Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | 6,711,442 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Entity Central Index Key | 0000763907 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 86,901 | $ 72,720 |
Interest bearing deposits in banks | 1,650 | 1,595 |
Cash and cash equivalents | 88,551 | 74,315 |
Investment securities - available for sale (at fair value) | 120,085 | 125,889 |
Investment securities - held to maturity (fair value $199,071 at June 30, 2023 and $203,080 at December 31, 2022) | 230,759 | 235,659 |
Restricted investment in bank stock, at cost | 4,490 | 1,027 |
Loans held for sale | 500 | |
Loans | 1,350,038 | |
Loans | 1,279,494 | |
Unearned fees | (327) | |
Unearned fees | (174) | |
Allowance for loan losses | (16,905) | |
Allowance for loan losses | (14,636) | |
Net loans | 1,332,806 | |
Net loans | 1,264,684 | |
Premises and equipment, net | 33,532 | 34,948 |
Goodwill and other intangibles | 12,268 | 12,433 |
Bank owned life insurance | 46,963 | 46,346 |
Deferred tax assets | 11,771 | 10,605 |
Other real estate owned, net | 4,842 | 4,733 |
Right of use asset | 1,990 | 1,898 |
Pension asset | 8,620 | 8,001 |
Accrued interest receivable | 6,956 | 6,051 |
Other assets | 24,260 | 21,580 |
Total Assets | 1,928,393 | 1,848,169 |
Liabilities: | ||
Non-interest bearing deposits | 466,628 | 506,613 |
Interest bearing deposits | 1,113,331 | 1,064,120 |
Total deposits | 1,579,959 | 1,570,733 |
Short-term borrowings | 50,078 | 64,565 |
Long-term borrowings | 110,929 | 30,929 |
Operating lease liability | 2,443 | 2,373 |
SERP deferred compensation | 7,261 | 7,194 |
Allowance for credit losses on off-balance sheet credit exposures | 1,089 | 133 |
Accrued interest payable and other liabilities | 20,136 | 19,250 |
Dividends payable | 1,342 | 1,199 |
Total Liabilities | 1,773,237 | 1,696,376 |
Shareholders' Equity: | ||
Common Stock - par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,711,422 shares at June 30, 2023 and 6,666,428 at December 31, 2022 | 67 | 67 |
Surplus | 24,901 | 24,409 |
Retained earnings | 170,298 | 166,343 |
Accumulated other comprehensive loss | (40,110) | (39,026) |
Total Shareholders' Equity | 155,156 | 151,793 |
Total Liabilities and Shareholders' Equity | $ 1,928,393 | $ 1,848,169 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Consolidated Statement of Financial Condition [Abstract] | ||
Held-to-maturity securities, fair value | $ 199,071 | $ 203,080 |
Common stock, Par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 6,711,422 | 6,666,428 |
Common Stock, Shares, Outstanding | 6,711,422 | 6,666,428 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income | ||||
Interest and fees on loans | $ 16,780 | $ 12,861 | $ 32,224 | $ 25,293 |
Interest on investment securities: Taxable | 1,779 | 1,540 | 3,547 | 2,946 |
Interest on investment securities: Exempt from federal income tax | 268 | 279 | 538 | 561 |
Total investment income | 2,047 | 1,819 | 4,085 | 3,507 |
Other | 1,145 | 51 | 1,492 | 78 |
Total interest income | 19,972 | 14,731 | 37,801 | 28,878 |
Interest expense | ||||
Savings | 56 | 18 | 135 | 36 |
Interest-bearing transaction accounts | 2,941 | 167 | 5,128 | 319 |
Time deposits | 1,353 | 216 | 1,765 | 521 |
Total interest on Deposits | 4,350 | 401 | 7,028 | 876 |
Interest Expense, Savings Deposits | 56 | 18 | 135 | 36 |
Interest on deposits | 4,350 | 401 | 7,028 | 876 |
Interest on short-term borrowings | 29 | 21 | 60 | 39 |
Interest on long-term borrowings | 1,419 | 338 | 2,021 | 651 |
Total interest expense | 5,798 | 760 | 9,109 | 1,566 |
Net interest income | 14,174 | 13,971 | 28,692 | 27,312 |
Credit loss expense - loans | 434 | 848 | ||
Credit loss expense - loans | 624 | 205 | ||
Credit loss expense - off-balance sheet credit exposures | (39) | 7 | 90 | 5 |
Credit loss expense/(credit) | 395 | 631 | 938 | 210 |
Net interest income after provision for loan losses | 13,779 | 13,340 | 27,754 | 27,102 |
Other operating income | ||||
Net gains on investments, available for sale | 3 | |||
Net gains on sale of residential mortgage loans | 86 | 7 | 140 | 28 |
Net gains on disposal of fixed assets | 6 | 34 | ||
Net gains | 86 | 13 | 140 | 65 |
Total other income | 4,483 | 4,413 | 8,822 | 8,795 |
Total other operating income | 4,569 | 4,426 | 8,962 | 8,860 |
Other operating expenses | ||||
Salaries and employee benefits | 6,865 | 5,793 | 14,155 | 11,761 |
FDIC premiums | 277 | 155 | 470 | 329 |
Equipment expense | 1,047 | 1,029 | 2,139 | 2,073 |
Occupancy expense of premises | 743 | 711 | 1,527 | 1,438 |
Data processing expense | 946 | 805 | 1,915 | 1,626 |
Marketing expense | 137 | 151 | 254 | 257 |
Professional services | 522 | 564 | 1,040 | 1,084 |
Contract labor | 159 | 158 | 298 | 323 |
Telephone | 116 | 139 | 226 | 253 |
Losses/(gains) on sales and write downs of other real estate owned, net | 18 | 152 | 142 | 247 |
Investor relations | 132 | 123 | 189 | 219 |
Charitable contribution | 79 | 42 | 143 | 63 |
Other | 1,470 | 808 | 2,651 | 1,537 |
Total other operating expenses | 12,511 | 10,630 | 25,149 | 21,210 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 5,837 | 7,136 | 11,567 | 14,752 |
Provision for income tax expense | 1,423 | 1,708 | 2,778 | 3,609 |
Net Income | $ 4,414 | $ 5,428 | $ 8,789 | $ 11,143 |
Basic net income per share | $ 0.66 | $ 0.82 | $ 1.32 | $ 1.68 |
Diluted net income per share | $ 0.66 | $ 0.82 | $ 1.31 | $ 1.68 |
Weighted average number of basic shares outstanding | 6,704 | 6,650 | 6,689 | 6,639 |
Weighted average number of diluted shares outstanding | 6,718 | 6,661 | 6,707 | 6,649 |
Dividends declared per common share | $ 0.20 | $ 0.15 | $ 0.40 | $ 0.30 |
Service Charges on Deposit Accounts [Member] | ||||
Other operating income | ||||
Total other income | $ 546 | $ 463 | $ 1,062 | $ 928 |
Other Service Charges [Member] | ||||
Other operating income | ||||
Total other income | 244 | 232 | 476 | 445 |
Trust Department [Member] | ||||
Other operating income | ||||
Total other income | 2,025 | 2,044 | 3,995 | 4,233 |
Debit Card Income [Member] | ||||
Other operating income | ||||
Total other income | 1,031 | 983 | 1,986 | 1,869 |
Bank Owned Life Insurance [Member] | ||||
Other operating income | ||||
Total other income | 311 | 297 | 616 | 589 |
Brokerage Commissions [Member] | ||||
Other operating income | ||||
Total other income | 258 | 313 | 555 | 533 |
Other [Member] | ||||
Other operating income | ||||
Total other income | $ 68 | $ 81 | $ 132 | $ 198 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Income | $ 4,414 | $ 5,428 | $ 8,789 | $ 11,143 |
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Other Comprehensive Income (Loss), before Tax | (1,522) | (12,302) | (1,429) | (25,398) |
Income tax benefit/(expense) related to other comprehensive income | 369 | 3,293 | 345 | 6,796 |
Other comprehensive (loss)/income, net of tax | (1,153) | (9,009) | (1,084) | (18,602) |
Comprehensive (Loss)/Income | 3,261 | (3,581) | 7,705 | (7,459) |
Investment securities- with OTTI [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 198 | (795) | (1,408) | (654) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 51 | 51 | 101 | 101 |
Other Comprehensive Income (Loss), before Tax | 147 | (846) | (1,509) | (755) |
Income tax benefit/(expense) related to other comprehensive income | (76) | 227 | 363 | 202 |
Other comprehensive (loss)/income, net of tax | 71 | (619) | (1,146) | (553) |
Investment securities- all other [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Unrealized holdings losses on securities transferred to held to maturity | (2,221) | (5,359) | 8,328 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (5,359) | (881) | (16,203) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (2,221) | (5,359) | 3 | |
Other Comprehensive Income (Loss), before Tax | (2,221) | (5,359) | (881) | (7,878) |
Income tax benefit/(expense) related to other comprehensive income | 567 | 1,435 | 212 | 2,109 |
Other comprehensive (loss)/income, net of tax | (1,654) | (3,924) | (669) | (5,769) |
Investment Securities HTM [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Unrealized holdings losses on securities transferred to held to maturity | (8,328) | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (8,328) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (164) | (230) | (345) | (324) |
Other Comprehensive Income (Loss), before Tax | 164 | 230 | 345 | (8,004) |
Income tax benefit/(expense) related to other comprehensive income | (35) | (62) | (83) | 2,141 |
Other comprehensive (loss)/income, net of tax | 129 | 168 | 262 | (5,863) |
Investment Securities Transferred From AFS to HTM [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 8,328 | |||
Cash Flow Hedge (OCI) [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 204 | 249 | 16 | 1,088 |
Other Comprehensive Income (Loss), before Tax | 204 | 249 | 16 | 1,088 |
Adjustment [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (63) | (6,922) | 105 | (10,542) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (249) | (279) | (499) | (558) |
Other Comprehensive Income (Loss), before Tax | 186 | (6,643) | 604 | (9,984) |
Accumulated SERP [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2 | (67) | 4 | (135) |
Other Comprehensive Income (Loss), before Tax | $ (2) | $ 67 | $ (4) | $ 135 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
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 | |||||
Common stock dividend declared | (995) | (995) | |||||
Stock based compensation | (4) | (4) | |||||
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 | 11,143 | ||||||
Other comprehensive loss | (18,602) | ||||||
Balance at Jun. 30, 2022 | 67 | 24,105 | 154,636 | (45,916) | 132,892 | ||
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 | |||||
Common stock dividend declared | (999) | (999) | |||||
Stock based compensation | 1 | 339 | 340 | ||||
Balance at Jun. 30, 2022 | 67 | 24,105 | 154,636 | (45,916) | 132,892 | ||
Balance at Dec. 31, 2022 | 67 | 24,409 | $ (2,155) | 166,343 | (39,026) | $ (2,155) | 151,793 |
Net income | 4,375 | 4,375 | |||||
Other comprehensive loss | 69 | 69 | |||||
Common stock issued | 64 | 64 | |||||
Common stock dividend declared | (1,334) | (1,334) | |||||
Stock based compensation | 56 | 56 | |||||
Balance at Mar. 31, 2023 | 67 | 24,529 | 167,229 | (38,957) | 152,868 | ||
Balance at Dec. 31, 2022 | 67 | 24,409 | $ (2,155) | 166,343 | (39,026) | $ (2,155) | 151,793 |
Net income | 8,789 | ||||||
Other comprehensive loss | (1,084) | ||||||
Balance at Jun. 30, 2023 | 67 | 24,901 | 170,298 | (40,110) | 155,156 | ||
Balance at Mar. 31, 2023 | 67 | 24,529 | 167,229 | (38,957) | 152,868 | ||
Net income | 4,414 | 4,414 | |||||
Other comprehensive loss | (1,153) | (1,153) | |||||
Common stock issued | 74 | 74 | |||||
Common stock dividend declared | (1,345) | (1,345) | |||||
Stock based compensation | 298 | 298 | |||||
Balance at Jun. 30, 2023 | $ 67 | $ 24,901 | $ 170,298 | $ (40,110) | $ 155,156 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Consolidated Statement of Changes in Shareholders' Equity [Abstract] | ||||
Common stock issued, shares | 18,416 | 22,282 | 18,416 | 15,456 |
Common stock dividend declared per share | $ 0.20 | $ 0.20 | $ 0.15 | $ 0.15 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net income | $ 8,789 | $ 11,143 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 938 | 210 |
Depreciation | 1,700 | 1,645 |
Stock based compensation | 354 | 336 |
Gains on sales of other real estate owned | (36) | |
Write-downs of other real estate owned | (69) | |
Originations of loans held for sale | (1,337) | (1,043) |
Proceeds from sale of loans held for sale | 977 | 1,138 |
Gains from sale of loans held for sale | (140) | (28) |
Gains on disposal of fixed assets | (34) | |
Net (accretion)/ amortization of investment securities discounts and premiums- AFS | (25) | 100 |
Net (accretion)/amortization of investment securities discounts and premiums- HTM | (405) | (405) |
Amortization of intangible assets | 165 | 105 |
Gains on sales/calls of investment securities - AFS | (3) | |
Earnings on Bank owned life insurance | (617) | (589) |
Amortization of deferred loan costs/(fees), net | 27 | (123) |
Amortization of operating lease right of use asset | 164 | 172 |
Operating lease liability | (186) | (191) |
(Increase)/decrease in accrued interest receivable and other assets | (4,259) | 1,295 |
Deferred tax expense/(benefit) | 1,038 | (6,796) |
Increase in accrued interest payable and other liabilities | 968 | 3,527 |
Net cash provided by operating activities | 8,046 | 10,459 |
Investing activities | ||
Proceeds from maturities/calls of investment securities - AFS | 3,358 | 9,583 |
Proceeds from maturities/calls of investment securities - HTM | 5,305 | 7,571 |
Proceeds from sales of investment securities - AFS | 1,023 | |
Purchases of investment securities - AFS | (12,892) | |
Purchases of investment securities - HTM | (52,459) | |
Proceeds from sales of other real estate owned | 172 | |
Proceeds from disposal of fixed assets | 37 | |
Net (increase)/decrease in restricted stock | (3,463) | 3 |
Net increase in loans | (71,239) | (80,454) |
Purchases of premises and equipment | (284) | (2,256) |
Net cash used in by investing activities | (66,151) | (129,844) |
Financing activities | ||
Net increase in deposits | 9,226 | 14,980 |
Issuance of common stock | 138 | 109 |
Cash dividends on common stock | (2,536) | (1,988) |
Net(decrease)/increase in short-term borrowings | (14,487) | 12,215 |
Proceeds from long-term borrowings | 80,000 | |
Net cash used in by investing activities | 72,341 | 25,316 |
Increase/(decrease) in cash and cash equivalents | 14,236 | (94,069) |
Cash and cash equivalents at beginning of the year | 74,315 | 115,720 |
Cash and cash equivalents at end of period | 88,551 | 21,651 |
Supplemental information | ||
Interest paid | 8,726 | 1,667 |
Taxes paid | 2,550 | 3,758 |
Non-cash investing activities: | ||
Transfers from loans to other real estate owned | $ 176 | 40 |
Transfers from securities available for sale to held to maturity | $ 139,036 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
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”). First United Corporation has prepared these unaudited condensed consolidated financial statements in accordance with GAAP for interim financial information, rules of the Securities and Exchange Commission that permit reduced disclosure for interim periods, and Article 8 of Regulation S-X. Operating results for the three- and six-month periods ended June 30, 2023, 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, 2022. 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. In the opinion of management, all adjustments (all of which are of a normal recurring nature) that are necessary for a fair statement are reflected in the unaudited condensed consolidated financial statements. 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. 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 June 30, 2023 and through the date these consolidated financial statements were issued, for items of potential recognition or disclosure. Newly Adopted Pronouncements in 2023 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments January 1, 2023 (Dollars in thousands) As Reported Under ASU 2016-13 Pre Impact of ASU 2016-13 Adoption Assets Allowance for credit losses on loans Commercial real estate $ 5,202 $ 6,345 $ (1,143) Acquisition and development 964 979 (15) Commercial and industrial 4,179 2,845 1,334 Residentail mortgage 5,272 3,160 2,112 Consumer 1,085 877 208 Unallocated - 430 (430) Allowance for Credit Losses on Loans $ 16,702 $ 14,636 $ 2,066 Assets: Investment securities- available for sale (at fair value) $ 125,889 $ 125,889 $ - Investment securities- held to maturity 245,659 245,659 - Total loans held for investments, net 1,262,792 1,264,858 (2,066) Net deferred tax asset 11,381 10,605 776 Liabilities: Life-of-loss reserve on unfunded loan commitments $ 998 $ 133 $ 865 Equity: Retained earnings $ 149,638 $ 151,793 $ (2,155) Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Allowance for Credit Losses Policy The ACL represents an amount that, in management’s judgment, is adequate to absorb expected losses on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The ACL is measured and recorded upon the initial recognition of a financial asset. The ACL is reduced by charge-offs, net of recoveries of previous losses, and is increased or decreased by a provision for credit losses, which is recorded as a current period operating expense. Determination of an appropriate ACL is inherently complex and requires the use of significant and highly subjective estimates. The reasonableness is reviewed quarterly by management. Management believes it uses relevant information available to make determinations about the ACL and that it has established the existing allowance in accordance with GAAP. However, the determination of the ACL requires significant judgment, and estimates of expected losses in the loan portfolio can vary significantly from the amounts actually observed. While management uses available information to recognize losses, future additions to the ACL may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes to the interest rate environment which may directly impact prepayment and curtailment rate assumptions, and changes in the financial condition of borrowers. The adoption of CECL accounting did not result in a significant change to any other credit risk management and monitoring processes, including identification of past due or delinquent borrowers, nonaccrual practices, assessment of modified loans, or charge-off policy. The Corporation’s methodology for estimating the ACL includes: Segmentation Specific Analysis Quantitative Analysis. Qualitative Analysis. Loan Commitments and Allowance for Credit Loss on Off-Balance Sheet Credit Exposures by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. Loan Restructurings Allowance for Credit Losses – Available-for-Sale and Held-to-Maturity Securities |
Accounting Statements Issued bu
Accounting Statements Issued but Not Yet Adopted | 6 Months Ended |
Jun. 30, 2023 | |
New Accounting Pronouncements Not Yet Adopted [Abstract} | |
Accounting Statements Issued but Not Yet Adopted | Note 2 – Accounting Statements Issued but Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of Reference Rate Reform on Financial Reporting.” “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Note 3 – 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 June 30, 2023 or 2022. The following table sets forth the calculation of basic and diluted earnings per common share for the six and three month periods ended June 30, 2023 and 2022: Six months ended June 30, 2023 2022 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 $ 8,789 6,689 $ 1.32 $ 11,143 6,639 $ 1.68 Diluted Earnings Per Share: Restricted stock units 18 10 Net income $ 8,789 6,707 $ 1.31 $ 11,143 6,649 $ 1.68 Three months ended June 30, 2023 2022 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 $ 4,414 6,704 $ 0.66 $ 5,428 6,650 $ 0.82 Diluted Earnings Per Share: Restricted stock units 14 11 Net income $ 4,414 6,718 $ 0.66 $ 5,428 6,661 $ 0.82 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments [Abstract] | |
Investments | Note 4 – Investments The following tables show a comparison of amortized cost and fair values of investment securities at June 30, 2023 and December 31, 2022: (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value June 30, 2023 Available for Sale: U.S. government agencies $ 11,028 $ — $ 1,487 $ — $ 9,541 Residential mortgage-backed agencies 43,224 — 7,357 — 35,867 Commercial mortgage-backed agencies 36,897 — 7,763 — 29,134 Collateralized mortgage obligations 24,836 — 4,711 — 20,125 Obligations of states and political subdivisions 10,837 14 285 — 10,566 Corporate bonds 1,000 — 253 — 747 Collateralized debt obligations 18,674 — 4,569 — 14,105 Total available for sale $ 146,496 $ 14 $ 26,425 $ — $ 120,085 (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Allowance for Credit Losses June 30, 2023 Held to Maturity: U.S. treasuries $ 37,332 $ — $ 1,075 $ 36,257 $ — U.S. government agencies 67,873 — 12,111 55,762 — Residential mortgage-backed agencies 26,970 — 3,264 23,706 — Commercial mortgage-backed agencies 21,494 — 5,188 16,306 — Collateralized mortgage obligations 55,104 — 10,124 44,980 — Obligations of states and political subdivisions 21,986 688 614 22,060 — Total held to maturity $ 230,759 $ 688 $ 32,376 $ 199,071 $ — (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCL December 31, 2022 Available for Sale: U.S. government agencies $ 11,044 $ — $ 1,582 $ 9,462 $ — Residential mortgage-backed agencies 45,052 — 7,651 37,401 — Commercial mortgage-backed agencies 37,393 — 6,661 30,732 — Collateralized mortgage obligations 25,828 — 4,784 21,044 — Obligations of states and political subdivisions 10,848 4 360 10,492 — Corporate Bonds 1,000 — 113 887 — Collateralized debt obligations 18,664 — 2,793 15,871 (1,695) Total available for sale $ 149,829 $ 4 $ 23,944 $ 125,889 $ (1,695) (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value OTTI in AOCL December 31, 2022 Held to Maturity: U.S. treasuries $ 37,204 $ — $ 1,593 $ 35,611 $ — U.S. government agencies 67,734 — 13,261 54,473 — Residential mortgage-backed agencies 28,624 1 3,503 25,122 — Commercial mortgage-backed agencies 22,389 — 4,568 17,821 — Collateralized mortgage obligations 57,085 — 10,001 47,084 — Obligations of states and political subdivisions 22,623 946 600 22,969 — Total held to maturity $ 235,659 $ 947 $ 33,526 $ 203,080 $ — 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 June 30, 2023 and December 31, 2022, 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 June 30, 2023 Available for Sale: U.S. government agencies $ — $ — — $ 9,541 $ 1,487 3 Residential mortgage-backed agencies — — — 35,867 7,357 5 Commercial mortgage-backed agencies 1,715 189 1 27,419 7,574 8 Collateralized mortgage obligations — — — 20,125 4,711 10 Obligations of states and political subdivisions 3,853 196 3 3,878 89 2 Corporate Bonds — — — 747 253 1 Collateralized debt obligations — — — 14,105 4,569 9 Total available for sale $ 5,568 $ 385 4 $ 111,682 $ 26,040 38 Less than 12 months 12 months or more (in thousands) Fair Value Unrecognized Losses Number of Investments Fair Value Unrecognized Losses Number of Investments June 30, 2023 Held to Maturity: U.S. treasuries $ — $ — — $ 36,257 $ 1,075 4 U.S. government agencies — — — 55,762 12,111 9 Residential mortgage-backed agencies 3,143 134 3 20,563 3,130 33 Commercial mortgage-backed agencies — — — 16,306 5,188 2 Collateralized mortgage obligations — — — 44,980 10,124 8 Obligations of states and political subdivisions — — — 2,258 614 1 Total held to maturity $ 3,143 $ 134 3 $ 176,126 $ 32,242 57 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, 2022 Available for Sale: U.S. government agencies $ 4,598 $ 402 1 $ 4,865 $ 1,180 2 Residential mortgage-backed agencies — — — 37,401 7,651 5 Commercial mortgage-backed agencies 4,044 455 3 26,688 6,206 6 Collateralized mortgage obligations 1,600 210 5 19,444 4,574 5 Obligations of states and political subdivisions 8,906 360 7 — — — Corporate Bonds 887 113 1 — — — Collateralized debt obligations — — — 15,871 2,793 9 Total available for sale $ 20,035 $ 1,540 17 $ 104,269 $ 22,404 27 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, 2022 Held to Maturity: U.S. treasuries $ — $ — — $ 35,611 $ 1,593 4 U.S. government agencies 38,883 9,617 7 15,591 3,644 2 Residential mortgage-backed agencies 16,893 1,425 29 8,138 2,078 7 Commercial mortgage-backed agencies 17,821 4,568 3 — — — Collateralized mortgage obligations 47,083 10,001 8 — — — Obligations of states and political subdivisions 2,269 600 1 — — — Total held to maturity $ 122,949 $ 26,211 48 $ 59,340 $ 7,315 13 The Corporation utilizes ASC 326 to evaluate its available-for sale (“AFS”) and held-to-maturity (“HTM”) debt security portfolio for expected credit losses. For AFS debt securities in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income, as a non-credit-related impairment. The following table presents a cumulative roll-forward of the amount of non-cash credit-related impairment charges related to credit losses that have been previously recognized in earnings for the trust preferred securities held in the collateralized debt obligation (“CDO”) portfolio during the six and three month periods ended June 30, 2023 and 2022 that the Corporation does not intend to sell: Six Months Ended June 30, (in thousands) 2023 2022 Balance of credit-related impairment at January 1 $ 1,841 $ 2,043 Reduction for increases in cash flows expected to be collected (101) (101) Balance of credit-related impairment at June 30 $ 1,740 $ 1,942 Three Months Ended June 30, (in thousands) 2023 2022 Balance of credit-related impairment at April 1 $ 1,791 $ 1,993 Reduction for increases in cash flows expected to be collected (51) (51) Balance of credit-related impairment at June 30 $ 1,740 $ 1,942 The amortized cost and estimated fair value of securities by contractual maturity at June 30, 2023 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. June 30, 2023 (in thousands) Amortized Cost Fair Value Available for Sale: Due in one year or less $ 340 $ 340 Due after one year through five years 11,948 11,052 Due after five years through ten years 1,895 1,631 Due after ten years 27,356 21,936 41,539 34,959 Residential mortgage-backed agencies 43,224 35,867 Commercial mortgage-backed agencies 36,897 29,134 Collateralized mortgage obligations 24,836 20,125 Total available for sale $ 146,496 $ 120,085 Held to Maturity: Due in one year or less $ 37,332 $ 36,257 Due after one year through five years 12,500 11,338 Due after five years through ten years 33,094 27,382 Due after ten years 44,265 39,102 127,191 114,079 Residential mortgage-backed agencies 26,970 23,706 Commercial mortgage-backed agencies 21,494 16,306 Collateralized mortgage obligations 55,104 44,980 Total held to maturity $ 230,759 $ 199,071 |
