Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
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 | 6,465,601 | |
Entity Central Index Key | 0000763907 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 43,635 | $ 48,343 |
Interest bearing deposits in banks | 1,457 | 1,410 |
Cash and cash equivalents | 45,092 | 49,753 |
Investment securities - available for sale (at fair value) | 92,954 | 97,169 |
Investment securities - held to maturity, net of allowance for credit losses of $45 at June 30, 2024 and December 31, 2023 (fair value $143,030 at June 30, 2024 and $184,415 at December 31, 2023) | 174,197 | 214,297 |
Restricted investment in bank stock, at cost | 3,395 | 5,250 |
Loans held for sale | 447 | 443 |
Loans | 1,422,975 | 1,406,667 |
Unearned fees | (306) | (340) |
Allowance for credit losses | (17,923) | (17,480) |
Net loans | 1,404,746 | 1,388,847 |
Premises and equipment, net | 29,688 | 31,459 |
Goodwill and other intangibles | 11,938 | 12,103 |
Bank owned life insurance | 48,267 | 47,607 |
Deferred tax assets | 11,214 | 11,133 |
Other real estate owned, net | 2,978 | 4,493 |
Right of use assets | 1,230 | 1,367 |
Pension asset | 12,850 | 11,208 |
Accrued interest receivable | 7,115 | 7,487 |
Other assets | 22,488 | 23,244 |
Total Assets | 1,868,599 | 1,905,860 |
Liabilities: | ||
Non-interest bearing deposits | 423,970 | 427,670 |
Interest bearing deposits | 1,113,101 | 1,123,307 |
Total deposits | 1,537,071 | 1,550,977 |
Short-term borrowings | 62,564 | 45,418 |
Long-term borrowings | 70,929 | 110,929 |
Operating lease liability | 1,412 | 1,556 |
SERP deferred compensation | 9,979 | 9,777 |
Allowance for credit losses on off-balance sheet credit exposures | 801 | 873 |
Accrued interest payable | 1,352 | 612 |
Other liabilities | 19,021 | 22,515 |
Dividends payable | 1,293 | 1,330 |
Total Liabilities | 1,704,422 | 1,743,987 |
Shareholders' Equity: | ||
Common Stock - par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,465,601 shares at June 30, 2024 and 6,639,888 at December 31, 2023 | 65 | 66 |
Surplus | 20,280 | 23,734 |
Retained earnings | 179,892 | 173,900 |
Accumulated other comprehensive loss | (36,060) | (35,827) |
Total Shareholders' Equity | 164,177 | 161,873 |
Total Liabilities and Shareholders' Equity | $ 1,868,599 | $ 1,905,860 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Consolidated Statements of Financial Condition | ||
Held-to-maturity securities, allowance for credit losses | $ 45 | $ 45 |
Held-to-maturity securities, fair value | $ 143,030 | $ 184,415 |
Common stock, Par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 6,465,601 | 6,639,888 |
Common Stock, Shares, Outstanding | 6,465,601 | 6,639,888 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest income | ||||
Interest and fees on loans | $ 20,221 | $ 16,780 | $ 39,439 | $ 32,224 |
Interest on investment securities: Taxable | 1,697 | 1,779 | 3,441 | 3,547 |
Interest on investment securities: Exempt from federal income tax | 53 | 268 | 106 | 538 |
Total investment income | 1,750 | 2,047 | 3,547 | 4,085 |
Other | 1,142 | 1,145 | 2,025 | 1,492 |
Total interest income | 23,113 | 19,972 | 45,011 | 37,801 |
Interest expense | ||||
Savings | 46 | 56 | 94 | 135 |
Interest-bearing transaction accounts | 5,011 | 2,941 | 9,712 | 5,128 |
Time deposits | 1,341 | 1,353 | 2,858 | 1,765 |
Total interest on Deposits | 6,398 | 4,350 | 12,664 | 7,028 |
Interest on short-term borrowings | 509 | 29 | 970 | 60 |
Interest on long-term borrowings | 968 | 1,419 | 2,327 | 2,021 |
Total Interest Expense | 7,875 | 5,798 | 15,961 | 9,109 |
Net Interest income | 15,238 | 14,174 | 29,050 | 28,692 |
Credit loss (credit)/expense | 1,251 | 434 | 2,212 | 848 |
Credit loss (credit)/expense - off-balance sheet credit exposures | (57) | (39) | (72) | 90 |
Total credit loss expense/(credit) | 1,194 | 395 | 2,140 | 938 |
Net interest income after provision for credit losses | 14,044 | 13,779 | 26,910 | 27,754 |
Other operating income | ||||
Net gains on sales of residential mortgage loans | 59 | 86 | 141 | 140 |
Net gains | 59 | 86 | 141 | 140 |
Total other income | 4,782 | 4,483 | 9,575 | 8,822 |
Total other operating income | 4,841 | 4,569 | 9,716 | 8,962 |
Other operating expenses | ||||
Salaries and employee benefits | 7,256 | 6,870 | 14,413 | 14,166 |
FDIC premiums | 285 | 277 | 554 | 470 |
Equipment expense | 635 | 747 | 1,558 | 1,527 |
Occupancy expense of premises | 652 | 742 | 1,606 | 1,527 |
Data processing expense | 1,422 | 1,306 | 2,740 | 2,612 |
Marketing expense | 184 | 160 | 318 | 280 |
Professional services | 449 | 520 | 935 | 1,014 |
Contract labor | 84 | 157 | 267 | 291 |
Telephone | 103 | 116 | 212 | 226 |
Total OREO expense, net | 14 | 18 | 100 | 142 |
Investor relations | 91 | 123 | 144 | 206 |
Contributions | 66 | 79 | 116 | 143 |
Other | 1,123 | 1,396 | 2,282 | 2,545 |
Total other operating expenses | 12,364 | 12,511 | 25,245 | 25,149 |
Income before income tax expense | 6,521 | 5,837 | 11,381 | 11,567 |
Provision for income tax expense | 1,607 | 1,423 | 2,769 | 2,778 |
Net Income | $ 4,914 | $ 4,414 | $ 8,612 | $ 8,789 |
Basic net income per share | $ 0.75 | $ 0.66 | $ 1.31 | $ 1.32 |
Diluted net income per share | $ 0.75 | $ 0.66 | $ 1.31 | $ 1.31 |
Weighted average number of basic shares outstanding | 6,527 | 6,704 | 6,585 | 6,689 |
Weighted average number of diluted shares outstanding | 6,537 | 6,718 | 6,596 | 6,707 |
Dividends declared per common share | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 |
Service charges on deposit accounts | ||||
Other operating income | ||||
Total other income | $ 556 | $ 546 | $ 1,112 | $ 1,062 |
Other service charges | ||||
Other operating income | ||||
Total other income | 225 | 244 | 440 | 476 |
Trust department | ||||
Other operating income | ||||
Total other income | 2,255 | 2,025 | 4,443 | 3,995 |
Debit card income | ||||
Other operating income | ||||
Total other income | 999 | 1,031 | 1,931 | 1,986 |
Bank owned life insurance | ||||
Other operating income | ||||
Total other income | 334 | 311 | 660 | 616 |
Brokerage commissions | ||||
Other operating income | ||||
Total other income | 362 | 258 | 857 | 555 |
Other | ||||
Other operating income | ||||
Total other income | $ 51 | $ 68 | $ 132 | $ 132 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net Income (Loss) | $ 4,914 | $ 4,414 | $ 8,612 | $ 8,789 |
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Other Comprehensive Income (Loss), before Tax | (1,816) | (1,522) | (316) | (1,429) |
Income tax (credit)/expense related to other comprehensive income | 478 | 369 | 83 | 345 |
Other comprehensive income/(loss), net of tax | (1,338) | (1,153) | (233) | (1,084) |
Comprehensive Income | 3,576 | 3,261 | 8,379 | 7,705 |
Investment securities- with OTTI [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Unrealized holding (losses)/gains on investments with credit related impairment | (843) | 198 | (633) | (1,408) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 51 | 51 | 101 | 101 |
Other Comprehensive Income (Loss), before Tax | (894) | 147 | (734) | (1,509) |
Income tax (credit)/expense related to other comprehensive income | 234 | (76) | 192 | 363 |
Other comprehensive income/(loss), net of tax | (660) | 71 | (542) | (1,146) |
Investment securities- all other [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Unrealized holding (losses)/gains on investments with credit related impairment | (717) | (2,221) | (1,341) | (881) |
Other Comprehensive Income (Loss), before Tax | (717) | (2,221) | (1,341) | (881) |
Income tax (credit)/expense related to other comprehensive income | 567 | 354 | ||
Other comprehensive income/(loss), net of tax | (1,654) | (987) | ||
Investment Securities HTM [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (160) | (164) | (320) | (345) |
Other Comprehensive Income (Loss), before Tax | 160 | 164 | 320 | 345 |
Income tax (credit)/expense related to other comprehensive income | (42) | (35) | (84) | (83) |
Other comprehensive income/(loss), net of tax | 118 | 129 | 236 | 262 |
Cash Flow Hedge (OCI) [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Unrealized holding (losses)/gains on investments with credit related impairment | (69) | 204 | 4 | 16 |
Other Comprehensive Income (Loss), before Tax | (69) | 204 | 4 | 16 |
Adjustment [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Unrealized holding (losses)/gains on investments with credit related impairment | (538) | (63) | 951 | 105 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (203) | (249) | (406) | (499) |
Other Comprehensive Income (Loss), before Tax | (335) | 186 | 1,357 | 604 |
Accumulated SERP [Member] | ||||
Other comprehensive income/(loss), net of tax and reclassification adjustments: | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (39) | 2 | (78) | 4 |
Other Comprehensive Income (Loss), before Tax | $ 39 | $ (2) | $ 78 | $ (4) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock | Surplus | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accumulated Other Comprehensive Loss | Cumulative Effect, Period of Adoption, Adjustment | Total |
Balance at Dec. 31, 2022 | $ 67 | $ 24,409 | $ 166,343 | $ (39,026) | $ 151,793 | ||
Net income | 4,375 | 4,375 | |||||
Other comprehensive income (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 | $ (2,155) | 167,229 | (38,957) | $ (2,155) | 152,868 |
Balance at Dec. 31, 2022 | 67 | 24,409 | 166,343 | (39,026) | 151,793 | ||
Net income | 8,789 | ||||||
Other comprehensive income (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 | $ (2,155) | 167,229 | (38,957) | $ (2,155) | 152,868 |
Net income | 4,414 | 4,414 | |||||
Other comprehensive income (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 | ||
Balance at Dec. 31, 2023 | 66 | 23,734 | 173,900 | (35,827) | 161,873 | ||
Net income | 3,698 | 3,698 | |||||
Other comprehensive income (loss) | 1,105 | 1,105 | |||||
Common stock issued | 74 | 74 | |||||
Common stock dividend declared | (1,326) | (1,326) | |||||
Stock based compensation | 57 | 57 | |||||
Balance at Mar. 31, 2024 | 66 | 23,865 | 176,272 | (34,722) | 165,481 | ||
Balance at Dec. 31, 2023 | 66 | 23,734 | 173,900 | (35,827) | 161,873 | ||
Net income | 8,612 | ||||||
Other comprehensive income (loss) | (233) | ||||||
Balance at Jun. 30, 2024 | 65 | 20,280 | 179,892 | (36,060) | 164,177 | ||
Balance at Mar. 31, 2024 | 66 | 23,865 | 176,272 | (34,722) | 165,481 | ||
Net income | 4,914 | 4,914 | |||||
Other comprehensive income (loss) | (1,338) | (1,338) | |||||
Common stock issued | 70 | 70 | |||||
Common stock dividend declared | (1,294) | (1,294) | |||||
Stock based compensation | 376 | 376 | |||||
Common stock repurchase | (1) | (4,031) | (4,032) | ||||
Balance at Jun. 30, 2024 | $ 65 | $ 20,280 | $ 179,892 | $ (36,060) | $ 164,177 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares shares in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Consolidated Statements of Changes in Shareholders' Equity | ||||
Common stock issued, shares | 18,756 | 8,757 | 18,416 | 22,282 |
Common stock repurchase, shares | 201,800 | |||
Common stock dividend declared per share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||
Net income | $ 8,612 | $ 8,789 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 2,140 | 938 |
Depreciation | 1,952 | 1,700 |
Stock based compensation | 433 | 354 |
Gain on sales of other real estate owned | (126) | (36) |
Write-downs of other real estate owned, net | (69) | |
Originations of loans held for sale | (4,100) | (1,337) |
Proceeds from sales of loans held for sale | 4,237 | 977 |
Gains from sales of loans held for sale | (141) | (140) |
Net accretion of investment securities discounts and premiums- AFS | (48) | (25) |
Net accretion of investment securities discounts and premiums- HTM | (317) | (405) |
Amortization of intangible assets | 165 | 165 |
Earnings on bank owned life insurance | (660) | (616) |
Amortization of deferred loan (fees)/costs, net | (86) | 27 |
Amortization of operating lease right of use asset | 137 | 164 |
Decrease/(increase) in accrued interest receivable and other assets | 1,326 | (4,259) |
