04 $ 4,388 6,617 $ 0.66 Diluted Earnings Per Share: Restricted stock units 11 7 Net income $ 6,936 6,669 $ 1.04 $ 4,388 6,624 $ 0.66 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments [Abstract] | |
Investments | Note 3 – Investments The following tables show a comparison of amortized cost and fair values of investment securities at September 30, 2022 and December 31, 2021: (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCL September 30, 2022 Available for Sale: U.S. government agencies $ 11,052 $ — $ 1,605 $ 9,447 $ — Residential mortgage-backed agencies 45,899 — 8,165 37,734 — Commercial mortgage-backed agencies 37,766 — 6,155 31,611 — Collateralized mortgage obligations 26,336 — 4,635 21,701 — Obligations of states and political subdivisions 11,208 1 465 10,744 — Corporate bonds 1,000 — 80 920 — Collateralized debt obligations 18,648 — 2,766 15,882 (1,664) Total available for sale $ 151,909 $ 1 $ 23,871 $ 128,039 $ (1,664) (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value OTTI in AOCL September 30, 2022 Held to Maturity: U.S. treasuries $ 37,140 $ — $ 1,727 $ 35,413 $ — U.S. government agencies 67,665 — 12,853 54,812 — Residential mortgage-backed agencies 29,536 1 3,920 25,617 — Commercial mortgage-backed agencies 23,018 — 4,378 18,640 — Collateralized mortgage obligations 58,462 — 9,622 48,840 — Obligations of states and political subdivisions 22,624 504 705 22,423 — Total held to maturity $ 238,445 $ 505 $ 33,205 $ 205,745 $ — (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCL December 31, 2021 Available for Sale: U.S. government agencies $ 69,602 $ 66 $ 2,499 $ 67,169 $ — Residential mortgage-backed agencies 49,630 — 969 48,661 — Commercial mortgage-backed agencies 51,694 175 1,001 50,868 — Collateralized mortgage obligations 93,018 84 3,025 90,077 — Obligations of states and political subdivisions 12,439 371 6 12,804 — Collateralized debt obligations 18,609 112 1,529 17,192 (660) Total available for sale $ 294,992 $ 808 $ 9,029 $ 286,771 $ (660) (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value OTTI in AOCL December 31, 2021 Held to Maturity: Residential mortgage-backed agencies $ 30,634 $ 649 $ 436 $ 30,847 $ — Commercial mortgage-backed agencies 5,456 145 — 5,601 — Obligations of states and political subdivisions 20,169 8,752 — 28,921 — Total held to maturity $ 56,259 $ 9,546 $ 436 $ 65,369 $ — The Corporation reassessed the classification of certain investments and, effective February 1, 2022, transferred $139.0 million of callable agencies, obligations of state and political subdivisions, and collateralized mortgage obligations from available for sale to held to maturity securities. The transfer occurred at fair value. The related unrealized loss of $8.4 million included in other comprehensive loss remained in other comprehensive loss, to be amortized out of other comprehensive loss with an offsetting entry to interest income as a yield adjustment over the remaining term of the securities. No gain or loss was recorded at the time of transfer. The following table shows the Corporation’s investment securities with gross unrealized and unrecognized losses and fair values at September 30, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Number of Investments Fair Value Unrealized Losses Number of Investments September 30, 2022 Available for Sale: U.S. government agencies $ 8,145 907 2 1,302 698 1 Residential mortgage-backed agencies 15,945 3,065 2 21,788 5,100 3 Commercial mortgage-backed agencies 13,915 2,182 6 17,697 3,973 4 Collateralized mortgage obligations 13,352 2,860 8 8,349 1,775 2 Obligations of states and political subdivisions 10,048 465 9 — — — Corporate Bonds 920 80 1 — — — Collateralized debt obligations 6,464 152 4 9,418 2,614 5 Total available for sale $ 68,789 $ 9,711 32 $ 58,554 $ 14,160 15 Less than 12 months 12 months or more (in thousands) Fair Value Unrecognized Losses Number of Investments Fair Value Unrecognized Losses Number of Investments September 30, 2022 Held to Maturity: U.S. treasuries $ 35,413 1,727 4 $ — $ — — U.S. government agencies 54,811 $ 12,853 9 — — — Residential mortgage-backed agencies 18,794 1,992 33 6,730 1,928 3 Commercial mortgage-backed agencies 18,640 4,378 3 — — — Collateralized mortgage obligations 48,840 9,622 8 — — — Obligations of states and political subdivisions 2,162 705 1 — — — Total held to maturity $ 178,660 $ 31,277 58 $ 6,730 $ 1,928 3 Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Number of Investments Fair Value Unrealized Losses Number of Investments December 31, 2021 Available for Sale: U.S. government agencies $ 23,577 $ 122 3 $ 33,972 $ 2,377 6 Residential mortgage-backed agencies 29,507 257 3 19,154 712 2 Commercial mortgage-backed agencies 32,177 787 4 5,211 214 1 Collateralized mortgage obligations 24,322 649 5 43,076 2,376 5 Obligations of states and political subdivisions 3,046 6 1 — — — Collateralized debt obligations — — — 10,468 1,529 5 Total available for sale $ 112,629 $ 1,821 16 $ 111,881 $ 7,208 19 Less than 12 months 12 months or more (in thousands) Fair Value Unrecognized Losses Number of Investments Fair Value Unrecognized Losses Number of Investments December 31, 2021 Held to Maturity: Residential mortgage-backed agencies $ 7,395 $ 291 6 $ 2,782 $ 145 1 Total held to maturity $ 7,395 $ 291 6 $ 2,782 $ 145 1 Management systematically evaluates securities for impairment on a quarterly basis. Based upon application of Accounting Standards Codification (“ASC”) Topic 320 (Section 320-10-35) issued by the Financial Accounting Standards Board (the “FASB”), management must assess whether (a) the Corporation has the intent to sell the security and (b) it is more likely than not that the Corporation will be required to sell the security prior to its anticipated recovery. If neither applies, then declines in the fair value of securities below their cost that are considered other-than-temporary declines are split into two components. The first is the loss attributable to declining credit quality. Credit losses are recognized in earnings as realized losses in the period in which the impairment determination is made. The second component consists of all other losses. The other losses are recognized in other comprehensive income. In estimating other than temporary impairment (“OTTI”) charges, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) adverse conditions specifically related to the security, an industry, or a geographic area, (3) the historic and implied volatility of the security, (4) changes in the rating of a security by a rating agency, (5) recoveries or additional declines in fair value subsequent to the balance sheet date, (6) failure of the issuer of the security to make scheduled interest payments, and (7) the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future. Due to the duration and the significant market value decline in the pooled trust preferred securities held in our portfolio, we performed more extensive testing on these securities for purposes of evaluating whether or not an OTTI has occurred. The following table presents a cumulative roll-forward of the amount of non-cash OTTI charges related to credit losses that have been recognized in earnings for the trust preferred securities held in the CDO portfolio during the nine and three month periods ended September 30, 2022 and 2021 that the Corporation does not intend to sell: Nine Months Ended September 30, (in thousands) 2022 2021 Balance of credit-related OTTI at January 1 $ 2,043 $ 2,244 Reduction for increases in cash flows expected to be collected (152) (151) Balance of credit-related OTTI at September 30 $ 1,891 $ 2,093 Three Months Ended September 30, (in thousands) 2022 2021 Balance of credit-related OTTI at July 1 $ 1,942 $ 2,143 Reduction for increases in cash flows expected to be collected (51) (50) Balance of credit-related OTTI at September 30 $ 1,891 $ 2,093 The amortized cost and estimated fair value of securities by contractual maturity at September 30, 2022 are shown in the following table. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2022 (in thousands) Amortized Cost Fair Value Available for Sale: Due after one year through five years $ 8,364 $ 7,865 Due after five years through ten years 6,197 5,572 Due after ten years 27,347 23,556 41,908 36,993 Residential mortgage-backed agencies 45,899 37,734 Commercial mortgage-backed agencies 37,766 31,611 Collateralized mortgage obligations 26,336 21,701 Total available for sale $ 151,909 $ 128,039 Held to Maturity: Due after one year through five years $ 49,640 $ 46,582 Due after five years through ten years 32,986 26,924 Due after ten years 44,803 39,142 127,429 112,648 Residential mortgage-backed agencies 29,536 25,617 Commercial mortgage-backed agencies 23,018 18,640 Collateralized mortgage obligations 58,462 48,840 Total held to maturity $ 238,445 $ 205,745 |
Loans and Related Allowance for
Loans and Related Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2022 | |
Loans and Related Allowance for Loan Losses [Abstract] | |
Loans and Related Allowance for Loan Losses | Note 4 – Loans and Related Allowance for Loan Losses The following table summarizes the primary segments of the loan portfolio at September 30, 2022 and December 31, 2021: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Total September 30, 2022 Individually evaluated for impairment $ 2,223 $ 369 $ — $ 2,376 $ 45 $ 5,013 Collectively evaluated for impairment 435,750 82,738 269,004 424,717 60,702 1,272,911 Total loans $ 437,973 $ 83,107 $ 269,004 $ 427,093 $ 60,747 $ 1,277,924 December 31, 2021 Individually evaluated for impairment $ 2,365 $ 629 $ 90 $ 2,644 $ — $ 5,728 Collectively evaluated for impairment 371,926 127,448 180,886 402,042 65,657 1,147,959 Total loans $ 374,291 $ 128,077 $ 180,976 $ 404,686 $ 65,657 $ 1,153,687 The commercial and industrial portfolio in the table above includes $0.4 million and $7.7 million of Paycheck Protection Program (“PPP”) loans at September 30, 2022 and December 31, 2021, respectively, which are 100% guaranteed by the SBA, and no allowance for loan loss (“ALL”) has been assigned to them. The following table presents the classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention and substandard within the internal risk rating system at September 30, 2022 and December 31, 2021: (in thousands) Pass Special Mention Substandard Total September 30, 2022 Commercial real estate Non owner-occupied $ 223,907 $ 6,371 $ 12,114 $ 242,392 All other CRE 188,707 2,278 4,596 195,581 Acquisition and development 1-4 family residential construction 23,926 — — 23,926 All other A&D 59,029 — 152 59,181 Commercial and industrial 244,883 4,589 19,532 269,004 Residential mortgage Residential mortgage - term 360,669 — 5,217 365,886 Residential mortgage - home equity 60,561 — 646 61,207 Consumer 60,557 — 190 60,747 Total $ 1,222,239 $ 13,238 $ 42,447 $ 1,277,924 December 31, 2021 Commercial real estate Non owner-occupied $ 173,299 $ 12,987 $ 6,077 $ 192,363 All other CRE 174,395 2,357 5,176 181,928 Acquisition and development 1-4 family residential construction 19,924 — — 19,924 All other A&D 107,532 218 403 108,153 Commercial and industrial 161,429 5,071 14,476 180,976 Residential mortgage Residential mortgage - term 338,832 — 5,624 344,456 Residential mortgage - home equity 59,533 — 697 60,230 Consumer 65,557 — 100 65,657 Total $ 1,100,501 $ 20,633 $ 32,553 $ 1,153,687 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The increase of $9.9 million in the substandard category was related to one large relationship in the nursing care sector that was downgraded from special mention in the first quarter of 2022 and one large relationship in the airline sector that was added to the substandard portfolio in the third quarter of 2022. These relationships continue to perform according to their contractual terms and are not considered impaired. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and non-accrual loans at September 30, 2022 and December 31, 2021: (in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days+ Past Due Total Past Due and Accruing Non- Accrual Total Loans September 30, 2022 Commercial real estate Non owner-occupied $ 242,304 $ — $ — $ 88 $ 88 $ — $ 242,392 All other CRE 195,518 — — — — 63 195,581 Acquisition and development 1-4 family residential construction 23,926 — — — — — 23,926 All other A&D 58,945 69 15 — 84 152 59,181 Commercial and industrial 268,900 104 — — 104 — 269,004 Residential mortgage Residential mortgage - term 362,110 29 1,961 429 2,419 1,357 365,886 Residential mortgage - home equity 60,553 233 71 23 327 327 61,207 Consumer 60,325 297 52 29 378 44 60,747 Total $ 1,272,581 $ 732 $ 2,099 $ 569 $ 3,400 $ 1,943 $ 1,277,924 December 31, 2021 Commercial real estate Non owner-occupied $ 192,363 $ — $ — $ — $ — $ — $ 192,363 All other CRE 181,847 — — — — 81 181,928 Acquisition and development 1-4 family residential construction 19,924 — — — — — 19,924 All other A&D 107,763 — — — — 390 108,153 Commercial and industrial 180,676 132 78 — 210 90 180,976 Residential mortgage Residential mortgage - term 340,429 159 2,222 148 2,529 1,498 344,456 Residential mortgage - home equity 59,485 238 104 — 342 403 60,230 Consumer 65,208 268 29 152 449 — 65,657 Total $ 1,147,695 $ 797 $ 2,433 $ 300 $ 3,530 $ 2,462 $ 1,153,687 Non-accrual loans that have been subject to partial charge-offs totaled $0.2 million at September 30, 2022 and $0.5 million at December 31, 2021. There were no loans secured by 1-4 family residential real estate properties in the process of foreclosure at September 30, 2022 compared to $0.2 million of such loans at December 31, 2021. As a percentage of the loan portfolio, accruing loans past due 30 days or more decreased to 0.27% compared to 0.37% at June 30, 2022 and 0.31% as of December 31, 2021. The following table summarizes the primary segments of the ALL at September 30, 2022 and December 31, 2021, segregated by the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total September 30, 2022 Individually evaluated $ — $ — $ — $ 26 $ 4 $ — $ 30 Collectively evaluated $ 6,356 $ 1,499 $ 3,402 $ 2,951 $ 873 $ 430 $ 15,511 Total ALL $ 6,356 $ 1,499 $ 3,402 $ 2,977 $ 877 $ 430 $ 15,541 December 31, 2021 Individually evaluated $ — $ — $ 28 $ 36 $ — $ — $ 64 Collectively evaluated $ 6,032 $ 2,615 $ 2,432 $ 3,448 $ 934 $ 430 $ 15,891 Total ALL $ 6,032 $ 2,615 $ 2,460 $ 3,484 $ 934 $ 430 $ 15,955 The evaluation of the need and amount of a specific allocation of the ALL and whether a loan can be removed from impairment status is made on a quarterly basis. The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not required at September 30, 2022 and December 31, 2021: Impaired Loans with Specific Allowance Impaired Loans with No Specific Allowance Total Impaired Loans (in thousands) Recorded Investment Related Allowances Recorded Investment Recorded Investment (1) Unpaid Principal Balance September 30, 2022 Commercial real estate Non owner-occupied $ — $ — $ 102 $ 102 $ 102 All other CRE — — 2,121 2,121 2,121 Acquisition and development 1-4 family residential construction — — 217 217 217 All other A&D — — 152 152 261 Commercial and industrial — — — — — Residential mortgage Residential mortgage – term 264 26 1,786 2,050 2,091 Residential mortgage – home equity — — 326 326 326 Consumer 23 4 22 45 45 Total impaired loans $ 287 $ 30 $ 4,726 $ 5,013 $ 5,163 December 31, 2021 Commercial real estate Non owner-occupied $ — $ — $ 106 $ 106 $ 106 All other CRE — — 2,259 2,259 2,259 Acquisition and development 1-4 family residential construction — — 239 239 239 All other A&D — — 390 390 1,599 Commercial and industrial 90 28 — 90 2,304 Residential mortgage Residential mortgage – term 344 31 1,897 2,241 2,302 Residential mortgage – home equity 46 5 357 403 422 Consumer — — — — — Total impaired loans $ 480 $ 64 $ 5,248 $ 5,728 $ 9,231 (1) Recorded investment consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and cost. Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. For general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are modified by other qualitative factors. The classes described above, which are based on the Federal call code assigned to each loan, provide the starting point for the ALL analysis. Management tracks the historical net charge-off activity (full and partial charge-offs, net of full and partial recoveries) at the call code level. A historical charge-off factor is calculated utilizing a defined number of consecutive historical quarters. Consumer pools currently utilize a rolling twelve quarters, while Commercial pools currently utilize a rolling eight quarters. Management supplements the historical charge-off factor with a number of additional qualitative factors that are likely to cause estimated credit losses associated with the existing loan pools to differ from historical loss experience. The additional factors, which are evaluated quarterly and updated using information obtained from internal, regulatory, and governmental sources, are: (a) national and local economic trends and conditions; (b) levels of and trends in delinquency rates and non-accrual loans; (c) trends in volumes and terms of loans; (d) effects of changes in lending policies; (e) experience, ability, and depth of lending staff; (f) value of underlying collateral; and (g) concentrations of credit from a loan type, industry and/or geographic standpoint. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. Residential mortgage and consumer loans are charged off after they are 120 days contractually past due. All other loans are charged off based on an evaluation of the facts and circumstances of each individual loan. When the Bank believes that its ability to collect is solely dependent on the liquidation of the collateral, a full or partial charge-off is recorded promptly to bring the recorded investment to an amount that the Bank believes is supported by an ability to collect on the collateral. The circumstances that may impact the Bank’s decision to charge-off all or a portion of a loan include default or non-payment by the borrower, scheduled foreclosure actions, and/or prioritization of the Bank’s claim in bankruptcy. There may be circumstances where due to pending events, the Bank will place a specific allocation of the ALL on a loan for which a partial charge-off has been previously recognized. This specific allocation may be either charged-off or removed depending upon the outcome of the pending event. Full or partial charge-offs are not recovered until full principal and interest on the loan have been collected, even if a subsequent appraisal supports a higher value. In most cases, loans with partial charge-offs remain in non-accrual status. Both full and partial charge-offs reduce the recorded investment of the loan and the ALL and are considered to be charge-offs for purposes of all credit loss metrics and trends, including the historical rolling charge-off rates used in the determination of the ALL. The following tables present the activity in the ALL for the nine and three month periods ended September 30, 2022 and 2021: Nine months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ALL balance at January 1, 2022 $ 6,032 $ 2,615 $ 2,460 $ 3,484 $ 934 $ 430 $ 15,955 Charge-offs — (20) (134) (34) (726) — (914) Recoveries 1 21 92 172 117 — 403 Provision 323 (1,117) 984 (645) 552 — 97 ALL balance at September 30, 2022 $ 6,356 $ 1,499 $ 3,402 $ 2,977 $ 877 $ 430 $ 15,541 ALL balance at January 1, 2021 $ 5,543 $ 2,339 $ 2,584 $ 5,150 $ 370 $ 500 $ 16,486 Charge-offs — (85) — (141) (266) — (492) Recoveries — 172 511 49 112 — 844 Provision 1,183 484 (695) (1,460) 626 (70) 68 ALL balance at September 30, 2021 $ 6,726 $ 2,910 $ 2,400 $ 3,598 $ 842 $ 430 $ 16,906 Three months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ALL balance at July 1, 2022 $ 6,220 $ 2,172 $ 2,830 $ 3,112 $ 973 $ 430 $ 15,737 Charge-offs — (20) (82) (1) (181) — (284) Recoveries — 1 83 71 41 — 196 Provision 136 (654) 571 (205) 44 — (108) ALL balance at September 30, 2022 $ 6,356 $ 1,499 $ 3,402 $ 2,977 $ 877 $ 430 $ 15,541 ALL balance at July 1, 2021 $ 5,675 $ 2,500 $ 2,944 $ 4,859 $ 590 $ 500 $ 17,068 Charge-offs — (4) — (59) (91) — (154) Recoveries — 62 473 20 34 — 589 Provision 1,051 352 (1,017) (1,222) 309 (70) (597) ALL balance at September 30, 2021 $ 6,726 $ 2,910 $ 2,400 $ 3,598 $ 842 $ 430 $ 16,906 The ALL is based on estimates, and actual losses may vary from current estimates. Management believes that the granularity of the homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. The following table presents the average recorded investment in impaired loans by class and related interest income recognized for the periods indicated: Nine months ended Nine months ended September 30, 2022 September 30, 2021 (in thousands) Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Commercial real estate Non owner-occupied $ 104 $ 9 $ — $ 3,518 $ 9 $ — All other CRE 2,189 67 — 2,984 95 — Acquisition and development 1-4 family residential construction 228 10 — 256 9 — All other A&D 325 — — 599 9 — Commercial and industrial 23 — — — — — Residential mortgage Residential mortgage – term 2,138 36 15 2,642 56 5 Residential mortgage – home equity 364 — — 449 — — Consumer 19 — — 17 — — Total $ 5,390 $ 122 $ 15 $ 10,465 $ 178 $ 5 Three months