Loans and Related Allowance for
Loans and Related Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Loans and Related Allowance for Credit Losses [Abstract] | |
Loans and Related Allowance for Credit Losses | Note 5 – Loans and Related Allowance for Credit Losses The following table summarizes the primary segments of the loan portfolio at June 30, 2023 and December 31, 2022: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Total June 30, 2023 Individually evaluated for impairment $ — $ — $ — $ 2,151 $ — $ 2,151 Collectively evaluated for impairment 483,485 79,003 249,683 473,389 62,327 1,347,887 Total loans $ 483,485 $ 79,003 $ 249,683 $ 475,540 $ 62,327 $ 1,350,038 December 31, 2022 Individually evaluated for impairment $ 2,262 $ 356 $ — $ 3,880 $ — $ 6,498 Collectively evaluated for impairment 456,569 70,240 245,396 440,531 60,260 1,272,996 Total loans $ 458,831 $ 70,596 $ 245,396 $ 444,411 $ 60,260 $ 1,279,494 The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and non-accrual loans at June 30, 2023 and December 31, 2022: (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 June 30, 2023 Commercial real estate: Non owner-occupied $ 284,580 $ — $ — $ — $ — $ — $ 284,580 All other CRE 198,905 — — — — — 198,905 Acquisition and development: 1-4 family residential construction 20,228 — — — — — 20,228 All other A&D 58,647 — — — — 128 58,775 Commercial and industrial 249,425 177 81 — 258 — 249,683 Residential mortgage: Residential mortgage - term 411,033 428 704 45 1,177 2,518 414,728 Residential mortgage - home equity 60,227 241 — 18 259 326 60,812 Consumer 61,591 498 141 97 736 — 62,327 Total $ 1,344,636 $ 1,344 $ 926 $ 160 $ 2,430 $ 2,972 $ 1,350,038 December 31, 2022 Commercial real estate: Non owner-occupied $ 269,971 $ — $ — $ — $ — $ 87 $ 270,058 All other CRE 188,715 — — — — 58 188,773 Acquisition and development: 1-4 family residential construction 19,637 — — — — — 19,637 All other A&D 50,813 — — — — 146 50,959 Commercial and industrial 245,342 54 — — 54 — 245,396 Residential mortgage: Residential mortgage - term 380,502 31 722 239 992 2,893 384,387 Residential mortgage - home equity 59,223 399 48 43 490 311 60,024 Consumer 59,789 363 83 25 471 — 60,260 Total $ 1,273,992 $ 847 $ 853 $ 307 $ 2,007 $ 3,495 $ 1,279,494 Non-accrual loans that have been subject to partial charge-offs totaled $0.1 million at June 30, 2023 and $0.1 million at December 31, 2022. Loans secured by 1-4 family residential real estate properties in the process of foreclosure totaled $1.8 million at June 30, 2023. There were no loans subject to foreclosure at December 31, 2022. As a percentage of the loan portfolio, accruing loans past due 30 days or more was 0.18% at June 30, 2023 compared to 0.17% at March 31, 2023 and 0.16% at December 31, 2022. Effective January 1, 2023, the Corporation adopted the accounting guidance in ASU No. 2022-02, which eliminated the recognition and measurement of TDRs. Due to the removal of the TDR designation, the Corporation evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and combinations of the above. Therefore, the disclosures related to loan restructurings are only for modifications that directly affect cash flows. A loan that is considered a non-accrual or restructured loan may be subject to the individually evaluated loan analysis if the commitment is $0.1 million or greater; otherwise, the restructured loan remains in the appropriate segment in the ACL model and associated reserves are adjusted based on changes in the discounted cash flows resulting from the modification of the restructured loan. For a discussion with respect to reserve calculations regarding individually evaluated loans, refer to the “Nonrecurring Loans” section in Note 6, Fair Value Measurements. There were no loan modifications made to borrowers facing financial difficulties in the three- or six-month period ending June 30, 2023. The Corporation maintains an ACL at a level determined to be adequate to absorb expected credit losses associated with the Corporation’s financial instruments over the life of those instruments as of the balance sheet date. The Corporation develops and documents a systematic ACL methodology based on the following portfolio segments: (i) commercial real estate, (ii) acquisition and development, (iii) commercial and industrial, (iv) residential mortgage, and (v) consumer. The Corporation’s loan portfolio is segmented by homogeneous loan types that behave similarly to economic cycles. The segmentation in the CECL model is different from the segmentation in the Incurred Loss model. The following is a discussion of the key risks by portfolio segment that management assesses in preparing the ACL. Commercial Real Estate- loans are secured by commercial purpose real estate, including both owner occupied properties and investment properties, for various purposes such as hotels, strip malls and apartments. Operations of the individual projects as well as global cash flows of the debtors are the primary source of repayment of these loans. The condition of the local economy is an important indicator of risk, but there are more specific risks depending on the collateral type as well as the business. Acquisition and Development- loans include both commercial and consumer. Commercial loans are made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Consumer loans are made for the construction of residential homes for which a binding sales contract exists and generally are for a period of time sufficient to complete construction. Residential construction loans to individuals generally provide for the payment of interest only during the construction phase. Credit risk for residential real estate construction loans can arise from construction delays, cost overruns, failure of the contractor to complete the project to specifications and economic conditions that could impact demand for supply of the property being constructed. Commercial and Industrial- loans are made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the borrower is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the borrower. Collateral for these types of loans often do not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. These loans are also made to local municipalities for various purposes including refinancing existing obligations, infrastructure up-fit and expansion, or to purchase new equipment. The primary repayment source for local municipalities include the tax base of the municipality, specific revenue streams related to the infrastructure financed, and other business operations of the municipal authority. The health and stability of state and local economies directly impacts each municipality’s tax basis and are important indicators of risk for this segment. The ability of each municipality to increase taxes and fees to offset service requirements give this type of loan a very low risk profile in the continuum of the Corporation’s loan portfolio. Residential mortgage- loans are secured by first and second liens such as home equity lines of credit and 1-4 family residential mortgages. The primary source of repayment for these loans is the income of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy debt. Consumer- loans are made to individuals and may be either secured by assets other than 1-4 family residences or unsecured. This segment includes automobile loans and unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. The following table summarizes the primary segments of the ACL at June 30, 2023 and allowance for loan loss (“ALL”) at December 31, 2022, 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 June 30, 2023 Individually evaluated $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,946 1,134 3,549 6,417 859 — 16,905 Total ACL $ 4,946 $ 1,134 $ 3,549 $ 6,417 $ 859 $ — $ 16,905 December 31, 2022 Individually evaluated $ — $ — $ — $ 26 $ — $ — $ 26 Collectively evaluated 6,345 979 2,845 3,134 877 430 14,610 Total ALL $ 6,345 $ 979 $ 2,845 $ 3,160 $ 877 $ 430 $ 14,636 Changes in the fair value of the types of collateral for individually evaluated loans are reported as provision for credit loss in the period of change. The evaluation of the need and amount of a specific allocation of the ACL and whether a loan can be removed from impairment status is made on a quarterly basis. The following table presents the amortized cost basis of collateral-dependent individually evaluated loans as of June 30, 2023. June 30, 2023 (dollars in thousands) Real Estate Non-Accrual Loans with No Allowance Residential mortgage $ 2,151 $ 2,151 Total Loans $ 2,151 $ 2,151 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 December 31, 2022: 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 December 31, 2022 Commercial real estate Non owner-occupied $ — $ — $ 187 $ 187 $ — All other CRE — — 2,075 2,075 — Acquisition and development 1-4 family residential construction — — 210 210 — All other A&D — — 146 146 109 Commercial and industrial — — — — — Residential mortgage Residential mortgage – term 345 26 3,225 3,570 41 Residential mortgage – home equity — — 310 310 — Consumer — — — — — Total impaired loans $ 345 $ 26 $ 6,153 $ 6,498 $ 150 (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. The following tables present the activity in the ACL and ALL for the six- and three- month periods ended June 30, 2023 and 2022: Three months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total Beginning balance at January 1, 2023 prior to adoption of ASC 326 $ 6,345 $ 979 $ 2,845 $ 3,160 $ 877 $ 430 $ 14,636 Impact of adopting ASC 326 (1,143) (15) 1,334 2,112 208 (430) 2,066 Loan Charge-offs (87) — (166) (24) (518) — (795) Recoveries collected 5 7 9 36 93 — 150 Credit Loss Expense (174) 163 (473) 1,133 199 — 848 ACL balance at June 30, 2023 $ 4,946 $ 1,134 $ 3,549 $ 6,417 $ 859 $ — $ 16,905 ALL balance at January 1, 2022 $ 6,032 $ 2,615 $ 2,460 $ 3,484 $ 934 $ 430 $ 15,955 Loan Charge-offs — — (52) (33) (545) — (630) Recoveries collected 1 20 9 101 76 — 207 Credit Loss Expense 187 (463) 413 (440) 508 — 205 ALL balance at June 30, 2022 $ 6,220 $ 2,172 $ 2,830 $ 3,112 $ 973 $ 430 $ 15,737 Three months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ACL balance at April 1, 2023 $ 4,862 $ 1,103 $ 3,755 $ 6,324 $ 827 $ — $ 16,871 Loan Charge-offs (87) — (166) (18) (185) — (456) Recoveries collected — 2 5 18 31 — 56 Credit Loss Expense 171 29 (45) 93 186 — 434 ACL balance at June 30, 2023 $ 4,946 $ 1,134 $ 3,549 $ 6,417 $ 859 $ — $ 16,905 ALL balance at April 1, 2022 $ 5,922 $ 2,542 $ 2,513 $ 2,945 $ 940 $ 430 $ 15,292 Charge-offs — — (4) (24) (299) — (327) Recoveries — 2 6 86 54 — 148 Credit Loss Expense 298 (372) 315 105 278 — 624 ALL balance at June 30, 2022 $ 6,220 $ 2,172 $ 2,830 $ 3,112 $ 973 $ 430 $ 15,737 The Corporation’s methodology for estimating the ACL includes: Segmentation. Specific Analysis. Quantitative Analysis. Qualitative Analysis. The ACL 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 ACL that is representative of the risk found in the components of the portfolio at any given date. Credit Quality Indicators: The Corporation’s internally assigned grades are as follows: Pass Special Mention Substandard the debt. Such assets are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful Loss The following table presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of dates presented: (in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Total Portfolio Loans June 30, 2023 Commercial real estate: Non owner-occupied Pass $ 19,702 $ 66,666 $ 31,131 $ 47,947 $ 40,130 $ 60,486 $ 807 $ 266,869 Special Mention — — — — — 6,167 — 6,167 Substandard — — — — — 11,544 — 11,544 Total non-owner occupied 19,702 66,666 31,131 47,947 40,130 78,197 807 284,580 Current period gross charge-offs — — — — — 87 — 87 All other CRE Pass 16,648 28,223 25,694 21,675 25,017 70,917 4,490 192,664 Special Mention — — — — — — 1,203 1,203 Substandard — — 1,080 — 1,888 1,471 599 5,038 Total all other CRE 16,648 28,223 26,774 21,675 26,905 72,388 6,292 198,905 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 3,905 12,561 1,198 — — 195 2,369 20,228 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 3,905 12,561 1,198 — — 195 2,369 20,228 Current period gross charge-offs — — — — — — — — All other A&D Pass 6,966 20,364 5,072 9,427 1,328 11,501 3,989 58,647 Special Mention — — — — — — — — Substandard — — — — — 128 — 128 Total all other A&D 6,966 20,364 5,072 9,427 1,328 11,629 3,989 58,775 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 20,732 73,589 26,631 13,851 10,735 12,981 69,070 227,589 Special Mention — — — — — 334 844 1,178 Substandard — 8,923 2,140 6,896 135 876 1,946 20,916 Total commercial and industrial 20,732 82,512 28,771 20,747 10,870 14,191 71,860 249,683 Current period gross charge-offs — — — 166 — — — 166 Residential mortgage: Residential mortgage - term Pass 29,970 80,804 90,055 40,502 26,163 138,450 2,004 407,948 Special Mention — — — — — — — — Substandard — — 926 156 101 5,557 40 6,780 Total residential mortgage - term 29,970 80,804 90,981 40,658 26,264 144,007 2,044 414,728 Current period gross charge-offs — — — — — 13 — 13 Residential mortgage - home equity Pass 1,060 5,301 909 505 307 571 51,535 60,188 Special Mention — — — — — — — — Substandard — — — 41 — 19 564 624 Total residential mortgage - home equity 1,060 5,301 909 546 307 590 52,099 60,812 Current period gross charge-offs — — — — — 11 — 11 Consumer: Pass 12,170 13,199 8,094 2,895 930 22,045 2,733 62,066 Special Mention — — — — — — — — Substandard — 56 163 24 7 5 6 261 Total consumer 12,170 13,255 8,257 2,919 937 22,050 2,739 62,327 Current period gross charge-offs 86 141 272 2 — 17 — 518 Total Portfolio Loans Pass 111,153 300,707 188,784 136,802 104,610 317,146 136,997 1,296,199 Special Mention — — — — — 6,501 2,047 8,548 Substandard — 8,979 4,309 7,117 2,131 19,600 3,155 45,291 Total Portfolio Loans $ 111,153 $ 309,686 $ 193,093 $ 143,919 $ 106,741 $ 343,247 $ 142,199 $ 1,350,038 Current YTD Period: Current period gross charge-offs $ 86 $ 141 $ 272 $ 168 $ — $ 128 $ — $ 795 (in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Total Portfolio Loans December 31, 2022 Commercial real estate: Non owner-occupied Pass $ 67,429 $ 31,710 $ 48,421 $ 41,221 $ 19,414 $ 42,069 $ 1,570 $ 251,834 Special Mention — — — — — 6,289 — 6,289 Substandard — — — — — 11,935 — 11,935 Total non-owner occupied 67,429 31,710 48,421 41,221 19,414 60,293 1,570 270,058 Current period gross charge-offs — — — — — — — — All other CRE Pass 24,655 26,947 22,906 27,213 8,873 67,691 4,790 183,075 Special Mention — 1,111 — — — — — 1,111 Substandard — — — 3,006 — 357 1,224 4,587 Total all other CRE 24,655 28,058 22,906 30,219 8,873 68,048 6,014 188,773 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 15,629 1,453 151 — — 210 2,194 19,637 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 15,629 1,453 151 — — 210 2,194 19,637 Current period gross charge-offs — — — — — 20 — 20 All other A&D Pass 18,733 4,979 9,755 1,408 558 12,961 2,419 50,813 Special Mention — — — — — — — — Substandard — — — — — 146 — 146 Total all other A&D 18,733 4,979 9,755 1,408 558 13,107 2,419 50,959 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 83,608 30,451 15,982 12,707 5,013 9,528 63,668 220,957 Special Mention — 2,555 — — — 338 2,134 5,027 Substandard 8,923 — 7,167 173 634 311 2,204 19,412 Total commercial and industrial 92,531 33,006 23,149 12,880 5,647 10,177 68,006 245,396 Current period gross charge-offs — 97 34 3 — — — 134 Residential mortgage: Residential mortgage - term Pass 64,930 93,665 42,784 27,120 14,132 133,397 2,306 378,334 Special Mention — — — — — — — — Substandard — — 16 237 143 5,634 23 6,053 Total residential mortgage - term 64,930 93,665 42,800 27,357 14,275 139,031 2,329 384,387 Current period gross charge-offs — — — — — 28 — 28 Residential mortgage - home equity Pass 5,739 957 538 328 97 478 51,232 59,369 Special Mention — — — — — — — — Substandard — — 44 — 21 40 550 655 Total residential mortgage - home equity 5,739 957 582 328 118 518 51,782 60,024 Current period gross charge-offs — — — — 12 6 — 18 Consumer: Pass 16,748 10,495 3,845 1,596 687 24,096 2,654 60,121 Special Mention — — — — — — — — Substandard — 92 27 9 7 — 4 139 Total consumer 16,748 10,587 3,872 1,605 694 24,096 2,658 60,260 Current period gross charge-offs 36 494 18 37 11 40 — 636 Total Portfolio Loans Pass 297,471 200,657 144,382 111,593 48,774 290,430 130,833 1,224,140 Special Mention — 3,666 — — — 6,627 2,134 12,427 Substandard 8,923 92 7,254 3,425 805 18,423 4,005 42,927 Total Portfolio Loans $ 306,394 $ 204,415 $ 151,636 $ 115,018 $ 49,579 $ 315,480 $ 136,972 $ 1,279,494 Current YTD Period: Current period gross charge-offs $ 36 $ 591 $ 52 $ 40 $ 23 $ 94 $ — $ 836 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. The following tables present loan balances by year of origination segregated by performing and non-performing loans for the periods presented: (in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Total Portfolio Loans June 30, 2023 Commercial real estate: Non owner-occupied Performing $ 19,702 $ 66,666 $ 31,131 $ 47,947 $ 40,130 $ 78,197 $ 807 $ 284,580 Nonperforming — — — — — — — — Total non-owner occupied 19,702 66,666 31,131 47,947 40,130 78,197 807 284,580 All other CRE Performing 16,648 28,223 26,774 21,675 26,905 72,388 6,292 198,905 Nonperforming — — — — — — — — Total all other CRE 16,648 28,223 26,774 21,675 26,905 72,388 6,292 198,905 Acquisition and development: 1-4 family residential construction Performing 3,905 12,561 1,198 — — 195 2,369 20,228 Nonperforming — — — — — — — — Total acquisition and development 3,905 12,561 1,198 — — 195 2,369 20,228 All other A&D Performing 6,966 20,364 5,072 9,427 1,328 11,501 3,989 58,647 Nonperforming — — — — — 128 — 128 Total all other A&D 6,966 20,364 5,072 9,427 1,328 11,629 3,989 58,775 Commercial and industrial: Performing 20,732 82,512 28,771 20,747 10,870 14,191 71,860 249,683 Nonperforming — — — — — — — — Total commercial and industrial 20,732 82,512 28,771 20,747 10,870 14,191 71,860 249,683 Residential mortgage: Residential mortgage - term Performing 29,970 80,804 90,981 40,658 26,163 141,559 2,030 412,165 Nonperforming — — — — 101 2,448 14 2,563 Total residential mortgage - term 29,970 80,804 90,981 40,658 26,264 144,007 2,044 414,728 Residential mortgage - home equity Performing 1,060 5,301 909 505 307 571 51,814 60,467 Nonperforming — — — 41 — 19 285 345 Total residential mortgage - home equity 1,060 5,301 909 546 307 590 52,099 60,812 Consumer: Performing 12,170 13,255 8,234 2,919 937 21,981 2,735 62,231 Nonperforming — — 23 — — 69 4 96 Total consumer 12,170 13,255 8,257 2,919 937 22,050 2,739 62,327 Total Portfolio Loans Performing 111,153 309,686 193,070 143,878 106,640 340,583 141,896 1,346,906 Nonperforming — — 23 41 101 2,664 303 3,132 Total Portfolio Loans $ 111,153 $ 309,686 $ 193,093 $ 143,919 $ 106,741 $ 343,247 $ 142,199 $ 1,350,038 (in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Total Portfolio Loans December 31, 2022 Commercial real estate: Non owner-occupied Performing $ 67,429 $ 31,710 $ 48,421 $ 41,221 $ 19,414 $ 60,206 $ 1,570 $ 269,971 Nonperforming — — — — — 87 — 87 Total non-owner occupied 67,429 31,710 48,421 41,221 19,414 60,293 1,570 270,058 All other CRE Performing 24,655 28,058 22,906 30,219 8,873 67,990 6,014 188,715 Nonperforming — — — — — 58 — 58 Total all other CRE 24,655 28,058 22,906 30,219 8,873 68,048 6,014 188,773 Acquisition and development: 1-4 family residential construction Performing 15,629 1,453 151 — — 210 2,194 19,637 Nonperforming — — — — — — — — Total acquisition and development 15,629 1,453 151 — — 210 2,194 19,637 All other A&D Performing 18,733 4,979 9,755 1,408 558 12,962 2,419 50,814 Nonperforming — — — — — 145 — 145 Total all other A&D 18,733 4,979 9,755 1,408 558 13,107 2,419 50,959 Commercial and industrial: Performing 92,531 33,006 23,149 12,880 5,647 10,177 68,006 245,396 Nonperforming — — — — — — |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023, 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 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) Nonrecurring Basis Individually Evaluated Loans- Fair value for individually evaluated loans is determined using several methods. Generally, the fair value of real estate is determined based on appraisals by qualified licensed appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. These routine adjustments are made to adjust the value of a specific property relative to comparable properties for variations in qualitities such as location, size, and income production capacity relative to the subject property of the appraisal. Subsequent to the initial impairment date, existing individually evaluated loans are reevaluated quarterly for additional impairment and adjustments to fair value less costs to sell are made, where appropriate. For individually evaluated loans, the first state of our impairment analysis involves inspection of the property in question to affirm the condition has not deteriorated since the previous impairment analysis date. Management also engages in conversations with local real estate professionals and market participants to determine the likely marketing time and value range for the property. The second state involves an assessment of current trends in the regional market. After thorough consideration of these factors, management will order a new appraisal. For non-individually evaluated loans, the fair value is determined by updating the present value of estimated future cash flows using the loan’s existing rate to reflect the payment schedule for the remaining life of the loan. 