Deferred tax (benefit)/expense | (81) | 1,038 |
Operating lease liability | (144) | (186) |
(Decrease)/increase in accrued interest payable and other liabilities | (2,548) | 967 |
Net cash provided by operating activities | 10,751 | 8,046 |
Investing activities | ||
Proceeds from maturities/calls of investment securities - AFS | 2,186 | 3,358 |
Proceeds from maturities/calls of investment securities - HTM | 40,417 | 5,305 |
Proceeds from sales of other real estate owned | 1,710 | 172 |
Net decrease/(increase) in restricted stock | 1,855 | (3,463) |
Net increase in loans | (18,094) | (71,239) |
Purchases of premises and equipment | (181) | (284) |
Net cash provided by/(used in) by investing activities | 27,893 | (66,151) |
Financing activities | ||
Net (decrease)/increase in deposits | (13,906) | 9,226 |
Issuance of common stock | 144 | 138 |
Cash dividends paid on common stock | (2,657) | (2,536) |
Net increase/(decrease) in short-term borrowings | 17,146 | (14,487) |
Stock repurchase | (4,032) | |
Proceeds from long-term borrowings | 80,000 | |
Payments of long-term borrowings | (40,000) | |
Net cash (used in)/provided by financing activities | (43,305) | 72,341 |
(Decrease)/increase in cash and cash equivalents | (4,661) | 14,236 |
Cash and cash equivalents at beginning of the year | 49,753 | 74,315 |
Cash and cash equivalents at end of period | 45,092 | 88,551 |
Supplemental information | ||
Interest paid | 15,221 | 8,726 |
Taxes paid | 923 | 2,550 |
Non-cash investing activities: | ||
Transfers from loans to other real estate owned | $ 69 | $ 176 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Basis of Presentation | |
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 six- and three-month periods ended June 30, 2024 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, 2023. 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. Certain reclassifications have been made to prior year amounts to conform with current year classifications. These reclassifications did not have a material impact on the Corporation’s consolidated financial condition or results of operations. 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, 2024 and through the date these consolidated financial statements were issued, for items of potential recognition or disclosure. Newly Adopted Pronouncements in 2024 In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.” The Corporation has identified all known LIBOR exposures, created a plan to address the exposures, and continues to communicate with all stakeholders to transition to alternative reference rates. The Corporation had no financial instruments tied to LIBOR at June 30, 2024. The implementation of ASU 2020-04 did not have a material impact on our financial statements. |
Accounting Statements Issued bu
Accounting Statements Issued but Not Yet Adopted | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Statements Issued but Not Yet Adopted | |
Accounting Statements Issued but Not Yet Adopted | Note 2 – Accounting Statements Issued but Not Yet Adopted In November 2023, FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures.” In December 2023, FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” In March 2024, FASB issued ASU No. 2024-01, “Compensation- Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards.” |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Common Share | |
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, 2024 or 2023. 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, 2024 and 2023: Six months ended June 30, 2024 2023 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 $ 8,612 6,585 $ 1.31 $ 8,789 6,689 $ 1.32 Diluted Earnings Per Share: Restricted stock units 11 18 Net income $ 8,612 6,596 $ 1.31 $ 8,789 6,707 $ 1.31 Three months ended June 30, 2024 2023 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 $ 4,914 6,527 $ 0.75 $ 4,414 6,704 $ 0.66 Diluted Earnings Per Share: Restricted stock units 10 11 Net income $ 4,914 6,537 $ 0.75 $ 4,414 6,718 $ 0.66 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments | |
Investments | Note 4 – Investments The following tables show a comparison of amortized cost and fair values of investment securities at June 30, 2024 and December 31, 2023: (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value June 30, 2024 Available for Sale: U.S. government agencies $ 7,000 $ — $ 965 $ — $ 6,035 Residential mortgage-backed agencies 23,825 — 4,542 — 19,283 Commercial mortgage-backed agencies 35,901 — 8,593 — 27,308 Collateralized mortgage obligations 18,927 — 3,478 — 15,449 Obligations of states and political subdivisions 10,476 — 309 — 10,167 Corporate bonds 1,000 — 263 — 737 Collateralized debt obligations 18,660 — 4,685 — 13,975 Total available for sale $ 115,789 $ — $ 22,835 $ — $ 92,954 (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Allowance for Credit Losses June 30, 2024 Held to Maturity: U.S. government agencies $ 68,157 $ — $ 11,374 $ 56,783 $ — Residential mortgage-backed agencies 28,841 — 3,517 25,324 — Commercial mortgage-backed agencies 21,223 — 5,715 15,508 — Collateralized mortgage obligations 51,513 — 10,068 41,445 — Obligations of states and political subdivisions 4,508 143 681 3,970 45 Total held to maturity $ 174,242 $ 143 $ 31,355 $ 143,030 $ 45 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value December 31, 2023 Available for Sale: U.S. government agencies $ 7,000 $ — $ 966 $ — $ 6,034 Residential mortgage-backed agencies 24,781 — 4,218 — 20,563 Commercial mortgage-backed agencies 36,258 — 7,841 — 28,417 Collateralized mortgage obligations 19,725 — 3,369 — 16,356 Obligations of states and political subdivisions 10,486 15 189 — 10,312 Corporate bonds 1,000 — 222 — 778 Collateralized debt obligations 18,671 — 3,962 — 14,709 Total available for sale $ 117,921 $ 15 $ 20,767 $ — $ 97,169 (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Allowance for Credit Losses December 31, 2023 Held to Maturity: U.S. treasuries $ 37,462 $ — $ 243 $ 37,219 $ — U.S. government agencies 68,014 — 10,985 57,029 — Residential mortgage-backed agencies 29,588 42 2,913 26,717 — Commercial mortgage-backed agencies 21,413 — 5,361 16,052 — Collateralized mortgage obligations 53,261 — 9,973 43,288 — Obligations of states and political subdivisions 4,604 177 671 4,110 45 Total held to maturity $ 214,342 $ 219 $ 30,146 $ 184,415 $ 45 The Corporation utilizes FASB Accounting Standards Codification (“ASC”) Topic 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 allowance for credit losses (“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 tables show the Corporation’s investment securities with gross unrealized and unrecognized losses and fair values at June 30, 2024 and December 31, 2023, 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, 2024 Available for Sale: U.S. government agencies $ — $ — — $ 6,035 $ 965 2 Residential mortgage-backed agencies — — — 19,283 4,542 3 Commercial mortgage-backed agencies — — — 27,308 8,593 8 Collateralized mortgage obligations — — — 15,449 3,478 9 Obligations of states and political subdivisions 2,205 30 3 5,041 279 4 Corporate Bonds — — — 737 263 1 Collateralized debt obligations — — — 13,975 4,685 9 Total available for sale $ 2,205 $ 30 3 $ 87,828 $ 22,805 36 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, 2024 Held to Maturity: U.S. government agencies $ — $ — — $ 56,783 $ 11,374 9 Residential mortgage-backed agencies 3,923 15 2 21,320 3,502 35 Commercial mortgage-backed agencies — — — 15,508 5,715 2 Collateralized mortgage obligations — — — 41,445 10,068 8 Obligations of states and political subdivisions — — — 2,198 681 1 Total held to maturity $ 3,923 $ 15 2 $ 137,254 $ 31,340 55 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, 2023 Available for Sale: U.S. government agencies $ — $ — — $ 6,034 $ 966 2 Residential mortgage-backed agencies — — — 20,563 4,218 3 Commercial mortgage-backed agencies — — — 28,417 7,841 8 Collateralized mortgage obligations — — — 16,356 3,369 9 Obligations of states and political subdivisions 1,445 20 2 6,668 169 3 Corporate Bonds — — — 778 222 1 Collateralized debt obligations — — — 14,709 3,962 9 Total available for sale $ 1,445 $ 20 2 $ 93,525 $ 20,747 35 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, 2023 Held to Maturity: U.S. treasuries $ — $ — — $ 37,219 $ 243 4 U.S. government agencies — — — 57,029 10,985 9 Residential mortgage-backed agencies — — — 22,613 2,913 35 Commercial mortgage-backed agencies — — — 16,052 5,361 2 Collateralized mortgage obligations — — — 43,288 9,973 8 Obligations of states and political subdivisions — — — 2,205 671 1 Total held to maturity $ — $ — — $ 178,406 $ 30,146 59 The amortized cost and estimated fair value of securities by contractual maturity at June 30, 2024 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, 2024 (in thousands) Amortized Cost Fair Value Available for Sale: Due in one year or less $ 2,670 $ 2,670 Due after one year through five years 5,250 4,955 Due after five years through ten years 4,670 4,313 Due after ten years 24,546 18,976 37,136 30,914 Residential mortgage-backed agencies 23,825 19,283 Commercial mortgage-backed agencies 35,901 27,308 Collateralized mortgage obligations 18,927 15,449 Total available for sale $ 115,789 $ 92,954 Held to Maturity: Due after one year through five years $ 12,500 $ 11,794 Due after five years through ten years 40,451 34,116 Due after ten years 19,714 14,843 72,665 60,753 Residential mortgage-backed agencies 28,841 25,324 Commercial mortgage-backed agencies 21,223 15,508 Collateralized mortgage obligations 51,513 41,445 Total held to maturity $ 174,242 $ 143,030 |
Loans and Related Allowance for
Loans and Related Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and December 31, 2023: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Total June 30, 2024 Individually evaluated for impairment $ 599 $ — $ 6,175 $ 1,995 $ — $ 8,769 Collectively evaluated for impairment 500,417 88,214 259,496 509,114 56,965 1,414,206 Total loans $ 501,016 $ 88,214 $ 265,671 $ 511,109 $ 56,965 $ 1,422,975 December 31, 2023 Individually evaluated for impairment $ 826 $ — $ — $ 2,137 $ — $ 2,963 Collectively evaluated for impairment 492,877 77,060 274,604 497,734 61,429 1,403,704 Total loans $ 493,703 $ 77,060 $ 274,604 $ 499,871 $ 61,429 $ 1,406,667 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, 2024 and December 31, 2023: (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, 2024 Commercial real estate: Non-owner-occupied $ 295,647 $ — $ — $ — $ — $ — $ 295,647 All other CRE 204,520 165 85 — 250 599 205,369 Acquisition and development: 1-4 family residential construction 17,489 — — — — — 17,489 All other A&D 70,628 — — — — 97 70,725 Commercial and industrial 259,155 191 139 1 331 6,185 265,671 Residential mortgage: Residential mortgage - term 444,814 44 1,028 484 1,556 2,339 448,709 Residential mortgage - home equity 61,740 436 81 14 531 129 62,400 Consumer 55,890 581 378 27 986 89 56,965 Total $ 1,409,883 $ 1,417 $ 1,711 $ 526 $ 3,654 $ 9,438 $ 1,422,975 December 31, 2023 Commercial real estate: Non-owner-occupied $ 296,343 $ — $ — $ — $ — $ 227 $ 296,570 All other CRE 196,123 411 — — 411 599 197,133 Acquisition and development: 1-4 family residential construction 18,224 — — — — — 18,224 All other A&D 58,723 — — — — 113 58,836 Commercial and industrial 274,465 120 19 — 139 — 274,604 Residential mortgage: Residential mortgage - term 433,878 130 717 384 1,231 2,720 437,829 Residential mortgage - home equity 61,021 520 158 75 753 268 62,042 Consumer 60,576 463 277 84 824 29 61,429 Total $ 1,399,353 $ 1,644 $ 1,171 $ 543 $ 3,358 $ 3,956 $ 1,406,667 Non-accrual loans that have been subject to partial charge-offs totaled $1.1 million at June 30, 2024 and $0.1 million at December 31, 2023. Loans secured by 1-4 family residential real estate properties in the process of foreclosure totaled $1.5 million at June 30, 2024 and $1.8 million at December 31, 2023 . The Corporation maintains an ACL at a level that management believes