ended Three months ended September 30, 2022 September 30, 2021 (in thousands) Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Commercial real estate Non owner-occupied $ 103 $ 3 $ — $ 4,631 $ 3 $ — All other CRE 2,143 22 — 2,787 26 — Acquisition and development 1-4 family residential construction 221 3 — 249 3 — All other A&D 264 — — 602 3 — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term 2,049 12 10 2,500 17 — Residential mortgage – home equity 331 — — 451 — — Consumer 39 — 9 — — Total $ 5,150 $ 40 $ 10 $ 11,229 $ 52 $ — In the normal course of business, the Bank modifies loan terms for various reasons. These reasons may include as a retention strategy to compete in the current interest rate environment, and to re-amortize or extend a loan term to better match the loan’s payment stream with the borrower’s cash flows. A modified loan is considered to be a troubled debt restructuring (a “TDR”) when the Bank has determined that the borrower is troubled (i.e. experiencing financial difficulties) and a concession has been granted. The Bank evaluates the probability that the borrower will be in payment default on any of its debt in the foreseeable future without modification. To make this determination, the Bank performs a global financial review of the borrower and loan guarantors to assess their current ability to meet their financial obligations. When the Bank restructures a loan to a troubled borrower, the loan terms (i.e. interest rate, payment, amortization period and/or maturity date) are modified in such a way to enable the borrower to cover the modified debt service payments based on current financials and cash flow adequacy. If a borrower’s hardship is thought to be temporary, then modified terms are only offered for that time period. Where possible, the Bank obtains additional collateral and/or secondary payment sources at the time of the restructure in order to put the Bank in the best possible position if the borrower is not able to meet the modified terms. To date, the Bank has not forgiven any principal as a restructuring concession. The Bank will not offer modified terms if it believes that modifying the loan terms will only delay an inevitable permanent default. All loans designated as TDRs are considered impaired loans and may be in either accruing or non-accruing status. If the loan was accruing at the time of the modification, then it continues to be in accruing status subsequent to the modification. Non-accrual TDRs may return to accruing status when there has been sufficient payment performance for a period of at least six months. TDRs are considered to be in payment default if, subsequent to modification, the loans are transferred to non-accrual status or to foreclosure. A loan may be removed from being reported as a TDR in the calendar year following the modification if the interest rate at the time of modification was consistent with the interest rate for a loan with comparable credit risk and the loan has performed according to its modified terms for at least six months. Further, a loan that has been removed from TDR reporting status and has been subsequently re-modified at standard market terms, may be removed from impaired status as well. The volume, type and performance of TDR activity is considered in the assessment of the local economic trend qualitative factor used in the determination of the ALL for loans that are evaluated collectively for impairment. There were 12 loans totaling $3.1 million and $3.3 million that were classified as TDRs at September 30, 2022 and December 31, 2021, respectively. During the nine month period ended September 30, 2022, there were no new TDRs and no existing TDRs that were re-modified. The Bank had no significant commitments to lend additional funds to TDRs. During the nine month period ended September 30, 2021, there were no new TDRs and three existing TDRs that had reached their modification maturity date and were re-modified. These modifications did not impact the ALL. During the nine month periods ended September 30, 2022 and 2021, there were no payment defaults. The following table presents the volume and recorded investment in TDRs at the times they were modified, by class and type of modification that occurred during the periods indicated. Temporary Rate Modification Extension of Maturity Modification of Payment and Other Terms (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Nine months ended September 30, 2021 Commercial real estate Non owner-occupied — $ — 1 $ 109 — $ — All other CRE — — — — — — Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — 1 202 — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term — — 1 215 — — Residential mortgage – home equity — — — — — — Consumer — — — — — — Total — $ — 3 $ 526 — $ — During the three month period ended September 30, 2022, there were no new TDRs and no existing TDRs that were re-modified. The Bank had no significant commitments to lend additional funds to TDR borrowers. During the three month period ended September 30, 2021, there were no new TDRs and two existing TDRs that had reached their modification maturity date were re-modified. These re-modifications did not impact the ALL. During the three months ended September 30, 2022 and 2021, there were no payment defaults under TDRs. The following table presents the volume and recorded investment in TDRs at the times they were modified, by class and type of modification that occurred during the periods indicated. Temporary Rate Modification Extension of Maturity Modification of Payment and Other Terms (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Three months ended September 30, 2021 Commercial real estate Non owner-occupied — $ — — $ — — $ — All other CRE — — — — — — Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — 1 202 — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term — — 1 215 — — Residential mortgage – home equity — — — — — — Consumer — — — — — — Total — $ — 2 $ 417 — $ — |
Other Real Estate Owned, Net
Other Real Estate Owned, Net | 9 Months Ended |
Sep. 30, 2022 | |
Other Real Estate Owned, Net [Abstract] | |
Other Real Estate Owned, Net | Note 5 - Other Real Estate Owned, net The following table presents the components of other real estate owned (“OREO”) at September 30, 2022 and December 31, 2021: (in thousands) September 30, 2022 December 31, 2021 Acquisition and development $ 4,670 $ 4,477 Residential mortgage 63 — Total OREO, net $ 4,733 $ 4,477 The following table presents the activity in the OREO valuation allowance for the nine and three month periods ended September 30, 2022 and 2021: Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Balance beginning of period $ 453 $ 1,010 $ 453 $ 543 Fair value adjustment — (160) — — Sales of OREO — (396) — (89) Balance at end of period $ 453 $ 454 $ 453 $ 454 The following table presents the components of OREO (income)/expenses, net, for the nine and three month periods ended September 30, 2022 and 2021: Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Gains on sale of real estate, net $ — $ (594) $ — $ 2 Fair value adjustment, net — (160) — — Expenses, net 378 345 129 150 Rental and other income (3) (51) (1) (2) Total OREO expenses/(income), net $ 375 $ (460) $ 128 $ 150 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 6 – Fair Value of Financial Instruments The Corporation complies with the guidance of ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments – Overall Fair value is defined as the price to sell an asset or to transfer a liability in an orderly transaction between willing market participants as of the measurement date. Fair value is best determined by values quoted through active trading markets. Active trading markets are characterized by numerous transactions of similar financial instruments between willing buyers and willing sellers. Because no active trading market exists for various types of financial instruments, many of the fair values disclosed were derived using present value discounted cash flows or other valuation techniques described below. As a result, the Corporation’s ability to actually realize these derived values cannot be assumed. The Corporation measures fair values based on the fair value hierarchy established in ASC Paragraph 820-10-35-37. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs that may be used to measure fair value under the hierarchy are as follows: Level 1: Level 2: Level 3: The level established within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers in and out of Level 1, 2 or 3 are recorded at fair value at the beginning of the reporting period. Investments – Investments – Debt and Equity Securities The fair value of investments is determined using a market approach. As of September 30, 2022, the U.S. Government agencies and treasuries, residential and commercial mortgage-backed securities, collateralized mortgage obligations, and state and political subdivisions bonds, excluding the tax increment financing (“TIF”) bonds, were classified as Level 2 within the valuation hierarchy. Their fair values were determined based upon market-corroborated inputs and valuation matrices, which were obtained through third party data service providers or securities brokers through which the Corporation has historically transacted both purchases and sales of investment securities. The TIF bonds and collateralized debt obligation (“CDO”) portfolio, which consists of pooled trust preferred securities issued by banks, thrifts, and insurance companies, are classified as Level 3 within the valuation hierarchy. The CDO fair values are determined by a third party using a discounted cash flow model. Derivative financial instruments (Cash flow hedge) Impaired loans Receivables Equity Investment- Other real estate owned For assets measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2022 and December 31, 2021 were as follows: Fair Value Measurements at September 30, 2022 Using Quoted Prices in Significant Assets Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 09/30/22 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 9,447 $ 9,447 Residential mortgage-backed agencies $ 37,734 $ 37,734 Commercial mortgage-backed agencies $ 31,611 $ 31,611 Collateralized mortgage obligations $ 21,701 $ 21,701 Obligations of states and political subdivisions $ 10,744 $ 10,744 Corporate bonds $ 920 $ 920 Collateralized debt obligations $ 15,882 $ 15,882 Financial derivatives $ 1,171 $ 1,171 Non-recurring: Impaired loans, net $ 128 $ 128 Equity Investment $ 1,052 $ 1,052 Other real estate owned $ — $ — Fair Value Measurements at December 31, 2021 Using Quoted Prices in Significant Assets/(liabilities) Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 12/31/21 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 67,169 $ 67,169 Residential mortgage-backed agencies $ 48,661 $ 48,661 Commercial mortgage-backed agencies $ 50,868 $ 50,868 Collateralized mortgage obligations $ 90,077 $ 90,077 Obligations of states and political subdivisions $ 12,804 $ 12,804 Collateralized debt obligations $ 17,192 $ 17,192 Financial derivatives $ (453) $ (453) Non-recurring: Impaired loans, net $ 408 $ 408 Equity investment $ 590 $ 590 Other real estate owned $ 349 $ 349 At September 30, 2022, the fair value of impaired loans with a valuation allowance or partial charge-off was $0.5 million, net of valuation allowances of $29,781 and partial charge-offs of $0.1 million. During the nine months ended September 30, 2022, changes to the valuation allowance or additional charge off activity was recorded on loans with a net balance of approximately $0.1 million. At December 31, 2021, the fair value of impaired loans with a valuation allowance or charge-off was $1.0 million, net of valuation allowances of $64,700 and charge-offs of $1.3 million. During the year ended December 31, 2021, changes to the valuation allowance or additional charge off activity was recorded on loans with a net balance of approximately $0.4 million. There were no transfers of assets between any of the fair value hierarchy for the nine month periods ended September 30, 2022 or 2021. For Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis as of September 30, 2022 and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows: (in thousands) Fair Value at September 30, 2022 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 15,882 Discounted Cash Flow Discount Margin Range of low to mid 300 and low to high 400 Non-recurring: Impaired Loans, net $ 128 Market Comparable Properties Marketability Discount N/A Equity Investment $ 1,052 Market Method Revenue Multiples 2.8x (in thousands) Fair Value at December 31, 2021 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 17,192 Discounted Cash Flow Discount Rate Libor + 3.25% Non-recurring: Impaired Loans, net $ 408 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg Equity Investment $ 590 Market Method Revenue Multiples 2.8x Other Real Estate Owned $ 349 Market Comparable Properties Marketability Discount 15.0% (1) Range would include discounts taken since appraisal and estimated values The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured on a recurring basis using Level 3 significant unobservable inputs for the nine and three month periods ended September 30, 2022 and 2021: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment Securities (in thousands) Available for Sale Beginning balance January 1, 2022 $ 17,192 Total losses realized/unrealized: Included in other comprehensive loss (1,310) Ending balance September 30, 2022 $ 15,882 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance July 1, 2022 $ 16,258 Total gains realized/unrealized: Included in other comprehensive income (376) Ending balance September 30, 2022 $ 15,882 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment Securities (in thousands) Available for Sale Beginning balance January 1, 2021 $ 13,260 Total losses realized/unrealized: Included in other comprehensive loss 3,832 Ending balance September 30, 2021 $ 17,092 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance July 1, 2021 $ 16,230 Total losses realized/unrealized: Included in other comprehensive income 862 Ending balance September 30, 2021 $ 17,092 There were no gains or losses included in earnings attributable to the change in realized/unrealized gains or losses related to the assets for the nine and three month periods ended September 30, 2022 or 2021. The disclosed fair values may vary significantly between institutions based on the estimates and assumptions used in the various valuation methodologies. The derived fair values are subjective in nature and involve uncertainties and significant judgment. Therefore, they cannot be determined with precision. Changes in the assumptions could significantly impact the derived estimates of fair value. Disclosure of non-financial assets such as buildings, as well as certain financial instruments such as leases is not required. Accordingly, the aggregate fair values presented do not represent the underlying value of the Corporation. The following tables present fair value information about financial instruments, whether or not recognized in the Consolidated Statement of Financial Condition, for which it is practicable to estimate that value. The actual carrying amounts and estimated fair values of the Corporation’s financial instruments that are included in the Consolidated Statement of Financial Condition are as follows: September 30, 2022 Fair Value Measurements Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 28,888 $ 28,888 $ 28,888 Interest bearing deposits in banks 1,868 1,868 1,868 Investment securities - AFS 128,039 128,039 $ 112,157 $ 15,882 Investment securities - HTM 238,445 205,745 185,484 20,261 Restricted bank stock 1,027 N/A Loans, net 1,262,173 1,186,783 1,186,783 Financial derivatives 1,171 1,171 1,171 Accrued interest receivable 5,157 5,157 751 4,406 Financial Liabilities: Deposits - non-maturity 1,386,816 1,386,816 1,386,816 Deposits - time deposits 124,302 124,217 124,217 Short-term borrowed funds 89,726 89,726 89,726 Long-term borrowed funds 30,929 30,928 30,928 Accrued interest payable 104 104 104 Off balance sheet financial instruments — — — December 31, 2021 Fair Value Measurements Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 109,823 $ 109,823 $ 109,823 Interest bearing deposits in banks 5,897 5,897 5,897 Investment securities - AFS 286,771 286,771 $ 269,579 $ 17,192 Investment securities - HTM 56,259 65,369 36,448 28,921 Restricted bank stock 1,029 1,029 1,029 Loan held for sale 67 67 67 Loans, net 1,137,440 1,122,671 1,122,671 Accrued interest receivable 4,821 4,821 4,821 Financial Liabilities: Deposits - non-maturity 1,306,145 1,306,145 1,306,145 Deposits - time deposits 163,229 163,961 163,961 Financial derivatives 453 453 453 Short-term borrowed funds 57,699 57,699 57,699 Long-term borrowed funds 30,929 31,085 31,085 Accrued interest payable 137 137 137 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 7 – Accumulated Other Comprehensive Loss The following table presents the changes in each component of accumulated other comprehensive loss for the 12 months ended December 31, 2021 and the three month periods ended March 31, 2022, June 30, 2022 and September 30, 2022: Investment Investment securities- securities- Investment with OTTI all other securities- Cash Flow Pension (in thousands) AFS AFS HTM Hedge Plan SERP Total Accumulated OCL, net: Balance - January 1, 2021 $ (3,277) $ (25) $ (315) $ (954) $ (22,630) $ (1,662) $ (28,863) Other comprehensive income/(loss) before reclassifications 2,475 (5,611) — 635 3,431 (521) 409 Amounts reclassified from accumulated other comprehensive loss (147) (113) 181 — 1,091 128 1,140 Balance - December 31, 2021 $ (949) $ (5,749) $ (134) $ (319) $ (18,108) $ (2,055) $ (27,314) Other comprehensive income/(loss) before reclassifications 103 (1,843) (6,100) 614 (2,651) — (9,877) Amounts reclassified from accumulated other comprehensive loss (37) (2) 69 — 204 50 284 Balance - March 31, 2022 $ (883) $ (7,594) $ (6,165) $ 295 $ (20,555) $ (2,005) $ (36,907) Other comprehensive income/(loss) before reclassifications (582) (3,924) — 182 (5,069) — (9,393) Amounts reclassified from accumulated other comprehensive loss (37) — 168 — 204 49 384 Balance - June 30, 2022 $ (1,502) $ (11,518) $ (5,997) $ 477 $ (25,420) $ (1,956) $ (45,916) Other comprehensive (146) (4,957) — 392 (2,592) — (7,303) Amounts reclassified from (37) — 167 — 205 50 385 Balance - September 30, 2022 $ (1,685) $ (16,475) $ (5,830) $ 869 $ (27,807) $ (1,906) $ (52,834) The following tables present the components of other comprehensive income/(loss) for the nine and three month periods ended September 30, 2022 and 2021: Before Tax Components of Other Comprehensive Loss Tax (Expense) (in thousands) Amount Benefit Net For the nine months ended September 30, 2022 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (853) $ 228 $ (625) Less: accretable yield recognized in income 152 (41) 111 Net unrealized losses on investments with OTTI (1,005) 269 (736) Available for sale securities – all other: Unrealized holding losses (22,971) 6,147 (16,824) Unrealized holding losses on securities transferred from available for sale to held to maturity 8,328 (2,228) 6,100 Less: gains recognized in income 3 (1) 2 Net unrealized losses on all other AFS securities (14,646) 3,920 (10,726) Held to maturity securities: Unrealized holding losses on securities transferred to held to maturity (8,328) 2,228 (6,100) Less: gains recognized in income 93 (25) 68 Less: amortization recognized in income (644) 172 (472) Net unrealized losses on HTM securities (7,777) 2,081 (5,696) Cash flow hedges: Unrealized holding gains 1,622 (434) 1,188 Pension Plan: Unrealized net actuarial loss (14,079) 3,767 (10,312) Less: amortization of unrecognized loss (837) 224 (613) Net pension plan liability adjustment (13,242) 3,543 (9,699) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (203) 54 (149) Net SERP liability adjustment 203 (54) 149 Other comprehensive loss $ (34,845) $ 9,325 $ (25,520) Before Tax Components of Other Comprehensive Income Tax (Expense) (in thousands) Amount Benefit Net For the nine months ended September 30, 2021 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ 3,274 $ (877) $ 2,397 Less: accretable yield recognized in income 151 (40) 111 Net unrealized gains on investments with OTTI 3,123 (837) 2,286 Available for sale securities – all other: Unrealized holding losses (5,035) 1,349 (3,686) Less: gains recognized in income 154 (41) 113 Net unrealized losses on all other AFS securities (5,189) 1,390 (3,799) Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income (54) 14 (40) Less: amortization recognized in income (96) 26 (70) Net unrealized gains on HTM securities 150 (40) 110 Cash flow hedges: Unrealized holding gains 615 (165) 450 Pension Plan: Unrealized net actuarial gain 139 (37) 102 Less: amortization of unrecognized loss (1,116) 299 (817) Net pension plan liability adjustment 1,255 (336) 919 SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (226) 60 (166) Less: amortization of prior service costs 1 — 1 Net SERP liability adjustment 225 (60) 165 Other comprehensive income $ 179 $ (48) $ 131 Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended September 30, 2022 