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 June 30, 2023 and December 31, 2022 were as follows: Fair Value Measurements at June 30, 2023 Using Quoted Prices in Significant Assets Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 06/30/23 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 9,541 $ 9,541 Residential mortgage-backed agencies $ 35,867 $ 35,867 Commercial mortgage-backed agencies $ 29,134 $ 29,134 Collateralized mortgage obligations $ 20,125 $ 20,125 Obligations of states and political subdivisions $ 10,566 $ 10,566 Corporate bonds $ 747 $ 747 Collateralized debt obligations $ 14,105 $ 14,105 Financial derivatives $ 1,084 $ 1,084 Non-recurring: Equity Investment $ 2,545 $ 2,545 Other real estate owned $ — $ — Fair Value Measurements at December 31, 2022 Using Quoted Prices in Significant Assets/(liabilities) Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 12/31/22 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 9,462 $ 9,462 Residential mortgage-backed agencies $ 37,401 $ 37,401 Commercial mortgage-backed agencies $ 30,732 $ 30,732 Collateralized mortgage obligations $ 21,044 $ 21,044 Obligations of states and political subdivisions $ 10,492 $ 10,492 Corporate bonds $ 887 887 Collateralized debt obligations $ 15,871 $ 15,871 Financial derivatives $ 1,068 $ 1,068 Non-recurring: Impaired loans, net $ 211 $ 211 Equity investment $ 1,796 $ 1,796 Other real estate owned $ — $ — At June 30, 2023, individually evaluated loans had a net carrying amount of $2.2 million with no valuation allowance. At December 31, 2022, 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, 2022, 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 six month periods ended June 30, 2023 or 2022. For Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows: (in thousands) Fair Value at June 30, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 14,105 Discounted Cash Flow Discount Margin Range of high 500 to low to mid Non-recurring: Individually Evaluated Loans, net $ - Market Comparable Properties Marketability Discount N/A Equity Investment $ 2,545 Market Method Revenue Multiples 2.8x (in thousands) Fair Value at December 31, 2022 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 15,871 Discounted Cash Flow Discount Rate Range of low to mid Non-recurring: Impaired Loans, net $ 211 Market Comparable Properties Marketability Discount 10.0% - 15.0% Equity Investment $ 1,796 Market Method Revenue Multiples 2.8x (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 six and three month periods ended June 30, 2023 and 2022: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment Securities (in thousands) Available for Sale Beginning balance January 1, 2023 $ 15,871 Total losses realized/unrealized: Included in other comprehensive loss (1,766) Ending balance June 30, 2023 $ 14,105 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 (934) Ending balance June 30, 2022 $ 16,258 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance April 1, 2023 $ 14,114 Total gains realized/unrealized: Included in other comprehensive income (9) Ending balance June 30, 2023 $ 14,105 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance April 1, 2022 $ 17,319 Total losses realized/unrealized: Included in other comprehensive income (1,061) Ending balance June 30, 2022 $ 16,258 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 six or three month periods ended June 30, 2023 or 2022. 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: June 30, 2023 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 $ 86,901 $ 86,901 $ 86,901 Interest bearing deposits in banks 1,650 1,650 1,650 Investment securities - AFS 120,085 120,085 $ 105,980 $ 14,105 Investment securities - HTM 230,759 199,071 179,270 19,801 Restricted bank stock 4,490 N/A Loans held for sale 500 500 500 Loans, net 1,332,806 1,255,997 1,255,997 Financial derivatives 1,084 1,084 1,084 Accrued interest receivable 6,956 6,956 851 6,105 Financial Liabilities: Deposits - non-maturity 1,372,823 1,372,823 1,372,823 Deposits - time deposits 207,136 207,774 207,774 Short-term borrowed funds 50,078 50,078 50,078 Long-term borrowed funds 110,929 110,666 110,666 Accrued interest payable 517 517 517 December 31, 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 $ 72,720 $ 72,720 $ 72,720 Interest bearing deposits in banks 1,595 1,595 1,595 Investment securities - AFS 125,889 125,889 $ 110,018 $ 15,871 Investment securities - HTM 235,659 203,080 182,380 20,700 Restricted bank stock 1,027 N/A Loans held for sale — — Loans, net 1,264,684 1,177,702 1,177,702 Financial derivative 1,068 1,068 1,068 Accrued interest receivable 6,051 6,051 933 5,118 Financial Liabilities: Deposits - non-maturity 1,450,210 1,450,210 1,450,210 Deposits - time deposits 120,523 120,083 120,083 Financial derivatives — — — Short-term borrowed funds 64,565 64,565 64,565 Long-term borrowed funds 30,929 30,909 30,909 Accrued interest payable 151 151 151 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 and the three month periods ended March 31, 2023 and June 30, 2023: 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, 2022 $ (949) $ (5,749) $ (134) $ (319) $ (18,108) $ (2,055) $ (27,314) Other comprehensive (loss)/income before reclassifications (614) (10,629) (6,120) 1,116 684 2,430 (13,133) Amounts reclassified from accumulated other comprehensive loss (148) (2) 551 — 821 199 1,421 Balance - December 31, 2022 $ (1,711) $ (16,380) $ (5,703) $ 797 $ (16,603) $ 574 $ (39,026) Other comprehensive (loss)/income before reclassifications (1,180) 985 — (138) 123 — (210) Amounts reclassified from accumulated other comprehensive income (37) — 133 — 184 (1) 279 Balance - March 31, 2023 $ (2,928) $ (15,395) $ (5,570) $ 659 $ (16,296) $ 573 $ (38,957) Other comprehensive income/(loss) before reclassifications 111 (1,654) — 150 (42) — (1,435) Amounts reclassified from accumulated other comprehensive loss (40) — 129 — 195 (2) 282 Balance - June 30, 2023 $ (2,857) $ (17,049) $ (5,441) $ 809 $ (16,143) $ 571 $ (40,110) The following tables present the components of other comprehensive loss for the six and three month periods ended June 30, 2023 and 2022: Before Tax Components of Other Comprehensive Loss Tax (Expense) (in thousands) Amount Benefit Net For the six months ended June 30, 2023 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (1,408) $ 339 $ (1,069) Less: accretable yield recognized in income 101 (24) 77 Net unrealized losses on investments with OTTI (1,509) 363 (1,146) Available for sale securities – all other: Unrealized holding losses (881) 212 (669) Held to maturity securities: Unrealized holding losses on securities transferred to held to maturity — — — Less: amortization recognized in income (345) 83 (262) Net unrealized gains on HTM securities 345 (83) 262 Cash flow hedges: Unrealized holding gains 16 (4) 12 Pension Plan: Unrealized net actuarial gain 105 (24) 81 Less: amortization of unrecognized loss (499) 120 (379) Net pension plan liability adjustment 604 (144) 460 SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss 4 (1) 3 Net SERP liability adjustment (4) 1 (3) Other comprehensive loss $ (1,429) $ 345 $ (1,084) Before Tax Components of Other Comprehensive Loss Tax (Expense) (in thousands) Amount Benefit Net For the six months ended June 30, 2022 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ (654) $ 175 $ (479) Less: accretable yield recognized in income 101 (27) 74 Net unrealized losses on investments with OTTI (755) 202 (553) Available for sale securities – all other: Unrealized holding losses (16,203) 4,336 (11,867) 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 (7,878) 2,109 (5,769) Held to maturity securities: Unrealized holding losses on securities transferred to held to maturity (8,328) 2,228 (6,100) Less: amortization recognized in income (324) 87 (237) Net unrealized losses on HTM securities (8,004) 2,141 (5,863) Cash flow hedges: Unrealized holding gains 1,088 (292) 796 Pension Plan: Unrealized net actuarial loss (10,542) 2,822 (7,720) Less: amortization of unrecognized loss (558) 150 (408) Net pension plan liability adjustment (9,984) 2,672 (7,312) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (135) 36 (99) Less: amortization of prior service costs — — — Net SERP liability adjustment 135 (36) 99 Other comprehensive loss $ (25,398) $ 6,796 $ (18,602) Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended June 30, 2023 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ 198 $ (87) $ 111 Less: accretable yield recognized in income 51 (11) 40 Net unrealized gains on investments with OTTI 147 (76) 71 Available for sale securities – all other: Net unrealized losses on all other AFS securities (2,221) 567 (1,654) Held to maturity securities: Unrealized holding gains — — — Less: amortization recognized in income (164) 35 (129) Net unrealized gains on HTM securities 164 (35) 129 Cash flow hedges: Unrealized holding gains 204 (54) 150 Pension Plan: Unrealized net actuarial loss (63) 21 (42) Less: amortization of unrecognized loss (249) 54 (195) Net pension plan liability adjustment 186 (33) 153 SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss 2 — 2 Net SERP liability adjustment (2) — (2) Other comprehensive loss $ (1,522) $ 369 $ (1,153) Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended June 30, 2022 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ (795) $ 213 $ (582) Less: accretable yield recognized in income 51 (14) 37 Net unrealized losses on investments with OTTI (846) 227 (619) Available for sale securities – all other: Unrealized holding losses (5,359) 1,435 (3,924) Less: gains recognized in income — — — Net unrealized losses on all other AFS securities (5,359) 1,435 (3,924) Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income — — — Less: amortization recognized in income (230) 62 (168) Net unrealized gains on HTM securities 230 (62) 168 Cash flow hedges: Unrealized holding gains 249 (67) 182 Pension Plan: Unrealized net actuarial loss (6,922) 1,853 (5,069) Less: amortization of unrecognized loss (279) 75 (204) Less: amortization of prior service costs — — — Net pension plan liability adjustment (6,643) 1,778 (4,865) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (67) 18 (49) Less: amortization of prior service costs — — — Net SERP liability adjustment 67 (18) 49 Other comprehensive loss $ (12,302) $ 3,293 $ (9,009) Amounts Reclassified from Six Months Ended Accumulated Other Comprehensive Loss June 30, Affected Line Item in the Statement (in thousands) 2023 2022 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable yield $ 101 $ 101 Interest income on taxable investment securities Taxes (24) (27) Credit for income tax expense $ 77 $ 74 Net of tax Net unrealized gains on available for sale investment securities - all others: Gains recognized $ — $ 3 Net gains Taxes — (1) Provision for income tax expense $ — $ 2 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (345) $ (324) Interest income on taxable investment securities Taxes 83 87 Provision for income tax expense $ (262) $ (237) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (499) $ (558) Other Expense Taxes 120 150 Provision for income tax expense $ (379) $ (408) Net of tax Net SERP liability adjustment: Amortization of unrecognized gain/(loss) $ 4 $ (135) Other Expense Taxes (1) 36 (Credit)/provision for income tax expense $ 3 $ (99) Net of tax Total reclassifications for the period $ (561) $ (668) Net of tax Amounts Reclassified from Three Months Ended Accumulated Other Comprehensive Loss June 30, Affected Line Item in the Statement (in thousands) 2023 2022 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable Yield $ 51 $ 51 Interest income on taxable investment securities Taxes (11) (14) Provision for income tax expense $ 40 $ 37 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (164) $ (230) Interest income on taxable investment securities Taxes 35 62 Provision for income tax expense $ (129) $ (168) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (249) $ (279) Other expense Taxes 54 75 Provision for income tax expense $ (195) $ (204) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ 2 $ (67) Other expense Taxes — 18 Provision for income tax expense $ 2 $ (49) Net of tax Total reclassifications for the period $ (282) $ (384) Net of tax |
Equity Compensation Plan Inform
Equity Compensation Plan Information | 6 Months Ended |
Jun. 30, 2023 | |
Equity Compensation Plan Information [Abstract] | |
Equity Compensation Plan Information | Note 8 - 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 $15,000 to be paid, at the director’s election, in cash or additional shares of common stock. In May 2023, a total of 16,931 fully vested shares of common stock were issued to directors, which had a grant date fair value of $13.23 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. In January 2023, a total of 333 fully vested shares of common stock were issued to a new director, which had a grant date fair value of $19.36 per share. Director stock compensation was $138,001 for the six months ended June 30, 2023 and $125,588 for the six months ended June 30, 2022. Director stock compensation expense was $62,500 for the quarter ended June 30, 2023 and $66,730 for the quarter ended June 30, 2022. During the six- and three- month periods ended June 30, 2023, employee stock compensation expense was $0.2 million and $0.1 million, respectively. Employee stock compensation expense was $0 for both the six- and three- month periods ended June 30, 2022. 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 (i) a performance vesting award for a three year 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 (i) 9,791 performance-vesting shares (target level) for the performance period ending December 31, 2021 (the “2019 LTIP year”) and (ii) 10,143 performance-vesting shares and 5,070 time-vesting shares (target level) for the performance period ending December 31, 2022 (the “2020 LTIP year”). Each RSU had a grant date fair market value of $12.54 per share of common stock underlying the RSU. The time-vesting RSUs will vest ratably over a three-year period that began on March 26, 2021. On March 9, 2022, 14,688 shares subject to RSUs granted for the 2019 LTIP year were issued at maximum performance level. On March 8, 2023, 15,216 shares subject to RSUs granted for the 2020 LTIP year were issued at maximum performance. On March 26, 2021, 1,690 of the 5,070 time-vesting shares were issued to participants. On March 28, 2022, 1,688 shares of the 3,380 remaining time vesting shares were issued to participants. On March 26, 2023, 1,692 shares of the remaining time-vesting shares were issued to participants. Stock compensation expense was $15,896 for the six months ended June 30, 2023, and $42,024 for the six months ended June 30, 2022. Stock compensation expense was $0 and $15,896 for the second quarters of 2023 and 2022, respectively. All compensation expense related to the 2019 LTIP year was recognized as of March 31, 2022. All compensation expense related to the 2020 LTIP plans was recognized as of March 31, 2023. 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 beginning on May 5, 2022. On May 5, 2022, 1,230 shares of the 3,693 time-vesting RSUs were issued to participants. On May 5, 2023, 1,230 shares of the remaining 2,463 time vesting shares were issued to the participants. Stock compensation expense was $33,142 for the six-month periods ended of 2023 and 2022. Stock compensation expense was $16,571 for both of the three month periods ended June 30, 2023 and 2022. Unrecognized compensation expense as of June 30, 2023 related to unvested units was $183,017. 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. On March 9, 2023 2,079 shares of the 6,238 time-vesting RSUs were issued to participants. Stock compensation expense was $52,290 and $26,145 for the six months ended June 30, 2023 and 2022, respectively. Stock compensation expense was $26,145 for both of the three month periods ended June 30, 2023 and 2022. Unrecognized compensation expense as of June 30, 2023 related to unvested units was $183,017. In March 2023, RSUs relating to 10,214 performance vesting shares and 7,920 time vesting shares (target level) for plan year 2023 were granted, which had a grant date fair market value of $18.25 per share of common stock underlying each RSU. The performance period for the performance-vesting RSUs is the three year period ending December 31, 2025. The time-vesting RSUs will vest ratably over a three year period beginning on March 15, 2024. Stock compensation expense was $27,585 for both the six and three month periods ended June 30, 2023. Unrecognized compensation expense as of June 30, 2023 related to unvested units was $303,434. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | Note 9– 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 June 30, 2023, $15.0 million notional amount remains. The interest rate swap creates an effective fixed interest rate of 4.6450% on the $15.0 million notional amount of the Corporation’s junior subordination debt until the interest rate swap’s maturity in March 2026. The fair value of the interest rate swap contracts was $1.1 million at June 30, 2023 and December 31, 2022. For the six months ended June 30, 2023, the Corporation recorded an increase in the value of the derivatives of $16 thousand and the related deferred tax of $4 thousand in net accumulated other comprehensive loss to reflect the effective portion of cash flow hedges. For the three months ended June 30, 2023, the Corporation recorded an increase in the value of the derivatives of $0.2 million and the related deferred tax of $0.1 million in net accumulated other comprehensive income 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 month periods ended June 30, 2023. 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 June 30, 2023. The table below discloses the impact of derivative financial instruments on the Corporation’s Consolidated Financial Statements for the six and three month periods ended June 30, 2023 and 2022. 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: Six months ended: June 30, 2023 $ 12 $ — $ — June 30, 2022 796 — — Three months ended: June 30, 2023 $ 150 $ — $ — June 30, 2022 182 — — Notes: (a) Reported as interest expense (b) Reported as other income |
Regulatory Capital Requirements
Regulatory Capital Requirements | 6 Months Ended |
Jun. 30, 2023 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | Note 10 – Regulatory Capital Requirements The following table presents our capital ratios as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Required for Capital Adequacy Purposes Required to be Well Capitalized Total Capital (to risk-weighted assets) 13.87 % 14.37 % 8.00 % 10.00 % Tier 1 Capital (to risk-weighted assets) 12.64 % 13.29 % 6.00 % 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 12.64 % 13.29 % 4.50 % 6.50 % Tier 1 Capital (to average assets) 9.78 % 10.01 % 4.00 % 5.00 % As of June 30, 2023 and December 31, 2022, the Bank was considered “well capitalized” under the regulatory framework for prompt corrective action. We adopted CECL effective January 1, 2023 and elected not to implement the regulatory agencies’ capital transition and instead opted to record the impact to our capital ratios immediately upon implementation. Effective with the implementation of CECL, a $2.2 million, net of tax, adjustment was made to retained earnings. The adjustment did not have a material impact to our capital ratios. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
Deposits | Note 11 – Deposits The following table summarizes deposits as of June 30, 2023 and December 31, 2022. (dollars in thousands) June 30, 2023 December 31, 2022 Non-Interest-bearing deposits: $ 466,628 30% $ 506,613 32% Interest-bearing deposits: Demand 393,234 25% 327,685 21% Money Market 297,312 19% 365,192 23% Savings deposits 215,649 13% 250,720 16% Time deposits- retail 146,055 9% 120,523 8% Time deposits- brokered 61,081 4% — 0% Total Deposits $ 1,579,959 100% $ 1,570,733 100% The following table summarizes the percentage of deposits that are insured by deposit insurance or otherwise fully collateralized by securities compared to uninsured deposits as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 (dollars in thousands) Balance Percent Balance Percent Insured/collateralized deposits $ 1,350,060 85% $ 1,118,190 71% Uninsured deposits 229,899 15% 452,543 29% $ 1,579,959 100% $ 1,570,733 100% The following table summarizes the percentage of deposit balances from retail customers compared to business customers as June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 (dollars in thousands) Balance Percent Balance Percent Retail deposits $ 798,737 51% $ 855,014 54% Business deposits 781,222 49% 715,719 46% $ 1,579,959 100% $ 1,570,733 100% |
Borrowed Funds
Borrowed Funds | 6 Months Ended |
Jun. 30, 2023 | |
Borrowed Funds [Abstract] | |