will 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 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 properties obtained for investment 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 junior 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, 2024 and December 31, 2023, 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 Total June 30, 2024 Individually evaluated $ — $ — $ — $ — $ — $ — Collectively evaluated 4,852 992 3,964 7,162 953 17,923 Total ACL $ 4,852 $ 992 $ 3,964 $ 7,162 $ 953 $ 17,923 December 31, 2023 Individually evaluated $ — $ — $ — $ — $ — $ — Collectively evaluated 5,120 940 3,717 6,774 929 17,480 Total ACL $ 5,120 $ 940 $ 3,717 $ 6,774 $ 929 $ 17,480 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 tables present the amortized cost basis of collateral-dependent individually evaluated loans as of June 30, 2024 and December 31, 2023. June 30, 2024 (in thousands) Real Estate Other Collateral Non-Accrual Loans with No Allowance Commercial real estate $ 599 $ — $ 599 Commercial and industrial — 6,175 6,175 Residential mortgage 1,995 — 1,995 Total Loans $ 2,594 $ 6,175 $ 8,769 December 31, 2023 (in thousands) Real Estate Other Collateral Non-Accrual Loans with No Allowance Commercial real estate $ 826 $ — $ 826 Residential mortgage 2,137 — 2,137 Total Loans $ 2,963 $ — $ 2,963 The following tables present the activity in the ACL for the six- and three-month periods ended June 30, 2024 and 2023: Six months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total Beginning balance at January 1, 2024 $ 5,120 $ 940 $ 3,717 $ 6,774 $ 929 $ — $ 17,480 Loan charge-offs — — (1,230) (45) (824) — (2,099) Recoveries collected 37 6 34 26 227 — 330 Credit loss (credit)/expense (305) 46 1,443 407 621 — 2,212 ACL balance at June 30, 2024 $ 4,852 $ 992 $ 3,964 $ 7,162 $ 953 $ — $ 17,923 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 (credit)/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 Three months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ACL balance at April 1, 2024 $ 4,962 $ 1,014 $ 4,002 $ 7,017 $ 987 $ — $ 17,982 Loan charge-offs — — (1,118) (45) (318) — (1,481) Recoveries collected — 3 3 9 157 — 172 Credit loss (credit)/expense (110) (25) 1,078 181 127 — 1,251 ACL balance at June 30, 2024 $ 4,852 $ 992 $ 3,964 $ 7,162 $ 953 $ — $ 17,923 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/(credit) 171 29 (45) 93 186 — 434 ACL balance at June 30, 2023 $ 4,946 $ 1,134 $ 3,549 $ 6,417 $ 859 $ — $ 16,905 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 tabls present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of dates presented: (in thousands) 2024 2023 2022 2021 2020 2019 and Prior Revolving Total Portfolio Loans June 30, 2024 Commercial real estate: Non-owner-occupied Pass $ 5,866 $ 23,850 $ 66,716 $ 29,620 $ 52,809 $ 111,451 $ 1,874 $ 292,186 Special Mention — — — — 732 — — 732 Substandard — — — — — 2,729 — 2,729 Total non-owner occupied 5,866 23,850 66,716 29,620 53,541 114,180 1,874 295,647 Current period gross charge-offs — — — — — — — — All other CRE Pass 10,726 31,357 30,646 24,536 20,152 77,244 5,297 199,958 Special Mention — — — 1,434 204 — — 1,638 Substandard — — — — — 3,491 282 3,773 Total all other CRE 10,726 31,357 30,646 25,970 20,356 80,735 5,579 205,369 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 1,325 13,866 — — — — 2,298 17,489 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 1,325 13,866 — — — — 2,298 17,489 Current period gross charge-offs — — — — — — — — All other A&D Pass 7,622 24,112 19,888 1,917 2,281 10,557 4,251 70,628 Special Mention — — — — — — — — Substandard — — — — — 97 — 97 Total all other A&D 7,622 24,112 19,888 1,917 2,281 10,654 4,251 70,725 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 16,310 40,278 59,753 20,774 8,092 16,183 82,938 244,328 Special Mention — — — — 1,979 — 3,847 5,826 Substandard — — 4,079 1,142 6,584 765 2,947 15,517 Total commercial and industrial 16,310 40,278 63,832 21,916 16,655 16,948 89,732 265,671 Current period gross charge-offs 465 — 57 651 41 16 — 1,230 Residential mortgage: Residential mortgage - term Pass 16,831 57,219 97,006 84,619 37,150 146,885 2,186 441,896 Special Mention — — — 40 — — — 40 Substandard — — — 1,067 15 5,636 55 6,773 Total residential mortgage - term 16,831 57,219 97,006 85,726 37,165 152,521 2,241 448,709 Current period gross charge-offs — — — — — 30 — 30 Residential mortgage - home equity Pass 30 940 4,243 818 444 669 54,643 61,787 Special Mention — — — — — — — — Substandard — — — — 36 14 563 613 Total residential mortgage - home equity 30 940 4,243 818 480 683 55,206 62,400 Current period gross charge-offs — — 15 — — — — 15 Consumer: Pass 5,990 14,615 8,324 4,804 1,592 18,632 2,791 56,748 Special Mention — — — — — — — — Substandard — 72 17 103 20 5 — 217 Total consumer 5,990 14,687 8,341 4,907 1,612 18,637 2,791 56,965 Current period gross charge-offs 96 174 60 15 11 468 — 824 Total Portfolio Loans Pass 64,700 206,237 286,576 167,088 122,520 381,621 156,278 1,385,020 Special Mention — — — 1,474 2,915 — 3,847 8,236 Substandard — 72 4,096 2,312 6,655 12,737 3,847 29,719 Total Portfolio Loans $ 64,700 $ 206,309 $ 290,672 $ 170,874 $ 132,090 $ 394,358 $ 163,972 $ 1,422,975 Current YTD Period: Current period gross charge-offs $ 561 $ 174 $ 132 $ 666 $ 52 $ 514 $ — $ 2,099 (in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Total Portfolio Loans December 31, 2023 Commercial real estate: Non-owner-occupied Pass $ 23,511 $ 65,878 $ 30,332 $ 54,270 $ 40,575 $ 65,134 $ 1,138 $ 280,838 Special Mention — — — — — 4,331 — 4,331 Substandard — — — — — 11,401 — 11,401 Total non-owner occupied 23,511 65,878 30,332 54,270 40,575 80,866 1,138 296,570 Current period gross charge-offs — — — — — 87 — 87 All other CRE Pass 30,130 27,379 27,042 20,691 22,879 60,054 4,495 192,670 Special Mention — — — 644 — — — 644 Substandard — — — — 1,847 1,372 600 3,819 Total all other CRE 30,130 27,379 27,042 21,335 24,726 61,426 5,095 197,133 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 13,745 3,446 — — — — 1,033 18,224 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 13,745 3,446 — — — — 1,033 18,224 Current period gross charge-offs — — — — — — — — All other A&D Pass 12,184 25,099 2,966 3,046 1,301 9,946 4,181 58,723 Special Mention — — — — — — — — Substandard — — — — — 113 — 113 Total all other A&D 12,184 25,099 2,966 3,046 1,301 10,059 4,181 58,836 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 52,004 66,559 24,387 11,753 8,872 10,052 78,992 252,619 Special Mention 558 — — — — — — 558 Substandard — 9,352 1,854 6,806 98 837 2,480 21,427 Total commercial and industrial 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Current period gross charge-offs 100 103 35 166 — 19 — 423 Residential mortgage: Residential mortgage - term Pass 51,625 94,723 88,835 38,228 25,375 130,402 1,577 430,765 Special Mention — — — — — — — — Substandard — 138 929 17 98 5,825 57 7,064 Total residential mortgage - term 51,625 94,861 89,764 38,245 25,473 136,227 1,634 437,829 Current period gross charge-offs — — — — — 13 — 13 Residential mortgage - home equity Pass 1,127 4,657 864 475 286 489 53,467 61,365 Special Mention — — — — — — — — Substandard — — — 38 — 16 623 677 Total residential mortgage - home equity 1,127 4,657 864 513 286 505 54,090 62,042 Current period gross charge-offs — — — — — 42 — 42 Consumer: Pass 18,299 10,616 6,361 2,206 510 20,365 2,873 61,230 Special Mention — — — — — — — — Substandard 14 35 113 23 6 2 6 199 Total consumer 18,313 10,651 6,474 2,229 516 20,367 2,879 61,429 Current period gross charge-offs 236 223 74 8 4 329 — 874 Total Portfolio Loans Pass 202,625 298,357 180,787 130,669 99,798 296,442 147,756 1,356,434 Special Mention 558 — — 644 — 4,331 — 5,533 Substandard 14 9,525 2,896 6,884 2,049 19,566 3,766 44,700 Total Portfolio Loans $ 203,197 $ 307,882 $ 183,683 $ 138,197 $ 101,847 $ 320,339 $ 151,522 $ 1,406,667 Current YTD Period: Current period gross charge-offs $ 336 $ 326 $ 109 $ 174 $ 4 $ 490 $ — $ 1,439 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) 2024 2023 2022 2021 2020 2019 and Prior Revolving Total Portfolio Loans June 30, 2024 Commercial real estate: Non-owner-occupied Performing $ 5,866 $ 23,850 $ 66,716 $ 29,620 $ 53,541 $ 114,180 $ 1,874 $ 295,647 Nonperforming — — — — — — — — Total non-owner occupied 5,866 23,850 66,716 29,620 53,541 114,180 1,874 295,647 All other CRE Performing 10,726 31,357 30,646 25,970 20,356 80,136 5,579 204,770 Nonperforming — — — — — 599 — 599 Total all other CRE 10,726 31,357 30,646 25,970 20,356 80,735 5,579 205,369 Acquisition and development: 1-4 family residential construction Performing 1,325 13,866 — — — — 2,298 17,489 Nonperforming — — — — — — — — Total acquisition and development 1,325 13,866 — — — — 2,298 17,489 All other A&D Performing 7,622 24,112 19,888 1,917 2,281 10,557 4,251 70,628 Nonperforming — — — — — 97 — 97 Total all other A&D 7,622 24,112 19,888 1,917 2,281 10,654 4,251 70,725 Commercial and industrial: Performing 16,310 40,278 59,753 20,819 16,655 16,947 88,723 259,485 Nonperforming — — 4,079 1,097 — 1 1,009 6,186 Total commercial and industrial 16,310 40,278 63,832 21,916 16,655 16,948 89,732 265,671 Residential mortgage: Residential mortgage - term Performing 16,831 57,219 97,006 85,596 37,012 150,011 2,211 445,886 Nonperforming — — — 130 153 2,510 30 2,823 Total residential mortgage - term 16,831 57,219 97,006 85,726 37,165 152,521 2,241 448,709 Residential mortgage - home equity Performing 30 940 4,243 818 444 669 55,113 62,257 Nonperforming — — — — 36 14 93 143 Total residential mortgage - home equity 30 940 4,243 818 480 683 55,206 62,400 Consumer: Performing 5,990 14,669 8,324 4,846 1,612 18,617 2,791 56,849 Nonperforming — 18 17 61 — 20 — 116 Total consumer 5,990 14,687 8,341 4,907 1,612 18,637 2,791 56,965 Total Portfolio Loans Performing 64,700 206,291 286,576 169,586 131,901 391,117 162,840 1,413,011 Nonperforming — 18 4,096 1,288 189 3,241 1,132 9,964 Total Portfolio Loans $ 64,700 $ 206,309 $ 290,672 $ 170,874 $ 132,090 $ 394,358 $ 163,972 $ 1,422,975 (in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Total Portfolio Loans December 31, 2023 Commercial real estate: Non-owner-occupied Performing $ 23,511 $ 65,878 $ 30,332 $ 54,270 $ 40,575 $ 80,639 $ 1,138 $ 296,343 Nonperforming — — — — — 227 — 227 Total non-owner occupied 23,511 65,878 30,332 54,270 40,575 80,866 1,138 296,570 All other CRE Performing 30,130 27,379 27,042 21,335 24,726 60,827 5,095 196,534 Nonperforming — — — — — 599 — 599 Total all other CRE 30,130 27,379 27,042 21,335 24,726 61,426 5,095 197,133 Acquisition and development: 1-4 family residential construction Performing 13,745 3,446 — — — — 1,033 18,224 Nonperforming — — — — — — — — Total acquisition and development 13,745 3,446 — — — — 1,033 18,224 All other A&D Performing 12,184 25,099 2,966 3,046 1,301 9,946 4,181 58,723 Nonperforming — — — — — 113 — 113 Total all other A&D 12,184 25,099 2,966 3,046 1,301 10,059 4,181 58,836 Commercial and industrial: Performing 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Nonperforming — — — — — — — — Total commercial and industrial 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Residential mortgage: Residential mortgage - term Performing 51,625 94,722 89,629 38,245 25,375 133,526 1,603 434,725 Nonperforming — 139 135 — 98 2,701 31 3,104 Total residential mortgage - term 51,625 94,861 89,764 38,245 25,473 136,227 1,634 437,829 Residential mortgage - home equity Performing 1,127 4,657 864 475 286 488 53,802 61,699 Nonperforming — — — 38 — 17 288 343 Total residential mortgage - home equity 1,127 4,657 864 513 286 505 54,090 62,042 Consumer: Performing 18,304 10,616 6,405 2,229 516 20,367 2,879 61,316 Nonperforming 9 35 69 — — — — 113 Total consumer 18,313 10,651 6,474 2,229 516 20,367 2,879 61,429 Total Portfolio Loans Performing 203,188 307,708 183,479 138,159 101,749 316,682 151,203 1,402,168 Nonperforming 9 174 204 38 98 3,657 319 4,499 Total Portfolio Loans $ 203,197 $ 307,882 $ 183,683 $ 138,197 $ 101,847 $ 320,339 $ 151,522 $ 1,406,667 Loan Modfications