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (199) $ 53 $ (146) Less: accretable yield recognized in income 51 (14) 37 Net unrealized losses on investments with OTTI (250) 67 (183) Available for sale securities – all other: Unrealized holding losses (6,768) 1,811 (4,957) Less: gains recognized in income — — — Net unrealized losses on all other AFS securities (6,768) 1,811 (4,957) Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income 93 (25) 68 Less: amortization recognized in income (320) 85 (235) Net unrealized gains on HTM securities 227 (60) 167 Cash flow hedges: Unrealized holding gains 534 (142) 392 Pension Plan: Unrealized net actuarial loss (3,537) 945 (2,592) Less: amortization of unrecognized loss (279) 74 (205) Net pension plan liability adjustment (3,258) 871 (2,387) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (68) 18 (50) Net SERP liability adjustment 68 (18) 50 Other comprehensive loss $ (9,447) $ 2,529 $ (6,918) Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended September 30, 2021 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ 751 $ (201) $ 550 Less: accretable yield recognized in income 50 (13) 37 Net unrealized gains on investments with OTTI 701 (188) 513 Available for sale securities – all other: Unrealized holding losses (708) 190 (518) Less: gains recognized in income — — — Net unrealized losses on all other AFS securities (708) 190 (518) Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income (54) 14 (40) Less: amortization recognized in income 12 (3) 9 Net unrealized gains on HTM securities 42 (11) 31 Cash flow hedges: Unrealized holding gains 108 (29) 79 Pension Plan: Unrealized net actuarial loss (951) 254 (697) Less: amortization of unrecognized loss (372) 99 (273) Less: amortization of prior service costs — — — Net pension plan liability adjustment (579) 155 (424) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (76) 20 (56) Less: amortization of prior service costs 1 — 1 Net SERP liability adjustment 75 (20) 55 Other comprehensive loss $ (361) $ 97 $ (264) The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the nine and three month periods ended September 30, 2022 and 2021: Amounts Reclassified from Nine Months Ended Accumulated Other Comprehensive Loss September 30, Affected Line Item in the Statement (in thousands) 2022 2021 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable yield $ 152 $ 151 Interest income on taxable investment securities Taxes (41) (40) Provision for income tax expense $ 111 $ 111 Net of tax Net unrealized gains on available for sale investment securities - all others: Gains recognized $ 3 $ 154 Net gains Taxes (1) (41) Provision for income tax expense $ 2 $ 113 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (644) $ (96) Interest income on taxable investment securities Gains/(losses) recognized 93 (54) Net gains/(losses) Taxes 147 40 Provision for income tax expense $ (404) $ (110) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (837) $ (1,116) Other Expense Taxes 224 299 Provision for income tax expense $ (613) $ (817) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (203) $ (226) Other Expense Amortization of prior service costs — 1 Salaries and employee benefits Taxes 54 60 Provision for income tax expense $ (149) $ (165) Net of tax Total reclassifications for the period $ (1,053) $ (868) Net of tax Amounts Reclassified from Three Months Ended Accumulated Other Comprehensive Loss September 30, Affected Line Item in the Statement (in thousands) 2022 2021 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable Yield $ 51 $ 50 Interest income on taxable investment securities Taxes (14) (13) Provision for income tax expense $ 37 $ 37 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (320) $ 12 Interest income on taxable investment securities Gains/(losses) recognized 93 (54) Net gains/(losses) Taxes 60 11 Provision for income tax expense $ (167) $ (31) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (279) $ (372) Other expense Amortization of prior service costs — — Salaries and employee benefits Taxes 74 99 Provision for income tax expense $ (205) $ (273) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (68) $ (76) Other expense Amortization of prior service costs — 1 Salaries and employee benefits Taxes 18 20 Provision for income tax expense $ (50) $ (55) Net of tax Total reclassifications for the period $ (385) $ (322) Net of tax |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 8 – Employee Benefit Plans The following tables present the components of the net periodic pension plan cost for First United Corporation’s noncontributory Defined Benefit Pension Plan (the “Pension Plan”) and the Bank’s Defined Benefit Supplemental Executive Retirement Plan (“Defined Benefit SERP”) for the periods indicated: Nine Months Ended Three Months Ended Pension Plan September 30, September 30, (in thousands) 2022 2021 2022 2021 Service cost $ 42 $ 117 $ 14 $ 39 Interest cost 1,152 1,066 384 355 Expected return on assets (2,858) (2,677) (953) (892) Amortization of net actuarial loss 837 1,116 279 372 Net pension credit included in employee benefits and other expense $ (827) $ (378) $ (276) $ (126) million at December 31, 2021. Nine Months Ended Three Months Ended Defined Benefit SERP September 30, September 30, (in thousands) 2022 2021 2022 2021 Service cost $ 124 $ 104 $ 41 $ 35 Interest cost 215 179 72 60 Amortization of recognized loss 203 226 68 75 Amortization of prior service cost — (1) — — Net Defined Benefit SERP expense included in employee benefits and other expense $ 542 $ 508 $ 181 $ 170 The service cost component of net periodic benefit cost is included in salaries and benefits and all other components of net periodic benefit cost are included in other expense in the Consolidated Statement of Operations for the Pension Plan and the Defined Benefit SERP. The Pension Plan is a noncontributory defined benefit pension plan that covers our employees who were hired prior to the freeze and others who were grandfathered into the plan. The benefits are based on years of service and the employees’ compensation during the last five years of employment. Effective April 30, 2010, the Pension Plan was amended, resulting in a “soft freeze”, the effect of which prohibits new entrants into the plan and ceases crediting of additional years of service after that date. Effective January 1, 2013, the Pension Plan was amended to unfreeze it for those employees for whom the sum of their (a) ages, at their closest birthday plus (b) years of service for vesting purposes equals 80 or greater. The “soft freeze” continues to apply to all other plan participants. Pension benefits for these participants are managed through discretionary contributions to the First United Corporation 401(k) Profit Sharing Plan (the “401(k) Plan”). The Bank established the Defined Benefit SERP in 2001 as an unfunded supplemental executive retirement plan. The Defined Benefit SERP is available only to a select group of management or highly compensated employees to provide supplemental retirement benefits in excess of limits imposed on qualified plans by federal tax law. Concurrent with the establishment of the Defined Benefit SERP, the Bank acquired Bank Owned Life Insurance (“BOLI”) policies on the senior management personnel and officers of the Bank. The benefits resulting from the favorable tax treatment accorded the earnings on the BOLI policies are intended to provide a source of funds for the future payment of the Defined Benefit SERP benefits as well as other employee benefit costs. The benefit obligation activity for both the Pension Plan and the Defined Benefit SERP was calculated using an actuarial measurement date of January 1. Plan assets and the benefit obligations were calculated using an actuarial measurement date of December 31. The Corporation will assess the need for future annual contributions to the pension plan based upon its funded status and an evaluation of the future benefits to be provided thereunder. No contributions were made to the Pension Plan during the first nine months of 2022 or 2021. The Corporation expects to fund the annual projected benefit payments for the Defined Benefit SERP from operations. On January 9, 2015, First United Corporation and members of management who do not participate in the Defined Benefit SERP entered into participation agreements under the Deferred Compensation Plan, each styled as a Defined Contribution SERP Agreement (the “Contribution Agreement”). Pursuant to each Contribution Agreement, First United Corporation agreed, for each Plan Year (as defined in the Deferred Compensation Plan) in which it determines that it has been Profitable (as defined in the Contribution Agreement), to make a discretionary contribution to the participant’s Employer Account in an amount equal to 15% of the participant’s base salary level for such Plan Year, with the first Plan Year being the year ending December 31, 2015. The Contribution Agreement provides that the participant will become 100% vested in the amount maintained in his or her Employer Account upon the earliest to occur of the following events: (a) Normal Retirement (as defined in the Contribution Agreement); (b) Separation from Service (as defined in the Contribution Agreement) following a Change of Control (as defined in the Deferred Compensation Plan) and subsequent Triggering Event (as defined in the Contribution Agreement); (c) Separation from Service due to a Disability (as defined in the Contribution Agreement); (d) with respect to a particular award of Employer Contribution Credits, the participant’s completion of 2 lose entitlement to the amount maintained in his or her Employer Account in the event employment is terminated for Cause (as defined in the Contribution Agreement). In addition, the Contribution Agreement conditions entitlement to the amounts held in the Employer Account on the participant (1) refraining from engaging in Competitive Employment (as defined in the Contribution Agreement) for three years following his or her Separation from Service, (2) refraining from injurious disclosure of confidential information concerning the Corporation, and (3) remaining available, at the First United Corporation’s reasonable request, to provide at least six hours of transition services per month for 12 months following his or her Separation from Service (except in the case of death or Disability), except that only item (2) will apply in the event of a Separation from Service following a Change of Control and subsequent Triggering Event. In January 2021, the Board of Directors approved discretionary contributions to three participants totaling $101,257. The Corporation recorded $37,971 of related compensation expense for the first nine months of 2022 and 2021 related to these contributions. The Corporation recorded $12,657 of related compensation expense for the third quarter of 2022 and 2021 related to these contributions. In January 2022, the Board of Directors approved discretionary contributions to three participants totaling $103,689. The Corporation recorded $38,883 of related compensation expense for the first nine months of 2022 and $12,961 of related compensation expense for the third quarter of 2022 related to these contributions. Each discretionary contribution has a two year vesting period. |
Equity Compensation Plan Inform
Equity Compensation Plan Information | 9 Months Ended |
Sep. 30, 2022 | |
Equity Compensation Plan Information [Abstract] | |
Equity Compensation Plan Information | Note 9 - Equity Compensation Plan Information At the 2018 Annual Meeting of Shareholders, First United Corporation’s shareholders approved the First United Corporation 2018 Equity Compensation Plan (the “Equity Plan”) which authorizes the issuance of up to 325,000 shares of common stock to employees, directors and qualifying consultants pursuant to stock options, stock appreciation rights, stock awards, dividend equivalents, and other stock-based awards. The Corporation complies with the provisions of ASC Topic 718, Compensation Stock Compensation Pursuant to First United Corporation’s director compensation policy, each director receives an annual retainer of 1,000 shares of First United Corporation common stock, plus $10,000 to be paid, at the director’s election, in cash or additional shares of common stock. In January 2021, a total of 1,202 fully vested shares were issued to two new directors, which had a grant date fair market value of $16.66 per share. In May 2021, a total of 12,726 fully vested shares of common stock were issued to directors, which had a grant date fair value of $18.50 per share. In May 2022, a total of 14,940 fully vested shares of common stock were issued to directors, which had a grant date fair value of $18.92 per share. Director stock compensation expense was $196,254 for the nine months ended September 30, 2022 and $191,717 for the nine months ended September 30, 2021. Director stock compensation expense was $70,666 for the third quarter of 2022 and $58,857 for the third quarter of 2021. Restricted Stock Units On March 26, 2020, pursuant to the Corporation’s Long Term Incentive Plan (the "LTIP"), which is a sub-plan of the Equity Plan, the Compensation Committee of First United Corporation’s Board of Directors (the "Committee") granted RSUs to the Corporation’s principal executive officer, its principal financial officer, and certain of its other executive officers. An RSU contemplates the issuance of shares of common stock of First United Corporation if and when the RSU vests. The RSUs granted to each of the foregoing officers consist of (a) a performance vesting award for a three year falls between performance levels would be interpolated to calculate a proportionate award. For the performance period ending December 31, 2021, the RSUs’ performance goal is based on earnings per share for the year ending December 31, 2021. For the performance period ending December 31, 2022, the RSUs performance goals are based on earnings per share for the year ending December 31, 2022 and growth in tangible book value per share during the performance period. For the performance period ending December 31, 2023, the RSUs performance goals are based on earnings per share for the year ending December 31, 2023 and growth in tangible book value per share during the performance period. To receive any shares under an RSU, a grantee must be employed by the Corporation or one of its subsidiaries on the applicable vesting date, except that a grantee whose employment terminates prior to such vesting date due to death, disability or retirement will be entitled to a pro-rated portion of the shares subject to the RSUs, assuming that, in the case of performance-vesting RSUs, the performance goals had been met at their "target" levels. In the first quarter of 2020, RSUs were granted relating to 9,791 performance vesting shares (target level) for 2019 LTIP plan for the performance period ending December 31, 2021 and 10,143 performance vesting shares and 5,070 time vesting shares (target level) for 2020 LTIP plan for the performance period ending December 31, 2022, which had a grant date fair market value of $12.54 per share of common stock underlying each RSU. The 2020 plan has a performance period for the performance-vesting RSUs of three years ending December 31, 2022 and the time-vesting RSUs will vest ratably over a three year period that began on March 26, 2021. On March 26, 2021, 1,690 of the 5,070 time vesting shares were issued to participants. On March 26, 2022, 1,688 shares of the 3,380 remaining time vesting shares were issued to participants. In the third quarter of 2022, it was projected that the growth metric will not be met at 50%; therefore, the stock compensation expense was adjusted accordingly. Stock compensation expense was ($5,299) and $78,381 for the nine month periods ended September 30, 2022 and 2021. Stock compensation expense was ($37,091) and $26,127 for the third quarter of 2022 and 2021, respectively. Unrecognized compensation expense at September 30, 2022 related to unvested RSUs was $21,195. In May 2021, RSUs relating to 7,389 performance vesting shares and 3,693 time vesting shares (target level) for plan year 2021 were granted, which had a grant date fair market value of $17.93 per share of common stock underlying each RSU. The performance period for the performance-vesting RSUs is the three year period ending December 31, 2023. The time-vesting RSUs will vest ratably over a three year period that began on May 5, 2022. On May 5, 2022, 1,230 shares of the 3,693 time-vesting RSUs were issued to participants. Stock compensation expense was $49,714 and $27,619 for the first nine months of 2022 and 2021, respectively. Stock compensation expense was $16,571 for both the third quarter of 2022 and 2021, respectively. Unrecognized compensation expense as of September 30, 2022 related to unvested units was $104,951. In March 2022, RSUs relating to 8,096 performance vesting shares and 6,238 time vesting shares (target level) for plan year 2022 were granted, which had a grant date fair market value of $21.88 per share of common stock underlying each RSU. The performance period for the performance-vesting RSUs is the three year period ending December 31, 2024. The time-vesting RSUs will vest ratably over a three year period beginning on March 9, 2023. Stock compensation expense was $52,290 and $26,145 for the nine and three month periods ended September 30, 2022, respectively. Unrecognized compensation expense as of September 30, 2022 related to unvested units was $261,453. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | Note 10 – Derivative Financial Instruments As a part of managing interest rate risk, the Corporation entered into interest rate swap agreements to modify the re-pricing characteristics of certain interest-bearing liabilities. The Corporation has designated its interest rate swap agreements as cash flow hedges under the guidance of ASC Subtopic 815-30, Derivatives and Hedging – Cash Flow Hedges In March 2016, the Corporation entered into four interest rate swap contracts totaling $30.0 million notional amount, hedging future cash flows associated with floating rate trust preferred debt. As of September 30, 2022, $20.0 million notional amount remains. The fair value of the interest rate swap contracts was $1.2 million and $(0.5) million at September 30, 2022 and December 31, 2021, respectively. For the nine months ended September 30, 2022, the Corporation recorded an increase in the value of the derivatives of $1.6 million and the related deferred tax of $0.5 million in net accumulated other comprehensive loss to reflect the effective portion of cash flow hedges. For the three months ended September 30, 2022, the Corporation recorded an increase in the value of the derivatives of $0.5 million and the related deferred tax of $0.1 million in net accumulated other comprehensive loss to reflect the effective portion of cash flow hedges. ASC Subtopic 815-30 requires the net accumulated other comprehensive loss to be reclassified to earnings if the hedge becomes ineffective or is terminated. There was no hedge ineffectiveness recorded for the six or three months ended September 30, 2022. The Corporation does not expect any material losses relating to these hedges to be reclassified into earnings within the next 12 months. Interest rate swap agreements are entered into with counterparties that meet established credit standards and the Corporation believes that the credit risk inherent in these contracts is not significant as of September 30, 2022. The table below discloses the impact of derivative financial instruments on the Corporation’s Consolidated Financial Statements for the nine and three month periods ended September 30, 2022 and 2021. Derivative in Cash Flow Hedging Relationships Amount of gain or (loss) recognized in Amount of gain or Amount of gain or income or derivative (loss) recognized in (loss) reclassified from (ineffective portion OCI on derivative accumulated OCI into and amount excluded (effective portion), income (effective from effectiveness (in thousands) net of tax portion) (a) testing) (b) Interest rate contracts: Nine months ended: September 30, 2022 $ 1,188 $ — $ — September 30, 2021 450 — — Three months ended: September 30, 2022 $ 392 $ — $ — September 30, 2021 79 — — Notes: (a) Reported as interest expense (b) Reported as other income |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 11 – Revenue Recognition ASC Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. ASC Topic 606 is applicable to noninterest revenue streams such as wealth management, including trust and brokerage services, service charges on deposit accounts, interchange fee income – debit card income and gains/losses on OREO sales. Noninterest revenue streams in-scope of ASC Topic 606 are discussed below. Wealth Management – Trust and Brokerage Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to customers’ accounts. Optional services such as real estate sales and tax return preparation services are also available to existing trust and asset management customers. The Corporation’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, and other deposit account related fees. The Corporation’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Corporation’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Other Service Charges Fees, exchange, and other service charges are primarily comprised of ATM fees, loan servicing fees and other service charges. ATM fees are primarily generated when a Bank cardholder uses a non-Bank ATM or a non-Bank cardholder uses a Bank ATM. Loan servicing fees are comprised of fees earned on servicing of loan portfolios sold to the secondary market. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Corporation’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Interchange Fees – Debit and Credit Card Income Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation’s debit cards are processed through card payment networks such as Visa. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Payment is typically received immediately or in the following month. The following presents noninterest income, segregated by revenue streams that are within and outside the scope of ASC Topic 606, for the nine and three month periods ended September 30, 2022 and September 30, 2021: Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Noninterest income In-scope of Topic 606: Service charges on deposit accounts $ 1,451 $ 1,292 $ 523 $ 475 Other service charges 686 664 241 232 Trust department 6,238 6,441 2,005 2,166 Debit card income 2,922 2,623 1,053 900 Brokerage commissions 805 854 272 229 Noninterest income (in-scope of Topic 606) 12,102 11,874 4,094 4,002 Noninterest income (out-of-scope of Topic 606) 1,297 1,308 510 521 Total Noninterest Income $ 13,399 $ 13,182 $ 4,604 $ 4,523 |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2022 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | Note 12 – Regulatory Capital Requirements The following table presents our capital ratios as of September 30, 2022 and December 31, 2021. September 30, 2022 December 31, 2021 Required for Capital Adequacy Purposes Required to be Well Capitalized Total Capital (to risk-weighted assets) First United Bank & Trust 14.49 % 14.97 % 8.00 % 10.00 % Tier 1 Capital (to risk-weighted assets) First United Bank & Trust 13.36 % 13.72 % 6.00 % 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) First United Bank & Trust 13.36 % 13.72 % 4.50 % 6.50 % Tier 1 Capital (to average assets) First United Bank & Trust 10.33 % 10.00 % 4.00 % 5.00 % As of September 30, 2022 and December 31, 2021, the Bank was considered “well capitalized” under the regulatory framework for prompt corrective action. |