Borrowed Funds | Note 12 – Borrowed Funds The following is a summary of borrowings: (Dollars in thousands) Six Months Ended June 30, 2023 Year Ended December 31, 2022 Short-term Correspondent Bank Advance: Securities sold under agreements to repurchase: Outstanding at end of period $ 50,078 $ 64,565 Weighted average interest rate at end of period 0.23% 0.12% Maximum amount outstanding as of any month end $ 53,892 $ 75,912 Average amount outstanding $ 51,988 $ 63,182 Approximate weighted average rate during the period 0.21% 0.12% FHLB advances, bearing fixed interest at rates ranging from 4.53% to 4.69% at June 30, 2023 $ 80,000 $ - Junior subordinated debt, bearing variable interest rate of 8.26% at June 30, 2023 and 7.49% at December 31, 2022 30,929 30,929 Total borrowings outstanding $ 161,007 $ 95,494 At June 30, 2023, the repurchase agreements were secured by $66.4 million in investment securities issued by government related agencies. A minimum of 102% of fair value is pledged against account balances. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 13 – Segment Reporting Currently, the Corporation conducts business in two operating segments: (i) Community Banking and (ii) Trust and Investment Services. The accounting policies of the segments are the same as those described in the summary of significant accounting policies provided earlier in this report. Business activity for the operating segments are as follows: Community Banking Trust and Investment Services Information for the operating segments for the six and three month periods ended June 30, 2023 are presented in the following tables: Six Months Ended June 30, 2023 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 37,801 $ - $ 37,801 Interest expense 9,109 - 9,109 Credit loss expense 938 - 938 Non-interest income 4,411 4,551 8,962 Non-interest expense 22,562 2,587 25,149 Income before income taxes and intercompany fees 9,603 1,964 11,567 Intercompany management fee income (expense) 6 (6) - Income before income taxes 9,609 1,958 11,567 Income tax expense 2,367 411 2,778 Net income $ 7,242 $ 1,547 $ 8,789 Six months ended June 30, 2022 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 28,878 $ - $ 28,878 Interest expense 1,566 - 1,566 Credit for loan losses 210 - 210 Non-interest income 4,094 4,766 8,860 Non-interest expense 18,805 2,405 21,210 Income before income taxes and intercompany fees 12,391 2,361 14,752 Intercompany management fee income (expense) 6 (6) - Income before income taxes 12,397 2,355 14,752 Income tax expense 3,115 494 3,609 Net income $ 9,282 $ 1,861 $ 11,143 Three Months Ended June 30, 2023 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 19,972 $ - $ 19,972 Interest expense 5,798 - 5,798 Credit loss expense 395 - 395 Non-interest income 2,285 2,284 4,569 Non-interest expense 11,177 1,334 12,511 Income before income taxes and intercompany fees 4,887 950 5,837 Intercompany management fee income (expense) 3 (3) - Income before income taxes 4,890 947 5,837 Income tax expense 1,224 199 1,423 Net income $ 3,666 $ 748 $ 4,414 Three Months Ended June 30, 2022 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 14,731 $ - $ 14,731 Interest expense 760 - 760 Credit for loan losses 631 - 631 Non-interest income 2,069 2,357 4,426 Non-interest expense 9,427 1,203 10,630 Income before income taxes and intercompany fees 5,982 1,154 7,136 Intercompany management fee income (expense) 3 (3) - Income before income taxes 5,985 1,151 7,136 Income tax expense 1,467 241 1,708 Net income $ 4,518 $ 910 $ 5,428 Total non-fiduciary assets of the trust and investment services segment were $0.8 million (including $0.7 million in intangible assets) as of June 30, 2023 and $0.9 million (including $0.8 million in intangible assets) as of December 31, 2022. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 14 – Goodwill ASC Topic 350, Intangibles- Goodwill and Other Intangibles provides guidance with respect to goodwill. Under this guidance, goodwill is not amortized but shall be tested at least annually for impairment at a level of accounting referred to as a reporting unit. The Corporation is considered the sole reporting unit. Goodwill of a reporting unit shall be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Impairment of goodwill is the condition that exists when the carrying amount of a reporting unit that includes goodwill exceeds the fair value. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds fair value, limited to the total amount of goodwill allocated to that reporting unit. An entity may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If after assessing the totality of events or circumstances qualitatively, an entity determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is unnecessary. Management notes that the heightened liquidity concerns that caused the failure of three banks in the United States in 2023 has had global impacts on some macroeconomic conditions and has created an unprecedented economic environment in which the Corporation and many other financial institutions are operating. The uncertainty has resulted in a significant decrease in the Corporation’s stock price, as well as the banking industry in general. Based on the totality of the circumstances and the impact of the economic conditions on the stock price, the events more likely than not reduce the fair value of a reporting unit below its carrying amount, including goodwill. An internal analysis of the fair value of the Corporation as of June 30, 2023, was performed. The results of the of the internal analysis determined fair value exceeded carrying value and, therefore, management has concluded there is no impairment at June 30, 2023. Management will continue to monitor the goodwill throughout the remainder of 2023. |
Earnings Per Common Share (Poli
Earnings Per Common Share (Policy) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 or 2022. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Standards Update 2016-13 [Member] | |
Schedule of impact of adopting Topic 326 | January 1, 2023 (Dollars in thousands) As Reported Under ASU 2016-13 Pre Impact of ASU 2016-13 Adoption Assets Allowance for credit losses on loans Commercial real estate $ 5,202 $ 6,345 $ (1,143) Acquisition and development 964 979 (15) Commercial and industrial 4,179 2,845 1,334 Residentail mortgage 5,272 3,160 2,112 Consumer 1,085 877 208 Unallocated - 430 (430) Allowance for Credit Losses on Loans $ 16,702 $ 14,636 $ 2,066 Assets: Investment securities- available for sale (at fair value) $ 125,889 $ 125,889 $ - Investment securities- held to maturity 245,659 245,659 - Total loans held for investments, net 1,262,792 1,264,858 (2,066) Net deferred tax asset 11,381 10,605 776 Liabilities: Life-of-loss reserve on unfunded loan commitments $ 998 $ 133 $ 865 Equity: Retained earnings $ 149,638 $ 151,793 $ (2,155) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Common Share [Abstract] | |
Basic and Diluted Earnings Per Share | Three months ended June 30, 2023 2022 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 $ 4,414 6,704 $ 0.66 $ 5,428 6,650 $ 0.82 Diluted Earnings Per Share: Restricted stock units 14 11 Net income $ 4,414 6,718 $ 0.66 $ 5,428 6,661 $ 0.82 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments [Abstract] | |
Unrealized Gain (Loss) on Investments | (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value June 30, 2023 Available for Sale: U.S. government agencies $ 11,028 $ — $ 1,487 $ — $ 9,541 Residential mortgage-backed agencies 43,224 — 7,357 — 35,867 Commercial mortgage-backed agencies 36,897 — 7,763 — 29,134 Collateralized mortgage obligations 24,836 — 4,711 — 20,125 Obligations of states and political subdivisions 10,837 14 285 — 10,566 Corporate bonds 1,000 — 253 — 747 Collateralized debt obligations 18,674 — 4,569 — 14,105 Total available for sale $ 146,496 $ 14 $ 26,425 $ — $ 120,085 (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Allowance for Credit Losses June 30, 2023 Held to Maturity: U.S. treasuries $ 37,332 $ — $ 1,075 $ 36,257 $ — U.S. government agencies 67,873 — 12,111 55,762 — Residential mortgage-backed agencies 26,970 — 3,264 23,706 — Commercial mortgage-backed agencies 21,494 — 5,188 16,306 — Collateralized mortgage obligations 55,104 — 10,124 44,980 — Obligations of states and political subdivisions 21,986 688 614 22,060 — Total held to maturity $ 230,759 $ 688 $ 32,376 $ 199,071 $ — (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCL December 31, 2022 Available for Sale: U.S. government agencies $ 11,044 $ — $ 1,582 $ 9,462 $ — Residential mortgage-backed agencies 45,052 — 7,651 37,401 — Commercial mortgage-backed agencies 37,393 — 6,661 30,732 — Collateralized mortgage obligations 25,828 — 4,784 21,044 — Obligations of states and political subdivisions 10,848 4 360 10,492 — Corporate Bonds 1,000 — 113 887 — Collateralized debt obligations 18,664 — 2,793 15,871 (1,695) Total available for sale $ 149,829 $ 4 $ 23,944 $ 125,889 $ (1,695) (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value OTTI in AOCL December 31, 2022 Held to Maturity: U.S. treasuries $ 37,204 $ — $ 1,593 $ 35,611 $ — U.S. government agencies 67,734 — 13,261 54,473 — Residential mortgage-backed agencies 28,624 1 3,503 25,122 — Commercial mortgage-backed agencies 22,389 — 4,568 17,821 — Collateralized mortgage obligations 57,085 — 10,001 47,084 — Obligations of states and political subdivisions 22,623 946 600 22,969 — Total held to maturity $ 235,659 $ 947 $ 33,526 $ 203,080 $ — |
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 June 30, 2023 Available for Sale: U.S. government agencies $ — $ — — $ 9,541 $ 1,487 3 Residential mortgage-backed agencies — — — 35,867 7,357 5 Commercial mortgage-backed agencies 1,715 189 1 27,419 7,574 8 Collateralized mortgage obligations — — — 20,125 4,711 10 Obligations of states and political subdivisions 3,853 196 3 3,878 89 2 Corporate Bonds — — — 747 253 1 Collateralized debt obligations — — — 14,105 4,569 9 Total available for sale $ 5,568 $ 385 4 $ 111,682 $ 26,040 38 Less than 12 months 12 months or more (in thousands) Fair Value Unrecognized Losses Number of Investments Fair Value Unrecognized Losses Number of Investments June 30, 2023 Held to Maturity: U.S. treasuries $ — $ — — $ 36,257 $ 1,075 4 U.S. government agencies — — — 55,762 12,111 9 Residential mortgage-backed agencies 3,143 134 3 20,563 3,130 33 Commercial mortgage-backed agencies — — — 16,306 5,188 2 Collateralized mortgage obligations — — — 44,980 10,124 8 Obligations of states and political subdivisions — — — 2,258 614 1 Total held to maturity $ 3,143 $ 134 3 $ 176,126 $ 32,242 57 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, 2022 Available for Sale: U.S. government agencies $ 4,598 $ 402 1 $ 4,865 $ 1,180 2 Residential mortgage-backed agencies — — — 37,401 7,651 5 Commercial mortgage-backed agencies 4,044 455 3 26,688 6,206 6 Collateralized mortgage obligations 1,600 210 5 19,444 4,574 5 Obligations of states and political subdivisions 8,906 360 7 — — — Corporate Bonds 887 113 1 — — — Collateralized debt obligations — — — 15,871 2,793 9 Total available for sale $ 20,035 $ 1,540 17 $ 104,269 $ 22,404 27 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, 2022 Held to Maturity: U.S. treasuries $ — $ — — $ 35,611 $ 1,593 4 U.S. government agencies 38,883 9,617 7 15,591 3,644 2 Residential mortgage-backed agencies 16,893 1,425 29 8,138 2,078 7 Commercial mortgage-backed agencies 17,821 4,568 3 — — — Collateralized mortgage obligations 47,083 10,001 8 — — — Obligations of states and political subdivisions 2,269 600 1 — — — Total held to maturity $ 122,949 $ 26,211 48 $ 59,340 $ 7,315 13 |
Non-Cash OTTI Credit Losses Recognized in Earnings | Six Months Ended June 30, (in thousands) 2023 2022 Balance of credit-related impairment at January 1 $ 1,841 $ 2,043 Reduction for increases in cash flows expected to be collected (101) (101) Balance of credit-related impairment at June 30 $ 1,740 $ 1,942 Three Months Ended June 30, (in thousands) 2023 2022 Balance of credit-related impairment at April 1 $ 1,791 $ 1,993 Reduction for increases in cash flows expected to be collected (51) (51) Balance of credit-related impairment at June 30 $ 1,740 $ 1,942 |
Amortized Cost and Fair Values Classified by Contractual Maturity Date | June 30, 2023 (in thousands) Amortized Cost Fair Value Available for Sale: Due in one year or less $ 340 $ 340 Due after one year through five years 11,948 11,052 Due after five years through ten years 1,895 1,631 Due after ten years 27,356 21,936 41,539 34,959 Residential mortgage-backed agencies 43,224 35,867 Commercial mortgage-backed agencies 36,897 29,134 Collateralized mortgage obligations 24,836 20,125 Total available for sale $ 146,496 $ 120,085 Held to Maturity: Due in one year or less $ 37,332 $ 36,257 Due after one year through five years 12,500 11,338 Due after five years through ten years 33,094 27,382 Due after ten years 44,265 39,102 127,191 114,079 Residential mortgage-backed agencies 26,970 23,706 Commercial mortgage-backed agencies 21,494 16,306 Collateralized mortgage obligations 55,104 44,980 Total held to maturity $ 230,759 $ 199,071 |
Loans and Related Allowance f_2
Loans and Related Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 Individually evaluated for impairment $ — $ — $ — $ 2,151 $ — $ 2,151 Collectively evaluated for impairment 483,485 79,003 249,683 473,389 62,327 1,347,887 Total loans $ 483,485 $ 79,003 $ 249,683 $ 475,540 $ 62,327 $ 1,350,038 December 31, 2022 Individually evaluated for impairment $ 2,262 $ 356 $ — $ 3,880 $ — $ 6,498 Collectively evaluated for impairment 456,569 70,240 245,396 440,531 60,260 1,272,996 Total loans $ 458,831 $ 70,596 $ 245,396 $ 444,411 $ 60,260 $ 1,279,494 |
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 June 30, 2023 Commercial real estate: Non owner-occupied $ 284,580 $ — $ — $ — $ — $ — $ 284,580 All other CRE 198,905 — — — — — 198,905 Acquisition and development: 1-4 family residential construction 20,228 — — — — — 20,228 All other A&D 58,647 — — — — 128 58,775 Commercial and industrial 249,425 177 81 — 258 — 249,683 Residential mortgage: Residential mortgage - term 411,033 428 704 45 1,177 2,518 414,728 Residential mortgage - home equity 60,227 241 — 18 259 326 60,812 Consumer 61,591 498 141 97 736 — 62,327 Total $ 1,344,636 $ 1,344 $ 926 $ 160 $ 2,430 $ 2,972 $ 1,350,038 December 31, 2022 Commercial real estate: Non owner-occupied $ 269,971 $ — $ — $ — $ — $ 87 $ 270,058 All other CRE 188,715 — — — — 58 188,773 Acquisition and development: 1-4 family residential construction 19,637 — — — — — 19,637 All other A&D 50,813 — — — — 146 50,959 Commercial and industrial 245,342 54 — — 54 — 245,396 Residential mortgage: Residential mortgage - term 380,502 31 722 239 992 2,893 384,387 Residential mortgage - home equity 59,223 399 48 43 490 311 60,024 Consumer 59,789 363 83 25 471 — 60,260 Total $ 1,273,992 $ 847 $ 853 $ 307 $ 2,007 $ 3,495 $ 1,279,494 |
Primary Segments of the Allowance for Loan Loss | (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total June 30, 2023 Individually evaluated $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,946 1,134 3,549 6,417 859 — 16,905 Total ACL $ 4,946 $ 1,134 $ 3,549 $ 6,417 $ 859 $ — $ 16,905 December 31, 2022 Individually evaluated $ — $ — $ — $ 26 $ — $ — $ 26 Collectively evaluated 6,345 979 2,845 3,134 877 430 14,610 Total ALL $ 6,345 $ 979 $ 2,845 $ 3,160 $ 877 $ 430 $ 14,636 |
Schedule of amortized cost basis of collateral-dependent individually evaluated loans | June 30, 2023 (dollars in thousands) Real Estate Non-Accrual Loans with No Allowance Residential mortgage $ 2,151 $ 2,151 Total Loans $ 2,151 $ 2,151 |
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 December 31, 2022 Commercial real estate Non owner-occupied $ — $ — $ 187 $ 187 $ — All other CRE — — 2,075 2,075 — Acquisition and development 1-4 family residential construction — — 210 210 — All other A&D — — 146 146 109 Commercial and industrial — — — — — Residential mortgage Residential mortgage – term 345 26 3,225 3,570 41 Residential mortgage – home equity — — 310 310 — Consumer — — — — — Total impaired loans $ 345 $ 26 $ 6,153 $ 6,498 $ 150 (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 ACL and ALL for the six- and three- month periods ended June 30, 2023 and 2022: Three months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total Beginning balance at January 1, 2023 prior to adoption of ASC 326 $ 6,345 $ 979 $ 2,845 $ 3,160 $ 877 $ 430 $ 14,636 Impact of adopting ASC 326 (1,143) (15) 1,334 2,112 208 (430) 2,066 Loan Charge-offs (87) — (166) (24) (518) — (795) Recoveries collected 5 7 9 36 93 — 150 Credit Loss Expense (174) 163 (473) 1,133 199 — 848 ACL balance at June 30, 2023 $ 4,946 $ 1,134 $ 3,549 $ 6,417 $ 859 $ — $ 16,905 ALL balance at January 1, 2022 $ 6,032 $ 2,615 $ 2,460 $ 3,484 $ 934 $ 430 $ 15,955 Loan Charge-offs — — (52) (33) (545) — (630) Recoveries collected 1 20 9 101 76 — 207 Credit Loss Expense 187 (463) 413 (440) 508 — 205 ALL balance at June 30, 2022 $ 6,220 $ 2,172 $ 2,830 $ 3,112 $ 973 $ 430 $ 15,737 Three months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ACL balance at April 1, 2023 $ 4,862 $ 1,103 $ 3,755 $ 6,324 $ 827 $ — $ 16,871 Loan Charge-offs (87) — (166) (18) (185) — (456) Recoveries collected — 2 5 18 31 — 56 Credit Loss Expense 171 29 (45) 93 186 — 434 ACL balance at June 30, 2023 $ 4,946 $ 1,134 $ 3,549 $ 6,417 $ 859 $ — $ 16,905 ALL balance at April 1, 2022 $ 5,922 $ 2,542 $ 2,513 $ 2,945 $ 940 $ 430 $ 15,292 Charge-offs — — (4) (24) (299) — (327) Recoveries — 2 6 86 54 — 148 Credit Loss Expense 298 (372) 315 105 278 — 624 ALL balance at June 30, 2022 $ 6,220 $ 2,172 $ 2,830 $ 3,112 $ 973 $ 430 $ 15,737 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | (in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Total Portfolio Loans June 30, 2023 Commercial real estate: Non owner-occupied Pass $ 19,702 $ 66,666 $ 31,131 $ 47,947 $ 40,130 $ 60,486 $ 807 $ 266,869 Special Mention — — — — — 6,167 — 6,167 Substandard — — — — — 11,544 — 11,544 Total non-owner occupied 19,702 66,666 31,131 47,947 40,130 78,197 807 284,580 Current period gross charge-offs — — — — — 87 — 87 All other CRE Pass 16,648 28,223 25,694 21,675 25,017 70,917 4,490 192,664 Special Mention — — — — — — 1,203 1,203 Substandard — — 1,080 — 1,888 1,471 599 5,038 Total all other CRE 16,648 28,223 26,774 21,675 26,905 72,388 6,292 198,905 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 3,905 12,561 1,198 — — 195 2,369 20,228 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 3,905 12,561 1,198 — — 195 2,369 20,228 Current period gross charge-offs — — — — — — — — All other A&D Pass 6,966 20,364 5,072 9,427 1,328 11,501 3,989 58,647 Special Mention — — — — — — — — Substandard — — — — — 128 — 128 Total all other A&D 6,966 20,364 5,072 9,427 1,328 11,629 3,989 58,775 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 20,732 73,589 26,631 13,851 10,735 12,981 69,070 227,589 Special Mention — — — — — 334 844 1,178 Substandard — 8,923 2,140 6,896 135 876 1,946 20,916 Total commercial and industrial 20,732 82,512 28,771 20,747 10,870 14,191 71,860 249,683 Current period gross charge-offs — — — 166 — — — 166 Residential mortgage: Residential mortgage - term Pass 29,970 80,804 90,055 40,502 26,163 138,450 2,004 407,948 Special Mention — — — — — — — — Substandard — — 926 156 101 5,557 40 6,780 Total residential mortgage - term 29,970 80,804 90,981 40,658 26,264 144,007 2,044 414,728 Current period gross charge-offs — — — — — 13 — 13 Residential mortgage - home equity Pass 1,060 5,301 909 505 307 571 51,535 60,188 Special Mention — — — — — — — — Substandard — — — 41 — 19 564 624 Total residential mortgage - home equity 1,060 5,301 909 546 307 590 52,099 60,812 Current period gross charge-offs — — — — — 11 — 11 Consumer: Pass 12,170 13,199 8,094 2,895 930 22,045 2,733 62,066 Special Mention — — — — — — — — Substandard — 56 163 24 7 5 6 261 Total consumer 12,170 13,255 8,257 2,919 937 22,050 2,739 62,327 Current period gross charge-offs 86 141 272 2 — 17 — 518 Total Portfolio Loans Pass 111,153 300,707 188,784 136,802 104,610 317,146 136,997 1,296,199 Special Mention — — — — — 6,501 2,047 8,548 Substandard — 8,979 4,309 7,117 2,131 19,600 3,155 45,291 Total Portfolio Loans $ 111,153 $ 309,686 $ 193,093 $ 143,919 $ 106,741 $ 343,247 $ 142,199 $ 1,350,038 Current YTD Period: Current period gross charge-offs $ 86 $ 141 $ 272 $ 168 $ — $ 128 $ — $ 795 (in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Total Portfolio Loans December 31, 2022 Commercial real estate: Non owner-occupied Pass $ 67,429 $ 31,710 $ 48,421 $ 41,221 $ 19,414 $ 42,069 $ 1,570 $ 251,834 Special Mention — — — — — 6,289 — 6,289 Substandard — — — — — 11,935 — 11,935 Total non-owner occupied 67,429 31,710 48,421 41,221 19,414 60,293 1,570 270,058 Current period gross charge-offs — — — — — — — — All other CRE Pass 24,655 26,947 22,906 27,213 8,873 67,691 4,790 183,075 Special Mention — 1,111 — — — — — 1,111 Substandard — — — 3,006 — 357 1,224 4,587 Total all other CRE 24,655 28,058 22,906 30,219 8,873 68,048 6,014 188,773 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 15,629 1,453 151 — — 210 2,194 19,637 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 15,629 1,453 151 — — 210 2,194 19,637 Current period gross charge-offs — — — — — 20 — 20 All other A&D Pass 18,733 4,979 9,755 1,408 558 12,961 2,419 50,813 Special Mention — — — — — — — — Substandard — — — — — 146 — 146 Total all other A&D 18,733 4,979 9,755 1,408 558 13,107 2,419 50,959 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 83,608 30,451 15,982 12,707 5,013 9,528 63,668 220,957 Special Mention — 2,555 — — — 338 2,134 5,027 Substandard 8,923 — 7,167 173 634 311 2,204 19,412 Total commercial and industrial 92,531 33,006 23,149 12,880 5,647 10,177 68,006 245,396 Current period gross charge-offs — 97 34 3 — — — 134 Residential mortgage: Residential mortgage - term Pass 64,930 93,665 42,784 27,120 14,132 133,397 2,306 378,334 Special Mention — — — — — — — — Substandard — — 16 237 143 5,634 23 6,053 Total residential mortgage - term 64,930 93,665 42,800 27,357 14,275 139,031 2,329 384,387 Current period gross charge-offs — — — — — 28 — 28 Residential mortgage - home equity Pass 5,739 957 538 328 97 478 51,232 59,369 Special Mention — — — — — — — — Substandard — — 44 — 21 40 550 655 Total residential mortgage - home equity 5,739 957 582 328 118 518 51,782 60,024 Current period gross charge-offs — — — — 12 6 — 18 Consumer: Pass 16,748 10,495 3,845 1,596 687 24,096 2,654 60,121 Special Mention — — — — — — — — Substandard — 92 27 9 7 — 4 139 Total consumer 16,748 10,587 3,872 1,605 694 24,096 2,658 60,260 Current period gross charge-offs 36 494 18 37 11 40 — 636 Total Portfolio Loans Pass 297,471 200,657 144,382 111,593 48,774 290,430 130,833 1,224,140 Special Mention — 3,666 — — — 6,627 2,134 12,427 Substandard 8,923 92 7,254 3,425 805 18,423 4,005 42,927 Total Portfolio Loans $ 306,394 $ 204,415 $ 151,636 $ 115,018 $ 49,579 $ 315,480 $ 136,972 $ 1,279,494 Current YTD Period: Current period gross charge-offs $ 36 $ 591 $ 52 $ 40 $ 23 $ 94 $ — $ 836 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. The following tables present loan balances by year of origination segregated by performing and non-performing loans for the periods presented: (in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Total Portfolio Loans June 30, 2023 Commercial real estate: Non owner-occupied Performing $ 19,702 $ 66,666 $ 31,131 $ 47,947 $ 40,130 $ 78,197 $ 807 $ 284,580 Nonperforming — — — — — — — — Total non-owner occupied 19,702 66,666 31,131 47,947 40,130 78,197 807 284,580 All other CRE Performing 16,648 28,223 26,774 21,675 26,905 72,388 6,292 198,905 Nonperforming — — — — — — — — Total all other CRE 16,648 28,223 26,774 21,675 26,905 72,388 6,292 198,905 Acquisition and development: 1-4 family residential construction Performing 3,905 12,561 1,198 — — 195 2,369 20,228 Nonperforming — — — — — — — — Total acquisition and development 3,905 12,561 1,198 — — 195 2,369 20,228 All other A&D Performing 6,966 20,364 5,072 9,427 1,328 11,501 3,989 58,647 Nonperforming — — — — — 128 — 128 Total all other A&D 6,966 20,364 5,072 9,427 1,328 11,629 3,989 58,775 Commercial and industrial: Performing 20,732 82,512 28,771 20,747 10,870 14,191 71,860 249,683 Nonperforming — — — — — — — — Total commercial and industrial 20,732 82,512 28,771 20,747 10,870 14,191 71,860 249,683 Residential mortgage: Residential mortgage - term Performing 29,970 80,804 90,981 40,658 26,163 141,559 2,030 412,165 Nonperforming — — — — 101 2,448 14 2,563 Total residential mortgage - term 29,970 80,804 90,981 40,658 26,264 144,007 2,044 414,728 Residential mortgage - home equity Performing 1,060 5,301 909 505 307 571 51,814 60,467 Nonperforming — — — 41 — 19 285 345 Total residential mortgage - home equity 1,060 5,301 909 546 307 590 52,099 60,812 Consumer: Performing 12,170 13,255 8,234 2,919 937 21,981 2,735 62,231 Nonperforming — — 23 — — 69 4 96 Total consumer 12,170 13,255 8,257 2,919 937 22,050 2,739 62,327 Total Portfolio Loans Performing 111,153 309,686 193,070 143,878 106,640 340,583 141,896 1,346,906 Nonperforming — — 23 41 101 2,664 303 3,132 Total Portfolio Loans $ 111,153 $ 309,686 $ 193,093 $ 143,919 $ 106,741 $ 343,247 $ 142,199 $ 1,350,038 (in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Total Portfolio Loans December 31, 2022 Commercial real estate: Non owner-occupied Performing $ 67,429 $ 31,710 $ 48,421 $ 41,221 $ 19,414 $ 60,206 $ 1,570 $ 269,971 Nonperforming — — — — — 87 — 87 Total non-owner occupied 67,429 31,710 48,421 41,221 19,414 60,293 1,570 270,058 All other CRE Performing 24,655 28,058 22,906 30,219 8,873 67,990 6,014 188,715 Nonperforming — — — — — 58 — 58 Total all other CRE 24,655 28,058 22,906 30,219 8,873 68,048 6,014 188,773 Acquisition and