for Borrowers Experiencing Financial Difficulty modifications. Therefore, the disclosures related to loan restructurings are for modifications which have a direct impact on cash flows. The following tables present the amortized cost basis as of June 30, 2024 and the financial effect of loans modified to borrowers experiencing financial difficulty during the six- and three-months ended June 30, 2024: (in thousands) Term Extension Percentage of Total Loan Type Weighted Average Term and Principal Payment Extension Six months ended June 30, 2024 Owner-occupied commercial real estate $ 893 0.4% 12 months Total $ 893 (in thousands) Term Extension Percentage of Total Loan Type Weighted Average Term and Principal Payment Extension Three months ended June 30, 2024 Owner-occupied commercial real estate $ 893 0.4% 12 months Total $ 893 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024, the U.S. Government agencies and treasuries, residential and commercial mortgage-backed securities, collateralized mortgage obligations, and state and political subdivisions bonds, excluding tax increment financing (“TIF”) bonds, were classified as Level 2 within the valuation hierarchy. Their fair values were determined based upon market-corroborated inputs and valuation matrices, which were obtained through third party data service providers or securities brokers through which the Corporation has historically transacted both purchases and sales of investment securities. The TIF bonds and collateralized debt obligation (“CDO”) portfolio, which consists of pooled trust preferred securities issued by banks, thrifts, and insurance companies, are classified as Level 3 within the valuation hierarchy. The CDO fair values are determined by a third party using a discounted cash flow model. Derivative financial instruments (Cash flow hedge) 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 qualities 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, 2024 and December 31, 2023 were as follows: Fair Value Measurements at June 30, 2024 Using Quoted Prices in Significant Assets Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 06/30/24 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 6,035 $ 6,035 Residential mortgage-backed agencies $ 19,283 $ 19,283 Commercial mortgage-backed agencies $ 27,308 $ 27,308 Collateralized mortgage obligations $ 15,449 $ 15,449 Obligations of states and political subdivisions $ 10,167 $ 10,167 Corporate bonds $ 737 $ 737 Collateralized debt obligations $ 13,975 $ 13,975 Financial derivatives $ 762 $ 762 Non-recurring: Individually evaluated loans, net $ 2,096 $ 2,096 Equity Investment $ 3,551 $ 3,551 Other real estate owned $ 2,698 $ 2,698 Fair Value Measurements at December 31, 2023 Using Quoted Prices in Significant Assets/(liabilities) Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 12/31/23 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 6,034 $ 6,034 Residential mortgage-backed agencies $ 20,563 $ 20,563 Commercial mortgage-backed agencies $ 28,417 $ 28,417 Collateralized mortgage obligations $ 16,356 $ 16,356 Obligations of states and political subdivisions $ 10,312 $ 10,312 Corporate bonds $ 778 778 Collateralized debt obligations $ 14,709 $ 14,709 Financial derivatives $ 756 $ 756 Non-recurring: Individually evaluated loans, net $ — $ — Equity investment $ 3,087 $ 3,087 Other real estate owned $ 4,443 $ 4,443 Individually evaluated loans had a net carrying amount of $8.8 million and $3.0 million with no valuation allowance at June 30, 2024 or December 31, 2023. There were no transfers of assets between any of the fair value hierarchy for the six-month periods ended June 30, 2024 or 2023. For Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2024 and December 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows: (in thousands) Fair Value at June 30, 2024 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 13,975 Discounted Cash Flow Discount Margin Range of mid 400 to high 400 Non-recurring: Individually Evaluated Loans, net $ 2,096 Market Comparable Properties Marketability Discount N/A Equity Investment $ 3,551 Market Method Revenue Multiples 2.8x Other Real Estate Owned $ 2,698 Market Comparable Properties Marketability Discount 5.0% to 15.0% (weighted avg 5.9%) (in thousands) Fair Value at December 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 14,709 Discounted Cash Flow Discount Margin Range of low to mid 500 and low to mid 600 Non-recurring: Equity Investment $ 3,087 Market Method Revenue Multiples 2.8x Other Real Estate $ 4,443 Market Comparable Properties Marketability Discount 5.0% to 15.0% (weighted avg 5.9%) (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, 2024 and 2023: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment Securities (in thousands) Available for Sale Beginning balance January 1, 2024 $ 14,709 Total losses realized/unrealized: Included in other comprehensive loss (734) Ending balance June 30, 2024 $ 13,975 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) (in thousands) Investment Securities Available for Sale Beginning balance April 1, 2024 $ 14,886 Total losses realized/unrealized: Included in other comprehensive loss (911) Ending balance June 30, 2024 $ 13,975 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance April 1, 2023 $ 14,114 Total losses realized/unrealized: Included in other comprehensive loss (9) Ending balance June 30, 2023 $ 14,105 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, 2024 or 2023. 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, 2024 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 $ 43,635 $ 43,635 $ 43,635 Interest bearing deposits in banks 1,457 1,457 1,457 Investment securities - AFS 92,954 92,954 $ 78,979 $ 13,975 Investment securities - HTM 174,197 143,030 141,259 1,771 Restricted bank stock 3,395 N/A Loans, net 1,404,746 1,329,798 1,329,798 Financial derivatives 762 762 762 Accrued interest receivable 7,115 7,115 847 6,268 Financial Liabilities: 8 Deposits - non-maturity 1,378,674 1,378,674 1,378,674 Deposits - time deposits 158,397 155,969 155,969 Short-term borrowed funds 62,564 62,564 62,564 Long-term borrowed funds 70,929 70,939 70,939 Accrued interest payable 1,352 1,352 1,352 December 31, 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 $ 48,343 $ 48,343 $ 48,343 Interest bearing deposits in banks 1,410 1,410 1,410 Investment securities - AFS 97,169 97,169 $ 82,460 $ 14,709 Investment securities - HTM 214,297 184,415 182,510 1,905 Restricted bank stock 5,250 N/A Loans, net 1,388,847 1,319,456 1,319,456 Financial derivative 778 778 778 — Accrued interest receivable 7,487 7,487 828 6,659 Financial Liabilities: Deposits - non-maturity 1,355,444 1,355,444 1,355,444 Deposits - time deposits 195,533 193,337 193,337 Short-term borrowed funds 45,418 45,418 45,418 Long-term borrowed funds 110,929 110,809 110,809 Accrued interest payable 612 612 612 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
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 three-month periods ended June 30 2024, March 31, June 30, 2023 and March 31,2023: Investment securities- with credit Investment related securities- Investment impairment all other securities- Cash Flow Pension (in thousands) AFS AFS HTM Hedge Plan SERP Total Accumulated OCL, net: Balance - January 1, 2024 (2,482) (13,217) (5,201) 569 (14,263) (1,233) (35,827) Other comprehensive income/(loss) before reclassifications 155 (459) — 54 1,096 — 846 Amounts reclassified from accumulated other comprehensive income (37) — 118 — 149 29 259 Balance - March 31, 2024 $ (2,364) $ (13,676) $ (5,083) $ 623 $ (13,018) $ (1,204) $ (34,722) Other comprehensive (loss)/income before reclassifications (620) (528) — (51) (396) — (1,595) Amounts reclassified from accumulated other comprehensive income (40) — 118 150 29 257 Balance - June 30, 2024 $ (3,024) $ (14,204) $ (4,965) $ 572 $ (13,264) $ (1,175) $ (36,060) Accumulated OCL, net: Balance - January 1, 2023 $ (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, 2024 and 2023: Before Tax Components of Other Comprehensive Loss Tax (Expense) (in thousands) Amount Benefit Net For the six months ended June 30, 2024 Available for sale (AFS) securities with credit related impairment: Unrealized holding losses $ (633) $ 168 $ (465) Less: accretable yield recognized in income 101 (24) 77 Net unrealized losses on investments with credit related impairment (734) 192 (542) Available for sale securities – all other: Unrealized holding losses (1,341) 354 (987) Held to maturity securities: Unrealized holding gains on securities transferred to held to maturity — — — Less: amortization recognized in income (320) 84 (236) Net unrealized gains on HTM securities 320 (84) 236 Cash flow hedges: Unrealized holding gains 4 (1) 3 Pension Plan: Unrealized net actuarial gain 951 (251) 700 Less: amortization of unrecognized loss (406) 107 (299) Net pension plan liability adjustment 1,357 (358) 999 SERP: Unrealized net actuarial gain — — — Less: amortization of unrecognized loss (78) 20 (58) Net SERP liability adjustment 78 (20) 58 Other comprehensive loss $ (316) $ 83 $ (233) Before Tax Components of Other Comprehensive Income Tax (Expense) (in thousands) Amount Benefit Net For the six months ended June 30, 2023 Available for sale (AFS) securities with credit related impairment: Unrealized holding losses $ (1,408) $ 339 $ (1,069) Less: accretable yield recognized in income 101 (24) 77 Net unrealized losses on investments with credit related impairment (1,509) 363 (1,146) Available for sale securities – all other: Unrealized holding losses (881) 212 (669) Held to maturity securities: Unrealized holding gains 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 gain 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 gain — — — Less: amortization of unrecognized gain 4 (1) 3 Net SERP liability adjustment (4) 1 (3) Other comprehensive loss $ (1,429) $ 345 $ (1,084) Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended June 30, 2024 Available for sale (AFS) securities with credit related impairment: Unrealized holding losses $ (843) $ 223 $ (620) Less: accretable yield recognized in income 51 (11) 40 Net unrealized losses on investments with credit related impairment (894) 234 (660) Available for sale securities – all other: Unrealized holding losses (717) 189 (528) Held to maturity securities: Unrealized holding gains — — — Less: amortization recognized in income (160) 42 (118) Net unrealized gains on HTM securities 160 (42) 118 Cash flow hedges: Unrealized holding losses (69) 18 (51) Pension Plan: Unrealized net actuarial loss (538) 142 (396) Less: amortization of unrecognized loss (203) 53 (150) Net pension plan liability adjustment (335) 89 (246) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (39) 10 (29) Net SERP liability adjustment 39 (10) 29 Other comprehensive loss $ (1,816) $ 478 $ (1,338) 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 credit related impairment: Unrealized holding gains $ 198 $ (87) $ 111 Less: accretable yield recognized in income 51 (11) 40 unrealized losses on investments with credit related impairment 147 (76) 71 Available for sale securities – all other: Unrealized holding losses (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) The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the six- and three-month periods ended June 30, 2024 and 2023: Amounts Reclassified from Six Months Ended Accumulated Other Comprehensive Loss June 30, Affected Line Item in the Statement (in thousands) 2024 2023 Where Net Income is Presented Net unrealized gains on available for sale investment securities with credit related impairment: Accretable yield $ 101 $ 101 Interest income on taxable investment securities Taxes (24) (24) Provision for income tax expense $ 77 $ 77 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (320) $ (345) Interest income on taxable investment securities Taxes 84 83 Provision for income tax expense $ (236) $ (262) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (406) $ (499) Other Expense Taxes 107 120 Provision for income tax expense $ (299) $ (379) Net of tax Net SERP liability adjustment: Amortization of unrecognized (loss)/gain $ (78) $ 4 Other Expense Taxes 20 (1) Provision for income tax expense $ (58) $ 3 Net of tax Total reclassifications for the period (516) (561) Net of tax Amounts Reclassified from Three Months Ended Accumulated Other Comprehensive Loss June 30, Affected Line Item in the Statement (in thousands) 2024 2023 Where Net Income is Presented Net unrealized gains on available for sale investment securities with credit related impairment: Accretable yield $ 51 $ 51 Interest income on taxable investment securities Taxes (11) (11) Provision for income tax expense $ 40 $ 40 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (160) $ (164) Interest income on taxable investment securities Taxes 42 35 Provision for income tax expense $ (118) $ (129) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (203) $ (249) Other expense Taxes 53 54 Provision for income tax expense $ (150) $ (195) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (39) $ 2 Other expense Taxes 10 — Provision for income tax expense $ (29) $ 2 Net of tax Total reclassifications for the period $ (257) $ (282) Net of tax |