Borrowed Funds
Borrowed Funds | 9 Months Ended |
Sep. 30, 2022 | |
Borrowed Funds [Abstract] | |
Borrowed Funds | Note 13 – Borrowed Funds The following is a summary of short-term borrowings with original maturities of less than one year: (Dollars in thousands) Nine Months Ended September 30, 2022 Year Ended December 31, 2021 Overnight borrowings, weighted average interest rate of $ 20,000 $ — Securities sold under agreements to repurchase: Outstanding at end of period $ 69,726 $ 57,699 Weighted average interest rate at end of period 0.13% 0.15% Maximum amount outstanding as of any month end $ 75,912 $ 72,396 Average amount outstanding $ 60,839 $ 57,697 Approximate weighted average rate during the period 0.12% 0.15% Short term borrowings increased $32.0 million since December 31, 2021, driven by $20.0 million in overnight borrowings and an increase in our overnight investments Treasury product of $12.0 million during the quarter. The increase in overnight borrowings at September 30, 2022 was primarily driven by the strong loan growth and a timing delay of the receipt of deposit funding from a large customer driven transaction. These funds were received shortly after quarter end and subsequently repaid the $20.0 million in overnight borrowings in full. At September 30, 2022, the repurchase agreements were secured by $85.4 million in investment securities issued by government related agencies. A minimum of 102% of fair value is pledged against account balances. |
Adoption of New Accounting Stan
Adoption of New Accounting Standards and Effects of New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Adoption of New Accounting Standards and Effects of New Accounting Pronouncements [Abstract] | |
Adoption of New Accounting Standards and Effects of New Accounting Pronouncements | Note 14 – Recent Accounting Pronouncements Recently issued but not yet effective Accounting Pronouncements In June 2016, FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchases financial assets with credit deterioration since their origination. The new model referred to as current expected credit losses (“CECL”) model, will apply to: (a) financial assets subject to credit losses and measured at amortized cost; and (b) certain off-balance sheet credit exposures. This includes loans, held to maturity debt securities, loan commitments, financial guarantees and net investments in leases as well as reinsurance and trade receivables. The estimate of expected credit losses should consider historical information, current information, and supportable forecasts, including estimates of prepayments. ASU 2016-13 was originally effective for SEC filers for annual periods beginning after December 15, 2019, and interim periods within those annual periods. In November 2019, the FASB approved a delay of the required implementation date of ASU No. 2016-13 for smaller reporting companies, as defined by the Securities and Exchange Commission, including the Corporation, resulting in a required implementation date for the Corporation of January 1, 2023. Management has formed a focus group consisting of multiple members from areas, including credit, finance, loan servicing, reporting, and information systems. The Corporation is completing its data and model validation analyses, with parallel processing of our existing allowance for loan losses model with the CECL model to follow. The Corporation is currently evaluating the provisions of ASU No. 2016-13 to determine the potential impact the new standard will have on the financial condition or results of operations. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. |
Earnings Per Common Share (Poli
Earnings Per Common Share (Policy) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). There were no anti-dilutive shares outstanding at September 30, 2022 or 2021. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Common Share [Abstract] | |
Basic and Diluted Earnings Per Share | Nine months ended September 30, 2022 2021 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic Earnings Per Share: Net income $ 18,079 6,645 $ 2.72 $ 12,221 6,741 $ 1.81 Diluted Earnings Per Share: Restricted stock units 10 5 Net income $ 18,079 6,655 $ 2.72 $ 12,221 6,746 $ 1.81 Three months ended September 30, 2022 2021 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic Earnings Per Share: Net income $ 6,936 6,658 $ 1.04 $ 4,388 6,617 $ 0.66 Diluted Earnings Per Share: Restricted stock units 11 7 Net income $ 6,936 6,669 $ 1.04 $ 4,388 6,624 $ 0.66 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments [Abstract] | |
Unrealized Gain (Loss) on Investments | (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCL September 30, 2022 Available for Sale: U.S. government agencies $ 11,052 $ — $ 1,605 $ 9,447 $ — Residential mortgage-backed agencies 45,899 — 8,165 37,734 — Commercial mortgage-backed agencies 37,766 — 6,155 31,611 — Collateralized mortgage obligations 26,336 — 4,635 21,701 — Obligations of states and political subdivisions 11,208 1 465 10,744 — Corporate bonds 1,000 — 80 920 — Collateralized debt obligations 18,648 — 2,766 15,882 (1,664) Total available for sale $ 151,909 $ 1 $ 23,871 $ 128,039 $ (1,664) (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value OTTI in AOCL September 30, 2022 Held to Maturity: U.S. treasuries $ 37,140 $ — $ 1,727 $ 35,413 $ — U.S. government agencies 67,665 — 12,853 54,812 — Residential mortgage-backed agencies 29,536 1 3,920 25,617 — Commercial mortgage-backed agencies 23,018 — 4,378 18,640 — Collateralized mortgage obligations 58,462 — 9,622 48,840 — Obligations of states and political subdivisions 22,624 504 705 22,423 — Total held to maturity $ 238,445 $ 505 $ 33,205 $ 205,745 $ — (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCL December 31, 2021 Available for Sale: U.S. government agencies $ 69,602 $ 66 $ 2,499 $ 67,169 $ — Residential mortgage-backed agencies 49,630 — 969 48,661 — Commercial mortgage-backed agencies 51,694 175 1,001 50,868 — Collateralized mortgage obligations 93,018 84 3,025 90,077 — Obligations of states and political subdivisions 12,439 371 6 12,804 — Collateralized debt obligations 18,609 112 1,529 17,192 (660) Total available for sale $ 294,992 $ 808 $ 9,029 $ 286,771 $ (660) (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value OTTI in AOCL December 31, 2021 Held to Maturity: Residential mortgage-backed agencies $ 30,634 $ 649 $ 436 $ 30,847 $ — Commercial mortgage-backed agencies 5,456 145 — 5,601 — Obligations of states and political subdivisions 20,169 8,752 — 28,921 — Total held to maturity $ 56,259 $ 9,546 $ 436 $ 65,369 $ — |
Gross Unrealized Losses and Fair Values of Securities | Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Number of Investments Fair Value Unrealized Losses Number of Investments September 30, 2022 Available for Sale: U.S. government agencies $ 8,145 907 2 1,302 698 1 Residential mortgage-backed agencies 15,945 3,065 2 21,788 5,100 3 Commercial mortgage-backed agencies 13,915 2,182 6 17,697 3,973 4 Collateralized mortgage obligations 13,352 2,860 8 8,349 1,775 2 Obligations of states and political subdivisions 10,048 465 9 — — — Corporate Bonds 920 80 1 — — — Collateralized debt obligations 6,464 152 4 9,418 2,614 5 Total available for sale $ 68,789 $ 9,711 32 $ 58,554 $ 14,160 15 Less than 12 months 12 months or more (in thousands) Fair Value Unrecognized Losses Number of Investments Fair Value Unrecognized Losses Number of Investments September 30, 2022 Held to Maturity: U.S. treasuries $ 35,413 1,727 4 $ — $ — — U.S. government agencies 54,811 $ 12,853 9 — — — Residential mortgage-backed agencies 18,794 1,992 33 6,730 1,928 3 Commercial mortgage-backed agencies 18,640 4,378 3 — — — Collateralized mortgage obligations 48,840 9,622 8 — — — Obligations of states and political subdivisions 2,162 705 1 — — — Total held to maturity $ 178,660 $ 31,277 58 $ 6,730 $ 1,928 3 Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Number of Investments Fair Value Unrealized Losses Number of Investments December 31, 2021 Available for Sale: U.S. government agencies $ 23,577 $ 122 3 $ 33,972 $ 2,377 6 Residential mortgage-backed agencies 29,507 257 3 19,154 712 2 Commercial mortgage-backed agencies 32,177 787 4 5,211 214 1 Collateralized mortgage obligations 24,322 649 5 43,076 2,376 5 Obligations of states and political subdivisions 3,046 6 1 — — — Collateralized debt obligations — — — 10,468 1,529 5 Total available for sale $ 112,629 $ 1,821 16 $ 111,881 $ 7,208 19 Less than 12 months 12 months or more (in thousands) Fair Value Unrecognized Losses Number of Investments Fair Value Unrecognized Losses Number of Investments December 31, 2021 Held to Maturity: Residential mortgage-backed agencies $ 7,395 $ 291 6 $ 2,782 $ 145 1 Total held to maturity $ 7,395 $ 291 6 $ 2,782 $ 145 1 |
Non-Cash OTTI Credit Losses Recognized in Earnings | Nine Months Ended September 30, (in thousands) 2022 2021 Balance of credit-related OTTI at January 1 $ 2,043 $ 2,244 Reduction for increases in cash flows expected to be collected (152) (151) Balance of credit-related OTTI at September 30 $ 1,891 $ 2,093 Three Months Ended September 30, (in thousands) 2022 2021 Balance of credit-related OTTI at July 1 $ 1,942 $ 2,143 Reduction for increases in cash flows expected to be collected (51) (50) Balance of credit-related OTTI at September 30 $ 1,891 $ 2,093 |
Amortized Cost and Fair Values Classified by Contractual Maturity Date | September 30, 2022 (in thousands) Amortized Cost Fair Value Available for Sale: Due after one year through five years $ 8,364 $ 7,865 Due after five years through ten years 6,197 5,572 Due after ten years 27,347 23,556 41,908 36,993 Residential mortgage-backed agencies 45,899 37,734 Commercial mortgage-backed agencies 37,766 31,611 Collateralized mortgage obligations 26,336 21,701 Total available for sale $ 151,909 $ 128,039 Held to Maturity: Due after one year through five years $ 49,640 $ 46,582 Due after five years through ten years 32,986 26,924 Due after ten years 44,803 39,142 127,429 112,648 Residential mortgage-backed agencies 29,536 25,617 Commercial mortgage-backed agencies 23,018 18,640 Collateralized mortgage obligations 58,462 48,840 Total held to maturity $ 238,445 $ 205,745 |
Loans And Related Allowances Fo
Loans And Related Allowances For Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Loans And Related Allowances For Loan Losses [Abstract] | |
Loan Portfolio Segments | (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Total September 30, 2022 Individually evaluated for impairment $ 2,223 $ 369 $ — $ 2,376 $ 45 $ 5,013 Collectively evaluated for impairment 435,750 82,738 269,004 424,717 60,702 1,272,911 Total loans $ 437,973 $ 83,107 $ 269,004 $ 427,093 $ 60,747 $ 1,277,924 December 31, 2021 Individually evaluated for impairment $ 2,365 $ 629 $ 90 $ 2,644 $ — $ 5,728 Collectively evaluated for impairment 371,926 127,448 180,886 402,042 65,657 1,147,959 Total loans $ 374,291 $ 128,077 $ 180,976 $ 404,686 $ 65,657 $ 1,153,687 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | (in thousands) Pass Special Mention Substandard Total September 30, 2022 Commercial real estate Non owner-occupied $ 223,907 $ 6,371 $ 12,114 $ 242,392 All other CRE 188,707 2,278 4,596 195,581 Acquisition and development 1-4 family residential construction 23,926 — — 23,926 All other A&D 59,029 — 152 59,181 Commercial and industrial 244,883 4,589 19,532 269,004 Residential mortgage Residential mortgage - term 360,669 — 5,217 365,886 Residential mortgage - home equity 60,561 — 646 61,207 Consumer 60,557 — 190 60,747 Total $ 1,222,239 $ 13,238 $ 42,447 $ 1,277,924 December 31, 2021 Commercial real estate Non owner-occupied $ 173,299 $ 12,987 $ 6,077 $ 192,363 All other CRE 174,395 2,357 5,176 181,928 Acquisition and development 1-4 family residential construction 19,924 — — 19,924 All other A&D 107,532 218 403 108,153 Commercial and industrial 161,429 5,071 14,476 180,976 Residential mortgage Residential mortgage - term 338,832 — 5,624 344,456 Residential mortgage - home equity 59,533 — 697 60,230 Consumer 65,557 — 100 65,657 Total $ 1,100,501 $ 20,633 $ 32,553 $ 1,153,687 |
Loan Portfolio Summarized by the Past Due Status | (in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days+ Past Due Total Past Due and Accruing Non- Accrual Total Loans September 30, 2022 Commercial real estate Non owner-occupied $ 242,304 $ — $ — $ 88 $ 88 $ — $ 242,392 All other CRE 195,518 — — — — 63 195,581 Acquisition and development 1-4 family residential construction 23,926 — — — — — 23,926 All other A&D 58,945 69 15 — 84 152 59,181 Commercial and industrial 268,900 104 — — 104 — 269,004 Residential mortgage Residential mortgage - term 362,110 29 1,961 429 2,419 1,357 365,886 Residential mortgage - home equity 60,553 233 71 23 327 327 61,207 Consumer 60,325 297 52 29 378 44 60,747 Total $ 1,272,581 $ 732 $ 2,099 $ 569 $ 3,400 $ 1,943 $ 1,277,924 December 31, 2021 Commercial real estate Non owner-occupied $ 192,363 $ — $ — $ — $ — $ — $ 192,363 All other CRE 181,847 — — — — 81 181,928 Acquisition and development 1-4 family residential construction 19,924 — — — — — 19,924 All other A&D 107,763 — — — — 390 108,153 Commercial and industrial 180,676 132 78 — 210 90 180,976 Residential mortgage Residential mortgage - term 340,429 159 2,222 148 2,529 1,498 344,456 Residential mortgage - home equity 59,485 238 104 — 342 403 60,230 Consumer 65,208 268 29 152 449 — 65,657 Total $ 1,147,695 $ 797 $ 2,433 $ 300 $ 3,530 $ 2,462 $ 1,153,687 |
Primary Segments of the Allowance for Loan Loss | (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total September 30, 2022 Individually evaluated $ — $ — $ — $ 26 $ 4 $ — $ 30 Collectively evaluated $ 6,356 $ 1,499 $ 3,402 $ 2,951 $ 873 $ 430 $ 15,511 Total ALL $ 6,356 $ 1,499 $ 3,402 $ 2,977 $ 877 $ 430 $ 15,541 December 31, 2021 Individually evaluated $ — $ — $ 28 $ 36 $ — $ — $ 64 Collectively evaluated $ 6,032 $ 2,615 $ 2,432 $ 3,448 $ 934 $ 430 $ 15,891 Total ALL $ 6,032 $ 2,615 $ 2,460 $ 3,484 $ 934 $ 430 $ 15,955 |
Impaired Loans and Related Interest Income by Loan Portfolio Class | Impaired Loans with Specific Allowance Impaired Loans with No Specific Allowance Total Impaired Loans (in thousands) Recorded Investment Related Allowances Recorded Investment Recorded Investment (1) Unpaid Principal Balance September 30, 2022 Commercial real estate Non owner-occupied $ — $ — $ 102 $ 102 $ 102 All other CRE — — 2,121 2,121 2,121 Acquisition and development 1-4 family residential construction — — 217 217 217 All other A&D — — 152 152 261 Commercial and industrial — — — — — Residential mortgage Residential mortgage – term 264 26 1,786 2,050 2,091 Residential mortgage – home equity — — 326 326 326 Consumer 23 4 22 45 45 Total impaired loans $ 287 $ 30 $ 4,726 $ 5,013 $ 5,163 December 31, 2021 Commercial real estate Non owner-occupied $ — $ — $ 106 $ 106 $ 106 All other CRE — — 2,259 2,259 2,259 Acquisition and development 1-4 family residential construction — — 239 239 239 All other A&D — — 390 390 1,599 Commercial and industrial 90 28 — 90 2,304 Residential mortgage Residential mortgage – term 344 31 1,897 2,241 2,302 Residential mortgage – home equity 46 5 357 403 422 Consumer — — — — — Total impaired loans $ 480 $ 64 $ 5,248 $ 5,728 $ 9,231 (1) Recorded investment consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and cost. |
Allowance for Loan Losses Summarized by Loan Portfolio Segments | The following tables present the activity in the ALL for the nine and three month periods ended September 30, 2022 and 2021: Nine months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ALL balance at January 1, 2022 $ 6,032 $ 2,615 $ 2,460 $ 3,484 $ 934 $ 430 $ 15,955 Charge-offs — (20) (134) (34) (726) — (914) Recoveries 1 21 92 172 117 — 403 Provision 323 (1,117) 984 (645) 552 — 97 ALL balance at September 30, 2022 $ 6,356 $ 1,499 $ 3,402 $ 2,977 $ 877 $ 430 $ 15,541 ALL balance at January 1, 2021 $ 5,543 $ 2,339 $ 2,584 $ 5,150 $ 370 $ 500 $ 16,486 Charge-offs — (85) — (141) (266) — (492) Recoveries — 172 511 49 112 — 844 Provision 1,183 484 (695) (1,460) 626 (70) 68 ALL balance at September 30, 2021 $ 6,726 $ 2,910 $ 2,400 $ 3,598 $ 842 $ 430 $ 16,906 Three months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ALL balance at July 1, 2022 $ 6,220 $ 2,172 $ 2,830 $ 3,112 $ 973 $ 430 $ 15,737 Charge-offs — (20) (82) (1) (181) — (284) Recoveries — 1 83 71 41 — 196 Provision 136 (654) 571 (205) 44 — (108) ALL balance at September 30, 2022 $ 6,356 $ 1,499 $ 3,402 $ 2,977 $ 877 $ 430 $ 15,541 ALL balance at July 1, 2021 $ 5,675 $ 2,500 $ 2,944 $ 4,859 $ 590 $ 500 $ 17,068 Charge-offs — (4) — (59) (91) — (154) Recoveries — 62 473 20 34 — 589 Provision 1,051 352 (1,017) (1,222) 309 (70) (597) ALL balance at September 30, 2021 $ 6,726 $ 2,910 $ 2,400 $ 3,598 $ 842 $ 430 $ 16,906 |
Average of Impaired Loans and Related Interest Income by Loan Portfolio Class | Nine months ended Nine months ended September 30, 2022 September 30, 2021 (in thousands) Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Commercial real estate Non owner-occupied $ 104 $ 9 $ — $ 3,518 $ 9 $ — All other CRE 2,189 67 — 2,984 95 — Acquisition and development 1-4 family residential construction 228 10 — 256 9 — All other A&D 325 — — 599 9 — Commercial and industrial 23 — — — — — Residential mortgage Residential mortgage – term 2,138 36 15 2,642 56 5 Residential mortgage – home equity 364 — — 449 — — Consumer 19 — — 17 — — Total $ 5,390 $ 122 $ 15 $ 10,465 $ 178 $ 5 Three months ended Three months ended September 30, 2022 September 30, 2021 (in thousands) Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Commercial real estate Non owner-occupied $ 103 $ 3 $ — $ 4,631 $ 3 $ — All other CRE 2,143 22 — 2,787 26 — Acquisition and development 1-4 family residential construction 221 3 — 249 3 — All other A&D 264 — — 602 3 — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term 2,049 12 10 2,500 17 — Residential mortgage – home equity 331 — — 451 — — Consumer 39 — 9 — — Total $ 5,150 $ 40 $ 10 $ 11,229 $ 52 $ — |
Troubled Debt Restructuring | Temporary Rate Modification Extension of Maturity Modification of Payment and Other Terms (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Nine months ended September 30, 2021 Commercial real estate Non owner-occupied — $ — 1 $ 109 — $ — All other CRE — — — — — — Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — 1 202 — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term — — 1 215 — — Residential mortgage – home equity — — — — — — Consumer — — — — — — Total — $ — 3 $ 526 — $ — Temporary Rate Modification Extension of Maturity Modification of Payment and Other Terms (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Three months ended September 30, 2021 Commercial real estate Non owner-occupied — $ — — $ — — $ — All other CRE — — — — — — Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — 1 202 — — Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term — — 1 215 — — Residential mortgage – home equity — — — — — — Consumer — — — — — — Total — $ — 2 $ 417 — $ — |