development: 1-4 family residential construction Performing 15,629 1,453 151 — — 210 2,194 19,637 Nonperforming — — — — — — — — Total acquisition and development 15,629 1,453 151 — — 210 2,194 19,637 All other A&D Performing 18,733 4,979 9,755 1,408 558 12,962 2,419 50,814 Nonperforming — — — — — 145 — 145 Total all other A&D 18,733 4,979 9,755 1,408 558 13,107 2,419 50,959 Commercial and industrial: Performing 92,531 33,006 23,149 12,880 5,647 10,177 68,006 245,396 Nonperforming — — — — — — — — Total commercial and industrial 92,531 33,006 23,149 12,880 5,647 10,177 68,006 245,396 Residential mortgage: Residential mortgage - term Performing 64,930 93,665 42,800 27,120 14,198 136,228 2,313 381,254 Nonperforming — — — 237 77 2,803 16 3,133 Total residential mortgage - term 64,930 93,665 42,800 27,357 14,275 139,031 2,329 384,387 Residential mortgage - home equity Performing 5,739 957 538 328 115 478 51,515 59,670 Nonperforming — — 44 — 3 40 267 354 Total residential mortgage - home equity 5,739 957 582 328 118 518 51,782 60,024 Consumer: Performing 16,748 10,581 3,872 1,605 694 24,077 2,658 60,235 Nonperforming — 6 — — — 19 — 25 Total consumer 16,748 10,587 3,872 1,605 694 24,096 2,658 60,260 Total Portfolio Loans Performing 306,394 204,409 151,592 114,781 49,499 312,328 136,689 1,275,692 Nonperforming — 6 44 237 80 3,152 283 3,802 Total Portfolio Loans $ 306,394 $ 204,415 $ 151,636 $ 115,018 $ 49,579 $ 315,480 $ 136,972 $ 1,279,494 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value of Financial Instruments [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | Fair Value Measurements at June 30, 2023 Using Quoted Prices in Significant Assets Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 06/30/23 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 9,541 $ 9,541 Residential mortgage-backed agencies $ 35,867 $ 35,867 Commercial mortgage-backed agencies $ 29,134 $ 29,134 Collateralized mortgage obligations $ 20,125 $ 20,125 Obligations of states and political subdivisions $ 10,566 $ 10,566 Corporate bonds $ 747 $ 747 Collateralized debt obligations $ 14,105 $ 14,105 Financial derivatives $ 1,084 $ 1,084 Non-recurring: Equity Investment $ 2,545 $ 2,545 Other real estate owned $ — $ — Fair Value Measurements at December 31, 2022 Using Quoted Prices in Significant Assets/(liabilities) Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 12/31/22 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 9,462 $ 9,462 Residential mortgage-backed agencies $ 37,401 $ 37,401 Commercial mortgage-backed agencies $ 30,732 $ 30,732 Collateralized mortgage obligations $ 21,044 $ 21,044 Obligations of states and political subdivisions $ 10,492 $ 10,492 Corporate bonds $ 887 887 Collateralized debt obligations $ 15,871 $ 15,871 Financial derivatives $ 1,068 $ 1,068 Non-recurring: Impaired loans, net $ 211 $ 211 Equity investment $ 1,796 $ 1,796 Other real estate owned $ — $ — |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | (in thousands) Fair Value at June 30, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 14,105 Discounted Cash Flow Discount Margin Range of high 500 to low to mid Non-recurring: Individually Evaluated Loans, net $ - Market Comparable Properties Marketability Discount N/A Equity Investment $ 2,545 Market Method Revenue Multiples 2.8x (in thousands) Fair Value at December 31, 2022 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 15,871 Discounted Cash Flow Discount Rate Range of low to mid Non-recurring: Impaired Loans, net $ 211 Market Comparable Properties Marketability Discount 10.0% - 15.0% Equity Investment $ 1,796 Market Method Revenue Multiples 2.8x (1) Range would include discounts taken since appraisal and estimated values |
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, 2023 $ 15,871 Total losses realized/unrealized: Included in other comprehensive loss (1,766) Ending balance June 30, 2023 $ 14,105 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 (934) Ending balance June 30, 2022 $ 16,258 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance April 1, 2023 $ 14,114 Total gains realized/unrealized: Included in other comprehensive income (9) Ending balance June 30, 2023 $ 14,105 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance April 1, 2022 $ 17,319 Total losses realized/unrealized: Included in other comprehensive income (1,061) Ending balance June 30, 2022 $ 16,258 |
Fair Value by Balance Sheet Grouping | June 30, 2023 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 $ 86,901 $ 86,901 $ 86,901 Interest bearing deposits in banks 1,650 1,650 1,650 Investment securities - AFS 120,085 120,085 $ 105,980 $ 14,105 Investment securities - HTM 230,759 199,071 179,270 19,801 Restricted bank stock 4,490 N/A Loans held for sale 500 500 500 Loans, net 1,332,806 1,255,997 1,255,997 Financial derivatives 1,084 1,084 1,084 Accrued interest receivable 6,956 6,956 851 6,105 Financial Liabilities: Deposits - non-maturity 1,372,823 1,372,823 1,372,823 Deposits - time deposits 207,136 207,774 207,774 Short-term borrowed funds 50,078 50,078 50,078 Long-term borrowed funds 110,929 110,666 110,666 Accrued interest payable 517 517 517 December 31, 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 $ 72,720 $ 72,720 $ 72,720 Interest bearing deposits in banks 1,595 1,595 1,595 Investment securities - AFS 125,889 125,889 $ 110,018 $ 15,871 Investment securities - HTM 235,659 203,080 182,380 20,700 Restricted bank stock 1,027 N/A Loans held for sale — — Loans, net 1,264,684 1,177,702 1,177,702 Financial derivative 1,068 1,068 1,068 Accrued interest receivable 6,051 6,051 933 5,118 Financial Liabilities: Deposits - non-maturity 1,450,210 1,450,210 1,450,210 Deposits - time deposits 120,523 120,083 120,083 Financial derivatives — — — Short-term borrowed funds 64,565 64,565 64,565 Long-term borrowed funds 30,929 30,909 30,909 Accrued interest payable 151 151 151 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 $ (949) $ (5,749) $ (134) $ (319) $ (18,108) $ (2,055) $ (27,314) Other comprehensive (loss)/income before reclassifications (614) (10,629) (6,120) 1,116 684 2,430 (13,133) Amounts reclassified from accumulated other comprehensive loss (148) (2) 551 — 821 199 1,421 Balance - December 31, 2022 $ (1,711) $ (16,380) $ (5,703) $ 797 $ (16,603) $ 574 $ (39,026) Other comprehensive (loss)/income before reclassifications (1,180) 985 — (138) 123 — (210) Amounts reclassified from accumulated other comprehensive income (37) — 133 — 184 (1) 279 Balance - March 31, 2023 $ (2,928) $ (15,395) $ (5,570) $ 659 $ (16,296) $ 573 $ (38,957) Other comprehensive income/(loss) before reclassifications 111 (1,654) — 150 (42) — (1,435) Amounts reclassified from accumulated other comprehensive loss (40) — 129 — 195 (2) 282 Balance - June 30, 2023 $ (2,857) $ (17,049) $ (5,441) $ 809 $ (16,143) $ 571 $ (40,110) |
Components of Comprehensive Income | Before Tax Components of Other Comprehensive Loss Tax (Expense) (in thousands) Amount Benefit Net For the six months ended June 30, 2023 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (1,408) $ 339 $ (1,069) Less: accretable yield recognized in income 101 (24) 77 Net unrealized losses on investments with OTTI (1,509) 363 (1,146) Available for sale securities – all other: Unrealized holding losses (881) 212 (669) Held to maturity securities: Unrealized holding losses on securities transferred to held to maturity — — — Less: amortization recognized in income (345) 83 (262) Net unrealized gains on HTM securities 345 (83) 262 Cash flow hedges: Unrealized holding gains 16 (4) 12 Pension Plan: Unrealized net actuarial gain 105 (24) 81 Less: amortization of unrecognized loss (499) 120 (379) Net pension plan liability adjustment 604 (144) 460 SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss 4 (1) 3 Net SERP liability adjustment (4) 1 (3) Other comprehensive loss $ (1,429) $ 345 $ (1,084) Before Tax Components of Other Comprehensive Loss Tax (Expense) (in thousands) Amount Benefit Net For the six months ended June 30, 2022 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ (654) $ 175 $ (479) Less: accretable yield recognized in income 101 (27) 74 Net unrealized losses on investments with OTTI (755) 202 (553) Available for sale securities – all other: Unrealized holding losses (16,203) 4,336 (11,867) 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 (7,878) 2,109 (5,769) Held to maturity securities: Unrealized holding losses on securities transferred to held to maturity (8,328) 2,228 (6,100) Less: amortization recognized in income (324) 87 (237) Net unrealized losses on HTM securities (8,004) 2,141 (5,863) Cash flow hedges: Unrealized holding gains 1,088 (292) 796 Pension Plan: Unrealized net actuarial loss (10,542) 2,822 (7,720) Less: amortization of unrecognized loss (558) 150 (408) Net pension plan liability adjustment (9,984) 2,672 (7,312) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (135) 36 (99) Less: amortization of prior service costs — — — Net SERP liability adjustment 135 (36) 99 Other comprehensive loss $ (25,398) $ 6,796 $ (18,602) Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended June 30, 2023 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ 198 $ (87) $ 111 Less: accretable yield recognized in income 51 (11) 40 Net unrealized gains on investments with OTTI 147 (76) 71 Available for sale securities – all other: Net unrealized losses on all other AFS securities (2,221) 567 (1,654) Held to maturity securities: Unrealized holding gains — — — Less: amortization recognized in income (164) 35 (129) Net unrealized gains on HTM securities 164 (35) 129 Cash flow hedges: Unrealized holding gains 204 (54) 150 Pension Plan: Unrealized net actuarial loss (63) 21 (42) Less: amortization of unrecognized loss (249) 54 (195) Net pension plan liability adjustment 186 (33) 153 SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss 2 — 2 Net SERP liability adjustment (2) — (2) Other comprehensive loss $ (1,522) $ 369 $ (1,153) Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended June 30, 2022 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ (795) $ 213 $ (582) Less: accretable yield recognized in income 51 (14) 37 Net unrealized losses on investments with OTTI (846) 227 (619) Available for sale securities – all other: Unrealized holding losses (5,359) 1,435 (3,924) Less: gains recognized in income — — — Net unrealized losses on all other AFS securities (5,359) 1,435 (3,924) Held to maturity securities: Unrealized holding gains — — — Less: gains recognized in income — — — Less: amortization recognized in income (230) 62 (168) Net unrealized gains on HTM securities 230 (62) 168 Cash flow hedges: Unrealized holding gains 249 (67) 182 Pension Plan: Unrealized net actuarial loss (6,922) 1,853 (5,069) Less: amortization of unrecognized loss (279) 75 (204) Less: amortization of prior service costs — — — Net pension plan liability adjustment (6,643) 1,778 (4,865) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (67) 18 (49) Less: amortization of prior service costs — — — Net SERP liability adjustment 67 (18) 49 Other comprehensive loss $ (12,302) $ 3,293 $ (9,009) |
Reclassification out of Accumulated Other Comprehensive Income | Amounts Reclassified from Six Months Ended Accumulated Other Comprehensive Loss June 30, Affected Line Item in the Statement (in thousands) 2023 2022 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable yield $ 101 $ 101 Interest income on taxable investment securities Taxes (24) (27) Credit for income tax expense $ 77 $ 74 Net of tax Net unrealized gains on available for sale investment securities - all others: Gains recognized $ — $ 3 Net gains Taxes — (1) Provision for income tax expense $ — $ 2 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (345) $ (324) Interest income on taxable investment securities Taxes 83 87 Provision for income tax expense $ (262) $ (237) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (499) $ (558) Other Expense Taxes 120 150 Provision for income tax expense $ (379) $ (408) Net of tax Net SERP liability adjustment: Amortization of unrecognized gain/(loss) $ 4 $ (135) Other Expense Taxes (1) 36 (Credit)/provision for income tax expense $ 3 $ (99) Net of tax Total reclassifications for the period $ (561) $ (668) Net of tax Amounts Reclassified from Three Months Ended Accumulated Other Comprehensive Loss June 30, Affected Line Item in the Statement (in thousands) 2023 2022 Where Net Income is Presented Net unrealized gains on available for sale investment securities with OTTI: Accretable Yield $ 51 $ 51 Interest income on taxable investment securities Taxes (11) (14) Provision for income tax expense $ 40 $ 37 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (164) $ (230) Interest income on taxable investment securities Taxes 35 62 Provision for income tax expense $ (129) $ (168) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (249) $ (279) Other expense Taxes 54 75 Provision for income tax expense $ (195) $ (204) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ 2 $ (67) Other expense Taxes — 18 Provision for income tax expense $ 2 $ (49) Net of tax Total reclassifications for the period $ (282) $ (384) Net of tax |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: Six months ended: June 30, 2023 $ 12 $ — $ — June 30, 2022 796 — — Three months ended: June 30, 2023 $ 150 $ — $ — June 30, 2022 182 — — Notes: (a) Reported as interest expense (b) Reported as other income |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | June 30, 2023 December 31, 2022 Required for Capital Adequacy Purposes Required to be Well Capitalized Total Capital (to risk-weighted assets) 13.87 % 14.37 % 8.00 % 10.00 % Tier 1 Capital (to risk-weighted assets) 12.64 % 13.29 % 6.00 % 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 12.64 % 13.29 % 4.50 % 6.50 % Tier 1 Capital (to average assets) 9.78 % 10.01 % 4.00 % 5.00 % |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
Summary of deposit liabilities | (dollars in thousands) June 30, 2023 December 31, 2022 Non-Interest-bearing deposits: $ 466,628 30% $ 506,613 32% Interest-bearing deposits: Demand 393,234 25% 327,685 21% Money Market 297,312 19% 365,192 23% Savings deposits 215,649 13% 250,720 16% Time deposits- retail 146,055 9% 120,523 8% Time deposits- brokered 61,081 4% — 0% Total Deposits $ 1,579,959 100% $ 1,570,733 100% The following table summarizes the percentage of deposits that are insured by deposit insurance or otherwise fully collateralized by securities compared to uninsured deposits as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 (dollars in thousands) Balance Percent Balance Percent Insured/collateralized deposits $ 1,350,060 85% $ 1,118,190 71% Uninsured deposits 229,899 15% 452,543 29% $ 1,579,959 100% $ 1,570,733 100% The following table summarizes the percentage of deposit balances from retail customers compared to business customers as June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 (dollars in thousands) Balance Percent Balance Percent Retail deposits $ 798,737 51% $ 855,014 54% Business deposits 781,222 49% 715,719 46% $ 1,579,959 100% $ 1,570,733 100% |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Borrowed Funds [Abstract] | |
Schedule of borrowings | The following is a summary of borrowings: (Dollars in thousands) Six Months Ended June 30, 2023 Year Ended December 31, 2022 Short-term Correspondent Bank Advance: Securities sold under agreements to repurchase: Outstanding at end of period $ 50,078 $ 64,565 Weighted average interest rate at end of period 0.23% 0.12% Maximum amount outstanding as of any month end $ 53,892 $ 75,912 Average amount outstanding $ 51,988 $ 63,182 Approximate weighted average rate during the period 0.21% 0.12% FHLB advances, bearing fixed interest at rates ranging from 4.53% to 4.69% at June 30, 2023 $ 80,000 $ - Junior subordinated debt, bearing variable interest rate of 8.26% at June 30, 2023 and 7.49% at December 31, 2022 30,929 30,929 Total borrowings outstanding $ 161,007 $ 95,494 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segments | Information for the operating segments for the six and three month periods ended June 30, 2023 are presented in the following tables: Six Months Ended June 30, 2023 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 37,801 $ - $ 37,801 Interest expense 9,109 - 9,109 Credit loss expense 938 - 938 Non-interest income 4,411 4,551 8,962 Non-interest expense 22,562 2,587 25,149 Income before income taxes and intercompany fees 9,603 1,964 11,567 Intercompany management fee income (expense) 6 (6) - Income before income taxes 9,609 1,958 11,567 Income tax expense 2,367 411 2,778 Net income $ 7,242 $ 1,547 $ 8,789 Six months ended June 30, 2022 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 28,878 $ - $ 28,878 Interest expense 1,566 - 1,566 Credit for loan losses 210 - 210 Non-interest income 4,094 4,766 8,860 Non-interest expense 18,805 2,405 21,210 Income before income taxes and intercompany fees 12,391 2,361 14,752 Intercompany management fee income (expense) 6 (6) - Income before income taxes 12,397 2,355 14,752 Income tax expense 3,115 494 3,609 Net income $ 9,282 $ 1,861 $ 11,143 Three Months Ended June 30, 2023 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 19,972 $ - $ 19,972 Interest expense 5,798 - 5,798 Credit loss expense 395 - 395 Non-interest income 2,285 2,284 4,569 Non-interest expense 11,177 1,334 12,511 Income before income taxes and intercompany fees 4,887 950 5,837 Intercompany management fee income (expense) 3 (3) - Income before income taxes 4,890 947 5,837 Income tax expense 1,224 199 1,423 Net income $ 3,666 $ 748 $ 4,414 Three Months Ended June 30, 2022 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 14,731 $ - $ 14,731 Interest expense 760 - 760 Credit for loan losses 631 - 631 Non-interest income 2,069 2,357 4,426 Non-interest expense 9,427 1,203 10,630 Income before income taxes and intercompany fees 5,982 1,154 7,136 Intercompany management fee income (expense) 3 (3) - Income before income taxes 5,985 1,151 7,136 Income tax expense 1,467 241 1,708 Net income $ 4,518 $ 910 $ 5,428 |
Basis of Presentation (Impact o
Basis of Presentation (Impact of adopting Topic 326) (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for loan losses | $ 16,702 | $ 16,905 | $ 16,871 | |
Investment securities - available for sale (at fair value) | 125,889 | 120,085 | $ 125,889 | |
Investment securities- held to maturity | 245,659 | 230,759 | 235,659 | |
Total loans held for investments, net | 1,262,792 | |||
Deferred tax assets | 11,381 | 11,771 | 10,605 | |
Life-of-loss reserve on unfunded loan commitments | 998 | |||
Retained earnings | 149,638 | 170,298 | $ 166,343 | |
Accounting Standards Update 2016-13 [Member] | ||||
Retained earnings | (2,200) | |||
Adjustments to ACL loans | 2,900 | |||
Commercial Real Estate [Member] | ||||
Allowance for loan losses | 5,202 | 4,946 | 4,862 | |
Acquisition and Development [Member] | ||||
Allowance for loan losses | 964 | 1,134 | 1,103 | |
Commercial and industrial [Member] | ||||
Allowance for loan losses | 4,179 | 3,549 | 3,755 | |
Residential Mortgage [Member] | ||||
Allowance for loan losses | 5,272 | 6,417 | 6,324 | |
Consumer [Member] | ||||
Allowance for loan losses | 1,085 | $ 859 | $ 827 | |
Unfunded Loan Commitment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for loan losses | 900 | |||
Loans Receivable [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for loan losses | 2,000 | |||
Previously Reported [Member] | ||||
Allowance for loan losses | 14,636 | |||
Investment securities - available for sale (at fair value) | 125,889 | |||
Investment securities- held to maturity | 245,659 | |||
Total loans held for investments, net | 1,264,858 | |||
Deferred tax assets | 10,605 | |||
Life-of-loss reserve on unfunded loan commitments | 133 | |||
Retained earnings | 151,793 | |||
Previously Reported [Member] | Commercial Real Estate [Member] | ||||
Allowance for loan losses | 6,345 | |||
Previously Reported [Member] | Acquisition and Development [Member] | ||||
Allowance for loan losses | 979 | |||
Previously Reported [Member] | Commercial and industrial [Member] | ||||
Allowance for loan losses | 2,845 | |||
Previously Reported [Member] | Residential Mortgage [Member] | ||||
Allowance for loan losses | 3,160 | |||
Previously Reported [Member] | Consumer [Member] | ||||
Allowance for loan losses | 877 | |||
Previously Reported [Member] | Unallocated [Member] | ||||
Allowance for loan losses | 430 | |||
Revision of Prior Period, Adjustment [Member] | ||||
Allowance for loan losses | 2,066 | |||
Total loans held for investments, net | (2,066) | |||
Deferred tax assets | 776 | |||
Life-of-loss reserve on unfunded loan commitments | 865 | |||
Retained earnings | (2,155) | |||
Revision of Prior Period, Adjustment [Member] | Commercial Real Estate [Member] | ||||
Allowance for loan losses | (1,143) | |||
Revision of Prior Period, Adjustment [Member] | Acquisition and Development [Member] | ||||
Allowance for loan losses | (15) | |||
Revision of Prior Period, Adjustment [Member] | Commercial and industrial [Member] | ||||
Allowance for loan losses | 1,334 | |||
Revision of Prior Period, Adjustment [Member] | Residential Mortgage [Member] | ||||
Allowance for loan losses | 2,112 | |||
Revision of Prior Period, Adjustment [Member] | Consumer [Member] | ||||
Allowance for loan losses | 208 | |||
Revision of Prior Period, Adjustment [Member] | Unallocated [Member] | ||||
Allowance for loan losses | $ (430) |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
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 | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Common Share [Abstract] | ||||||
Net Income | $ 4,414 | $ 4,375 | $ 5,428 | $ 5,715 | $ 8,789 | $ 11,143 |
Basic Earnings Per Share: Average Shares | 6,704 | 6,650 | 6,689 | 6,639 | ||
Diluted Earnings Per Share: Average Shares, adjustment | 14 | 11 | 18 | 10 | ||
Diluted Earnings Per Share: Average Shares | 6,718 | 6,661 | 6,707 | 6,649 | ||
Basic Earnings Per Share Amount | $ 0.66 | $ 0.82 | $ 1.32 | $ 1.68 | ||
Diluted Earnings Per Share Amount | $ 0.66 | $ 0.82 | $ 1.31 | $ 1.68 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | Feb. 01, 2022 | Jun. 30, 2023 |
Investments [Abstract] | ||
Transfer to Held-to-maturity | $ 139,000,000 | |
Net unrealized (losses)/gains on all other AFS securities | (8,400,000) | |
Gain (loss) on transfer to Held-to-maturity | $ 0 | |
Available-for-sale securities pledged as collateral | $ 66,400,000 |
Investment (Unrealized Gain (Lo
Investment (Unrealized Gain (Loss) on Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 146,496 | $ 149,829 | |
Gross Unrealized Gains | 14 | 4 | |
Gross Unrealized Losses | 26,425 | 23,944 | |
Fair Value | 120,085 | $ 125,889 | 125,889 |
OTTI in AOCL, pre 2016-13 | (1,695) | ||
Held-to-maturity Amortized cost | 230,759 | $ 245,659 | 235,659 |
Held-to-maturity Gross Unrealized Gains | 688 | 947 | |
Held-to-maturity Gross Unrealized Losses | 32,376 | 33,526 | |
Fair Value | 199,071 | 203,080 | |
US Treasury Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Held-to-maturity Amortized cost | 37,332 | 37,204 | |
Held-to-maturity Gross Unrealized Losses | 1,075 | 1,593 | |
Fair Value | 36,257 | 35,611 | |
U.S. government agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 11,028 | 11,044 | |
Gross Unrealized Losses | 1,487 | 1,582 | |
Fair Value | 9,541 | 9,462 | |
Held-to-maturity Amortized cost | 67,873 | 67,734 | |
Held-to-maturity Gross Unrealized Losses | 12,111 | 13,261 | |
Fair Value | 55,762 | 54,473 | |