Equity Compensation Plan Inform
Equity Compensation Plan Information | 6 Months Ended |
Jun. 30, 2024 | |
Equity Compensation Plan [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 2024, a total of 14,325 fully vested shares of common stock were issued to directors, which had a grant date fair value of $21.94 per share. 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 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. In October 2023, a total of 852 fully vested shares of common stock were issued to a new director which had a grant date fair value of $16.26 per share. Director stock compensation was $134,964 and $138,001 for the six-month periods ending June 30, 2024 and 2023, respectively. Director stock compensation expense was $73,027 and $62,500 for the three-month periods ended June 30, 2024 and 2023, respectively. Employee stock compensation expense was $5,757 and $7,104 for the six-month periods ended June 30, 2024 and 2023, respectively. Employee stock compensation expense was $699 and $4,272 for the three-month periods ended June 30, 2024 and 2023, respectively. 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 "Compensation 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 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 was the three-year 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 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. On March 15, 2024, 2,639 shares of the 7,920 time-vesting RSUs were issued to participants. Stock compensation expense was $55,170 and $27,585 for the six-month periods ended June 30, 2024 and 2023, respectively. Stock compensation expense was $27,585 for both of the three-month periods ended June 30, 2024 and 2023. Unrecognized compensation expense as of June 30, 2024 related to unvested RSUs was $193,094. In May 2024, RSUs relating to 8,593 performance vesting shares and 6,662 time vesting shares (target level) for plan year 2024 were granted, which had a grant date fair market value of $22.26 per share of common stock underlying each RSU. The performance period for the performance-vesting RSUs is the three year period ended December 31, 2026. The time-vesting RSUs will vest ratably over a three year period beginning on May 20, 2025. Stock compensation expense was $9,438 for the six- and three-month periods ended June 30, 2024. Unrecognized compensation expense as of June 30, 2024 related to unvested RSUs was $330,330. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Financial Instruments | |
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, 2024, $15.0 million notional amount remains. The interest rate swap creates an effective fixed interest rate of 4.6550% 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 $0.8 million at June 30, 2024 and December 31, 2023. For the six- and three-month periods ended June 30, 2024, the Corporation recorded an increase in the value of the derivatives of $4,000 and the related deferred tax of $1 thousand and a decrease of $69,000 and the related deferred tax benefit of $18,000, respectively, in net accumulated other comprehensive loss to reflect the effective portion of cash flow hedges. This compares to an increase of $16,000 and the related deferred tax of $4,000 and an increase of $204,000 and related deferred tax of $54,000 for the six- and three-months ended June 30, 2023, respectively. 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 any of the the six-month periods or three-month periods ended June 30, 2024 or 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, 2024. 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, 2024 and 2023. 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, 2024 $ 3 $ — $ — June 30, 2023 12 — — Three months ended: June 30, 2024 $ (51) $ — $ — June 30, 2023 150 — — Notes: (a) Reported as interest expense (b) Reported as other income |
Regulatory Capital Requirements
Regulatory Capital Requirements | 6 Months Ended |
Jun. 30, 2024 | |
Regulatory Capital Requirements | |
Regulatory Capital Requirements | Note 10 – Regulatory Capital Requirements The following table presents the Bank’s capital ratios as of June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 Required for Capital Adequacy Purposes Required to be Well Capitalized Total Capital (to risk-weighted assets) 14.41 % 14.05 % 8.00 % 10.00 % Tier 1 Capital (to risk-weighted assets) 13.16 % 12.81 % 6.00 % 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 13.16 % 12.81 % 4.50 % 6.50 % Tier 1 Capital (to average assets) 10.47 % 9.92 % 4.00 % 5.00 % As of June 30, 2024 and December 31, 2023, the Bank was considered “well capitalized” under the regulatory framework for prompt corrective action. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2024 | |
Deposits | |
Deposits | Note 11 – Deposits The following table summarizes deposits at June 30, 2024 and December 31, 2023. (in thousands) June 30, 2024 December 31, 2023 Balance Percent Balance Percent Non-Interest-bearing deposits: $ 423,970 28% $ 427,670 28% Interest-bearing deposits: Demand 373,046 24% 350,860 22% Money Market 401,628 26% 385,649 25% Savings deposits 180,030 12% 191,265 12% Time deposits- retail 143,397 9% 165,533 11% Time deposits- brokered 15,000 1% 30,000 2% Total Deposits $ 1,537,071 100% $ 1,550,977 100% |
Borrowed Funds
Borrowed Funds | 6 Months Ended |
Jun. 30, 2024 | |
Borrowed Funds | |
Borrowed Funds | Note 12 – Borrowed Funds The following is a summary of borrowings at June 30, 2024 and December 31, 2023: (in thousands) June 30, 2024 December 31, 2023 Short-term borrowings: Securities sold under agreements to repurchase: Outstanding at end of period $ 22,564 $ 45,418 Weighted average interest rate at end of period 0.23% 0.27% Maximum amount outstanding as of any month end $ 44,415 $ 59,777 Average amount outstanding $ 39,625 $ 50,498 Approximate weighted average rate during the period 0.27% 0.24% Bank Term Funding Program, fixed rate of 4.87% at June 30, 2024 $ 40,000 $ — Long-term borrowings: FHLB advances, bearing fixed interest rate of 4.53% at June 30, 2024 and rates ranging from 4.53% to 4.69% at December 31, 2023. $ 40,000 $ 80,000 Junior subordinated debt, bearing variable interest rate of 8.35% at June 30, 2024 and 8.39% at December 31, 2023 30,929 30,929 Total borrowings outstanding $ 133,493 $ 156,347 Short-term borrowings increased by $17.1 million, as the Bank borrowed $40.0 million from the Bank Term Funding Program of the Board of Governors of the Federal Reserve System in January 2024, which was partially offset by a decrease of approximately $22.0 million in other short-term borrowings to the ICS deposit product as a result of management’s strategy to release pledging of investment securities for municipalities to increase available liquidity. At June 30, 2024, the repurchase agreements were secured by $34.2 million in investment securities issued by government related agencies. A minimum of 102% of fair value is pledged against account balances. Long-term borrowings decreased by $40.0 million as a $40.0 million advance from the Federal Home Loan Bank matured in March 2024 and was fully repaid. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting | |
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, 2024 and 2023 are presented in the following tables: Six Months Ended June 30, 2024 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 45,011 $ - $ 45,011 Interest expense 15,961 - 15,961 Credit loss expense 2,140 - 2,140 Non-interest income 4,417 5,299 9,716 Non-interest expense 22,609 2,636 25,245 Income before income taxes and intercompany fees 8,718 2,663 11,381 Intercompany management fee income (expense) 6 (6) - Income before income taxes 8,724 2,657 11,381 Income tax expense 2,210 559 2,769 Net income $ 6,514 $ 2,098 $ 8,612 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 Three Months Ended June 30, 2024 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 23,113 $ - $ 23,113 Interest expense 7,875 - 7,875 Credit loss expense 1,194 - 1,194 Non-interest income 2,225 2,616 4,841 Non-interest expense 11,015 1,349 12,364 Income before income taxes and intercompany fees 5,254 1,267 6,521 Intercompany management fee income (expense) 3 (3) - Income before income taxes 5,257 1,264 6,521 Income tax expense 1,341 266 1,607 Net income $ 3,916 $ 998 $ 4,914 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 credit 395 - 395 Non-interest income 2,286 2,283 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 Total non-fiduciary assets of the trust and investment services segment were $0.7 million (including $0.6 million in intangible assets) at both June 30, 2024 and December 31, 2023. All other assets (including goodwill of $11.0 million at June 30, 2024 and December 31, 2023 and other intangible assets of $0.4 million and $0.5 million at June 30, 2024 and December 31, 2023, respectively) were held by the community banking segment. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ 4,914 | $ 3,698 | $ 4,414 | $ 4,375 | $ 8,612 | $ 8,789 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non Rule 10b5-1 Arrangement Modified | false |
Earnings Per Common Share (Poli
Earnings Per Common Share (Policy) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Common Share | |
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, 2024 or 2023. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Common Share | |
Basic and Diluted Earnings Per Share | Six months ended June 30, 2024 2023 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 $ 8,612 6,585 $ 1.31 $ 8,789 6,689 $ 1.32 Diluted Earnings Per Share: Restricted stock units 11 18 Net income $ 8,612 6,596 $ 1.31 $ 8,789 6,707 $ 1.31 Three months ended June 30, 2024 2023 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 $ 4,914 6,527 $ 0.75 $ 4,414 6,704 $ 0.66 Diluted Earnings Per Share: Restricted stock units 10 11 Net income $ 4,914 6,537 $ 0.75 $ 4,414 6,718 $ 0.66 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments | |
Unrealized Gain (Loss) on Investments | (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value June 30, 2024 Available for Sale: U.S. government agencies $ 7,000 $ — $ 965 $ — $ 6,035 Residential mortgage-backed agencies 23,825 — 4,542 — 19,283 Commercial mortgage-backed agencies 35,901 — 8,593 — 27,308 Collateralized mortgage obligations 18,927 — 3,478 — 15,449 Obligations of states and political subdivisions 10,476 — 309 — 10,167 Corporate bonds 1,000 — 263 — 737 Collateralized debt obligations 18,660 — 4,685 — 13,975 Total available for sale $ 115,789 $ — $ 22,835 $ — $ 92,954 (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Allowance for Credit Losses June 30, 2024 Held to Maturity: U.S. government agencies $ 68,157 $ — $ 11,374 $ 56,783 $ — Residential mortgage-backed agencies 28,841 — 3,517 25,324 — Commercial mortgage-backed agencies 21,223 — 5,715 15,508 — Collateralized mortgage obligations 51,513 — 10,068 41,445 — Obligations of states and political subdivisions 4,508 143 681 3,970 45 Total held to maturity $ 174,242 $ 143 $ 31,355 $ 143,030 $ 45 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value December 31, 2023 Available for Sale: U.S. government agencies $ 7,000 $ — $ 966 $ — $ 6,034 Residential mortgage-backed agencies 24,781 — 4,218 — 20,563 Commercial mortgage-backed agencies 36,258 — 7,841 — 28,417 Collateralized mortgage obligations 19,725 — 3,369 — 16,356 Obligations of states and political subdivisions 10,486 15 189 — 10,312 Corporate bonds 1,000 — 222 — 778 Collateralized debt obligations 18,671 — 3,962 — 14,709 Total available for sale $ 117,921 $ 15 $ 20,767 $ — $ 97,169 (in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Allowance for Credit Losses December 31, 2023 Held to Maturity: U.S. treasuries $ 37,462 $ — $ 243 $ 37,219 $ — U.S. government agencies 68,014 — 10,985 57,029 — Residential mortgage-backed agencies 29,588 42 2,913 26,717 — Commercial mortgage-backed agencies 21,413 — 5,361 16,052 — Collateralized mortgage obligations 53,261 — 9,973 43,288 — Obligations of states and political subdivisions 4,604 177 671 4,110 45 Total held to maturity $ 214,342 $ 219 $ 30,146 $ 184,415 $ 45 |
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, 2024 Available for Sale: U.S. government agencies $ — $ — — $ 6,035 $ 965 2 Residential mortgage-backed agencies — — — 19,283 4,542 3 Commercial mortgage-backed agencies — — — 27,308 8,593 8 Collateralized mortgage obligations — — — 15,449 3,478 9 Obligations of states and political subdivisions 2,205 30 3 5,041 279 4 Corporate Bonds — — — 737 263 1 Collateralized debt obligations — — — 13,975 4,685 9 Total available for sale $ 2,205 $ 30 3 $ 87,828 $ 22,805 36 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, 2024 Held to Maturity: U.S. government agencies $ — $ — — $ 56,783 $ 11,374 9 Residential mortgage-backed agencies 3,923 15 2 21,320 3,502 35 Commercial mortgage-backed agencies — — — 15,508 5,715 2 Collateralized mortgage obligations — — — 41,445 10,068 8 Obligations of states and political subdivisions — — — 2,198 681 1 Total held to maturity $ 3,923 $ 15 2 $ 137,254 $ 31,340 55 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, 2023 Available for Sale: U.S. government agencies $ — $ — — $ 6,034 $ 966 2 Residential mortgage-backed agencies — — — 20,563 4,218 3 Commercial mortgage-backed agencies — — — 28,417 7,841 8 Collateralized mortgage obligations — — — 16,356 3,369 9 Obligations of states and political subdivisions 1,445 20 2 6,668 169 3 Corporate Bonds — — — 778 222 1 Collateralized debt obligations — — — 14,709 3,962 9 Total available for sale $ 1,445 $ 20 2 $ 93,525 $ 20,747 35 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, 2023 Held to Maturity: U.S. treasuries $ — $ — — $ 37,219 $ 243 4 U.S. government agencies — — — 57,029 10,985 9 Residential mortgage-backed agencies — — — 22,613 2,913 35 Commercial mortgage-backed agencies — — — 16,052 5,361 2 Collateralized mortgage obligations — — — 43,288 9,973 8 Obligations of states and political subdivisions — — — 2,205 671 1 Total held to maturity $ — $ — — $ 178,406 $ 30,146 59 |
Amortized Cost and Fair Values Classified by Contractual Maturity Date | June 30, 2024 (in thousands) Amortized Cost Fair Value Available for Sale: Due in one year or less $ 2,670 $ 2,670 Due after one year through five years 5,250 4,955 Due after five years through ten years 4,670 4,313 Due after ten years 24,546 18,976 37,136 30,914 Residential mortgage-backed agencies 23,825 19,283 Commercial mortgage-backed agencies 35,901 27,308 Collateralized mortgage obligations 18,927 15,449 Total available for sale $ 115,789 $ 92,954 Held to Maturity: Due after one year through five years $ 12,500 $ 11,794 Due after five years through ten years 40,451 34,116 Due after ten years 19,714 14,843 72,665 60,753 Residential mortgage-backed agencies 28,841 25,324 Commercial mortgage-backed agencies 21,223 15,508 Collateralized mortgage obligations 51,513 41,445 Total held to maturity $ 174,242 $ 143,030 |
Loans and Related Allowance f_2
Loans and Related Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Individually evaluated for impairment $ 599 $ — $ 6,175 $ 1,995 $ — $ 8,769 Collectively evaluated for impairment 500,417 88,214 259,496 509,114 56,965 1,414,206 Total loans $ 501,016 $ 88,214 $ 265,671 $ 511,109 $ 56,965 $ 1,422,975 December 31, 2023 Individually evaluated for impairment $ 826 $ — $ — $ 2,137 $ — $ 2,963 Collectively evaluated for impairment 492,877 77,060 274,604 497,734 61,429 1,403,704 Total loans $ 493,703 $ 77,060 $ 274,604 $ 499,871 $ 61,429 $ 1,406,667 |
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, 2024 Commercial real estate: Non-owner-occupied $ 295,647 $ — $ — $ — $ — $ — $ 295,647 All other CRE 204,520 165 85 — 250 599 205,369 Acquisition and development: 1-4 family residential construction 17,489 — — — — — 17,489 All other A&D 70,628 — — — — 97 70,725 Commercial and industrial 259,155 191 139 1 331 6,185 265,671 Residential mortgage: Residential mortgage - term 444,814 44 1,028 484 1,556 2,339 448,709 Residential mortgage - home equity 61,740 436 81 14 531 129 62,400 Consumer 55,890 581 378 27 986 89 56,965 Total $ 1,409,883 $ 1,417 $ 1,711 $ 526 $ 3,654 $ 9,438 $ 1,422,975 December 31, 2023 Commercial real estate: Non-owner-occupied $ 296,343 $ — $ — $ — $ — $ 227 $ 296,570 All other CRE 196,123 411 — — 411 599 197,133 Acquisition and development: 1-4 family residential construction 18,224 — — — — — 18,224 All other A&D 58,723 — — — — 113 58,836 Commercial and industrial 274,465 120 19 — 139 — 274,604 Residential mortgage: Residential mortgage - term 433,878 130 717 384 1,231 2,720 437,829 Residential mortgage - home equity 61,021 520 158 75 753 268 62,042 Consumer 60,576 463 277 84 824 29 61,429 Total $ 1,399,353 $ 1,644 $ 1,171 $ 543 $ 3,358 $ 3,956 $ 1,406,667 |
Primary Segments of the Allowance for Loan Loss | (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Total June 30, 2024 Individually evaluated $ — $ — $ — $ — $ — $ — Collectively evaluated 4,852 992 3,964 7,162 953 17,923 Total ACL $ 4,852 $ 992 $ 3,964 $ 7,162 $ 953 $ 17,923 December 31, 2023 Individually evaluated $ — $ — $ — $ — $ — $ — Collectively evaluated 5,120 940 3,717 6,774 929 17,480 Total ACL $ 5,120 $ 940 $ 3,717 $ 6,774 $ 929 $ 17,480 |
Schedule of amortized cost basis of collateral-dependent individually evaluated loans | June 30, 2024 (in thousands) Real Estate Other Collateral Non-Accrual Loans with No Allowance Commercial real estate $ 599 $ — $ 599 Commercial and industrial — 6,175 6,175 Residential mortgage 1,995 — 1,995 Total Loans $ 2,594 $ 6,175 $ 8,769 December 31, 2023 (in thousands) Real Estate Other Collateral Non-Accrual Loans with No Allowance Commercial real estate $ 826 $ — $ 826 Residential mortgage 2,137 — 2,137 Total Loans $ 2,963 $ — $ 2,963 |
Allowance for Loan Losses Summarized by Loan Portfolio Segments | Six months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total Beginning balance at January 1, 2024 $ 5,120 $ 940 $ 3,717 $ 6,774 $ 929 $ — $ 17,480 Loan charge-offs — — (1,230) (45) (824) — (2,099) Recoveries collected 37 6 34 26 227 — 330 Credit loss (credit)/expense (305) 46 1,443 407 621 — 2,212 ACL balance at June 30, 2024 $ 4,852 $ 992 $ 3,964 $ 7,162 $ 953 $ — $ 17,923 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 (credit)/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 Three months ended (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ACL balance at April 1, 2024 $ 4,962 $ 1,014 $ 4,002 $ 7,017 $ 987 $ — $ 17,982 Loan charge-offs — — (1,118) (45) (318) — (1,481) Recoveries collected — 3 3 9 157 — 172 Credit loss (credit)/expense (110) (25) 1,078 181 127 — 1,251 ACL balance at June 30, 2024 $ 4,852 $ 992 $ 3,964 $ 7,162 $ 953 $ — $ 17,923 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/(credit) 171 29 (45) 93 186 — 434 ACL balance at June 30, 2023 $ 4,946 $ 1,134 $ 3,549 $ 6,417 $ 859 $ — $ 16,905 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | (in thousands) 2024 2023 2022 2021 2020 2019 and Prior Revolving Total Portfolio Loans June 30, 2024 Commercial real estate: Non-owner-occupied Pass $ 5,866 $ 23,850 $ 66,716 $ 29,620 $ 52,809 $ 111,451 $ 1,874 $ 292,186 Special Mention — — — — 732 — — 732 Substandard — — — — — 2,729 — 2,729 Total non-owner occupied 5,866 23,850 66,716 29,620 53,541 114,180 1,874 295,647 Current period gross charge-offs — — — — — — — — All other CRE Pass 10,726 31,357 30,646 24,536 20,152 77,244 5,297 199,958 Special Mention — — — 1,434 204 — — 1,638 Substandard — — — — — 3,491 282 3,773 Total all other CRE 10,726 31,357 30,646 25,970 20,356 80,735 5,579 205,369 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 1,325 13,866 — — — — 2,298 17,489 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 1,325 13,866 — — — — 2,298 17,489 Current period gross charge-offs — — — — — — — — All other A&D Pass 7,622 24,112 19,888 1,917 2,281 10,557 4,251 70,628 Special Mention — — — — — — — — Substandard — — — — — 97 — 97 Total all other A&D 7,622 24,112 19,888 1,917 2,281 10,654 4,251 70,725 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 16,310 40,278 59,753 20,774 8,092 16,183 82,938 244,328 Special Mention — — — — 1,979 — 3,847 5,826 Substandard — — 4,079 1,142 6,584 765 2,947 15,517 Total commercial and industrial 16,310 40,278 63,832 21,916 16,655 16,948 89,732 265,671 Current period gross charge-offs 465 — 57 651 41 16 — 1,230 Residential mortgage: Residential mortgage - term Pass 16,831 57,219 97,006 84,619 37,150 146,885 2,186 441,896 Special Mention — — — 40 — — — 40 Substandard — — — 1,067 15 5,636 55 6,773 Total residential mortgage - term 16,831 57,219 97,006 85,726 37,165 152,521 2,241 448,709 Current period gross charge-offs — — — — — 30 — 30 Residential mortgage - home equity Pass 30 940 4,243 818 444 669 54,643 61,787 Special Mention — — — — — — — — Substandard — — — — 36 14 563 613 Total residential mortgage - home equity 30 940 4,243 818 480 683 55,206 62,400 Current period gross charge-offs — — 15 — — — — 15 Consumer: Pass 5,990 14,615 8,324 4,804 1,592 18,632 2,791 56,748 Special Mention — — — — — — — — Substandard — 72 17 103 20 5 — 217 Total consumer 5,990 14,687 8,341 4,907 1,612 18,637 2,791 56,965 Current period gross charge-offs 96 174 60 15 11 468 — 824 Total Portfolio Loans Pass 64,700 206,237 286,576 167,088 122,520 381,621 156,278 1,385,020 Special Mention — — — 1,474 2,915 — 3,847 8,236 Substandard — 72 4,096 2,312 6,655 12,737 3,847 29,719 Total Portfolio Loans $ 64,700 $ 206,309 $ 290,672 $ 170,874 $ 132,090 $ 394,358 $ 163,972 $ 1,422,975 Current YTD Period: Current period gross charge-offs $ 561 $ 174 $ 132 $ 666 $ 52 $ 514 $ — $ 2,099 (in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Total Portfolio Loans December 31, 2023 Commercial real estate: Non-owner-occupied Pass $ 23,511 $ 65,878 $ 30,332 $ 54,270 $ 40,575 $ 65,134 $ 1,138 $ 280,838 Special Mention — — — — — 4,331 — 4,331 Substandard — — — — — 11,401 — 11,401 Total non-owner occupied 23,511 65,878 30,332 54,270 40,575 80,866 1,138 296,570 Current period gross charge-offs — — — — — 87 — 87 All other CRE Pass 30,130 27,379 27,042 20,691 22,879 60,054 4,495 192,670 Special Mention — — — 644 — — — 644 Substandard — — — — 1,847 1,372 600 3,819 Total all other CRE 30,130 27,379 27,042 21,335 24,726 61,426 5,095 197,133 Current period gross charge-offs — — — — — — — — Acquisition and development: 1-4 family residential construction Pass 13,745 3,446 — — — — 1,033 18,224 Special Mention — — — — — — — — Substandard — — — — — — — — Total acquisition and development 13,745 3,446 — — — — 1,033 18,224 Current period gross charge-offs — — — — — — — — All other A&D Pass 12,184 25,099 2,966 3,046 1,301 9,946 4,181 58,723 Special Mention — — — — — — — — Substandard — — — — — 113 — 113 Total all other A&D 12,184 25,099 2,966 3,046 1,301 10,059 4,181 58,836 Current period gross charge-offs — — — — — — — — Commercial and industrial: Pass 52,004 66,559 24,387 11,753 8,872 10,052 78,992 252,619 Special Mention 558 — — — — — — 558 Substandard — 9,352 1,854 6,806 98 837 2,480 21,427 Total commercial and industrial 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Current period gross charge-offs 100 103 35 166 — 19 — 423 Residential mortgage: Residential mortgage - term Pass 51,625 94,723 88,835 38,228 25,375 130,402 1,577 430,765 Special Mention — — — — — — — — Substandard — 138 929 17 98 5,825 57 7,064 Total residential mortgage - term 51,625 94,861 89,764 38,245 25,473 136,227 1,634 437,829 Current period gross charge-offs — — — — — 13 — 13 Residential mortgage - home equity Pass 1,127 4,657 864 475 286 489 53,467 61,365 Special Mention — — — — — — — — Substandard — — — 38 — 16 623 677 Total residential mortgage - home equity 1,127 4,657 864 513 286 505 54,090 62,042 Current period gross charge-offs — — — — — 42 — 42 Consumer: Pass 18,299 10,616 6,361 2,206 510 20,365 2,873 61,230 Special Mention — — — — — — — — Substandard 14 35 113 23 6 2 6 199 Total consumer 18,313 10,651 6,474 2,229 516 20,367 2,879 61,429 Current period gross charge-offs 236 223 74 8 4 329 — 874 Total Portfolio Loans Pass 202,625 298,357 180,787 130,669 99,798 296,442 147,756 1,356,434 Special Mention 558 — — 644 — 4,331 — 5,533 Substandard 14 9,525 2,896 6,884 2,049 19,566 3,766 44,700 Total Portfolio Loans $ 203,197 $ 307,882 $ 183,683 $ 138,197 $ 101,847 $ 320,339 $ 151,522 $ 1,406,667 Current YTD Period: Current period gross charge-offs $ 336 $ 326 $ 109 $ 174 $ 4 $ 490 $ — $ 1,439 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) 2024 2023 2022 2021 2020 2019 and Prior Revolving Total Portfolio Loans June 30, 2024 Commercial real estate: Non-owner-occupied Performing $ 5,866 $ 23,850 $ 66,716 $ 29,620 $ 53,541 $ 114,180 $ 1,874 $ 295,647 Nonperforming — — — — — — — — Total non-owner occupied 5,866 23,850 66,716 29,620 53,541 114,180 1,874 295,647 All other CRE Performing 10,726 31,357 30,646 25,970 20,356 80,136 5,579 204,770 Nonperforming — — — — — 599 — 599 Total all other CRE 10,726 31,357 30,646 25,970 20,356 80,735 5,579 205,369 Acquisition and development: 1-4 family residential construction Performing 1,325 13,866 — — — — 2,298 17,489 Nonperforming — — — — — — — — Total acquisition and development 1,325 13,866 — — — — 2,298 17,489 All other A&D Performing 7,622 24,112 19,888 1,917 2,281 10,557 4,251 70,628 Nonperforming — — — — — 97 — 97 Total all other A&D 7,622 24,112 19,888 1,917 2,281 10,654 4,251 70,725 Commercial and industrial: Performing 16,310 40,278 59,753 20,819 16,655 16,947 88,723 259,485 Nonperforming — — 4,079 1,097 — 1 1,009 6,186 Total commercial and industrial 16,310 40,278 63,832 21,916 16,655 16,948 89,732 265,671 Residential mortgage: Residential mortgage - term Performing 16,831 57,219 97,006 85,596 37,012 150,011 2,211 445,886 Nonperforming — — — 130 153 2,510 30 2,823 Total residential mortgage - term 16,831 57,219 97,006 85,726 37,165 152,521 2,241 448,709 Residential mortgage - home equity Performing 30 940 4,243 818 444 669 55,113 62,257 Nonperforming — — — — 36 14 93 143 Total residential mortgage - home equity 30 940 4,243 818 480 683 55,206 62,400 Consumer: Performing 5,990 14,669 8,324 4,846 1,612 18,617 2,791 56,849 Nonperforming — 18 17 61 — 20 — 116 Total consumer 5,990 14,687 8,341 4,907 1,612 18,637 2,791 56,965 Total Portfolio Loans Performing 64,700 206,291 286,576 169,586 131,901 391,117 162,840 1,413,011 Nonperforming — 18 4,096 1,288 189 3,241 1,132 9,964 Total Portfolio Loans $ 64,700 $ 206,309 $ 290,672 $ 170,874 $ 132,090 $ 394,358 $ 163,972 $ 1,422,975 (in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Total Portfolio Loans December 31, 2023 Commercial real estate: Non-owner-occupied Performing $ 23,511 $ 65,878 $ 30,332 $ 54,270 $ 40,575 $ 80,639 $ 1,138 $ 296,343 Nonperforming — — — — — 227 — 227 Total non-owner occupied 23,511 65,878 30,332 54,270 40,575 80,866 1,138 296,570 All other CRE Performing 30,130 27,379 27,042 21,335 24,726 60,827 5,095 196,534 Nonperforming — — — — — 599 — 599 Total all other CRE 30,130 27,379 27,042 21,335 24,726 61,426 5,095 197,133 Acquisition and development: 1-4 family residential construction Performing 13,745 3,446 — — — — 1,033 18,224 Nonperforming — — — — — — — — Total acquisition and development 13,745 3,446 — — — — 1,033 18,224 All other A&D Performing 12,184 25,099 2,966 3,046 1,301 9,946 4,181 58,723 Nonperforming — — — — — 113 — 113 Total all other A&D 12,184 25,099 2,966 3,046 1,301 10,059 4,181 58,836 Commercial and industrial: Performing 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Nonperforming — — — — — — — — Total commercial and industrial 52,562 75,911 26,241 18,559 8,970 10,889 81,472 274,604 Residential mortgage: Residential mortgage - term Performing 51,625 94,722 89,629 38,245 25,375 133,526 1,603 434,725 Nonperforming — 139 135 — 98 2,701 31 3,104 Total residential mortgage - term 51,625 94,861 89,764 38,245 25,473 136,227 1,634 437,829 Residential mortgage - home equity Performing 1,127 4,657 864 475 286 488 53,802 61,699 Nonperforming — — — 38 — 17 288 343 Total residential mortgage - home equity 1,127 4,657 864 513 286 505 54,090 62,042 Consumer: Performing 18,304 10,616 6,405 2,229 516 20,367 2,879 61,316 Nonperforming 9 35 69 — — — — 113 Total consumer 18,313 10,651 6,474 2,229 516 20,367 2,879 61,429 Total Portfolio Loans Performing 203,188 307,708 183,479 138,159 101,749 316,682 151,203 1,402,168 Nonperforming 9 174 204 38 98 3,657 319 4,499 Total Portfolio Loans $ 203,197 $ 307,882 $ 183,683 $ 138,197 $ 101,847 $ 320,339 $ 151,522 $ 1,406,667 |
Troubled Debt Restructuring | (in thousands) Term Extension Percentage of Total Loan Type Weighted Average Term and Principal Payment Extension Six months ended June 30, 2024 Owner-occupied commercial real estate $ 893 0.4% 12 months Total $ 893 (in thousands) Term Extension Percentage of Total Loan Type Weighted Average Term and Principal Payment Extension Three months ended June 30, 2024 Owner-occupied commercial real estate $ 893 0.4% 12 months Total $ 893 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Using Quoted Prices in Significant Assets Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 06/30/24 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 6,035 $ 6,035 Residential mortgage-backed agencies $ 19,283 $ 19,283 Commercial mortgage-backed agencies $ 27,308 $ 27,308 Collateralized mortgage obligations $ 15,449 $ 15,449 Obligations of states and political subdivisions $ 10,167 $ 10,167 Corporate bonds $ 737 $ 737 Collateralized debt obligations $ 13,975 $ 13,975 Financial derivatives $ 762 $ 762 Non-recurring: Individually evaluated loans, net $ 2,096 $ 2,096 Equity Investment $ 3,551 $ 3,551 Other real estate owned $ 2,698 $ 2,698 Fair Value Measurements at December 31, 2023 Using Quoted Prices in Significant Assets/(liabilities) Active Markets Other Significant Measured at for Identical Observable Unobservable Fair Value Assets Inputs Inputs (in thousands) 12/31/23 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 6,034 $ 6,034 Residential mortgage-backed agencies $ 20,563 $ 20,563 Commercial mortgage-backed agencies $ 28,417 $ 28,417 Collateralized mortgage obligations $ 16,356 $ 16,356 Obligations of states and political subdivisions $ 10,312 $ 10,312 Corporate bonds $ 778 778 Collateralized debt obligations $ 14,709 $ 14,709 Financial derivatives $ 756 $ 756 Non-recurring: Individually evaluated loans, net $ — $ — Equity investment $ 3,087 $ 3,087 Other real estate owned $ 4,443 $ 4,443 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | (in thousands) Fair Value at June 30, 2024 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 13,975 Discounted Cash Flow Discount Margin Range of mid 400 to high 400 Non-recurring: Individually Evaluated Loans, net $ 2,096 Market Comparable Properties Marketability Discount N/A Equity Investment $ 3,551 Market Method Revenue Multiples 2.8x Other Real Estate Owned $ 2,698 Market Comparable Properties Marketability Discount 5.0% to 15.0% (weighted avg 5.9%) (in thousands) Fair Value at December 31, 2023 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale -CDO $ 14,709 Discounted Cash Flow Discount Margin Range of low to mid 500 and low to mid 600 Non-recurring: Equity Investment $ 3,087 Market Method Revenue Multiples 2.8x Other Real Estate $ 4,443 Market Comparable Properties Marketability Discount 5.0% to 15.0% (weighted avg 5.9%) (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, 2024 $ 14,709 Total losses realized/unrealized: Included in other comprehensive loss (734) Ending balance June 30, 2024 $ 13,975 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) (in thousands) Investment Securities Available for Sale Beginning balance April 1, 2024 $ 14,886 Total losses realized/unrealized: Included in other comprehensive loss (911) Ending balance June 30, 2024 $ 13,975 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance April 1, 2023 $ 14,114 Total losses realized/unrealized: Included in other comprehensive loss (9) Ending balance June 30, 2023 $ 14,105 |
Fair Value by Balance Sheet Grouping | June 30, 2024 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 $ 43,635 $ 43,635 $ 43,635 Interest bearing deposits in banks 1,457 1,457 1,457 Investment securities - AFS 92,954 92,954 $ 78,979 $ 13,975 Investment securities - HTM 174,197 143,030 141,259 1,771 Restricted bank stock 3,395 N/A Loans, net 1,404,746 1,329,798 1,329,798 Financial derivatives 762 762 762 Accrued interest receivable 7,115 7,115 847 6,268 Financial Liabilities: 8 Deposits - non-maturity 1,378,674 1,378,674 1,378,674 Deposits - time deposits 158,397 155,969 155,969 Short-term borrowed funds 62,564 62,564 62,564 Long-term borrowed funds 70,929 70,939 70,939 Accrued interest payable 1,352 1,352 1,352 December 31, 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 $ 48,343 $ 48,343 $ 48,343 Interest bearing deposits in banks 1,410 1,410 1,410 Investment securities - AFS 97,169 97,169 $ 82,460 $ 14,709 Investment securities - HTM 214,297 184,415 182,510 1,905 Restricted bank stock 5,250 N/A Loans, net 1,388,847 1,319,456 1,319,456 Financial derivative 778 778 778 — Accrued interest receivable 7,487 7,487 828 6,659 Financial Liabilities: Deposits - non-maturity 1,355,444 1,355,444 1,355,444 Deposits - time deposits 195,533 193,337 193,337 Short-term borrowed funds 45,418 45,418 45,418 Long-term borrowed funds 110,929 110,809 110,809 Accrued interest payable 612 612 612 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Investment securities- with credit Investment related securities- Investment impairment all other securities- Cash Flow Pension (in thousands) AFS AFS HTM Hedge Plan SERP Total Accumulated OCL, net: Balance - January 1, 2024 (2,482) (13,217) (5,201) 569 (14,263) (1,233) (35,827) Other comprehensive income/(loss) before reclassifications 155 (459) — 54 1,096 — 846 Amounts reclassified from accumulated other comprehensive income (37) — 118 — 149 29 259 Balance - March 31, 2024 $ (2,364) $ (13,676) $ (5,083) $ 623 $ (13,018) $ (1,204) $ (34,722) Other comprehensive (loss)/income before reclassifications (620) (528) — (51) (396) — (1,595) Amounts reclassified from accumulated other comprehensive income (40) — 118 150 29 257 Balance - June 30, 2024 $ (3,024) $ (14,204) $ (4,965) $ 572 $ (13,264) $ (1,175) $ (36,060) Accumulated OCL, net: Balance - January 1, 2023 $ (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, 2024 Available for sale (AFS) securities with credit related impairment: Unrealized holding losses $ (633) $ 168 $ (465) Less: accretable yield recognized in income 101 (24) 77 Net unrealized losses on investments with credit related impairment (734) 192 (542) Available for sale securities – all other: Unrealized holding losses (1,341) 354 (987) Held to maturity securities: Unrealized holding gains on securities transferred to held to maturity — — — Less: amortization recognized in income (320) 84 (236) Net unrealized gains on HTM securities 320 (84) 236 Cash flow hedges: Unrealized