Other Real Estate Owned, Net (T
Other Real Estate Owned, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Real Estate Owned, Net [Abstract] | |
Components of OREO, Net of Related Valuation Allowance | (in thousands) September 30, 2022 December 31, 2021 Acquisition and development $ 4,670 $ 4,477 Residential mortgage 63 — Total OREO, net $ 4,733 $ 4,477 |
Schedule of Activity in OREO Valuation Allowance | Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Balance beginning of period $ 453 $ 1,010 $ 453 $ 543 Fair value adjustment — (160) — — Sales of OREO — (396) — (89) Balance at end of period $ 453 $ 454 $ 453 $ 454 |
Schedule of Components of OREO Expenses, Net | Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Gains on sale of real estate, net $ — $ (594) $ — $ 2 Fair value adjustment, net — (160) — — Expenses, net 378 345 129 150 Rental and other income (3) (51) (1) (2) Total OREO expenses/(income), net $ 375 $ (460) $ 128 $ 150 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | (in thousands) Fair Value at September 30, 2022 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 15,882 Discounted Cash Flow Discount Margin Range of low to mid 300 and low to high 400 Non-recurring: Impaired Loans, net $ 128 Market Comparable Properties Marketability Discount N/A Equity Investment $ 1,052 Market Method Revenue Multiples 2.8x (in thousands) Fair Value at December 31, 2021 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 17,192 Discounted Cash Flow Discount Rate Libor + 3.25% Non-recurring: Impaired Loans, net $ 408 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg Equity Investment $ 590 Market Method Revenue Multiples 2.8x Other Real Estate Owned $ 349 Market Comparable Properties Marketability Discount 15.0% (1) Range would include discounts taken since appraisal and estimated values |
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | Fair Value Measurements at September 30, 2022 Using Quoted Prices in Significant Assets Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 09/30/22 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 9,447 $ 9,447 Residential mortgage-backed agencies $ 37,734 $ 37,734 Commercial mortgage-backed agencies $ 31,611 $ 31,611 Collateralized mortgage obligations $ 21,701 $ 21,701 Obligations of states and political subdivisions $ 10,744 $ 10,744 Corporate bonds $ 920 $ 920 Collateralized debt obligations $ 15,882 $ 15,882 Financial derivatives $ 1,171 $ 1,171 Non-recurring: Impaired loans, net $ 128 $ 128 Equity Investment $ 1,052 $ 1,052 Other real estate owned $ — $ — Fair Value Measurements at December 31, 2021 Using Quoted Prices in Significant Assets/(liabilities) Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 12/31/21 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 67,169 $ 67,169 Residential mortgage-backed agencies $ 48,661 $ 48,661 Commercial mortgage-backed agencies $ 50,868 $ 50,868 Collateralized mortgage obligations $ 90,077 $ 90,077 Obligations of states and political subdivisions $ 12,804 $ 12,804 Collateralized debt obligations $ 17,192 $ 17,192 Financial derivatives $ (453) $ (453) Non-recurring: Impaired loans, net $ 408 $ 408 Equity investment $ 590 $ 590 Other real estate owned $ 349 $ 349 |
Reconciliation of Fair Valued Assets Measured on a Recurring Basis | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment Securities (in thousands) Available for Sale Beginning balance January 1, 2022 $ 17,192 Total losses realized/unrealized: Included in other comprehensive loss (1,310) Ending balance September 30, 2022 $ 15,882 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance July 1, 2022 $ 16,258 Total gains realized/unrealized: Included in other comprehensive income (376) Ending balance September 30, 2022 $ 15,882 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment Securities (in thousands) Available for Sale Beginning balance January 1, 2021 $ 13,260 Total losses realized/unrealized: Included in other comprehensive loss 3,832 Ending balance September 30, 2021 $ 17,092 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance July 1, 2021 $ 16,230 Total losses realized/unrealized: Included in other comprehensive income 862 Ending balance September 30, 2021 $ 17,092 |
Fair Value by Balance Sheet Grouping | September 30, 2022 Fair Value Measurements Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 28,888 $ 28,888 $ 28,888 Interest bearing deposits in banks 1,868 1,868 1,868 Investment securities - AFS 128,039 128,039 $ 112,157 $ 15,882 Investment securities - HTM 238,445 205,745 185,484 20,261 Restricted bank stock 1,027 N/A Loans, net 1,262,173 1,186,783 1,186,783 Financial derivatives 1,171 1,171 1,171 Accrued interest receivable 5,157 5,157 751 4,406 Financial Liabilities: Deposits - non-maturity 1,386,816 1,386,816 1,386,816 Deposits - time deposits 124,302 124,217 124,217 Short-term borrowed funds 89,726 89,726 89,726 Long-term borrowed funds 30,929 30,928 30,928 Accrued interest payable 104 104 104 Off balance sheet financial instruments — — — December 31, 2021 Fair Value Measurements Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 109,823 $ 109,823 $ 109,823 Interest bearing deposits in banks 5,897 5,897 5,897 Investment securities - AFS 286,771 286,771 $ 269,579 $ 17,192 Investment securities - HTM 56,259 65,369 36,448 28,921 Restricted bank stock 1,029 1,029 1,029 Loan held for sale 67 67 67 Loans, net 1,137,440 1,122,671 1,122,671 Accrued interest receivable 4,821 4,821 4,821 Financial Liabilities: Deposits - non-maturity 1,306,145 1,306,145 1,306,145 Deposits - time deposits 163,229 163,961 163,961 Financial derivatives 453 453 453 Short-term borrowed funds 57,699 57,699 57,699 Long-term borrowed funds 30,929 31,085 31,085 Accrued interest payable 137 137 137 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Investment Investment securities- securities- Investment with OTTI all other securities- Cash Flow Pension (in thousands) AFS AFS HTM Hedge Plan SERP Total Accumulated OCL, net: Balance - January 1, 2021 $ (3,277) $ (25) $ (315) $ (954) $ (22,630) $ (1,662) $ (28,863) Other comprehensive income/(loss) before reclassifications 2,475 (5,611) — 635 3,431 (521) 409 Amounts reclassified from accumulated other comprehensive loss (147) (113) 181 — 1,091 128 1,140 Balance - December 31, 2021 $ (949) $ (5,749) $ (134) $ (319) $ (18,108) $ (2,055) $ (27,314) Other comprehensive income/(loss) before reclassifications 103 (1,843) (6,100) 614 (2,651) — (9,877) Amounts reclassified from accumulated other comprehensive loss (37) (2) 69 — 204 50 284 Balance - March 31, 2022 $ (883) $ (7,594) $ (6,165) $ 295 $ (20,555) $ (2,005) $ (36,907) Other comprehensive income/(loss) before reclassifications (582) (3,924) — 182 (5,069) — (9,393) Amounts reclassified from accumulated other comprehensive loss (37) — 168 — 204 49 384 Balance - June 30, 2022 $ (1,502) $ (11,518) $ (5,997) $ 477 $ (25,420) $ (1,956) $ (45,916) Other comprehensive (146) (4,957) — 392 (2,592) — (7,303) Amounts reclassified from (37) — 167 — 205 50 385 Balance - September 30, 2022 $ (1,685) $ (16,475) $ (5,830) $ 869 $ (27,807) $ (1,906) $ (52,834) |
Components of Comprehensive Income | Before Tax Components of Other Comprehensive Loss Tax (Expense) (in thousands) Amount Benefit Net For the nine months ended September 30, 2022 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (853) $ 228 $ (625) Less: accretable yield recognized in income 152 (41) 111 Net unrealized losses on investments with OTTI (1,005) 269 (736) Available for sale securities – all other: Unrealized holding losses (22,971) 6,147 (16,824) Unrealized holding losses on securities transferred from available for sale to held to maturity 8,328 (2,228) 6,100 Less: gains recognized in income 3 (1) 2 Net unrealized losses on all other AFS securities (14,646) 3,920 (10,726) Held to maturity securities: Unrealized holding losses on securities transferred to held to maturity (8,328) 2,228 (6,100) Less: gains recognized in income 93 (25) 68 Less: amortization recognized in income (644) 172 (472) Net unrealized losses on HTM securities (7,777) 2,081 (5,696) Cash flow hedges: Unrealized holding gains 1,622 (434) 1,188 Pension Plan: Unrealized net actuarial loss (14,079) 3,767 (10,312) Less: amortization of unrecognized loss (837) 224 (613) Net pension plan liability adjustment (13,242) 3,543 (9,699) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (203) 54 (149) Net SERP liability adjustment 203 (54) 149 Other comprehensive loss $ (34,845) $ 9,325 $ (25,520) Before Tax Components of Other Comprehensive Income Tax (Expense) (in thousands) Amount Benefit Net For the nine months ended September 30, 2021 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ 3,274 $ (877) $ 2,397 Less: accretable yield recognized in income 151 (40) 111 Net unrealized gains on investments with OTTI 3,123 (837) 2,286 Available for sale securities – all other: Unrealized holding losses (5,035) 1,349 (3,686) Less: gains recognized in income 154 (41) 113 Net unrealized losses on all other AFS securities (5,189) 1,390 (3,799) Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income (54) 14 (40) Less: amortization recognized in income (96) 26 (70) Net unrealized gains on HTM securities 150 (40) 110 Cash flow hedges: Unrealized holding gains 615 (165) 450 Pension Plan: Unrealized net actuarial gain 139 (37) 102 Less: amortization of unrecognized loss (1,116) 299 (817) Net pension plan liability adjustment 1,255 (336) 919 SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (226) 60 (166) Less: amortization of prior service costs 1 — 1 Net SERP liability adjustment 225 (60) 165 Other comprehensive income $ 179 $ (48) $ 131 Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended September 30, 2022 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (199) $ 53 $ (146) Less: accretable yield recognized in income 51 (14) 37 Net unrealized losses on investments with OTTI (250) 67 (183) Available for sale securities – all other: Unrealized holding losses (6,768) 1,811 (4,957) Less: gains recognized in income — — — Net unrealized losses on all other AFS securities (6,768) 1,811 (4,957) Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income 93 (25) 68 Less: amortization recognized in income (320) 85 (235) Net unrealized gains on HTM securities 227 (60) 167 Cash flow hedges: Unrealized holding gains 534 (142) 392 Pension Plan: Unrealized net actuarial loss (3,537) 945 (2,592) Less: amortization of unrecognized loss (279) 74 (205) Net pension plan liability adjustment (3,258) 871 (2,387) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (68) 18 (50) Net SERP liability adjustment 68 (18) 50 Other comprehensive loss $ (9,447) $ 2,529 $ (6,918) Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended September 30, 2021 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ 751 $ (201) $ 550 Less: accretable yield recognized in income 50 (13) 37 Net unrealized gains on investments with OTTI 701 (188) 513 Available for sale securities – all other: Unrealized holding losses (708) 190 (518) Less: gains recognized in income — — — Net unrealized losses on all other AFS securities (708) 190 (518) Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income (54) 14 (40) Less: amortization recognized in income 12 (3) 9 Net unrealized gains on HTM securities 42 (11) 31 Cash flow hedges: Unrealized holding gains 108 (29) 79 Pension Plan: Unrealized net actuarial loss (951) 254 (697) Less: amortization of unrecognized loss (372) 99 (273) Less: amortization of prior service costs — — — Net pension plan liability adjustment (579) 155 (424) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (76) 20 (56) Less: amortization of prior service costs 1 — 1 Net SERP liability adjustment 75 (20) 55 Other comprehensive loss $ (361) $ 97 $ (264) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the nine and three month periods ended September 30, 2022 and 2021: Amounts Reclassified from Nine Months Ended Accumulated Other Comprehensive Loss September 30, Affected Line Item in the Statement (in thousands) 2022 2021 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable yield $ 152 $ 151 Interest income on taxable investment securities Taxes (41) (40) Provision for income tax expense $ 111 $ 111 Net of tax Net unrealized gains on available for sale investment securities - all others: Gains recognized $ 3 $ 154 Net gains Taxes (1) (41) Provision for income tax expense $ 2 $ 113 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (644) $ (96) Interest income on taxable investment securities Gains/(losses) recognized 93 (54) Net gains/(losses) Taxes 147 40 Provision for income tax expense $ (404) $ (110) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (837) $ (1,116) Other Expense Taxes 224 299 Provision for income tax expense $ (613) $ (817) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (203) $ (226) Other Expense Amortization of prior service costs — 1 Salaries and employee benefits Taxes 54 60 Provision for income tax expense $ (149) $ (165) Net of tax Total reclassifications for the period $ (1,053) $ (868) Net of tax Amounts Reclassified from Three Months Ended Accumulated Other Comprehensive Loss September 30, Affected Line Item in the Statement (in thousands) 2022 2021 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable Yield $ 51 $ 50 Interest income on taxable investment securities Taxes (14) (13) Provision for income tax expense $ 37 $ 37 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (320) $ 12 Interest income on taxable investment securities Gains/(losses) recognized 93 (54) Net gains/(losses) Taxes 60 11 Provision for income tax expense $ (167) $ (31) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (279) $ (372) Other expense Amortization of prior service costs — — Salaries and employee benefits Taxes 74 99 Provision for income tax expense $ (205) $ (273) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (68) $ (76) Other expense Amortization of prior service costs — 1 Salaries and employee benefits Taxes 18 20 Provision for income tax expense $ (50) $ (55) Net of tax Total reclassifications for the period $ (385) $ (322) Net of tax |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Pension [Member] | |
Components of Net Periodic Pension Plan Cost | Nine Months Ended Three Months Ended Pension Plan September 30, September 30, (in thousands) 2022 2021 2022 2021 Service cost $ 42 $ 117 $ 14 $ 39 Interest cost 1,152 1,066 384 355 Expected return on assets (2,858) (2,677) (953) (892) Amortization of net actuarial loss 837 1,116 279 372 Net pension credit included in employee benefits and other expense $ (827) $ (378) $ (276) $ (126) |
SERP [Member] | |
Components of Net Periodic Pension Plan Cost | Nine Months Ended Three Months Ended Defined Benefit SERP September 30, September 30, (in thousands) 2022 2021 2022 2021 Service cost $ 124 $ 104 $ 41 $ 35 Interest cost 215 179 72 60 Amortization of recognized loss 203 226 68 75 Amortization of prior service cost — (1) — — Net Defined Benefit SERP expense included in employee benefits and other expense $ 542 $ 508 $ 181 $ 170 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Financial Instruments [Abstract] | |
Impact Of Derivative Financial Instruments | Derivative in Cash Flow Hedging Relationships Amount of gain or (loss) recognized in Amount of gain or Amount of gain or income or derivative (loss) recognized in (loss) reclassified from (ineffective portion OCI on derivative accumulated OCI into and amount excluded (effective portion), income (effective from effectiveness (in thousands) net of tax portion) (a) testing) (b) Interest rate contracts: Nine months ended: September 30, 2022 $ 1,188 $ — $ — September 30, 2021 450 — — Three months ended: September 30, 2022 $ 392 $ — $ — September 30, 2021 79 — — Notes: (a) Reported as interest expense (b) Reported as other income |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition [Abstract] | |
Schedule of Noninterest Income Segregated by Revenue Streams In-Scope and Out-of-Scope of Topic 606 | Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Noninterest income In-scope of Topic 606: Service charges on deposit accounts $ 1,451 $ 1,292 $ 523 $ 475 Other service charges 686 664 241 232 Trust department 6,238 6,441 2,005 2,166 Debit card income 2,922 2,623 1,053 900 Brokerage commissions 805 854 272 229 Noninterest income (in-scope of Topic 606) 12,102 11,874 4,094 4,002 Noninterest income (out-of-scope of Topic 606) 1,297 1,308 510 521 Total Noninterest Income $ 13,399 $ 13,182 $ 4,604 $ 4,523 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | September 30, 2022 December 31, 2021 Required for Capital Adequacy Purposes Required to be Well Capitalized Total Capital (to risk-weighted assets) First United Bank & Trust 14.49 % 14.97 % 8.00 % 10.00 % Tier 1 Capital (to risk-weighted assets) First United Bank & Trust 13.36 % 13.72 % 6.00 % 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) First United Bank & Trust 13.36 % 13.72 % 4.50 % 6.50 % Tier 1 Capital (to average assets) First United Bank & Trust 10.33 % 10.00 % 4.00 % 5.00 % |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Borrowed Funds [Abstract] | |
Summary of Short-term Borrowings | The following is a summary of short-term borrowings with original maturities of less than one year: (Dollars in thousands) Nine Months Ended September 30, 2022 Year Ended December 31, 2021 Overnight borrowings, weighted average interest rate of $ 20,000 $ — Securities sold under agreements to repurchase: Outstanding at end of period $ 69,726 $ 57,699 Weighted average interest rate at end of period 0.13% 0.15% Maximum amount outstanding as of any month end $ 75,912 $ 72,396 Average amount outstanding $ 60,839 $ 57,697 Approximate weighted average rate during the period 0.12% 0.15% |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Shares of common stock outstanding | 6,669,000 | 6,624,000 | 6,655,000 | 6,746,000 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive shares excluded from computation of earnings per share | 0 | 0 |
Earnings Per Common Share (Basi
Earnings Per Common Share (Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Common Share [Abstract] | ||||||||
Net Income | $ 6,936 | $ 5,428 | $ 5,715 | $ 4,388 | $ 4,403 | $ 3,430 | $ 18,079 | $ 12,221 |
Basic Earnings Per Share: Average Shares | 6,658 | 6,617 | 6,645 | 6,741 | ||||
Diluted Earnings Per Share: Average Shares, adjustment | 11 | 7 | 10 | 5 | ||||
Weighted Average Number of Shares Outstanding, Diluted, Total | 6,669 | 6,624 | 6,655 | 6,746 | ||||
Basic Earnings Per Share Amount | $ 1.04 | $ 0.66 | $ 2.72 | $ 1.81 | ||||
Diluted Earnings Per Share Amount | $ 1.04 | $ 0.66 | $ 2.72 | $ 1.81 |
Investments (Unrealized Gain (L
Investments (Unrealized Gain (Loss) on Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 151,909 | $ 294,992 |
Gross Unrealized Gains | 1 | 808 |
Gross Unrealized Losses | 23,871 | 9,029 |
Fair Value | 128,039 | 286,771 |
OTTI in AOCL | (1,664) | (660) |
Held-to-maturity Amortized cost | 238,445 | 56,259 |
Held-to-maturity Gross Unrealized Gains | 505 | 9,546 |
Held-to-maturity Gross Unrealized Losses | 33,205 | 436 |
Fair Value | 205,745 | 65,369 |
US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity Amortized cost | 37,140 | |
Held-to-maturity Gross Unrealized Losses | 1,727 | |
Fair Value | 35,413 | |
U.S. government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 11,052 | 69,602 |
Gross Unrealized Gains | 66 | |
Gross Unrealized Losses | 1,605 | 2,499 |
Fair Value | 9,447 | 67,169 |
Held-to-maturity Amortized cost | 67,665 | |
Held-to-maturity Gross Unrealized Losses | 12,853 | |
Fair Value | 54,812 | |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 45,899 | 49,630 |
Gross Unrealized Losses | 8,165 | 969 |
Fair Value | 37,734 | 48,661 |
Held-to-maturity Amortized cost | 29,536 | 30,634 |
Held-to-maturity Gross Unrealized Gains | 1 | 649 |
Held-to-maturity Gross Unrealized Losses | 3,920 | 436 |
Fair Value | 25,617 | 30,847 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 37,766 | 51,694 |
Gross Unrealized Gains | 175 | |
Gross Unrealized Losses | 6,155 | 1,001 |
Fair Value | 31,611 | 50,868 |
Held-to-maturity Amortized cost | 23,018 | 5,456 |
Held-to-maturity Gross Unrealized Gains | 145 | |
Held-to-maturity Gross Unrealized Losses | 4,378 | |
Fair Value | 18,640 | 5,601 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 26,336 | 93,018 |
Gross Unrealized Gains | 84 | |
Gross Unrealized Losses | 4,635 | 3,025 |
Fair Value | 21,701 | 90,077 |
Held-to-maturity Amortized cost | 58,462 | |
Held-to-maturity Gross Unrealized Losses | 9,622 | |
Fair Value | 48,840 | |
Obligations of states and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 11,208 | 12,439 |
Gross Unrealized Gains | 1 | 371 |
Gross Unrealized Losses | 465 | 6 |
Fair Value | 10,744 | 12,804 |
Held-to-maturity Amortized cost | 22,624 | 20,169 |
Held-to-maturity Gross Unrealized Gains | 504 | 8,752 |
Held-to-maturity Gross Unrealized Losses | 705 | |