Residential mortgage-backed agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 43,224 | 45,052 | |
Gross Unrealized Losses | 7,357 | 7,651 | |
Fair Value | 35,867 | 37,401 | |
Held-to-maturity Amortized cost | 26,970 | 28,624 | |
Held-to-maturity Gross Unrealized Gains | 1 | ||
Held-to-maturity Gross Unrealized Losses | 3,264 | 3,503 | |
Fair Value | 23,706 | 25,122 | |
Commercial mortgage-backed agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 36,897 | 37,393 | |
Gross Unrealized Losses | 7,763 | 6,661 | |
Fair Value | 29,134 | 30,732 | |
Held-to-maturity Amortized cost | 21,494 | 22,389 | |
Held-to-maturity Gross Unrealized Losses | 5,188 | 4,568 | |
Fair Value | 16,306 | 17,821 | |
Collateralized mortgage obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 24,836 | 25,828 | |
Gross Unrealized Losses | 4,711 | 4,784 | |
Fair Value | 20,125 | 21,044 | |
Held-to-maturity Amortized cost | 55,104 | 57,085 | |
Held-to-maturity Gross Unrealized Losses | 10,124 | 10,001 | |
Fair Value | 44,980 | 47,084 | |
Obligations of states and political subdivisions [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 10,837 | 10,848 | |
Gross Unrealized Gains | 14 | 4 | |
Gross Unrealized Losses | 285 | 360 | |
Fair Value | 10,566 | 10,492 | |
Held-to-maturity Amortized cost | 21,986 | 22,623 | |
Held-to-maturity Gross Unrealized Gains | 688 | 946 | |
Held-to-maturity Gross Unrealized Losses | 614 | 600 | |
Fair Value | 22,060 | 22,969 | |
Corporate Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 1,000 | 1,000 | |
Gross Unrealized Losses | 253 | 113 | |
Fair Value | 747 | 887 | |
Collateralized debt obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 18,674 | 18,664 | |
Gross Unrealized Losses | 4,569 | 2,793 | |
Fair Value | $ 14,105 | 15,871 | |
OTTI in AOCL, pre 2016-13 | $ (1,695) |
Investment (Proceeds from Sales
Investment (Proceeds from Sales and Realized Gains and Losses) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Investments [Abstract] | |
Proceeds | $ 1,023 |
Investment (Gross Unrealized Lo
Investment (Gross Unrealized Losses and Fair Values of Securities) (Details) $ in Thousands | Jun. 30, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 5,568 | $ 20,035 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 385 | $ 1,540 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 4 | 17 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 111,682 | $ 104,269 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 26,040 | $ 22,404 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 38 | 27 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 3,143 | $ 122,949 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 134 | $ 26,211 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 3 | 48 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 176,126 | $ 59,340 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 32,242 | $ 7,315 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 57 | 13 |
US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 36,257 | $ 35,611 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 1,075 | $ 1,593 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 4 | 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 | $ 4,598 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 402 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 1 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 9,541 | $ 4,865 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 1,487 | $ 1,180 |
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 | $ 38,883 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 9,617 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 7 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 55,762 | $ 15,591 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 12,111 | $ 3,644 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 9 | 2 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 35,867 | $ 37,401 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 7,357 | $ 7,651 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 5 | 5 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 3,143 | $ 16,893 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 134 | $ 1,425 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 3 | 29 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 20,563 | $ 8,138 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 3,130 | $ 2,078 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 33 | 7 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,715 | $ 4,044 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 189 | $ 455 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 1 | 3 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 27,419 | $ 26,688 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 7,574 | $ 6,206 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 8 | 6 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 17,821 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 4,568 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 3 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 16,306 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 5,188 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 2 | |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,600 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 210 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 5 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 20,125 | $ 19,444 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 4,711 | $ 4,574 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 10 | 5 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 47,083 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 10,001 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 8 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 44,980 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 10,124 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, 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 | $ 3,853 | $ 8,906 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 196 | $ 360 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 3 | 7 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 3,878 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 89 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 2 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 2,269 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 600 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 1 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 2,258 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, More than 12 Months, Unrealized Losses | $ 614 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, 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 | $ 887 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 113 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 1 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 747 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 253 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 1 | |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 14,105 | $ 15,871 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 4,569 | $ 2,793 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 9 | 9 |
Investment (Non-Cash OTTI Credi
Investment (Non-Cash OTTI Credit Losses Recognized in Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investments [Abstract] | ||||
Balance of credit-related OTTI, Beginning | $ 1,791 | $ 1,993 | $ 1,841 | $ 2,043 |
Reduction for increases in cash flows expected to be collected | (51) | (51) | (101) | (101) |
Balance of credit-related OTTI, Ending | $ 1,740 | $ 1,942 | $ 1,740 | $ 1,942 |
Investment (Amortized Cost and
Investment (Amortized Cost and Fair Values Classified by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | |||
Amortized Cost: Due after one year or less | $ 340 | ||
Amortized Cost: Due after one year through five years | 11,948 | ||
Amortized Cost: Due after five years through ten years | 1,895 | ||
Fair Value: Due after one year or less | 340 | ||
Fair Value: Due after one year through five years | 11,052 | ||
Fair Value: Due after five years through ten years | 1,631 | ||
Available-for-sale Securities, Amortized Cost Basis | 146,496 | $ 149,829 | |
Investment securities - available for sale (at fair value) | 120,085 | $ 125,889 | 125,889 |
Available-for-sale Securities | 120,085 | 125,889 | 125,889 |
Amortized Cost: Due one year or less, Held to maturity | 37,332 | ||
Amortized Cost: Due after one year through five years, Held to maturity | 12,500 | ||
Amortized Cost: Due after five years through ten years, Held to maturity | 33,094 | ||
Amortized Cost: Due after ten years, Held to maturity | 44,265 | ||
Amortized Cost: Total, Held to maturity | 127,191 | ||
Fair Value: Due one year or less, Held to maturity | 36,257 | ||
Fair Value: Due after one year through five years, Held to maturity | 11,338 | ||
Fair Value: Due after five years through ten years, Held to maturity | 27,382 | ||
Fair Value: Due after ten years, Held to maturity | 39,102 | ||
Fair Value: Total, Held to maturity | 114,079 | ||
Held-to-maturity Securities | 230,759 | $ 245,659 | 235,659 |
Held-to-maturity securities, fair value | 199,071 | 203,080 | |
Residential mortgage-backed agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost: Due after ten years | 27,356 | ||
Fair Value: Due after ten years | 21,936 | ||
Available-for-sale Securities, Amortized Cost Basis | 43,224 | 45,052 | |
Investment securities - available for sale (at fair value) | 35,867 | 37,401 | |
Available-for-sale Securities | 35,867 | 37,401 | |
Held-to-maturity Securities | 26,970 | 28,624 | |
Held-to-maturity securities, fair value | 23,706 | 25,122 | |
Commercial mortgage-backed agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Available For Sale Debt Maturities Amortized Cost Sub Total | 41,539 | ||
Available for sale debt maturities fair value sub total | 34,959 | ||
Available-for-sale Securities, Amortized Cost Basis | 36,897 | 37,393 | |
Investment securities - available for sale (at fair value) | 29,134 | 30,732 | |
Available-for-sale Securities | 29,134 | 30,732 | |
Held-to-maturity Securities | 21,494 | 22,389 | |
Held-to-maturity securities, fair value | 16,306 | 17,821 | |
Collateralized mortgage obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 24,836 | 25,828 | |
Investment securities - available for sale (at fair value) | 20,125 | 21,044 | |
Available-for-sale Securities | 20,125 | 21,044 | |
Held-to-maturity Securities | 55,104 | 57,085 | |
Held-to-maturity securities, fair value | $ 44,980 | $ 47,084 |
Loans And Related Allowances Fo
Loans And Related Allowances For Credit Losses (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 USD ($) loan | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2023 USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Allowance for loan losses | $ 16,905 | $ 16,871 | $ 16,702 | |
Nonaccrual loans | $ 3,495 | |||
Non-Accrual | 2,972 | |||
Financing receivable excluding accrued interest subject to foreclosure | $ 0 | |||
Threshold commitment amount | $ 100 | |||
Percentage Of Loan Portfolio Accruing Loan Past Due Thirty Days Or More | 0.18% | 0.17% | 0.16% | |
Number of loan modifications made to borrowers facing financial difficulties | loan | 0 | |||
Partial Charge Off [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | $ 100 | |||
Non-Accrual | $ 100 | |||
Troubled Debt Restructuring [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Allowance for loan losses | 400 | |||
Commercial real estate- non owner-occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | 87 | |||
Commercial real estate- all other CRE [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | 58 | |||
Acquisition and development- 1-4 family residential construction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable excluding accrued interest subject to foreclosure | 1,800 | |||
Acquisition and development- All other A&D [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | 146 | |||
Non-Accrual | 128 | |||
Commercial and industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Allowance for loan losses | 3,549 | $ 3,755 | 4,179 | |
Residential mortgage- term [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | 2,893 | |||
Non-Accrual | 2,518 | |||
Residential mortgage- home equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | $ 311 | |||
Non-Accrual | 326 | |||
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Allowance for loan losses | $ 859 | $ 827 | $ 1,085 |
Loans and Related Allowance f_3
Loans and Related Allowance for Credit Losses (Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 2,151 | |
Individually evaluated for impairment | $ 6,498 | |
Collectively evaluated for impairment | 1,347,887 | |
Collectively evaluated for impairment | 1,272,996 | |
Total Loans | 1,350,038 | 1,279,494 |
Total Loans | 1,279,494 | |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,262 | |
Collectively evaluated for impairment | 483,485 | |
Collectively evaluated for impairment | 456,569 | |
Total Loans | 483,485 | |
Total Loans | 458,831 | |
Acquisition and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 356 | |
Collectively evaluated for impairment | 79,003 | |
Collectively evaluated for impairment | 70,240 | |
Total Loans | 79,003 | |
Total Loans | 70,596 | |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | 249,683 | |
Collectively evaluated for impairment | 245,396 | |
Total Loans | 249,683 | 245,396 |
Total Loans | 245,396 | |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,151 | |
Individually evaluated for impairment | 3,880 | |
Collectively evaluated for impairment | 473,389 | |
Collectively evaluated for impairment | 440,531 | |
Total Loans | 475,540 | |
Total Loans | 444,411 | |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | 62,327 | |
Collectively evaluated for impairment | 60,260 | |
Total Loans | $ 62,327 | 60,260 |
Total Loans | $ 60,260 |
Loans and Related Allowance f_4
Loans and Related Allowance for Credit Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | $ 2,430 | |
Total Past Due and Accruing | $ 2,007 | |
Non-Accrual | 2,972 | |
Non-Accrual | 3,495 | |
Loans | 1,350,038 | |
Loans | 1,279,494 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,344 | |
Loans | 847 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 926 | |
Loans | 853 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 160 | |
Loans | 307 | |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,344,636 | |
Loans | 1,273,992 | |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 87 | |
Loans | 284,580 | |
Loans | 270,058 | |
Commercial real estate- non owner-occupied [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 284,580 | |
Loans | 269,971 | |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 58 | |
Loans | 198,905 | |
Loans | 188,773 | |
Commercial real estate- all other CRE [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 198,905 | |
Loans | 188,715 | |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 20,228 | |
Loans | 19,637 | |
Acquisition and development- 1-4 family residential construction [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 20,228 | |
Loans | 19,637 | |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 128 | |
Non-Accrual | 146 | |
Loans | 58,775 | |
Loans | 50,959 | |
Acquisition and development- All other A&D [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 58,647 | |
Loans | 50,813 | |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 258 | |
Total Past Due and Accruing | 54 | |
Loans | 249,683 | |
Loans | 245,396 | |
Commercial and industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 177 | |
Loans | 54 | |
Commercial and industrial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 81 | |
Commercial and industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 249,425 | |
Loans | 245,342 | |
Residential mortgage- term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 1,177 | |
Total Past Due and Accruing | 992 | |
Non-Accrual | 2,518 | |
Non-Accrual | 2,893 | |
Loans | 414,728 | |
Loans | 384,387 | |
Residential mortgage- term [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 428 | |
Loans | 31 | |
Residential mortgage- term [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 704 | |
Loans | 722 | |
Residential mortgage- term [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 45 | |
Loans | 239 | |
Residential mortgage- term [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 411,033 | |
Loans | 380,502 | |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 259 | |
Total Past Due and Accruing | 490 | |
Non-Accrual | 326 | |
Non-Accrual | 311 | |
Loans | 60,812 | |
Loans | 60,024 | |
Residential mortgage- home equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 241 | |
Loans | 399 | |
Residential mortgage- home equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 48 | |
Residential mortgage- home equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 18 | |
Loans | 43 | |
Residential mortgage- home equity [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 60,227 | |
Loans | 59,223 | |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 736 | |
Total Past Due and Accruing | 471 | |
Loans | 62,327 | |
Loans | 60,260 | |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 498 | |
Loans | 363 | |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 141 | |
Loans | 83 | |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 97 | |
Loans | 25 | |
Consumer [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 61,591 | |
Loans | $ 59,789 |
Loans and Related Allowance f_5
Loans and Related Allowance for Credit Losses (Primary Segments of the Allowance for Loan Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | $ 26 | ||||||
Collectively evaluated for impairment | $ 16,905 | ||||||
Collectively evaluated for impairment | 14,610 | ||||||
Total Allowance For Loan Losses | 16,905 | $ 16,871 | $ 16,702 | ||||
Total Allowance For Loan Losses | 14,636 | $ 15,737 | $ 15,292 | $ 15,955 | |||
Commercial Real Estate [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment | 4,946 | ||||||
Collectively evaluated for impairment | 6,345 | ||||||
Total Allowance For Loan Losses | 4,946 | 4,862 | 5,202 | ||||
Total Allowance For Loan Losses | 6,345 | 6,220 | 5,922 | 6,032 | |||
Acquisition and Development [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment | 1,134 | ||||||
Collectively evaluated for impairment | 979 | ||||||
Total Allowance For Loan Losses | 1,134 | 1,103 | 964 | ||||
Total Allowance For Loan Losses | 979 | 2,172 | 2,542 | 2,615 | |||
Commercial and industrial [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment | 3,549 | ||||||
Collectively evaluated for impairment | 2,845 | ||||||
Total Allowance For Loan Losses | 3,549 | 3,755 | 4,179 | ||||
Total Allowance For Loan Losses | 2,845 | 2,830 | 2,513 | 2,460 | |||
Residential Mortgage [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | 26 | ||||||
Collectively evaluated for impairment | 6,417 | ||||||
Collectively evaluated for impairment | 3,134 | ||||||
Total Allowance For Loan Losses | 6,417 | 6,324 | 5,272 | ||||
Total Allowance For Loan Losses | 3,160 | 3,112 | 2,945 | 3,484 | |||
Consumer [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment | 859 | ||||||
Collectively evaluated for impairment | 877 | ||||||
Total Allowance For Loan Losses | $ 859 | $ 827 | $ 1,085 | ||||
Total Allowance For Loan Losses | 877 | 973 | 940 | 934 | |||
Unallocated [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment | 430 | ||||||
Total Allowance For Loan Losses | $ 430 | $ 430 | $ 430 | $ 430 |
Loans and Related Allowance f_6
Loans and Related Allowance for Credit Losses (Collateral-dependent individually evaluated loans) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Amortized cost basis of collateral-dependent individually evaluated loans | $ 2,151 |
Non-Accrual loans with no allowance | 2,151 |
Residential Mortgage [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Amortized cost basis of collateral-dependent individually evaluated loans | 2,151 |
Non-Accrual loans with no allowance | $ 2,151 |
Loans and Related Allowance f_7
Loans and Related Allowance for Credit Losses (Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Financing Receivable, Impaired [Line Items] | |
Impaired Loans with Specific Allowance: Recorded Investment | $ 345 |
Impaired Loans with Specific Allowance: Related Allowance | 26 |
Impaired Loans with No Specific Allowance: Recorded Investment | 6,153 |
Total Impaired Loans: Recorded Investment | 6,498 |
Unpaid Principal Balance | 150 |
Commercial real estate- non owner-occupied [Member] | |
Financing Receivable, Impaired [Line Items] | |
Impaired Loans with No Specific Allowance: Recorded Investment | 187 |
Total Impaired Loans: Recorded Investment | 187 |
Commercial real estate- all other CRE [Member] | |
Financing Receivable, Impaired [Line Items] | |
Impaired Loans with No Specific Allowance: Recorded Investment | 2,075 |
Total Impaired Loans: Recorded Investment | 2,075 |
Acquisition and development- 1-4 family residential construction [Member] | |
Financing Receivable, Impaired [Line Items] | |
Impaired Loans with No Specific Allowance: Recorded Investment | 210 |
Total Impaired Loans: Recorded Investment | 210 |
Acquisition and development- All other A&D [Member] | |
Financing Receivable, Impaired [Line Items] | |
Impaired Loans with No Specific Allowance: Recorded Investment | 146 |
Total Impaired Loans: Recorded Investment | 146 |
Unpaid Principal Balance | 109 |
Residential mortgage- term [Member] | |
Financing Receivable, Impaired [Line Items] | |
Impaired Loans with Specific Allowance: Recorded Investment | 345 |
Impaired Loans with Specific Allowance: Related Allowance | 26 |
Impaired Loans with No Specific Allowance: Recorded Investment | 3,225 |
Total Impaired Loans: Recorded Investment | 3,570 |
Unpaid Principal Balance | 41 |
Residential mortgage- home equity [Member] | |
Financing Receivable, Impaired [Line Items] | |
Impaired Loans with No Specific Allowance: Recorded Investment | 310 |
Total Impaired Loans: Recorded Investment | $ 310 |
Loans and Related Allowance f_8
Loans and Related Allowance for Credit Losses (Allowance for Loan Losses Summarized by Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | $ 15,292 | $ 14,636 | $ 15,955 | $ 15,955 | |
ALL Beginning Balance | $ 16,871 | ||||
Credit Loss Expense | 434 | 848 | |||
Provision/(credit) for credit/loan losses | 624 | 205 | |||
Loan Charge-offs | (456) | (795) | (836) | ||
Charge-offs | (327) | (630) | |||
Recoveries | 148 | 207 | |||
Recoveries collected | 56 | 150 | |||
ALL Ending Balance | 16,905 | 16,905 | |||
ALL Ending Balance | 15,737 | 15,737 | 14,636 | ||
Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 2,066 | ||||
ALL Ending Balance | 2,066 | ||||
Commercial Real Estate [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 5,922 | 6,345 | 6,032 | 6,032 | |
ALL Beginning Balance | 4,862 | ||||
Credit Loss Expense | 171 | (174) | |||
Provision/(credit) for credit/loan losses | 298 | 187 | |||
Loan Charge-offs | (87) | (87) | |||
Recoveries | 1 | ||||
Recoveries collected | 5 | ||||
ALL Ending Balance | 4,946 | 4,946 | |||
ALL Ending Balance | 6,220 | 6,220 | 6,345 | ||
Commercial Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 1,143 | ||||
ALL Ending Balance | 1,143 | ||||
Acquisition and Development [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 2,542 | 979 | 2,615 | 2,615 | |
ALL Beginning Balance | 1,103 | ||||
Credit Loss Expense | 29 | 163 | |||
Provision/(credit) for credit/loan losses | (372) | (463) | |||