Fair Value | 22,423 | 28,921 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,000 | |
Gross Unrealized Losses | 80 | |
Fair Value | 920 | |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 18,648 | 18,609 |
Gross Unrealized Gains | 112 | |
Gross Unrealized Losses | 2,766 | 1,529 |
Fair Value | 15,882 | 17,192 |
OTTI in AOCL | $ (1,664) | $ (660) |
Investments (Gross Unrealized L
Investments (Gross Unrealized Losses and Fair Values of Securities) (Details) $ in Thousands | Sep. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 68,789 | $ 112,629 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 9,711 | $ 1,821 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 32 | 16 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 58,554 | $ 111,881 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 14,160 | $ 7,208 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 15 | 19 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 178,660 | $ 7,395 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 31,277 | $ 291 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 58 | 6 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 6,730 | $ 2,782 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 1,928 | $ 145 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 3 | 1 |
US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 35,413 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 1,727 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 4 | |
U.S. government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 8,145 | $ 23,577 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 907 | $ 122 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 2 | 3 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 1,302 | $ 33,972 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 698 | $ 2,377 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 1 | 6 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 54,811 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 12,853 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 9 | |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 15,945 | $ 29,507 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 3,065 | $ 257 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 2 | 3 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 21,788 | $ 19,154 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 5,100 | $ 712 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 3 | 2 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 18,794 | $ 7,395 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 1,992 | $ 291 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 33 | 6 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 6,730 | $ 2,782 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 1,928 | $ 145 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 3 | 1 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 13,915 | $ 32,177 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 2,182 | $ 787 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 6 | 4 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 17,697 | $ 5,211 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 3,973 | $ 214 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 4 | 1 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 18,640 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 4,378 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 3 | |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 13,352 | $ 24,322 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 2,860 | $ 649 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 8 | 5 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 8,349 | $ 43,076 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 1,775 | $ 2,376 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 2 | 5 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 48,840 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 9,622 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 8 | |
Obligations of states and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 10,048 | $ 3,046 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 465 | $ 6 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 9 | 1 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 2,162 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 705 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 1 | |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 920 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 80 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 1 | |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 6,464 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 152 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 4 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 9,418 | $ 10,468 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 2,614 | $ 1,529 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 5 | 5 |
Investments (Non-Cash OTTI Cred
Investments (Non-Cash OTTI Credit Losses Recognized in Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments [Abstract] | ||||
Balance of credit-related OTTI, Beginning | $ 1,942 | $ 2,143 | $ 2,043 | $ 2,244 |
Reduction for increases in cash flows expected to be collected | (51) | (50) | (152) | (151) |
Balance of credit-related OTTI, Ending | $ 1,891 | $ 2,093 | $ 1,891 | $ 2,093 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Values Classified by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Amortized Cost: Due after one year through five years | $ 8,364 | |
Amortized Cost: Due after five years through ten years | 6,197 | |
Fair Value: Due after one year through five years | 7,865 | |
Fair Value: Due after five years through ten years | 5,572 | |
Available-for-sale Securities, Amortized Cost Basis | 151,909 | $ 294,992 |
Available-for-sale Securities | 128,039 | 286,771 |
Amortized Cost: Due after one year through five years, Held to maturity | 49,640 | |
Amortized Cost: Due after five years through ten years, Held to maturity | 32,986 | |
Amortized Cost: Due after ten years, Held to maturity | 44,803 | |
Amortized Cost: Held to maturity | 127,429 | |
Fair Value: Due after one year through five years, Held to maturity | 46,582 | |
Fair Value: Due after five years through ten years, Held to maturity | 26,924 | |
Fair Value: Due after ten years, Held to maturity | 39,142 | |
Fair value: Held to maturity | 112,648 | |
Held-to-maturity Securities | 238,445 | 56,259 |
Held-to-maturity securities, fair value | 205,745 | 65,369 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost: Due after ten years | 27,347 | |
Fair Value: Due after ten years | 23,556 | |
Available-for-sale Securities, Amortized Cost Basis | 45,899 | 49,630 |
Available-for-sale Securities | 37,734 | 48,661 |
Held-to-maturity Securities | 29,536 | 30,634 |
Held-to-maturity securities, fair value | 25,617 | 30,847 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available For Sale Debt Maturities Amortized Cost Sub Total | 41,908 | |
Available for sale debt maturities fair value sub total | 36,993 | |
Available-for-sale Securities, Amortized Cost Basis | 37,766 | 51,694 |
Available-for-sale Securities | 31,611 | 50,868 |
Held-to-maturity Securities | 23,018 | 5,456 |
Held-to-maturity securities, fair value | 18,640 | 5,601 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 26,336 | 93,018 |
Available-for-sale Securities | 21,701 | $ 90,077 |
Held-to-maturity Securities | 58,462 | |
Held-to-maturity securities, fair value | $ 48,840 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | Feb. 01, 2022 | Sep. 30, 2022 |
Investments [Abstract] | ||
Transfer to Held-to-maturity | $ 139 | |
Net unrealized (losses)/gains on all other AFS securities | 8.4 | |
Gain (loss) on transfer to Held-to-maturity | $ 0 | |
Available-for-sale securities pledged as collateral | $ 85.4 |
Loans And Related Allowances _2
Loans And Related Allowances For Loan Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) contract | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) contract | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||||||
Allowance for loan losses | $ 15,541,000 | $ 16,906,000 | $ 15,737,000 | $ 15,541,000 | $ 16,906,000 | $ 15,955,000 | $ 17,068,000 | $ 16,486,000 | |
Nonaccrual loans | 1,943,000 | 1,943,000 | 2,462,000 | ||||||
Financing receivable, modifications, subsequent default, recorded investment | 0 | 0 | 0 | 0 | |||||
Substandard [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Increase (decrease) in loans and leases receivable net of deferred income | $ 9,900,000 | ||||||||
Partial Charge Off [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Nonaccrual loans | 200,000 | 200,000 | 500,000 | ||||||
Troubled Debt Restructuring [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Allowance for loan losses | 100,000 | $ 100,000 | $ 400,000 | ||||||
Financing receivable, modifications, number of contracts | contract | 12 | 12 | |||||||
Financing receivable, modifications, recorded investment | 3,100,000 | $ 3,100,000 | $ 3,300,000 | ||||||
Commercial real estate- all other CRE [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Nonaccrual loans | $ 63,000 | 63,000 | 81,000 | ||||||
Acquisition and development- 1-4 family residential construction [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Loans in process of foreclosure | $ 200,000 | ||||||||
Percentage of loan portfolio accruing loans excluding PPP loans past due 30 days or more | 0.27% | ||||||||
Percentage Of Loan Portfolio Accruing Loan Past Due Thirty Days Or More | 0.37% | 0.31% | |||||||
Acquisition and development- All other A&D [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Nonaccrual loans | $ 152,000 | 152,000 | $ 390,000 | ||||||
Commercial and industrial [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Allowance for loan losses | 3,402,000 | 2,400,000 | $ 2,830,000 | 3,402,000 | 2,400,000 | 2,460,000 | 2,944,000 | 2,584,000 | |
Nonaccrual loans | 90,000 | ||||||||
Commercial and industrial [Member] | CARES Act [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
PPP loans | 400,000 | $ 400,000 | $ 7,700,000 | ||||||
PPP loans SBA guarantee percent | 100% | 100% | |||||||
Allowance for loan losses | 0 | $ 0 | $ 0 | ||||||
Residential mortgage- term [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Nonaccrual loans | 1,357,000 | 1,357,000 | 1,498,000 | ||||||
Residential mortgage- home equity [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Nonaccrual loans | 327,000 | 327,000 | 403,000 | ||||||
Consumer [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Allowance for loan losses | 877,000 | $ 842,000 | $ 973,000 | 877,000 | $ 842,000 | $ 934,000 | $ 590,000 | $ 370,000 | |
Nonaccrual loans | $ 44,000 | $ 44,000 |
Loans And Related Allowances _3
Loans And Related Allowances For Loan Losses (Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 5,013 | $ 5,728 |
Collectively evaluated for impairment | 1,272,911 | 1,147,959 |
Total Loans | 1,277,924 | 1,153,687 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,223 | 2,365 |
Collectively evaluated for impairment | 435,750 | 371,926 |
Total Loans | 437,973 | 374,291 |
Acquisition and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 369 | 629 |
Collectively evaluated for impairment | 82,738 | 127,448 |
Total Loans | 83,107 | 128,077 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 90 | |
Collectively evaluated for impairment | 269,004 | 180,886 |
Total Loans | 269,004 | 180,976 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,376 | 2,644 |
Collectively evaluated for impairment | 424,717 | 402,042 |
Total Loans | 427,093 | 404,686 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 45 | |
Collectively evaluated for impairment | 60,702 | 65,657 |
Total Loans | $ 60,747 | $ 65,657 |
Loans And Related Allowances _4
Loans And Related Allowances For Loan Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,277,924 | $ 1,153,687 |
Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 242,392 | 192,363 |
Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 195,581 | 181,928 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 23,926 | 19,924 |
Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 59,181 | 108,153 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 269,004 | 180,976 |
Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 365,886 | 344,456 |
Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 61,207 | 60,230 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 60,747 | 65,657 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,222,239 | 1,100,501 |
Pass [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 223,907 | 173,299 |
Pass [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 188,707 | 174,395 |
Pass [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 23,926 | 19,924 |
Pass [Member] | Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 59,029 | 107,532 |
Pass [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 244,883 | 161,429 |
Pass [Member] | Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 360,669 | 338,832 |
Pass [Member] | Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 60,561 | 59,533 |
Pass [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 60,557 | 65,557 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 13,238 | 20,633 |
Special Mention [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,371 | 12,987 |
Special Mention [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,278 | 2,357 |
Special Mention [Member] | Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 218 | |
Special Mention [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,589 | 5,071 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 42,447 | 32,553 |
Substandard [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 12,114 | 6,077 |
Substandard [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,596 | 5,176 |
Substandard [Member] | Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 152 | 403 |
Substandard [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 19,532 | 14,476 |
Substandard [Member] | Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,217 | 5,624 |
Substandard [Member] | Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 646 | 697 |
Substandard [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 190 | $ 100 |
Loans And Related Allowances _5
Loans And Related Allowances For Loan Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | $ 3,400 | $ 3,530 |
Non-Accrual | 1,943 | 2,462 |
Loans | 1,277,924 | 1,153,687 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 732 | 797 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,099 | 2,433 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 569 | 300 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,272,581 | 1,147,695 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 88 | |
Loans | 242,392 | 192,363 |
Commercial real estate- non owner-occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 88 | |
Commercial real estate- non owner-occupied [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 242,304 | 192,363 |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 63 | 81 |
Loans | 195,581 | 181,928 |
Commercial real estate- all other CRE [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 195,518 | 181,847 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 23,926 | 19,924 |
Acquisition and development- 1-4 family residential construction [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 23,926 | 19,924 |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 84 | |
Non-Accrual | 152 | 390 |
Loans | 59,181 | 108,153 |
Acquisition and development- All other A&D [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 69 | |
Acquisition and development- All other A&D [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 15 | |
Acquisition and development- All other A&D [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 58,945 | 107,763 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 104 | 210 |
Non-Accrual | 90 | |
Loans | 269,004 | 180,976 |
Commercial and industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 104 | 132 |
Commercial and industrial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 78 | |
Commercial and industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 268,900 | 180,676 |
Residential mortgage- term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 2,419 | 2,529 |
Non-Accrual | 1,357 | 1,498 |
Loans | 365,886 | 344,456 |
Residential mortgage- term [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 29 | 159 |
Residential mortgage- term [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,961 | 2,222 |
Residential mortgage- term [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 429 | 148 |
Residential mortgage- term [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 362,110 | 340,429 |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 327 | 342 |
Non-Accrual | 327 | 403 |
Loans | 61,207 | 60,230 |
Residential mortgage- home equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 233 | 238 |
Residential mortgage- home equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 71 | 104 |
Residential mortgage- home equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 23 | |
Residential mortgage- home equity [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 60,553 | 59,485 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 378 | 449 |
Non-Accrual | 44 | |
Loans | 60,747 | 65,657 |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 297 | 268 |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 52 | 29 |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 29 | 152 |
Consumer [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 60,325 | $ 65,208 |
Loans And Related Allowances _6
Loans And Related Allowances For Loan Losses (Primary Segments of the Allowance for Loan Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | $ 30 | $ 64 | ||||
Collectively evaluated for impairment | 15,511 | 15,891 | ||||
Total Allowance For Loan Losses | 15,541 | $ 15,737 | 15,955 | $ 16,906 | $ 17,068 | $ 16,486 |
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Collectively evaluated for impairment | 6,356 | 6,032 | ||||
Total Allowance For Loan Losses | 6,356 | 6,220 | 6,032 | 6,726 | 5,675 | 5,543 |
Acquisition and Development [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Collectively evaluated for impairment | 1,499 | 2,615 | ||||
Total Allowance For Loan Losses | 1,499 | 2,172 | 2,615 | 2,910 | 2,500 | 2,339 |
Commercial and industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 28 | |||||
Collectively evaluated for impairment | 3,402 | 2,432 | ||||
Total Allowance For Loan Losses | 3,402 | 2,830 | 2,460 | 2,400 | 2,944 | 2,584 |
Residential Mortgage [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 26 | 36 | ||||
Collectively evaluated for impairment | 2,951 | 3,448 | ||||
Total Allowance For Loan Losses | 2,977 | 3,112 | 3,484 | 3,598 | 4,859 | 5,150 |
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 4 | |||||
Collectively evaluated for impairment | 873 | 934 | ||||
Total Allowance For Loan Losses | 877 | 973 | 934 | 842 | 590 | 370 |
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Collectively evaluated for impairment | 430 | 430 | ||||
Total Allowance For Loan Losses | $ 430 | $ 430 | $ 430 | $ 430 | $ 500 | $ 500 |
Loans And Related Allowances _7
Loans And Related Allowances For Loan Losses (Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | $ 287 | $ 480 |
Impaired Loans with Specific Allowance: Related Allowance | 30 | 64 |
Impaired Loans with No Specific Allowance: Recorded Investment | 4,726 | 5,248 |
Total Impaired Loans: Recorded Investment | 5,013 | 5,728 |
Unpaid Principal Balance | 5,163 | 9,231 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 102 | 106 |
Total Impaired Loans: Recorded Investment | 102 | 106 |
Unpaid Principal Balance | 102 | 106 |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 2,121 | 2,259 |
Total Impaired Loans: Recorded Investment | 2,121 | 2,259 |
Unpaid Principal Balance | 2,121 | 2,259 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 217 | 239 |
Total Impaired Loans: Recorded Investment | 217 | 239 |
Unpaid Principal Balance | 217 | 239 |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 152 | 390 |
Total Impaired Loans: Recorded Investment | 152 | 390 |
Unpaid Principal Balance | 261 | 1,599 |
Commercial and industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 90 | |
Impaired Loans with Specific Allowance: Related Allowance | 28 | |
Total Impaired Loans: Recorded Investment | 90 | |
Unpaid Principal Balance | 2,304 | |
Residential mortgage- term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 264 | 344 |
Impaired Loans with Specific Allowance: Related Allowance | 26 | 31 |
Impaired Loans with No Specific Allowance: Recorded Investment | 1,786 | 1,897 |
Total Impaired Loans: Recorded Investment | 2,050 | 2,241 |
Unpaid Principal Balance | 2,091 | 2,302 |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 46 | |
Impaired Loans with Specific Allowance: Related Allowance | 5 | |
Impaired Loans with No Specific Allowance: Recorded Investment | 326 | 357 |
Total Impaired Loans: Recorded Investment | 326 | 403 |
Unpaid Principal Balance | 326 | $ 422 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 23 | |
Impaired Loans with Specific Allowance: Related Allowance | 4 | |
Impaired Loans with No Specific Allowance: Recorded Investment | 22 | |
Total Impaired Loans: Recorded Investment | 45 | |
Unpaid Principal Balance | $ 45 |
Loans And Related Allowances _8
Loans And Related Allowances For Loan Losses (Allowance for Loan Losses Summarized by Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
ALL Beginning Balance | $ 15,737 | $ 17,068 | $ 15,955 | $ 16,486 | $ 16,486 |
Charge-offs | (284) | (154) | (914) | (492) | |
Recoveries | 196 | 589 | 403 | 844 | |
Provision for loan losses | (108) | (597) | 97 | 68 | |
ALL Ending Balance | 15,541 | 16,906 | 15,541 | 16,906 | 15,955 |
Commercial Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
ALL Beginning Balance | 6,220 | 5,675 | 6,032 | 5,543 | 5,543 |
Recoveries | 1 | ||||
Provision for loan losses | 136 | 1,051 | 323 | 1,183 | |
ALL Ending Balance | 6,356 | 6,726 | 6,356 | 6,726 | 6,032 |
Acquisition and Development [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
ALL Beginning Balance | 2,172 | 2,500 | 2,615 | 2,339 | 2,339 |
Charge-offs | (20) | (4) | (20) | (85) | |
Recoveries | 1 | 62 | 21 | 172 | |
Provision for loan losses | (654) | 352 | (1,117) | 484 | |
ALL Ending Balance | 1,499 | 2,910 | 1,499 | 2,910 | 2,615 |
Commercial and industrial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
ALL Beginning Balance | 2,830 | 2,944 | 2,460 | 2,584 | 2,584 |
Charge-offs | (82) | (134) | |||
Recoveries | 83 | 473 | 92 | 511 | |
Provision for loan losses | 571 | (1,017) | 984 | (695) | |
ALL Ending Balance | 3,402 | 2,400 | 3,402 | 2,400 | 2,460 |
Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
ALL Beginning Balance | 3,112 | 4,859 | 3,484 | 5,150 | 5,150 |
Charge-offs | (1) | (59) | (34) | (141) | |
Recoveries | 71 | 20 | 172 | 49 | |
Provision for loan losses | (205) | (1,222) | (645) | (1,460) | |
ALL Ending Balance | 2,977 | 3,598 | 2,977 | 3,598 | 3,484 |
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
ALL Beginning Balance | 973 | 590 | 934 | 370 | 370 |
Charge-offs | (181) | (91) | (726) | (266) | |
Recoveries | 41 | 34 | 117 | 112 | |
Provision for loan losses | 44 | 309 | 552 | 626 | |
ALL Ending Balance | 877 | 842 | 877 | 842 | 934 |
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
ALL Beginning Balance | 430 | 500 | 430 | 500 | 500 |
Provision for loan losses | (70) | (70) | |||
ALL Ending Balance | $ 430 | $ 430 | $ 430 | $ 430 | $ 430 |
Loans And Related Allowances _9
Loans And Related Allowances For Loan Losses (Average of Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | $ 5,150 | $ 11,229 | $ 5,390 | $ 10,465 |
Interest income recognized on an accrual basis | 40 | 52 | 122 | 178 |
Interest income recognized on a cash basis | 10 | 15 | 5 | |
Commercial real estate- non owner-occupied [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 103 | 4,631 | 104 | 3,518 |
Interest income recognized on an accrual basis | 3 | 3 | 9 | 9 |
Commercial real estate- all other CRE [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 2,143 | 2,787 | 2,189 | 2,984 |
Interest income recognized on an accrual basis | 22 | 26 | 67 | 95 |
Acquisition and development- 1-4 family residential construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 221 | 249 | 228 | 256 |
Interest income recognized on an accrual basis | 3 | 3 | 10 | 9 |
Acquisition and development- All other A&D [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 264 | 602 | 325 | 599 |
Interest income recognized on an accrual basis | 3 | 9 | ||
Commercial and industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 23 | |||
Residential mortgage- term [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 2,049 | 2,500 | 2,138 | 2,642 |
Interest income recognized on an accrual basis | 12 | 17 | 36 | 56 |
Interest income recognized on a cash basis | 10 | 15 | 5 | |
Residential mortgage- home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | 331 | 451 | 364 | 449 |
Consumer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Investment | $ 39 | $ 9 | $ 19 | $ 17 |
Loans And Related Allowances_10
Loans And Related Allowances For Loan Losses (TDRs) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 USD ($) contract | Sep. 30, 2022 contract | Sep. 30, 2021 USD ($) contract | Dec. 31, 2021 contract | |
Troubled Debt Restructuring [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | 12 | 12 | ||
Extension Of Maturity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | 2 | 3 | ||
Recorded Investment | $ | $ 417 | $ 526 | ||
Commercial real estate- non owner-occupied [Member] | Extension Of Maturity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | 1 | |||
Recorded Investment | $ | $ 109 | |||
Acquisition and development- All other A&D [Member] | Extension Of Maturity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | 1 | 1 | ||
Recorded Investment | $ | $ 202 | $ 202 | ||
Residential mortgage- term [Member] | Extension Of Maturity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of contracts | 1 | 1 | ||
Recorded Investment | $ | $ 215 | $ 215 |
Other Real Estate Owned, Net (C
Other Real Estate Owned, Net (Components of OREO, Net of Related Valuation Allowance) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total OREO, net | $ 4,733 | $ 4,477 |
Acquisition and Development [Member] | ||
Total OREO, net | 4,670 | $ 4,477 |
Residential Mortgage [Member] | ||
Total OREO, net | $ 63 |
Other Real Estate Owned, Net (S
Other Real Estate Owned, Net (Schedule of Activity in OREO Valuation Allowance) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Real Estate Owned, Net [Abstract] | ||||
Balance beginning of period | $ 453 | $ 543 | $ 453 | $ 1,010 |
Fair value write-down | (160) | |||
Sales of OREO | (89) | (396) | ||
Balance at end of period | $ 453 | $ 454 | $ 453 | $ 454 |
Other Real Estate Owned, Net _2
Other Real Estate Owned, Net (Schedule of Components of OREO Expenses, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Real Estate Owned, Net [Abstract] | ||||
Gains on sale of real estate, net | $ 2 | $ (594) | ||
Fair value write-down | (160) | |||
Expenses, net | 129 | 150 | 378 | 345 |
Rental and other income | (1) | (2) | (3) | (51) |
Total OREO expenses, net | $ 128 | $ 150 | $ 375 | $ (460) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Gains or losses included in earnings attributable to the change in realized/unrealized gains or losses related to the assets | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Fair value, assets, level 1 to level 2 transfers, amount | 0 | 0 | 0 | 0 | ||||
Fair value, assets, level 2 to level 1 transfer, amount | 0 | 0 | 0 | 0 | ||||
Provision for loan losses | (108,000) | (597,000) | 97,000 | 68,000 | ||||
Nonaccrual loans | 1,943,000 | 1,943,000 | $ 2,462,000 | |||||
Allowance for loan losses | (15,541,000) | $ (16,906,000) | (15,541,000) | $ (16,906,000) | (15,955,000) | $ (15,737,000) | $ (17,068,000) | $ (16,486,000) |
Loans | 1,277,924,000 | 1,277,924,000 | 1,153,687,000 | |||||
Impaired Loans with Specific Allowance: Recorded Investment | 287,000 | 287,000 | 480,000 | |||||
Impaired Loans with Specific Allowance: Related Allowance | 30,000 | 30,000 | 64,000 | |||||
Impaired Loans with No Specific Allowance: Recorded Investment | 4,726,000 | 4,726,000 | 5,248,000 | |||||
Partial Charge Off [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Nonaccrual loans | 200,000 | 200,000 | 500,000 | |||||
Troubled Debt Restructuring [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Provision for loan losses | 100,000 | 1,300,000 | ||||||
Allowance for loan losses | (100,000) | (100,000) | (400,000) | |||||
Impaired Loans with Specific Allowance: Recorded Investment | 500,000 | 500,000 | 1,000,000 | |||||
Impaired Loans with Specific Allowance: Related Allowance | $ 29,781 | $ 29,781 | $ 64,700 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 3.25% | |
Fair Value, Measurements, Recurring [Member] | Investment Securities - Available for Sale [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | $ 15,882 | $ 17,192 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | 1,052 | |
Fair Value, Measurements, Nonrecurring [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 15% | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | $ 128 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | $ 408 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Measurement Input, Revenue Multiple [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 2.80% | |
Fair Value, Measurements, Nonrecurring [Member] | Equity Method Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | $ 590 | |
Fair Value, Measurements, Nonrecurring [Member] | Equity Method Investment [Member] | Measurement Input, Revenue Multiple [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 2.80% | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | $ 349 | |
Minimum [Member] | Fair Value, Measurements, Recurring [Member] | Investment Securities - Available for Sale [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 300% | |
Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input, unobservable input value, description | N/A | 10.0% |
Maximum [Member] | Fair Value, Measurements, Recurring [Member] | Investment Securities - Available for Sale [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 400% | |
Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input, unobservable input value, description | 15.0% | |
Weighted Average [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs, weighted average rate | 13.20% |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 128,039 | $ 286,771 |
Impaired Loans | 5,013 | 5,728 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Derivative, asset | 1,171 | 453 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 128 | 408 |
Equity Investment | 1,052 | 590 |
Other real estate owned | 349 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Derivative, liability | (453) | |
Financial Derivative, asset | 1,171 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Derivative, asset | 1,171 | 453 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 128 | 408 |
Equity Investment | 1,052 | 590 |
Other real estate owned | 349 | |
U.S. government agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 9,447 | 67,169 |
U.S. government agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 9,447 | 67,169 |
U.S. government agencies [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 9,447 | 67,169 |
Residential mortgage-backed agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 37,734 | 48,661 |
Residential mortgage-backed agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 37,734 | 48,661 |
Residential mortgage-backed agencies [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 37,734 | 48,661 |
Commercial mortgage-backed agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 31,611 | 50,868 |
Commercial mortgage-backed agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 31,611 | 50,868 |
Commercial mortgage-backed agencies [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 31,611 | 50,868 |
Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 21,701 | 90,077 |
Collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 21,701 | 90,077 |
Collateralized mortgage obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 21,701 | 90,077 |
Obligations of states and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 10,744 | 12,804 |
Obligations of states and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 10,744 | 12,804 |
Obligations of states and political subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 10,744 | 12,804 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 920 | |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 920 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 920 | |
Collateralized debt obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 15,882 | 17,192 |
Collateralized debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 15,882 | 17,192 |
Collateralized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 15,882 | $ 17,192 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Reconciliation Of Fair Valued Assets Measured On A Recurring Basis) (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Recurring [Member] - Collateralized debt obligations [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 16,258 | $ 16,230 | $ 17,192 | $ 13,260 |
Total losses realized/unrealized: Included in other comprehensive income loss | (376) | 862 | (1,310) | 3,832 |
Ending balance | $ 15,882 | $ 17,092 | $ 15,882 | $ 17,092 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Fair Value By Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks, Carrying Amount | $ 28,888 | $ 109,823 |
Interest bearing deposits in banks, Carrying Amount | 1,868 | 5,897 |
Investment securities - AFS, Carrying Amount | 128,039 | 286,771 |
Restricted Bank stock, Carrying Amount | 1,027 | 1,029 |
Loans, net, Carrying Amount | 1,262,173 | 1,137,440 |
Short-term borrowed funds, carrying amount | 89,726 | 57,699 |
Long-term borrowed funds, carrying amount | 30,929 | 30,929 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 28,888 | 109,823 |
Interest bearing deposits in banks | 1,868 | 5,897 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - AFS | 112,157 | 269,579 |
Investment securities - HTM | 185,484 | 36,448 |
Restricted Bank Stock | 1,029 | |
Accrued interest receivable | 751 | 4,821 |
Deposits - non-maturity | 1,386,816 | 1,306,145 |
Deposits - time deposits | 124,217 | 163,961 |
Financial derivatives | 1,171 | |
Financial derivative | 453 | |
Short-term borrowed funds | 89,726 | 57,699 |
Long-term borrowed funds | 30,928 | 31,085 |
Accrued interest payable | 104 | 137 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - AFS | 15,882 | 17,192 |
Investment securities - HTM | 20,261 | 28,921 |
Loan held for sale | 67 | |
Loans, net | 1,186,783 | 1,122,671 |
Accrued interest receivable | 4,406 | |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 28,888 | 109,823 |
Interest bearing deposits in banks | 1,868 | 5,897 |
Investment securities - AFS | 128,039 | 286,771 |
Investment securities - HTM | 238,445 | 56,259 |
Restricted Bank Stock | 1,027 | 1,029 |
Loan held for sale | 67 | |
Loans, net | 1,262,173 | 1,137,440 |
Accrued interest receivable | 5,157 | 4,821 |
Deposits - non-maturity | 1,386,816 | 1,306,145 |
Deposits - time deposits | 124,302 | 163,229 |
Financial derivatives | 1,171 | |
Financial derivative | 453 | |
Short-term borrowed funds | 89,726 | 57,699 |
Long-term borrowed funds | 30,929 | 30,929 |
Accrued interest payable | 104 | 137 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 28,888 | 109,823 |
Interest bearing deposits in banks | 1,868 | 5,897 |
Investment securities - AFS | 128,039 | 286,771 |
Investment securities - HTM | 205,745 | 65,369 |
Restricted Bank Stock | 1,029 | |
Loan held for sale | 67 | |
Loans, net | 1,186,783 | 1,122,671 |
Accrued interest receivable | 5,157 | 4,821 |
Deposits - non-maturity | 1,386,816 | 1,306,145 |
Deposits - time deposits | 124,217 | 163,961 |
Financial derivatives | 1,171 | |
Financial derivative | 453 | |
Short-term borrowed funds | 89,726 | 57,699 |
Long-term borrowed funds | 30,928 | 31,085 |
Accrued interest payable | $ 104 | $ 137 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Balance | $ 132,892 | $ 137,078 | $ 141,900 | $ 130,556 | $ 141,900 | $ 131,047 | $ 131,047 |
Balance | 132,044 | 132,892 | 137,078 | 133,787 | 132,044 | 133,787 | 141,900 |
Pension [Member] | |||||||
Other comprehensive income/(loss) before reclassifications | (2,592) | (697) | |||||
Accumulated Other Comprehensive Loss [Member] | |||||||
Balance | (45,916) | (36,907) | (27,314) | (28,468) | (27,314) | (28,863) | (28,863) |
Other comprehensive income/(loss) before reclassifications | (7,303) | (9,393) | (9,877) | 409 | |||
Amounts reclassified from accumulated other comprehensive loss | 385 | 384 | 284 | 1,140 | |||
Balance | (52,834) | (45,916) | (36,907) | (28,732) | (52,834) | (28,732) | (27,314) |
Investment securities- with OTTI [Member] | |||||||
Balance | (1,502) | (883) | (949) | (949) | (3,277) | (3,277) | |
Other comprehensive income/(loss) before reclassifications | (146) | (582) | 103 | 550 | (625) | 2,397 | 2,475 |
Amounts reclassified from accumulated other comprehensive loss | (37) | (37) | (37) | (147) | |||
Balance | (1,685) | (1,502) | (883) | (1,685) | (949) | ||
Investment securities- all other [Member] | |||||||
Other comprehensive income/(loss) before reclassifications | (4,957) | (518) | (16,824) | (3,686) | |||
Investment securities- all other - excluding transfers [Member] | |||||||
Balance | (11,518) | (7,594) | (5,749) | (5,749) | (25) | (25) | |
Other comprehensive income/(loss) before reclassifications | (4,957) | (3,924) | (1,843) | (5,611) | |||
Amounts reclassified from accumulated other comprehensive loss | (2) | (113) | |||||
Balance | (16,475) | (11,518) | (7,594) | (16,475) | (5,749) | ||
Investment Securities HTM [Member] | |||||||
Balance | (5,997) | (6,165) | (134) | (134) | (315) | (315) | |
Other comprehensive income/(loss) before reclassifications | (6,100) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 167 | 168 | 69 | 181 | |||
Balance | (5,830) | (5,997) | (6,165) | (5,830) | (134) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||||
Balance | 477 | 295 | (319) | (319) | (954) | (954) | |
Other comprehensive income/(loss) before reclassifications | 392 | 182 | 614 | $ 79 | 635 | ||
Balance | 869 | 477 | 295 | 869 | (319) | ||
Adjustment [Member] | Pension [Member] | |||||||
Balance | (25,420) | (20,555) | (18,108) | (18,108) | (22,630) | (22,630) | |
Other comprehensive income/(loss) before reclassifications | (2,592) | (5,069) | (2,651) | (10,312) | 102 | 3,431 | |
Amounts reclassified from accumulated other comprehensive loss | 205 | 204 | 204 | 1,091 | |||
Balance | (27,807) | (25,420) | (20,555) | (27,807) | (18,108) | ||
Adjustment [Member] | SERP [Member] | |||||||
Balance | (1,956) | (2,005) | (2,055) | (2,055) | (1,662) | (1,662) | |
Other comprehensive income/(loss) before reclassifications | (521) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 50 | 49 | 50 | 128 | |||
Balance | $ (1,906) | $ (1,956) | $ (2,005) | $ (1,906) | $ (2,055) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Components of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Net unrealized gains (losses), before tax | $ (9,447) | $ (361) | $ (34,845) | $ 179 | |||||
Income tax benefit/(expense) related to other comprehensive income | 2,529 | 97 | 9,325 | (48) | |||||
Other comprehensive (loss)/income, net of tax | (6,918) | $ (9,009) | $ (9,593) | (264) | $ 4,730 | $ (4,335) | (25,520) | 131 | |
Pension [Member] | |||||||||
Unrealized holding (losses)/gains on investments | (3,537) | (951) | |||||||
Net unrealized gains (losses), before tax | (3,258) | (579) | |||||||
Unrealized tax (expense) benefit | 945 | 254 | |||||||
Income tax benefit/(expense) related to other comprehensive income | 871 | 155 | |||||||
Unrealized net gains (losses), net of tax | (2,592) | (697) | |||||||
Other comprehensive (loss)/income, net of tax | (2,387) | (424) | |||||||
SERP [Member] | |||||||||
Net unrealized gains (losses), before tax | 68 | ||||||||
Income tax benefit/(expense) related to other comprehensive income | (18) | ||||||||
Other comprehensive (loss)/income, net of tax | 50 | ||||||||
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | Pension [Member] | |||||||||
Recognized gains (losses), before tax | (279) | (372) | |||||||
Recognized tax (expense) benefit | 74 | 99 | |||||||
Recognized gains (losses), net of tax | (205) | (273) | |||||||
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | SERP [Member] | |||||||||
Recognized gains (losses), before tax | (68) | (76) | |||||||
Recognized tax (expense) benefit | 18 | 20 | |||||||
Recognized gains (losses), net of tax | (50) | (56) | |||||||
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Prior Service Costs [Member] | SERP [Member] | |||||||||
Recognized gains (losses), before tax | 1 | 1 | |||||||
Recognized gains (losses), net of tax | 1 | 1 | |||||||
Accumulated Other Comprehensive Loss [Member] | |||||||||
Unrealized net gains (losses), net of tax | (7,303) | (9,393) | (9,877) | $ 409 | |||||
Recognized gains (losses), net of tax | (385) | (384) | (284) | (1,140) | |||||
Other comprehensive (loss)/income, net of tax | (6,918) | (9,009) | (9,593) | (264) | $ 4,730 | $ (4,335) | |||
Investment securities- with OTTI [Member] | |||||||||
Unrealized holding (losses)/gains on investments | (199) | 751 | (853) | 3,274 | |||||
Recognized gains (losses), before tax | 51 | 50 | 152 | 151 | |||||
Net unrealized gains (losses), before tax | (250) | 701 | (1,005) | 3,123 | |||||
Unrealized tax (expense) benefit | 53 | (201) | 228 | (877) | |||||
Income tax benefit/(expense) related to other comprehensive income | 67 | (188) | 269 | (837) | |||||
Unrealized net gains (losses), net of tax | (146) | (582) | 103 | 550 | (625) | 2,397 | 2,475 | ||
Recognized gains (losses), net of tax | 37 | 37 | 37 | 147 | |||||
Other comprehensive (loss)/income, net of tax | (183) | 513 | (736) | 2,286 | |||||
Investment securities- with OTTI [Member] | Accretable Yield in Income [Member] | |||||||||