Recoveries | 2 | 20 | |||
Recoveries collected | 2 | 7 | |||
ALL Ending Balance | 1,134 | 1,134 | |||
ALL Ending Balance | 2,172 | 2,172 | 979 | ||
Acquisition and Development [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 15 | ||||
ALL Ending Balance | 15 | ||||
Commercial and industrial [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 2,513 | 2,845 | 2,460 | 2,460 | |
ALL Beginning Balance | 3,755 | ||||
Credit Loss Expense | (45) | (473) | |||
Provision/(credit) for credit/loan losses | 315 | 413 | |||
Loan Charge-offs | (166) | (166) | (134) | ||
Charge-offs | (4) | (52) | |||
Recoveries | 6 | 9 | |||
Recoveries collected | 5 | 9 | |||
ALL Ending Balance | 3,549 | 3,549 | |||
ALL Ending Balance | 2,830 | 2,830 | 2,845 | ||
Commercial and industrial [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 1,334 | ||||
ALL Ending Balance | 1,334 | ||||
Residential Mortgage [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 2,945 | 3,160 | 3,484 | 3,484 | |
ALL Beginning Balance | 6,324 | ||||
Credit Loss Expense | 93 | 1,133 | |||
Provision/(credit) for credit/loan losses | 105 | (440) | |||
Loan Charge-offs | (18) | (24) | |||
Charge-offs | (24) | (33) | |||
Recoveries | 86 | 101 | |||
Recoveries collected | 18 | 36 | |||
ALL Ending Balance | 6,417 | 6,417 | |||
ALL Ending Balance | 3,112 | 3,112 | 3,160 | ||
Residential Mortgage [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 2,112 | ||||
ALL Ending Balance | 2,112 | ||||
Consumer [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 940 | 877 | 934 | 934 | |
ALL Beginning Balance | 827 | ||||
Credit Loss Expense | 186 | 199 | |||
Provision/(credit) for credit/loan losses | 278 | 508 | |||
Loan Charge-offs | (185) | (518) | (636) | ||
Charge-offs | (299) | (545) | |||
Recoveries | 54 | 76 | |||
Recoveries collected | 31 | 93 | |||
ALL Ending Balance | $ 859 | 859 | |||
ALL Ending Balance | 973 | 973 | 877 | ||
Consumer [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 208 | ||||
ALL Ending Balance | 208 | ||||
Unallocated [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 430 | 430 | 430 | 430 | |
ALL Ending Balance | $ 430 | $ 430 | 430 | ||
Unallocated [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | $ (430) | ||||
ALL Ending Balance | $ (430) |
Loans and Related Allowance f_9
Loans and Related Allowance for Credit Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | $ 111,153 | $ 111,153 | $ 306,394 |
2022/2021 | 309,686 | 309,686 | 204,415 |
2021/2020 | 193,093 | 193,093 | 151,636 |
2020/2019 | 143,919 | 143,919 | 115,018 |
2019/2018 | 106,741 | 106,741 | 49,579 |
2018/2017 and Prior | 343,247 | 343,247 | 315,480 |
Revolving | 142,199 | 142,199 | 136,972 |
Total Loans | 1,350,038 | 1,350,038 | 1,279,494 |
2023/2022 | 86 | 36 | |
2022/2021 | 141 | 591 | |
2021/2020 | 272 | 52 | |
2020/2019 | 168 | 40 | |
2019/2018 | 23 | ||
2018/2017 and Prior | 128 | 94 | |
Total Portfolio Loans | 456 | 795 | 836 |
Commercial real estate- non owner-occupied [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 19,702 | 19,702 | 67,429 |
2022/2021 | 66,666 | 66,666 | 31,710 |
2021/2020 | 31,131 | 31,131 | 48,421 |
2020/2019 | 47,947 | 47,947 | 41,221 |
2019/2018 | 40,130 | 40,130 | 19,414 |
2018/2017 and Prior | 78,197 | 78,197 | 60,293 |
Revolving | 807 | 807 | 1,570 |
Total Loans | 284,580 | 284,580 | 270,058 |
2018/2017 and Prior | 87 | ||
Total Portfolio Loans | 87 | ||
Commercial real estate- all other CRE [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 16,648 | 16,648 | 24,655 |
2022/2021 | 28,223 | 28,223 | 28,058 |
2021/2020 | 26,774 | 26,774 | 22,906 |
2020/2019 | 21,675 | 21,675 | 30,219 |
2019/2018 | 26,905 | 26,905 | 8,873 |
2018/2017 and Prior | 72,388 | 72,388 | 68,048 |
Revolving | 6,292 | 6,292 | 6,014 |
Total Loans | 198,905 | 198,905 | 188,773 |
Acquisition and development- 1-4 family residential construction [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 3,905 | 3,905 | 15,629 |
2022/2021 | 12,561 | 12,561 | 1,453 |
2021/2020 | 1,198 | 1,198 | 151 |
2018/2017 and Prior | 195 | 195 | 210 |
Revolving | 2,369 | 2,369 | 2,194 |
Total Loans | 20,228 | 20,228 | 19,637 |
2018/2017 and Prior | 20 | ||
Total Portfolio Loans | 20 | ||
Acquisition and development- All other A&D [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 6,966 | 6,966 | 18,733 |
2022/2021 | 20,364 | 20,364 | 4,979 |
2021/2020 | 5,072 | 5,072 | 9,755 |
2020/2019 | 9,427 | 9,427 | 1,408 |
2019/2018 | 1,328 | 1,328 | 558 |
2018/2017 and Prior | 11,629 | 11,629 | 13,107 |
Revolving | 3,989 | 3,989 | 2,419 |
Total Loans | 58,775 | 58,775 | 50,959 |
Commercial and industrial [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 20,732 | 20,732 | 92,531 |
2022/2021 | 82,512 | 82,512 | 33,006 |
2021/2020 | 28,771 | 28,771 | 23,149 |
2020/2019 | 20,747 | 20,747 | 12,880 |
2019/2018 | 10,870 | 10,870 | 5,647 |
2018/2017 and Prior | 14,191 | 14,191 | 10,177 |
Revolving | 71,860 | 71,860 | 68,006 |
Total Loans | 249,683 | 249,683 | 245,396 |
2022/2021 | 97 | ||
2021/2020 | 34 | ||
2020/2019 | 166 | 3 | |
Total Portfolio Loans | 166 | 166 | 134 |
Residential mortgage- term [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 29,970 | 29,970 | 64,930 |
2022/2021 | 80,804 | 80,804 | 93,665 |
2021/2020 | 90,981 | 90,981 | 42,800 |
2020/2019 | 40,658 | 40,658 | 27,357 |
2019/2018 | 26,264 | 26,264 | 14,275 |
2018/2017 and Prior | 144,007 | 144,007 | 139,031 |
Revolving | 2,044 | 2,044 | 2,329 |
Total Loans | 414,728 | 414,728 | 384,387 |
2018/2017 and Prior | 13 | 28 | |
Total Portfolio Loans | 13 | 28 | |
Residential mortgage- home equity [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 1,060 | 1,060 | 5,739 |
2022/2021 | 5,301 | 5,301 | 957 |
2021/2020 | 909 | 909 | 582 |
2020/2019 | 546 | 546 | 328 |
2019/2018 | 307 | 307 | 118 |
2018/2017 and Prior | 590 | 590 | 518 |
Revolving | 52,099 | 52,099 | 51,782 |
Total Loans | 60,812 | 60,812 | 60,024 |
2019/2018 | 12 | ||
2018/2017 and Prior | 11 | 6 | |
Total Portfolio Loans | 11 | 18 | |
Consumer [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 12,170 | 12,170 | 16,748 |
2022/2021 | 13,255 | 13,255 | 10,587 |
2021/2020 | 8,257 | 8,257 | 3,872 |
2020/2019 | 2,919 | 2,919 | 1,605 |
2019/2018 | 937 | 937 | 694 |
2018/2017 and Prior | 22,050 | 22,050 | 24,096 |
Revolving | 2,739 | 2,739 | 2,658 |
Total Loans | 62,327 | 62,327 | 60,260 |
2023/2022 | 86 | 36 | |
2022/2021 | 141 | 494 | |
2021/2020 | 272 | 18 | |
2020/2019 | 2 | 37 | |
2019/2018 | 11 | ||
2018/2017 and Prior | 17 | 40 | |
Total Portfolio Loans | 185 | 518 | 636 |
Performing Financing Receivable [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 111,153 | 111,153 | 306,394 |
2022/2021 | 309,686 | 309,686 | 204,409 |
2021/2020 | 193,070 | 193,070 | 151,592 |
2020/2019 | 143,878 | 143,878 | 114,781 |
2019/2018 | 106,640 | 106,640 | 49,499 |
2018/2017 and Prior | 340,583 | 340,583 | 312,328 |
Revolving | 141,896 | 141,896 | 136,689 |
Total Loans | 1,346,906 | 1,346,906 | 1,275,692 |
Performing Financing Receivable [Member] | Commercial real estate- non owner-occupied [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 19,702 | 19,702 | 67,429 |
2022/2021 | 66,666 | 66,666 | 31,710 |
2021/2020 | 31,131 | 31,131 | 48,421 |
2020/2019 | 47,947 | 47,947 | 41,221 |
2019/2018 | 40,130 | 40,130 | 19,414 |
2018/2017 and Prior | 78,197 | 78,197 | 60,206 |
Revolving | 807 | 807 | 1,570 |
Total Loans | 284,580 | 284,580 | 269,971 |
Performing Financing Receivable [Member] | Commercial real estate- all other CRE [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 16,648 | 16,648 | 24,655 |
2022/2021 | 28,223 | 28,223 | 28,058 |
2021/2020 | 26,774 | 26,774 | 22,906 |
2020/2019 | 21,675 | 21,675 | 30,219 |
2019/2018 | 26,905 | 26,905 | 8,873 |
2018/2017 and Prior | 72,388 | 72,388 | 67,990 |
Revolving | 6,292 | 6,292 | 6,014 |
Total Loans | 198,905 | 198,905 | 188,715 |
Performing Financing Receivable [Member] | Acquisition and development- 1-4 family residential construction [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 3,905 | 3,905 | 15,629 |
2022/2021 | 12,561 | 12,561 | 1,453 |
2021/2020 | 1,198 | 1,198 | 151 |
2018/2017 and Prior | 195 | 195 | 210 |
Revolving | 2,369 | 2,369 | 2,194 |
Total Loans | 20,228 | 20,228 | 19,637 |
Performing Financing Receivable [Member] | Acquisition and development- All other A&D [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 6,966 | 6,966 | 18,733 |
2022/2021 | 20,364 | 20,364 | 4,979 |
2021/2020 | 5,072 | 5,072 | 9,755 |
2020/2019 | 9,427 | 9,427 | 1,408 |
2019/2018 | 1,328 | 1,328 | 558 |
2018/2017 and Prior | 11,501 | 11,501 | 12,962 |
Revolving | 3,989 | 3,989 | 2,419 |
Total Loans | 58,647 | 58,647 | 50,814 |
Performing Financing Receivable [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 20,732 | 20,732 | 92,531 |
2022/2021 | 82,512 | 82,512 | 33,006 |
2021/2020 | 28,771 | 28,771 | 23,149 |
2020/2019 | 20,747 | 20,747 | 12,880 |
2019/2018 | 10,870 | 10,870 | 5,647 |
2018/2017 and Prior | 14,191 | 14,191 | 10,177 |
Revolving | 71,860 | 71,860 | 68,006 |
Total Loans | 249,683 | 249,683 | 245,396 |
Performing Financing Receivable [Member] | Residential mortgage- term [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 29,970 | 29,970 | 64,930 |
2022/2021 | 80,804 | 80,804 | 93,665 |
2021/2020 | 90,981 | 90,981 | 42,800 |
2020/2019 | 40,658 | 40,658 | 27,120 |
2019/2018 | 26,163 | 26,163 | 14,198 |
2018/2017 and Prior | 141,559 | 141,559 | 136,228 |
Revolving | 2,030 | 2,030 | 2,313 |
Total Loans | 412,165 | 412,165 | 381,254 |
Performing Financing Receivable [Member] | Residential mortgage- home equity [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 1,060 | 1,060 | 5,739 |
2022/2021 | 5,301 | 5,301 | 957 |
2021/2020 | 909 | 909 | 538 |
2020/2019 | 505 | 505 | 328 |
2019/2018 | 307 | 307 | 115 |
2018/2017 and Prior | 571 | 571 | 478 |
Revolving | 51,814 | 51,814 | 51,515 |
Total Loans | 60,467 | 60,467 | 59,670 |
Performing Financing Receivable [Member] | Consumer [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 12,170 | 12,170 | 16,748 |
2022/2021 | 13,255 | 13,255 | 10,581 |
2021/2020 | 8,234 | 8,234 | 3,872 |
2020/2019 | 2,919 | 2,919 | 1,605 |
2019/2018 | 937 | 937 | 694 |
2018/2017 and Prior | 21,981 | 21,981 | 24,077 |
Revolving | 2,735 | 2,735 | 2,658 |
Total Loans | 62,231 | 62,231 | 60,235 |
Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2022/2021 | 6 | ||
2021/2020 | 23 | 23 | 44 |
2020/2019 | 41 | 41 | 237 |
2019/2018 | 101 | 101 | 80 |
2018/2017 and Prior | 2,664 | 2,664 | 3,152 |
Revolving | 303 | 303 | 283 |
Total Loans | 3,132 | 3,132 | 3,802 |
Nonperforming Financing Receivable [Member] | Commercial real estate- non owner-occupied [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2018/2017 and Prior | 87 | ||
Total Loans | 87 | ||
Nonperforming Financing Receivable [Member] | Commercial real estate- all other CRE [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2018/2017 and Prior | 58 | ||
Total Loans | 58 | ||
Nonperforming Financing Receivable [Member] | Acquisition and development- All other A&D [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2018/2017 and Prior | 128 | 128 | 145 |
Total Loans | 128 | 128 | 145 |
Nonperforming Financing Receivable [Member] | Residential mortgage- term [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2020/2019 | 237 | ||
2019/2018 | 101 | 101 | 77 |
2018/2017 and Prior | 2,448 | 2,448 | 2,803 |
Revolving | 14 | 14 | 16 |
Total Loans | 2,563 | 2,563 | 3,133 |
Nonperforming Financing Receivable [Member] | Residential mortgage- home equity [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2021/2020 | 44 | ||
2020/2019 | 41 | 41 | |
2019/2018 | 3 | ||
2018/2017 and Prior | 19 | 19 | 40 |
Revolving | 285 | 285 | 267 |
Total Loans | 345 | 345 | 354 |
Nonperforming Financing Receivable [Member] | Consumer [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2022/2021 | 6 | ||
2021/2020 | 23 | 23 | |
2018/2017 and Prior | 69 | 69 | 19 |
Revolving | 4 | 4 | |
Total Loans | 96 | 96 | 25 |
Pass [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 111,153 | 111,153 | 297,471 |
2022/2021 | 300,707 | 300,707 | 200,657 |
2021/2020 | 188,784 | 188,784 | 144,382 |
2020/2019 | 136,802 | 136,802 | 111,593 |
2019/2018 | 104,610 | 104,610 | 48,774 |
2018/2017 and Prior | 317,146 | 317,146 | 290,430 |
Revolving | 136,997 | 136,997 | 130,833 |
Total Loans | 1,296,199 | 1,296,199 | 1,224,140 |
Pass [Member] | Commercial real estate- non owner-occupied [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 19,702 | 19,702 | 67,429 |
2022/2021 | 66,666 | 66,666 | 31,710 |
2021/2020 | 31,131 | 31,131 | 48,421 |
2020/2019 | 47,947 | 47,947 | 41,221 |
2019/2018 | 40,130 | 40,130 | 19,414 |
2018/2017 and Prior | 60,486 | 60,486 | 42,069 |
Revolving | 807 | 807 | 1,570 |
Total Loans | 266,869 | 266,869 | 251,834 |
Pass [Member] | Commercial real estate- all other CRE [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 16,648 | 16,648 | 24,655 |
2022/2021 | 28,223 | 28,223 | 26,947 |
2021/2020 | 25,694 | 25,694 | 22,906 |
2020/2019 | 21,675 | 21,675 | 27,213 |
2019/2018 | 25,017 | 25,017 | 8,873 |
2018/2017 and Prior | 70,917 | 70,917 | 67,691 |
Revolving | 4,490 | 4,490 | 4,790 |
Total Loans | 192,664 | 192,664 | 183,075 |
Pass [Member] | Acquisition and development- 1-4 family residential construction [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 3,905 | 3,905 | 15,629 |
2022/2021 | 12,561 | 12,561 | 1,453 |
2021/2020 | 1,198 | 1,198 | 151 |
2018/2017 and Prior | 195 | 195 | 210 |
Revolving | 2,369 | 2,369 | 2,194 |
Total Loans | 20,228 | 20,228 | 19,637 |
Pass [Member] | Acquisition and development- All other A&D [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 6,966 | 6,966 | 18,733 |
2022/2021 | 20,364 | 20,364 | 4,979 |
2021/2020 | 5,072 | 5,072 | 9,755 |
2020/2019 | 9,427 | 9,427 | 1,408 |
2019/2018 | 1,328 | 1,328 | 558 |
2018/2017 and Prior | 11,501 | 11,501 | 12,961 |
Revolving | 3,989 | 3,989 | 2,419 |
Total Loans | 58,647 | 58,647 | 50,813 |
Pass [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 20,732 | 20,732 | 83,608 |
2022/2021 | 73,589 | 73,589 | 30,451 |
2021/2020 | 26,631 | 26,631 | 15,982 |
2020/2019 | 13,851 | 13,851 | 12,707 |
2019/2018 | 10,735 | 10,735 | 5,013 |
2018/2017 and Prior | 12,981 | 12,981 | 9,528 |
Revolving | 69,070 | 69,070 | 63,668 |
Total Loans | 227,589 | 227,589 | 220,957 |
Pass [Member] | Residential mortgage- term [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 29,970 | 29,970 | 64,930 |
2022/2021 | 80,804 | 80,804 | 93,665 |
2021/2020 | 90,055 | 90,055 | 42,784 |
2020/2019 | 40,502 | 40,502 | 27,120 |
2019/2018 | 26,163 | 26,163 | 14,132 |
2018/2017 and Prior | 138,450 | 138,450 | 133,397 |
Revolving | 2,004 | 2,004 | 2,306 |
Total Loans | 407,948 | 407,948 | 378,334 |
Pass [Member] | Residential mortgage- home equity [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 1,060 | 1,060 | 5,739 |
2022/2021 | 5,301 | 5,301 | 957 |
2021/2020 | 909 | 909 | 538 |
2020/2019 | 505 | 505 | 328 |
2019/2018 | 307 | 307 | 97 |
2018/2017 and Prior | 571 | 571 | 478 |
Revolving | 51,535 | 51,535 | 51,232 |
Total Loans | 60,188 | 60,188 | 59,369 |
Pass [Member] | Consumer [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 12,170 | 12,170 | 16,748 |
2022/2021 | 13,199 | 13,199 | 10,495 |
2021/2020 | 8,094 | 8,094 | 3,845 |
2020/2019 | 2,895 | 2,895 | 1,596 |
2019/2018 | 930 | 930 | 687 |
2018/2017 and Prior | 22,045 | 22,045 | 24,096 |
Revolving | 2,733 | 2,733 | 2,654 |
Total Loans | 62,066 | 62,066 | 60,121 |
Special Mention [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2022/2021 | 3,666 | ||
2018/2017 and Prior | 6,501 | 6,501 | 6,627 |
Revolving | 2,047 | 2,047 | 2,134 |
Total Loans | 8,548 | 8,548 | 12,427 |
Special Mention [Member] | Commercial real estate- non owner-occupied [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2018/2017 and Prior | 6,167 | 6,167 | 6,289 |
Total Loans | 6,167 | 6,167 | 6,289 |
Special Mention [Member] | Commercial real estate- all other CRE [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2022/2021 | 1,111 | ||
Revolving | 1,203 | 1,203 | |
Total Loans | 1,203 | 1,203 | 1,111 |
Special Mention [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2022/2021 | 2,555 | ||
2018/2017 and Prior | 334 | 334 | 338 |
Revolving | 844 | 844 | 2,134 |
Total Loans | 1,178 | 1,178 | 5,027 |
Substandard [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 8,923 | ||
2022/2021 | 8,979 | 8,979 | 92 |
2021/2020 | 4,309 | 4,309 | 7,254 |
2020/2019 | 7,117 | 7,117 | 3,425 |
2019/2018 | 2,131 | 2,131 | 805 |
2018/2017 and Prior | 19,600 | 19,600 | 18,423 |
Revolving | 3,155 | 3,155 | 4,005 |
Total Loans | 45,291 | 45,291 | 42,927 |
Substandard [Member] | Commercial real estate- non owner-occupied [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2018/2017 and Prior | 11,544 | 11,544 | 11,935 |
Total Loans | 11,544 | 11,544 | 11,935 |
Substandard [Member] | Commercial real estate- all other CRE [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2021/2020 | 1,080 | 1,080 | |
2020/2019 | 3,006 | ||
2019/2018 | 1,888 | 1,888 | |
2018/2017 and Prior | 1,471 | 1,471 | 357 |
Revolving | 599 | 599 | 1,224 |
Total Loans | 5,038 | 5,038 | 4,587 |
Substandard [Member] | Acquisition and development- All other A&D [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2018/2017 and Prior | 128 | 128 | 146 |
Total Loans | 128 | 128 | 146 |
Substandard [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 8,923 | ||
2022/2021 | 8,923 | 8,923 | |
2021/2020 | 2,140 | 2,140 | 7,167 |
2020/2019 | 6,896 | 6,896 | 173 |
2019/2018 | 135 | 135 | 634 |
2018/2017 and Prior | 876 | 876 | 311 |
Revolving | 1,946 | 1,946 | 2,204 |
Total Loans | 20,916 | 20,916 | 19,412 |
Substandard [Member] | Residential mortgage- term [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2021/2020 | 926 | 926 | 16 |
2020/2019 | 156 | 156 | 237 |
2019/2018 | 101 | 101 | 143 |
2018/2017 and Prior | 5,557 | 5,557 | 5,634 |
Revolving | 40 | 40 | 23 |
Total Loans | 6,780 | 6,780 | 6,053 |
Substandard [Member] | Residential mortgage- home equity [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2021/2020 | 44 | ||
2020/2019 | 41 | 41 | |
2019/2018 | 21 | ||
2018/2017 and Prior | 19 | 19 | 40 |
Revolving | 564 | 564 | 550 |
Total Loans | 624 | 624 | 655 |
Substandard [Member] | Consumer [Member] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2022/2021 | 56 | 56 | 92 |
2021/2020 | 163 | 163 | 27 |
2020/2019 | 24 | 24 | 9 |
2019/2018 | 7 | 7 | 7 |
2018/2017 and Prior | 5 | 5 | |
Revolving | 6 | 6 | 4 |
Total Loans | $ 261 | $ 261 | $ 139 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Mar. 31, 2023 | Jan. 01, 2023 | |
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 | |||
Credit loss expense - loans | $ 624,000 | $ 205,000 | |||||
Nonaccrual loans | $ 3,495,000 | ||||||
Allowance for loan losses | (16,905,000) | (16,905,000) | $ (16,871,000) | $ (16,702,000) | |||
Loans | 1,350,038,000 | 1,350,038,000 | |||||
Financing receivables minimum benchmark for evaluation for specific reserves | 100,000 | 100,000 | |||||
Financing receivable individually evaluated with no allowance carrying value | $ 2,200,000 | $ 2,200,000 | |||||
Partial Charge Off [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Nonaccrual loans | 100,000 | ||||||
Troubled Debt Restructuring [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Credit loss expense - loans | 1,300,000 | ||||||
Allowance for loan losses | (400,000) | ||||||
Impaired Loans with Specific Allowance: Recorded Investment | 1,000,000 | ||||||
Impaired Loans with Specific Allowance: Related Allowance | $ 64,700 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | $ 120,085 | $ 125,889 | $ 125,889 |
Impaired Loans | 6,498 | ||
Reported Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Derivative, liability | (1,068) | ||
Financial Derivative, asset | 1,084 | ||
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Derivative, liability | (1,068) | ||
Financial Derivative, asset | 1,084 | ||
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Derivative, asset | 1,084 | 1,068 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Loans | 211 | ||
Equity Investment | 2,545 | 1,796 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Derivative, liability | (1,068) | ||
Financial Derivative, asset | 1,084 | ||
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 | 1,084 | 1,068 | |
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 | 211 | ||
Equity Investment | 2,545 | 1,796 | |
U.S. government agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 9,541 | 9,462 | |
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 | 9,541 | 9,462 | |
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 | 9,541 | 9,462 | |
Residential mortgage-backed agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 35,867 | 37,401 | |
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 | 35,867 | 37,401 | |
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 | 35,867 | 37,401 | |
Commercial mortgage-backed agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 29,134 | 30,732 | |
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 | 29,134 | 30,732 | |
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 | 29,134 | 30,732 | |
Collateralized mortgage obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 20,125 | 21,044 | |
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 | 20,125 | 21,044 | |
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 | 20,125 | 21,044 | |
Obligations of states and political subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 10,566 | 10,492 | |
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 | 10,566 | 10,492 | |
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 | 10,566 | 10,492 | |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 747 | 887 | |
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 | 747 | 887 | |
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 | 747 | 887 | |
Collateralized debt obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 14,105 | 15,871 | |
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 | 14,105 | 15,871 | |
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 | $ 14,105 | $ 15,871 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
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 | $ 14,105 | $ 15,871 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities | $ 2,545 | |
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 | 211 | |
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 | $ 1,796 | |
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% | |
Minimum [Member] | 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 | 300% | |
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 | 500% | |
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] | 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, 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 | 600% | |
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% |
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] - Collateralized debt obligations [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 14,114 | $ 17,319 | $ 15,871 | $ 17,192 |
Total losses realized/unrealized: Included in other comprehensive income loss | (9) | (1,061) | (1,766) | (934) |
Ending balance | $ 14,105 | $ 16,258 | $ 14,105 | $ 16,258 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Fair Value By Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | $ 500 | ||
Cash and due from banks, Carrying Amount | 86,901 | $ 72,720 | |
Interest bearing deposits in banks, Carrying Amount | 1,650 | 1,595 | |