Recognized gains (losses), before tax | 152 | 151 | |||||||
Recognized tax (expense) benefit | (41) | (40) | |||||||
Recognized gains (losses), net of tax | 111 | 111 | |||||||
Investment securities- with OTTI [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Accretable Yield in Income [Member] | |||||||||
Recognized gains (losses), before tax | 51 | 50 | |||||||
Recognized tax (expense) benefit | (14) | (13) | |||||||
Recognized gains (losses), net of tax | 37 | 37 | |||||||
Investment securities- all other [Member] | |||||||||
Unrealized holding (losses)/gains on investments | (6,768) | (708) | (22,971) | (5,035) | |||||
Recognized gains (losses), before tax | 3 | 154 | |||||||
Net unrealized gains (losses), before tax | (6,768) | (708) | (14,646) | (5,189) | |||||
Unrealized tax (expense) benefit | 1,811 | 190 | 6,147 | 1,349 | |||||
Income tax benefit/(expense) related to other comprehensive income | 1,811 | 190 | 3,920 | 1,390 | |||||
Unrealized net gains (losses), net of tax | (4,957) | (518) | (16,824) | (3,686) | |||||
Other comprehensive (loss)/income, net of tax | (4,957) | (518) | (10,726) | (3,799) | |||||
Investment securities- all other [Member] | Recognition of Gains (Losses) In Income [Member] | |||||||||
Recognized gains (losses), before tax | 3 | 154 | |||||||
Recognized tax (expense) benefit | (1) | (41) | |||||||
Recognized gains (losses), net of tax | 2 | 113 | |||||||
Investment Securities HTM [Member] | |||||||||
Recognized gains (losses), before tax | (320) | 12 | (644) | (96) | |||||
Net unrealized gains (losses), before tax | 227 | 42 | (7,777) | 150 | |||||
Income tax benefit/(expense) related to other comprehensive income | (60) | (11) | 2,081 | (40) | |||||
Unrealized net gains (losses), net of tax | (6,100) | ||||||||
Recognized gains (losses), net of tax | (167) | (168) | (69) | (181) | |||||
Other comprehensive (loss)/income, net of tax | 167 | 31 | (5,696) | 110 | |||||
Investment Securities HTM [Member] | Recognition of Gains (Losses) In Income [Member] | |||||||||
Unrealized holding (losses)/gains on investments | (54) | (54) | |||||||
Recognized gains (losses), before tax | 93 | 93 | |||||||
Unrealized tax (expense) benefit | 14 | 14 | |||||||
Recognized tax (expense) benefit | (25) | (25) | |||||||
Unrealized net gains (losses), net of tax | (40) | (40) | |||||||
Recognized gains (losses), net of tax | 68 | 68 | |||||||
Investment Securities HTM [Member] | Amortization of Recognized Income [Member] | |||||||||
Recognized gains (losses), before tax | (644) | (96) | |||||||
Recognized tax (expense) benefit | 172 | 26 | |||||||
Recognized gains (losses), net of tax | (472) | (70) | |||||||
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Recognized Income [Member] | |||||||||
Recognized gains (losses), before tax | (320) | 12 | |||||||
Recognized tax (expense) benefit | 85 | (3) | |||||||
Recognized gains (losses), net of tax | (235) | 9 | |||||||
Investment Securities Transferred From AFS to HTM [Member] | |||||||||
Unrealized holding (losses)/gains on investments | 8,328 | ||||||||
Unrealized tax (expense) benefit | (2,228) | ||||||||
Unrealized net gains (losses), net of tax | 6,100 | ||||||||
Investment Securities Transferred to HTM [Member] | |||||||||
Unrealized holding (losses)/gains on investments | (8,328) | ||||||||
Unrealized tax (expense) benefit | 2,228 | ||||||||
Unrealized net gains (losses), net of tax | (6,100) | ||||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||||||
Unrealized holding (losses)/gains on investments | 534 | 108 | 1,622 | ||||||
Net unrealized gains (losses), before tax | 615 | ||||||||
Unrealized tax (expense) benefit | (142) | (29) | (434) | ||||||
Income tax benefit/(expense) related to other comprehensive income | (165) | ||||||||
Unrealized net gains (losses), net of tax | 392 | 182 | 614 | 79 | 635 | ||||
Other comprehensive (loss)/income, net of tax | 1,188 | 450 | |||||||
Adjustment [Member] | |||||||||
Unrealized holding (losses)/gains on investments | (3,537) | (951) | (14,079) | 139 | |||||
Recognized gains (losses), before tax | (279) | (372) | (837) | (1,116) | |||||
Net unrealized gains (losses), before tax | (3,258) | (579) | (13,242) | 1,255 | |||||
Adjustment [Member] | Pension [Member] | |||||||||
Unrealized holding (losses)/gains on investments | (14,079) | 139 | |||||||
Net unrealized gains (losses), before tax | (13,242) | 1,255 | |||||||
Unrealized tax (expense) benefit | 3,767 | (37) | |||||||
Income tax benefit/(expense) related to other comprehensive income | 3,543 | (336) | |||||||
Unrealized net gains (losses), net of tax | (2,592) | (5,069) | (2,651) | (10,312) | 102 | 3,431 | |||
Recognized gains (losses), net of tax | (205) | (204) | (204) | (1,091) | |||||
Other comprehensive (loss)/income, net of tax | (9,699) | 919 | |||||||
Adjustment [Member] | SERP [Member] | |||||||||
Unrealized holding (losses)/gains on investments | |||||||||
Net unrealized gains (losses), before tax | 75 | 203 | 225 | ||||||
Unrealized tax (expense) benefit | |||||||||
Income tax benefit/(expense) related to other comprehensive income | (20) | (54) | (60) | ||||||
Unrealized net gains (losses), net of tax | (521) | ||||||||
Recognized gains (losses), net of tax | $ (50) | $ (49) | $ (50) | $ (128) | |||||
Other comprehensive (loss)/income, net of tax | $ 55 | 149 | 165 | ||||||
Adjustment [Member] | Amortization of Unrecognized Loss [Member] | Pension [Member] | |||||||||
Recognized gains (losses), before tax | (837) | (1,116) | |||||||
Recognized tax (expense) benefit | 224 | 299 | |||||||
Recognized gains (losses), net of tax | (613) | (817) | |||||||
Adjustment [Member] | Amortization of Unrecognized Loss [Member] | SERP [Member] | |||||||||
Recognized gains (losses), before tax | (203) | (226) | |||||||
Recognized tax (expense) benefit | 54 | 60 | |||||||
Recognized gains (losses), net of tax | $ (149) | $ (166) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Interest income on taxable investment securities | $ 1,587 | $ 880 | $ 4,533 | $ 2,864 | ||||
Provision for income tax expense | (2,677) | (1,412) | (6,286) | (4,047) | ||||
Net income | 6,936 | $ 5,428 | $ 5,715 | 4,388 | $ 4,403 | $ 3,430 | 18,079 | 12,221 |
Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Net income | (385) | (322) | (1,053) | (868) | ||||
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Pension [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Provision for income tax expense | 74 | 99 | ||||||
Net income | (205) | (273) | ||||||
Reclassification out of Accumulated Other Comprehensive Loss [Member] | SERP [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Provision for income tax expense | 18 | 20 | ||||||
Net income | (50) | (55) | ||||||
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | Pension [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Other expense | (279) | (372) | ||||||
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | SERP [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Other expense | (68) | (76) | ||||||
Investment securities- with OTTI [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Provision for income tax expense | (14) | (13) | (41) | (40) | ||||
Net income | 37 | 37 | 111 | 111 | ||||
Investment securities- with OTTI [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Accretable Yield in Income [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Interest income on taxable investment securities | 51 | 50 | 152 | 151 | ||||
Investment securities- all other [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Provision for income tax expense | (1) | (41) | ||||||
Net income | 2 | 113 | ||||||
Investment securities- all other [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Recognition of Gains (Losses) In Income [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Net gains/(losses) | 3 | 154 | ||||||
Investment Securities HTM [Member] | Recognition of Gains (Losses) In Income [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Net gains/(losses) | 93 | (54) | ||||||
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Provision for income tax expense | 60 | 11 | 147 | 40 | ||||
Net income | (167) | (31) | (404) | (110) | ||||
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Recognition of Gains (Losses) In Income [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Net gains/(losses) | 93 | (54) | ||||||
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Interest income on taxable investment securities | $ (320) | 12 | (644) | (96) | ||||
Adjustment [Member] | Amortization of Prior Service Costs [Member] | SERP [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Salaries and employee benefits | $ 1 | |||||||
Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Pension [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Provision for income tax expense | 224 | 299 | ||||||
Net income | (613) | (817) | ||||||
Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | SERP [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Provision for income tax expense | 54 | 60 | ||||||
Net income | (149) | (165) | ||||||
Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | Pension [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Other expense | (837) | (1,116) | ||||||
Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | SERP [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Other expense | $ (203) | (226) | ||||||
Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Prior Service Costs [Member] | SERP [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Salaries and employee benefits | $ 1 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jan. 31, 2022 USD ($) employee | Jan. 31, 2021 USD ($) employee | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Discretionary contribution as percentage of employee's base pay | 15% | ||||||
Defined contribution plan consecutive years of service to be completed by participant | 2 years | ||||||
Period to refrain from engaging in competitive employment following separation from service | 3 years | ||||||
Assets for Plan Benefits, Defined Benefit Plan | $ 4,765,000 | ||||||
Market value amount of increase (decrease) in plan assets of defined benefit plan | $ 12,500,000 | $ 12,500,000 | |||||
Year 2022 [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan participants compensation expense | $ 38,883 | ||||||
Pension [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Period of employment used to determine benefits | 5 years | ||||||
Plan modification description | Effective April 30, 2010, the Pension Plan was amended, resulting in a “soft freeze”, the effect of which prohibits new entrants into the plan and ceases crediting of additional years of service after that date. Effective January 1, 2013, the Pension Plan was amended to unfreeze it for those employees for whom the sum of their (a) ages, at their closest birthday plus (b) years of service for vesting purposes equals 80 or greater. The “soft freeze” continues to apply to all other plan participants. Pension benefits for these participants are managed through discretionary contributions to the First United Corporation 401(k) Profit Sharing Plan (the “401(k) Plan”). | ||||||
Employer discretionary contribution | $ 0 | $ 0 | |||||
SERP [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer discretionary contribution | $ 103,689 | $ 101,257 | |||||
Defined contribution plan, number of employees | employee | 3 | 3 | |||||
Vesting period of employer discretionary contribution | 2 years | ||||||
Assets for Plan Benefits, Defined Benefit Plan | $ 4,800,000 | ||||||
Liability, Defined Benefit Plan, Noncurrent | 7,700,000 | $ 7,700,000 | |||||
SERP [Member] | Year 2021 [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan participants compensation expense | 12,657 | $ 12,657 | $ 37,971 | $ 37,971 | |||
SERP [Member] | Year 2022 [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan participants compensation expense | $ 12,961 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Pension Plan Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 14 | $ 39 | $ 42 | $ 117 |
Interest Cost | 384 | 355 | 1,152 | 1,066 |
Expected return on assets | (953) | (892) | (2,858) | (2,677) |
Amortization of net actuarial loss/recognized loss | 279 | 372 | 837 | 1,116 |
Net pension credit included in employee benefits and other expense | (276) | (126) | (827) | (378) |
SERP [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 41 | 35 | 124 | 104 |
Interest Cost | 72 | 60 | 215 | 179 |
Amortization of net actuarial loss/recognized loss | 68 | 75 | 203 | 226 |
Amortization of prior service cost | (1) | |||
Net pension credit included in employee benefits and other expense | $ 181 | $ 170 | $ 542 | $ 508 |
Equity Compensation Plan Info_2
Equity Compensation Plan Information (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
May 05, 2022 shares | Mar. 26, 2022 shares | Mar. 26, 2021 shares | Mar. 26, 2020 | May 31, 2022 $ / shares shares | Mar. 31, 2022 $ / shares shares | May 31, 2021 $ / shares shares | Jan. 31, 2021 director $ / shares shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Mar. 31, 2020 $ / shares shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | |
Number of New Directors | director | 2 | ||||||||||||
Director [Member] | |||||||||||||
Amount payable to non-employee directors | $ | $ 10,000 | $ 10,000 | |||||||||||
Fully-vested shares of common stock issued | shares | 1,000 | ||||||||||||
2018 Equity Plan [Member] | Maximum [Member] | |||||||||||||
Maximum issuance of common stock options | shares | 325,000 | 325,000 | |||||||||||
2018 Equity Plan [Member] | Director [Member] | |||||||||||||
Fully-vested shares of common stock issued | shares | 14,940 | 12,726 | 1,202 | ||||||||||
Fully vested shares of common stock issued, per share value | $ / shares | $ 18.92 | $ 18.50 | $ 16.66 | ||||||||||
Stock compensation expense | $ | $ 70,666 | $ 58,857 | $ 196,254 | $ 191,717,000 | |||||||||
Long-Term Incentive Plan [Member] | |||||||||||||
Stock compensation expense | $ | $ 26,127 | 78,381 | |||||||||||
Stock compensation income | $ | (37,091,000) | $ (5,299,000) | |||||||||||
Restricted Stock Units (RSUs) [Member] | Officers [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||
Share-based compensation performance based award, percent | 50% | ||||||||||||
Restricted Stock Units (RSUs) [Member] | Officers [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||
Share-based compensation performance based award, percent | 150% | ||||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | |||||||||||||
Shares of common stock grant date fair market value | $ / shares | $ 21.88 | $ 17.93 | $ 12.54 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Year 2021 [Member] | |||||||||||||
Stock compensation expense | $ | 16,571 | $ 49,714 | $ 27,619 | ||||||||||
Unrecognized compensation expense related to unvested units | $ | 104,951 | $ 104,951 | |||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||
Share-based compensation award vesting period | 3 years | ||||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||
Share-based compensation award vesting period | 3 years | ||||||||||||
Unvested Restricted Stock Units [Member] | Long-Term Incentive Plan [Member] | Year 2022 [Member] | |||||||||||||
Unrecognized compensation expense related to unvested units | $ | 261,453 | $ 261,453 | |||||||||||
Unvested Restricted Stock Units [Member] | Long-Term Incentive Plan [Member] | Year 2020 [Member] | |||||||||||||
Unrecognized compensation expense related to unvested units | $ | 21,195 | 21,195 | |||||||||||
Performance Vested Shares [Member] | Long-Term Incentive Plan [Member] | |||||||||||||
Share-based compensation shares of common stock granted | shares | 8,096 | 7,389 | |||||||||||
Stock compensation expense | $ | $ 26,145,000 | $ 52,290 | |||||||||||
Performance Vested Shares [Member] | Long-Term Incentive Plan [Member] | Year 2020 [Member] | |||||||||||||
Share-based compensation shares of common stock granted | shares | 10,143 | ||||||||||||
Performance Vested Shares [Member] | Long-Term Incentive Plan [Member] | Year 2019 [Member] | |||||||||||||
Share-based compensation shares of common stock granted | shares | 9,791 | ||||||||||||
Time-vested Shares [Member] | Long-Term Incentive Plan [Member] | |||||||||||||
Share-based compensation shares of common stock granted | shares | 1,230 | 3,380 | 5,070 | 6,238 | 3,693 | ||||||||
Shares-based compensation shares of common stock issued | shares | 1,688 | 1,690 | |||||||||||
Time-vested Shares [Member] | Long-Term Incentive Plan [Member] | Year 2020 [Member] | |||||||||||||
Share-based compensation shares of common stock granted | shares | 5,070 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2016 USD ($) contract | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Derivative [Line Items] | ||||
Cash flow hedge ineffectiveness | $ 100 | $ 500 | ||
Interest Rate Swap Agreements [Member] | ||||
Derivative [Line Items] | ||||
Interest rate swap notional amount | $ 30,000 | 20,000 | 20,000 | |
Number of interest rate swap contracts | contract | 4 | |||
Fair value of interest rate swap contracts | 1,200 | 1,200 | $ (500) | |
Increase in fair value of derivatives | $ 500 | $ 1,600 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Impact Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative (effective portion) | $ 392 | $ 79 | $ 1,188 | $ 450 |
Revenue Recognition (Schedule o
Revenue Recognition (Schedule of Noninterest Income Segregated by Revenue Streams In-Scope and Out-of-Scope of Topic 606) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Noninterest income (in-scope of Topic 660) | $ 4,094 | $ 4,002 | $ 12,102 | $ 11,874 |
Noninterest income (out-of-scope of Topic 660) | 510 | 521 | 1,297 | 1,308 |
Total Noninterest Income | 4,604 | 4,523 | 13,399 | 13,182 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income (in-scope of Topic 660) | 523 | 475 | 1,451 | 1,292 |
Total Noninterest Income | 523 | 475 | 1,451 | 1,292 |
Other Service Charges [Member] | ||||
Noninterest income (in-scope of Topic 660) | 241 | 232 | 686 | 664 |
Total Noninterest Income | 241 | 232 | 686 | 664 |
Trust Department [Member] | ||||
Noninterest income (in-scope of Topic 660) | 2,005 | 2,166 | 6,238 | 6,441 |
Total Noninterest Income | 2,005 | 2,166 | 6,238 | 6,441 |
Debit Card Income [Member] | ||||
Noninterest income (in-scope of Topic 660) | 1,053 | 900 | 2,922 | 2,623 |
Total Noninterest Income | 1,053 | 900 | 2,922 | 2,623 |
Brokerage Commissions [Member] | ||||
Noninterest income (in-scope of Topic 660) | 272 | 229 | 805 | 854 |
Total Noninterest Income | $ 272 | $ 229 | $ 805 | $ 854 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Narrative) (Details) - $ / shares | 3 Months Ended | ||
Jun. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Regulatory Capital Requirements [Abstract] | |||
Stock repurchase, shares | 400,000 | ||
Common stock, Par value | $ 0.01 | $ 0.01 |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements (Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations) (Details) - First United Bank & Trust [Member] | Sep. 30, 2022 | Dec. 31, 2021 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital to Risk Weighted Assets | 0.1449 | 0.1497 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0800 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | |
Tier 1 Risk Based Capital to Risk Weighted Assets | 0.1336 | 0.1372 |
Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0600 | |
Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.0800 | |
Common equity, Ratio | 0.1336 | 0.1372 |
Common equity, Required For Capital Adequacy Purposes, Ratio | 0.0450 | |
Common equity, Required To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0650 | |
Tier 1 Leverage Capital to Average Assets | 0.1033 | 0.1000 |
Tier 1 Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | |
Tier 1 Leverage Capital Required to be Well Capitalized to Average Assets | 0.0500 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Repurchase agreements secured by available for sale securities | $ 85,400 | |
Aggregated liquidation amount | 67 | $ 66 |
Short-term borrowings | 89,726 | $ 57,699 |
Amount of increase in short-term debt | 32,000 | |
Amount of increase in other short-term debt | $ 12,000 | |
Borrowing capacity to account balances, percentage | 102% | |
Maturity Overnight [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 20,000 | |
Payments on short-term debt | $ 20,000 |
Borrowed Funds (Summary of Shor
Borrowed Funds (Summary of Short-term Borrowings) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 89,726 | $ 57,699 |
Securities Sold under Agreements to Repurchase [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate | 0.13% | 0.15% |
Outstanding at end of year | $ 69,726 | $ 57,699 |
Weighted average interest rate at end of period | 0.13% | 0.15% |
Maximum amount outstanding as of any month end | $ 75,912 | $ 72,396 |
Average amount outstanding | $ 60,839 | $ 57,697 |
Approximate weighted average rate during the year | 0.12% | 0.15% |
Maturity Overnight [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 20,000 | |
Short-term Debt, Weighted Average Interest Rate | 3.25% | |
Weighted average interest rate at end of period | 3.25% |