Investment securities - AFS, Carrying Amount | 120,085 | 125,889 | $ 125,889 |
Restricted Bank stock, Carrying Amount | 4,490 | 1,027 | |
Loans, net, Carrying Amount | 1,332,806 | ||
Short-term borrowed funds, carrying amount | 50,078 | 64,565 | |
Long-term borrowed funds, carrying amount | 110,929 | 30,929 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 86,901 | 72,720 | |
Interest bearing deposits in banks | 1,650 | 1,595 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities - AFS | 105,980 | 110,018 | |
Investment securities - HTM | 179,270 | 182,380 | |
Accrued interest receivable | 851 | 933 | |
Deposits - non-maturity | 1,372,823 | 1,450,210 | |
Deposits - time deposits | 207,774 | 120,083 | |
Financial derivative | 1,068 | ||
Short-term borrowed funds | 50,078 | 64,565 | |
Long-term borrowed funds | 110,666 | 30,909 | |
Accrued interest payable | 517 | 151 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities - AFS | 14,105 | 15,871 | |
Investment securities - HTM | 19,801 | 20,700 | |
Loans, net | 1,255,997 | 1,177,702 | |
Loans held for sale | 500 | ||
Accrued interest receivable | 6,105 | 5,118 | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 86,901 | 72,720 | |
Interest bearing deposits in banks | 1,650 | 1,595 | |
Investment securities - AFS | 120,085 | 125,889 | |
Investment securities - HTM | 230,759 | 235,659 | |
Restricted Bank Stock | 4,490 | 1,027 | |
Loans, net | 1,332,806 | 1,264,684 | |
Loans held for sale | 500 | ||
Accrued interest receivable | 6,956 | 6,051 | |
Deposits - non-maturity | 1,372,823 | 1,450,210 | |
Deposits - time deposits | 207,136 | 120,523 | |
Financial derivative | 1,068 | ||
Short-term borrowed funds | 50,078 | 64,565 | |
Long-term borrowed funds | 110,929 | 30,929 | |
Accrued interest payable | 517 | 151 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 86,901 | 72,720 | |
Interest bearing deposits in banks | 1,650 | 1,595 | |
Investment securities - AFS | 120,085 | 125,889 | |
Investment securities - HTM | 199,071 | 203,080 | |
Loans, net | 1,255,997 | 1,177,702 | |
Loans held for sale | 500 | ||
Accrued interest receivable | 6,956 | 6,051 | |
Deposits - non-maturity | 1,372,823 | 1,450,210 | |
Deposits - time deposits | 207,774 | 120,083 | |
Financial derivative | 1,068 | ||
Short-term borrowed funds | 50,078 | 64,565 | |
Long-term borrowed funds | 110,666 | 30,909 | |
Accrued interest payable | $ 517 | $ 151 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Balance | $ 152,868 | $ 151,793 | $ 137,078 | $ 151,793 | $ 141,900 | $ 141,900 |
Balance | 155,156 | 152,868 | 132,892 | 155,156 | 132,892 | 151,793 |
Investment securities- with OTTI [Member] | ||||||
Balance | (2,928) | (1,711) | (1,711) | (949) | (949) | |
Other comprehensive income/(loss) before reclassifications | 111 | (1,180) | (582) | (1,069) | (479) | (614) |
Amounts reclassified from accumulated other comprehensive loss | (40) | (37) | (148) | |||
Balance | (2,857) | (2,928) | (2,857) | (1,711) | ||
Investment securities- all other [Member] | ||||||
Other comprehensive income/(loss) before reclassifications | (3,924) | (11,867) | ||||
Investment securities- all other - excluding transfers [Member] | ||||||
Balance | (15,395) | (16,380) | (16,380) | (5,749) | (5,749) | |
Other comprehensive income/(loss) before reclassifications | (1,654) | 985 | (10,629) | |||
Amounts reclassified from accumulated other comprehensive loss | (2) | |||||
Balance | (17,049) | (15,395) | (17,049) | (16,380) | ||
Investment Securities HTM [Member] | ||||||
Balance | (5,570) | (5,703) | (5,703) | (134) | (134) | |
Other comprehensive income/(loss) before reclassifications | (6,100) | (6,120) | ||||
Amounts reclassified from accumulated other comprehensive loss | 129 | 133 | 551 | |||
Balance | (5,441) | (5,570) | (5,441) | (5,703) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||
Balance | 659 | 797 | 797 | (319) | (319) | |
Other comprehensive income/(loss) before reclassifications | 150 | (138) | 1,116 | |||
Balance | 809 | 659 | 809 | 797 | ||
Adjustment [Member] | Pension [Member] | ||||||
Balance | (16,296) | (16,603) | (16,603) | (18,108) | (18,108) | |
Other comprehensive income/(loss) before reclassifications | (42) | 123 | (5,069) | 81 | (7,720) | 684 |
Amounts reclassified from accumulated other comprehensive loss | 195 | 184 | 821 | |||
Balance | (16,143) | (16,296) | (16,143) | (16,603) | ||
Adjustment [Member] | SERP [Member] | ||||||
Balance | 573 | 574 | 574 | (2,055) | (2,055) | |
Other comprehensive income/(loss) before reclassifications | 2,430 | |||||
Amounts reclassified from accumulated other comprehensive loss | (2) | (1) | 199 | |||
Balance | 571 | 573 | 571 | 574 | ||
Accumulated Other Comprehensive Loss [Member] | ||||||
Balance | (38,957) | (39,026) | (36,907) | (39,026) | (27,314) | (27,314) |
Other comprehensive income/(loss) before reclassifications | (1,435) | (210) | (13,133) | |||
Amounts reclassified from accumulated other comprehensive loss | 282 | 279 | 1,421 | |||
Balance | $ (40,110) | $ (38,957) | $ (45,916) | $ (40,110) | $ (45,916) | $ (39,026) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Components of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Net unrealized gains (losses), before tax | $ (1,522) | $ (12,302) | $ (1,429) | $ (25,398) | |||
Income tax benefit/(expense) related to other comprehensive income | 369 | 3,293 | 345 | 6,796 | |||
Other comprehensive (loss)/income, net of tax | (1,153) | $ 69 | (9,009) | $ (9,593) | (1,084) | (18,602) | |
Accumulated Other Comprehensive Loss [Member] | |||||||
Unrealized net gains (losses), net of tax | (1,435) | (210) | $ (13,133) | ||||
Recognized gains (losses), net of tax | (282) | (279) | (1,421) | ||||
Other comprehensive (loss)/income, net of tax | (1,153) | 69 | (9,009) | $ (9,593) | |||
Investment securities- with OTTI [Member] | |||||||
Unrealized holding (losses)/gains on investments | 198 | (795) | (1,408) | (654) | |||
Recognized gains (losses), before tax | 51 | 51 | 101 | 101 | |||
Net unrealized gains (losses), before tax | 147 | (846) | (1,509) | (755) | |||
Unrealized tax (expense) benefit | (87) | 213 | 339 | 175 | |||
Income tax benefit/(expense) related to other comprehensive income | (76) | 227 | 363 | 202 | |||
Unrealized net gains (losses), net of tax | 111 | (1,180) | (582) | (1,069) | (479) | (614) | |
Recognized gains (losses), net of tax | 40 | 37 | 148 | ||||
Other comprehensive (loss)/income, net of tax | 71 | (619) | (1,146) | (553) | |||
Investment securities- with OTTI [Member] | Accretable Yield in Income [Member] | |||||||
Recognized gains (losses), before tax | 51 | 51 | 101 | 101 | |||
Recognized tax (expense) benefit | (11) | (14) | (24) | (27) | |||
Recognized gains (losses), net of tax | 40 | 37 | 77 | 74 | |||
Investment securities- all other [Member] | |||||||
Unrealized holding (losses)/gains on investments | (5,359) | (881) | (16,203) | ||||
Recognized gains (losses), before tax | (2,221) | (5,359) | 3 | ||||
Net unrealized gains (losses), before tax | (2,221) | (5,359) | (881) | (7,878) | |||
Unrealized tax (expense) benefit | 1,435 | 4,336 | |||||
Income tax benefit/(expense) related to other comprehensive income | 567 | 1,435 | 212 | 2,109 | |||
Unrealized net gains (losses), net of tax | (3,924) | (11,867) | |||||
Other comprehensive (loss)/income, net of tax | (1,654) | (3,924) | (669) | (5,769) | |||
Investment securities- all other [Member] | Recognition of Gains (Losses) In Income [Member] | |||||||
Recognized gains (losses), before tax | 3 | ||||||
Recognized tax (expense) benefit | (1) | ||||||
Recognized gains (losses), net of tax | 2 | ||||||
Investment Securities HTM [Member] | |||||||
Unrealized holding (losses)/gains on investments | (8,328) | ||||||
Recognized gains (losses), before tax | (164) | (230) | (345) | (324) | |||
Net unrealized gains (losses), before tax | 164 | 230 | 345 | (8,004) | |||
Unrealized tax (expense) benefit | 2,228 | ||||||
Income tax benefit/(expense) related to other comprehensive income | (35) | (62) | (83) | 2,141 | |||
Unrealized net gains (losses), net of tax | (6,100) | (6,120) | |||||
Recognized gains (losses), net of tax | (129) | (133) | (551) | ||||
Other comprehensive (loss)/income, net of tax | 129 | 168 | 262 | (5,863) | |||
Investment Securities HTM [Member] | Amortization of Recognized Income [Member] | |||||||
Recognized gains (losses), before tax | (164) | (230) | (345) | (324) | |||
Recognized tax (expense) benefit | 35 | 62 | 83 | 87 | |||
Recognized gains (losses), net of tax | (129) | (168) | (262) | (237) | |||
Investment Securities Transferred From AFS to HTM | |||||||
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] | |||||||
Net unrealized gains (losses), before tax | 204 | 249 | 16 | 1,088 | |||
Unrealized tax (expense) benefit | (100) | ||||||
Income tax benefit/(expense) related to other comprehensive income | (54) | (67) | (4) | (292) | |||
Unrealized net gains (losses), net of tax | 150 | (138) | 1,116 | ||||
Other comprehensive (loss)/income, net of tax | 150 | 182 | 12 | 796 | |||
Adjustment [Member] | |||||||
Unrealized holding (losses)/gains on investments | (63) | (6,922) | 105 | (10,542) | |||
Recognized gains (losses), before tax | (249) | (279) | (499) | (558) | |||
Net unrealized gains (losses), before tax | 186 | (6,643) | 604 | (9,984) | |||
Adjustment [Member] | Pension [Member] | |||||||
Unrealized holding (losses)/gains on investments | (63) | (6,922) | 105 | (10,542) | |||
Net unrealized gains (losses), before tax | 186 | (6,643) | 604 | (9,984) | |||
Unrealized tax (expense) benefit | 21 | 1,853 | (24) | 2,822 | |||
Income tax benefit/(expense) related to other comprehensive income | (33) | 1,778 | (144) | 2,672 | |||
Unrealized net gains (losses), net of tax | (42) | 123 | (5,069) | 81 | (7,720) | 684 | |
Recognized gains (losses), net of tax | (195) | (184) | (821) | ||||
Other comprehensive (loss)/income, net of tax | 153 | (4,865) | 460 | (7,312) | |||
Adjustment [Member] | SERP [Member] | |||||||
Net unrealized gains (losses), before tax | (2) | 67 | (4) | 135 | |||
Income tax benefit/(expense) related to other comprehensive income | (18) | 1 | (36) | ||||
Unrealized net gains (losses), net of tax | 2,430 | ||||||
Recognized gains (losses), net of tax | 2 | $ 1 | $ (199) | ||||
Other comprehensive (loss)/income, net of tax | (2) | 49 | (3) | 99 | |||
Adjustment [Member] | Amortization of Unrecognized Loss [Member] | Pension [Member] | |||||||
Recognized gains (losses), before tax | (249) | (279) | (499) | (558) | |||
Recognized tax (expense) benefit | 54 | 75 | 120 | 150 | |||
Recognized gains (losses), net of tax | (195) | (204) | (379) | (408) | |||
Adjustment [Member] | Amortization of Unrecognized Loss [Member] | SERP [Member] | |||||||
Recognized gains (losses), before tax | 2 | (67) | 4 | (135) | |||
Recognized tax (expense) benefit | 18 | (1) | 36 | ||||
Recognized gains (losses), net of tax | $ 2 | $ (49) | $ 3 | $ (99) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest income on taxable investment securities | $ 1,779 | $ 1,540 | $ 3,547 | $ 2,946 | ||
Provision for income tax expense | (1,423) | (1,708) | (2,778) | (3,609) | ||
Net income | 4,414 | $ 4,375 | 5,428 | $ 5,715 | 8,789 | 11,143 |
Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net income | (282) | (384) | (561) | (668) | ||
OTTI | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Provision for income tax expense | (11) | (14) | (24) | (27) | ||
Net income | 40 | 37 | 77 | 74 | ||
OTTI | 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 | 51 | 101 | 101 | ||
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) | |||||
Net income | 2 | |||||
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 | 3 | |||||
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 | 35 | 62 | 83 | 87 | ||
Net income | (129) | (168) | (262) | (237) | ||
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 | (164) | (230) | (345) | (324) | ||
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 | 54 | 75 | 120 | 150 | ||
Net income | (195) | (204) | (379) | (408) | ||
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 | 18 | (1) | 36 | |||
Net income | 2 | (49) | 3 | (99) | ||
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 | (499) | (558) | ||||
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 | 2 | (67) | $ 4 | $ (135) | ||
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 | $ (249) | $ (279) |
Equity Compensation Plan Info_2
Equity Compensation Plan Information (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
May 05, 2023 | Mar. 26, 2023 | Mar. 09, 2023 | Mar. 08, 2023 | May 05, 2022 | Mar. 28, 2022 | Mar. 09, 2022 | Mar. 26, 2021 | Mar. 26, 2020 | May 31, 2023 | Mar. 31, 2023 | Jan. 31, 2023 | May 31, 2022 | Mar. 31, 2022 | May 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Director [Member] | |||||||||||||||||||||
Amount payable to non-employee directors | $ 15,000 | $ 15,000 | |||||||||||||||||||
Fully-vested shares of common stock issued | 1,000 | ||||||||||||||||||||
Employees [Member] | |||||||||||||||||||||
Stock compensation expense | $ 100,000 | $ 0 | $ 200,000 | $ 0 | |||||||||||||||||
2018 Equity Plan [Member] | Maximum [Member] | |||||||||||||||||||||
Maximum issuance of common stock options | 325,000 | 325,000 | |||||||||||||||||||
2018 Equity Plan [Member] | Director [Member] | |||||||||||||||||||||
Fully-vested shares of common stock issued | 16,931 | 333 | 14,940 | ||||||||||||||||||
Fully vested shares of common stock issued, per share value | $ 13.23 | $ 19.36 | $ 18.92 | ||||||||||||||||||
Stock compensation expense | $ 62,500 | 66,730 | $ 138,001 | 125,588 | |||||||||||||||||
2019 Long-Term Incentive Plan [Member] | |||||||||||||||||||||
Shares-based compensation shares of common stock issued | 14,688 | ||||||||||||||||||||
2020 Performance Plan [Member] | |||||||||||||||||||||
Shares-based compensation shares of common stock issued | 15,216 | ||||||||||||||||||||
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 | $ 18.25 | $ 21.88 | $ 17.93 | $ 12.54 | |||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Year 2021 [Member] | |||||||||||||||||||||
Stock compensation expense | 16,571 | 16,571 | $ 33,142 | 33,142 | |||||||||||||||||
Unrecognized compensation expense related to unvested units | 183,017 | 183,017 | |||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Year 2022 [Member] | |||||||||||||||||||||
Stock compensation expense | 26,145 | 26,145 | 52,290 | 26,145 | |||||||||||||||||
Unrecognized compensation expense related to unvested units | 183,017 | 183,017 | |||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Year 2023 [Member] | |||||||||||||||||||||
Stock compensation expense | 27,585 | 27,585 | |||||||||||||||||||
Unrecognized compensation expense related to unvested units | 303,434 | $ 303,434 | |||||||||||||||||||
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 | ||||||||||||||||||||
Performance Vested Shares [Member] | Long-Term Incentive Plan [Member] | |||||||||||||||||||||
Share-based compensation shares of common stock granted | 10,214 | 8,096 | 7,389 | 10,143 | 9,791 | ||||||||||||||||
Time-vested Shares [Member] | Long-Term Incentive Plan [Member] | |||||||||||||||||||||
Share-based compensation shares of common stock granted | 2,463 | 6,238 | 3,693 | 3,380 | 5,070 | 7,920 | 6,238 | 3,693 | 5,070 | ||||||||||||
Stock compensation expense | $ 0 | $ 15,896 | $ 15,896 | $ 42,024 | |||||||||||||||||
Shares-based compensation shares of common stock issued | 1,230 | 1,692 | 2,079 | 1,230 | 1,688 | 1,690 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2016 USD ($) contract | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | ||||
Interest rate swap notional amount | $ 15,000 | $ 15,000 | ||
Increase in fair value of derivatives | 16 | |||
Cash flow hedge ineffectiveness | $ 4 | |||
Derivative, fixed interest rate | 4.645% | 4.645% | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Derivative [Line Items] | ||||
Unrealized tax (expense) benefit | $ 100 | |||
Interest Rate Swap Agreements [Member] | ||||
Derivative [Line Items] | ||||
Interest rate swap notional amount | $ 30,000 | 15,000 | $ 15,000 | |
Number of interest rate swap contracts | contract | 4 | |||
Interest rate swap fair value | 1,100 | $ 1,100 | $ 1,100 | |
Interest Rate Swap Agreements [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Derivative [Line Items] | ||||
Increase in fair value of derivatives | $ 200 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Impact Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative (effective portion) net of tax | $ 150 | $ 182 | $ 12 | $ 796 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations) (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Capital to Risk Weighted Assets | 0.1387 | 0.1437 | |
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 | 0.1264 | 0.1329 | |
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 | 0.1264 | 0.1329 | |
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 | 0.0978 | 0.1001 | |
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 | ||
Retained earnings | $ 170,298 | $ 149,638 | $ 166,343 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Retained earnings | $ (2,200) |
Deposit (Schedule of deposit li
Deposit (Schedule of deposit liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Non-interest bearing deposits | $ 466,628 | $ 506,613 |
Non-Interest bearing deposits, percentage | 30% | 32% |
Interest bearing deposits | $ 1,113,331 | $ 1,064,120 |
Total deposits | $ 1,579,959 | $ 1,570,733 |
Non-Interest and Interest bearing deposits, percentage | 100% | 100% |
Demand Deposit Liability [Member] | ||
Interest bearing deposits | $ 393,234 | $ 327,685 |
Interest bearing deposits, percentage | 25% | 21% |
Money Market Liability [Member] | ||
Interest bearing deposits | $ 297,312 | $ 365,192 |
Interest bearing deposits, percentage | 19% | 23% |
Savings Deposit Liability [Member] | ||
Interest bearing deposits | $ 215,649 | $ 250,720 |
Interest bearing deposits, percentage | 13% | 16% |
Time Deposit Retail Liability [Member] | ||
Interest bearing deposits | $ 146,055 | $ 120,523 |
Interest bearing deposits, percentage | 9% | 8% |
Time Deposit Brokered Liability [Member] | ||
Interest bearing deposits | $ 61,081 | |
Interest bearing deposits, percentage | 4% | 0% |
Deposits (Insured or collateral
Deposits (Insured or collateralized to uninsured deposits) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Insured or Collateralized Deposit | $ 1,350,060 | $ 1,118,190 |
Percentage of aggregate liabilities related to insured or collateralized deposits | 85% | 71% |
Uninsured Deposit | $ 229,899 | $ 452,543 |
Percentage of aggregate liabilities related to uninsured deposits | 15% | 29% |
Deposits total | $ 1,579,959 | $ 1,570,733 |
Percentage of aggregate liabilities related to insured or collateralized and uninsured deposits | 100% | 100% |
Deposits (Retail versus busines
Deposits (Retail versus business deposits) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Deposits, Retail | $ 798,737 | $ 855,014 |
Percentage of aggregate liabilities related to retail customers | 51% | 54% |
Deposits, Wholesale | $ 781,222 | $ 715,719 |
Percentage of aggregate liabilities related to business customers | 49% | 46% |
Deposits total | $ 1,579,959 | $ 1,570,733 |
Percentage of aggregate liabilities related to all customers | 100% | 100% |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Borrowed Funds [Abstract] | ||
Repurchase agreements secured by available for sale securities | $ 66,400 | |
Loans | 1,350,038 | |
Aggregated liquidation amount | 67 | $ 67 |
Short-term borrowings | $ 50,078 | $ 64,565 |
Borrowing capacity to account balances, percentage | 102% | |
FHLB advances | $ 80,000 |
Borrowed Funds (Schedule of bor
Borrowed Funds (Schedule of borrowings) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
FHLB advances | $ 80,000 | |
Junior subordinated debt, bearing variable interest rates | $ 30,929 | $ 30,929 |
Junior subordinated debt, bearing variable interest rates, rate | 8.26% | 7.49% |
Total borrowings outstanding | $ 161,007 | $ 95,494 |
Maximum [Member] | ||
FHLB advances, rates | 4.69% | |
Minimum [Member] | ||
FHLB advances, rates | 4.53% | |
Securities Sold under Agreements to Repurchase [Member] | ||
Outstanding at end of year | $ 50,078 | $ 64,565 |
Weighted average interest rate at end of period | 0.23% | 0.12% |
Maximum amount outstanding as of any month end | $ 53,892 | $ 75,912 |
Average amount outstanding | $ 51,988 | $ 63,182 |
Approximate weighted average rate during the year | 0.21% | 0.12% |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating segments | segment | 2 | ||||
Amortization of intangible assets | $ 165,000 | $ 105,000 | |||
Trust and Investment Services Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Amortization of intangible assets | $ 52,000 | $ 52,000 | 104,000 | $ 104,000 | |
Operating Segments [Member] | Trust and Investment Services Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Nonfiduciary Assets | 800,000 | 800,000 | $ 900,000 | ||
Intangible assets | $ 700,000 | $ 700,000 | $ 800,000 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||||
Interest income | $ 19,972 | $ 14,731 | $ 37,801 | $ 28,878 | ||
Interest expense | 5,798 | 760 | 9,109 | 1,566 | ||
Credit loss exposure | 395 | 631 | 938 | 210 | ||
Non interest income | 4,483 | 4,413 | 8,822 | 8,795 | ||
Non interest expense | 12,511 | 10,630 | 25,149 | 21,210 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 5,837 | 7,136 | 11,567 | 14,752 | ||
Income tax expense | 1,423 | 1,708 | 2,778 | 3,609 | ||
Net Income | 4,414 | $ 4,375 | 5,428 | $ 5,715 | 8,789 | 11,143 |
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 19,972 | 14,731 | 37,801 | 28,878 | ||
Interest expense | 5,798 | 760 | 9,109 | 1,566 | ||
Credit loss exposure | 395 | 631 | 938 | 210 | ||
Non interest income | 4,569 | 4,426 | 8,962 | 8,860 | ||
Non interest expense | 12,511 | 10,630 | 25,149 | 21,210 | ||
Income before income taxes and intercompany fees | 5,837 | 7,136 | 11,567 | 14,752 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 5,837 | 7,136 | 11,567 | 14,752 | ||
Income tax expense | 1,423 | 1,708 | 2,778 | 3,609 | ||
Net Income | 4,414 | 5,428 | 8,789 | 11,143 | ||
Operating Segments [Member] | Community Banking Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 19,972 | 14,731 | 37,801 | 28,878 | ||
Interest expense | 5,798 | 760 | 9,109 | 1,566 | ||
Credit loss exposure | 395 | 631 | 938 | 210 | ||
Non interest income | 2,285 | 2,069 | 4,411 | 4,094 | ||
Non interest expense | 11,177 | 9,427 | 22,562 | 18,805 | ||
Income before income taxes and intercompany fees | 4,887 | 5,982 | 9,603 | 12,391 | ||
Intercompany management fee income (expense) | 3 | 3 | 6 | 6 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 4,890 | 5,985 | 9,609 | 12,397 | ||
Income tax expense | 1,224 | 1,467 | 2,367 | 3,115 | ||
Net Income | 3,666 | 4,518 | 7,242 | 9,282 | ||
Operating Segments [Member] | Trust and Investment Services Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Non interest income | 2,284 | 2,357 | 4,551 | 4,766 | ||
Non interest expense | 1,334 | 1,203 | 2,587 | 2,405 | ||
Income before income taxes and intercompany fees | 950 | 1,154 | 1,964 | 2,361 | ||
Intercompany management fee income (expense) | (3) | (3) | (6) | (6) | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 947 | 1,151 | 1,958 | 2,355 | ||
Income tax expense | 199 | 241 | 411 | 494 | ||
Net Income | $ 748 | $ 910 | $ 1,547 | $ 1,861 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill impairment loss | $ 0 |