holding gains 4 (1) 3 Pension Plan: Unrealized net actuarial gain 951 (251) 700 Less: amortization of unrecognized loss (406) 107 (299) Net pension plan liability adjustment 1,357 (358) 999 SERP: Unrealized net actuarial gain — — — Less: amortization of unrecognized loss (78) 20 (58) Net SERP liability adjustment 78 (20) 58 Other comprehensive loss $ (316) $ 83 $ (233) Before Tax Components of Other Comprehensive Income Tax (Expense) (in thousands) Amount Benefit Net For the six months ended June 30, 2023 Available for sale (AFS) securities with credit related impairment: Unrealized holding losses $ (1,408) $ 339 $ (1,069) Less: accretable yield recognized in income 101 (24) 77 Net unrealized losses on investments with credit related impairment (1,509) 363 (1,146) Available for sale securities – all other: Unrealized holding losses (881) 212 (669) Held to maturity securities: Unrealized holding gains 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 gain 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 gain — — — Less: amortization of unrecognized gain 4 (1) 3 Net SERP liability adjustment (4) 1 (3) Other comprehensive loss $ (1,429) $ 345 $ (1,084) Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended June 30, 2024 Available for sale (AFS) securities with credit related impairment: Unrealized holding losses $ (843) $ 223 $ (620) Less: accretable yield recognized in income 51 (11) 40 Net unrealized losses on investments with credit related impairment (894) 234 (660) Available for sale securities – all other: Unrealized holding losses (717) 189 (528) Held to maturity securities: Unrealized holding gains — — — Less: amortization recognized in income (160) 42 (118) Net unrealized gains on HTM securities 160 (42) 118 Cash flow hedges: Unrealized holding losses (69) 18 (51) Pension Plan: Unrealized net actuarial loss (538) 142 (396) Less: amortization of unrecognized loss (203) 53 (150) Net pension plan liability adjustment (335) 89 (246) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (39) 10 (29) Net SERP liability adjustment 39 (10) 29 Other comprehensive loss $ (1,816) $ 478 $ (1,338) 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 credit related impairment: Unrealized holding gains $ 198 $ (87) $ 111 Less: accretable yield recognized in income 51 (11) 40 unrealized losses on investments with credit related impairment 147 (76) 71 Available for sale securities – all other: Unrealized holding losses (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) |
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) 2024 2023 Where Net Income is Presented Net unrealized gains on available for sale investment securities with credit related impairment: Accretable yield $ 101 $ 101 Interest income on taxable investment securities Taxes (24) (24) Provision for income tax expense $ 77 $ 77 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (320) $ (345) Interest income on taxable investment securities Taxes 84 83 Provision for income tax expense $ (236) $ (262) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (406) $ (499) Other Expense Taxes 107 120 Provision for income tax expense $ (299) $ (379) Net of tax Net SERP liability adjustment: Amortization of unrecognized (loss)/gain $ (78) $ 4 Other Expense Taxes 20 (1) Provision for income tax expense $ (58) $ 3 Net of tax Total reclassifications for the period (516) (561) Net of tax Amounts Reclassified from Three Months Ended Accumulated Other Comprehensive Loss June 30, Affected Line Item in the Statement (in thousands) 2024 2023 Where Net Income is Presented Net unrealized gains on available for sale investment securities with credit related impairment: Accretable yield $ 51 $ 51 Interest income on taxable investment securities Taxes (11) (11) Provision for income tax expense $ 40 $ 40 Net of tax Net unrealized losses on held to maturity securities: Amortization $ (160) $ (164) Interest income on taxable investment securities Taxes 42 35 Provision for income tax expense $ (118) $ (129) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (203) $ (249) Other expense Taxes 53 54 Provision for income tax expense $ (150) $ (195) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (39) $ 2 Other expense Taxes 10 — Provision for income tax expense $ (29) $ 2 Net of tax Total reclassifications for the period $ (257) $ (282) Net of tax |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Financial Instruments | |
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, 2024 $ 3 $ — $ — June 30, 2023 12 — — Three months ended: June 30, 2024 $ (51) $ — $ — June 30, 2023 150 — — Notes: (a) Reported as interest expense (b) Reported as other income |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Regulatory Capital Requirements | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | June 30, 2024 December 31, 2023 Required for Capital Adequacy Purposes Required to be Well Capitalized Total Capital (to risk-weighted assets) 14.41 % 14.05 % 8.00 % 10.00 % Tier 1 Capital (to risk-weighted assets) 13.16 % 12.81 % 6.00 % 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 13.16 % 12.81 % 4.50 % 6.50 % Tier 1 Capital (to average assets) 10.47 % 9.92 % 4.00 % 5.00 % |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Deposits | |
Summary of deposit liabilities | (in thousands) June 30, 2024 December 31, 2023 Balance Percent Balance Percent Non-Interest-bearing deposits: $ 423,970 28% $ 427,670 28% Interest-bearing deposits: Demand 373,046 24% 350,860 22% Money Market 401,628 26% 385,649 25% Savings deposits 180,030 12% 191,265 12% Time deposits- retail 143,397 9% 165,533 11% Time deposits- brokered 15,000 1% 30,000 2% Total Deposits $ 1,537,071 100% $ 1,550,977 100% |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Borrowed Funds | |
Schedule of borrowings | The following is a summary of borrowings at June 30, 2024 and December 31, 2023: (in thousands) June 30, 2024 December 31, 2023 Short-term borrowings: Securities sold under agreements to repurchase: Outstanding at end of period $ 22,564 $ 45,418 Weighted average interest rate at end of period 0.23% 0.27% Maximum amount outstanding as of any month end $ 44,415 $ 59,777 Average amount outstanding $ 39,625 $ 50,498 Approximate weighted average rate during the period 0.27% 0.24% Bank Term Funding Program, fixed rate of 4.87% at June 30, 2024 $ 40,000 $ — Long-term borrowings: FHLB advances, bearing fixed interest rate of 4.53% at June 30, 2024 and rates ranging from 4.53% to 4.69% at December 31, 2023. $ 40,000 $ 80,000 Junior subordinated debt, bearing variable interest rate of 8.35% at June 30, 2024 and 8.39% at December 31, 2023 30,929 30,929 Total borrowings outstanding $ 133,493 $ 156,347 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting | |
Schedule of Segments | Information for the operating segments for the six- and three-month periods ended June 30, 2024 and 2023 are presented in the following tables: Six Months Ended June 30, 2024 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 45,011 $ - $ 45,011 Interest expense 15,961 - 15,961 Credit loss expense 2,140 - 2,140 Non-interest income 4,417 5,299 9,716 Non-interest expense 22,609 2,636 25,245 Income before income taxes and intercompany fees 8,718 2,663 11,381 Intercompany management fee income (expense) 6 (6) - Income before income taxes 8,724 2,657 11,381 Income tax expense 2,210 559 2,769 Net income $ 6,514 $ 2,098 $ 8,612 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 Three Months Ended June 30, 2024 Trust and Community Investment (in thousands) Banking Services Total Interest income $ 23,113 $ - $ 23,113 Interest expense 7,875 - 7,875 Credit loss expense 1,194 - 1,194 Non-interest income 2,225 2,616 4,841 Non-interest expense 11,015 1,349 12,364 Income before income taxes and intercompany fees 5,254 1,267 6,521 Intercompany management fee income (expense) 3 (3) - Income before income taxes 5,257 1,264 6,521 Income tax expense 1,341 266 1,607 Net income $ 3,916 $ 998 $ 4,914 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 credit 395 - 395 Non-interest income 2,286 2,283 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 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Common Share | ||||||
Net Income (Loss) | $ 4,914 | $ 3,698 | $ 4,414 | $ 4,375 | $ 8,612 | $ 8,789 |
Basic Earnings Per Share: Average Shares | 6,527 | 6,704 | 6,585 | 6,689 | ||
Diluted Earnings Per Share: Average Shares, adjustment | 10 | 11 | 11 | 18 | ||
Diluted Earnings Per Share: Average Shares | 6,537 | 6,718 | 6,596 | 6,707 | ||
Basic Earnings Per Share Amount | $ 0.75 | $ 0.66 | $ 1.31 | $ 1.32 | ||
Diluted Earnings Per Share Amount | $ 0.75 | $ 0.66 | $ 1.31 | $ 1.31 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Investments | ||
Allowance for Credit Losses, HTM | $ 45,000 | $ 45,000 |
Investment (Unrealized Gain (Lo
Investment (Unrealized Gain (Loss) on Investments) (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | $ 115,789,000 | $ 117,921,000 |
Gross Unrealized Gains | 15,000 | |
Gross Unrealized Losses | 22,835,000 | 20,767,000 |
Investment securities - available for sale (at fair value) | 92,954,000 | 97,169,000 |
Held-to-maturity securities, allowance for credit losses | 45,000 | 45,000 |
Held-to-maturity Amortized cost | 174,242,000 | 214,342,000 |
Held-to-maturity Gross Unrealized Gains | 143,000 | 219,000 |
Held-to-maturity Gross Unrealized Losses | 31,355,000 | 30,146,000 |
Allowance for Credit Losses, HTM | 45,000 | 45,000 |
Fair Value | 143,030,000 | 184,415,000 |
US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity Amortized cost | 37,462,000 | |
Held-to-maturity Gross Unrealized Losses | 243,000 | |
Fair Value | 37,219,000 | |
U.S. government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 7,000,000 | 7,000,000 |
Gross Unrealized Losses | 965,000 | 966,000 |
Investment securities - available for sale (at fair value) | 6,035,000 | 6,034,000 |
Held-to-maturity Amortized cost | 68,157,000 | 68,014,000 |
Held-to-maturity Gross Unrealized Losses | 11,374,000 | 10,985,000 |
Fair Value | 56,783,000 | 57,029,000 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 23,825,000 | 24,781,000 |
Gross Unrealized Losses | 4,542,000 | 4,218,000 |
Investment securities - available for sale (at fair value) | 19,283,000 | 20,563,000 |
Held-to-maturity Amortized cost | 28,841,000 | 29,588,000 |
Held-to-maturity Gross Unrealized Gains | 42,000 | |
Held-to-maturity Gross Unrealized Losses | 3,517,000 | 2,913,000 |
Fair Value | 25,324,000 | 26,717,000 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 35,901,000 | 36,258,000 |
Gross Unrealized Losses | 8,593,000 | 7,841,000 |
Investment securities - available for sale (at fair value) | 27,308,000 | 28,417,000 |
Held-to-maturity Amortized cost | 21,223,000 | 21,413,000 |
Held-to-maturity Gross Unrealized Losses | 5,715,000 | 5,361,000 |
Fair Value | 15,508,000 | 16,052,000 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 18,927,000 | 19,725,000 |
Gross Unrealized Losses | 3,478,000 | 3,369,000 |
Investment securities - available for sale (at fair value) | 15,449,000 | 16,356,000 |
Held-to-maturity Amortized cost | 51,513,000 | 53,261,000 |
Held-to-maturity Gross Unrealized Losses | 10,068,000 | 9,973,000 |
Fair Value | 41,445,000 | 43,288,000 |
Obligations of states and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 10,476,000 | 10,486,000 |
Gross Unrealized Gains | 15,000 | |
Gross Unrealized Losses | 309,000 | 189,000 |
Investment securities - available for sale (at fair value) | 10,167,000 | 10,312,000 |
Held-to-maturity Amortized cost | 4,508,000 | 4,604,000 |
Held-to-maturity Gross Unrealized Gains | 143,000 | 177,000 |
Held-to-maturity Gross Unrealized Losses | 681,000 | 671,000 |
Allowance for Credit Losses, HTM | 45,000 | 45,000 |
Fair Value | 3,970,000 | 4,110,000 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 1,000,000 | 1,000,000 |
Gross Unrealized Losses | 263,000 | 222,000 |
Investment securities - available for sale (at fair value) | 737,000 | 778,000 |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 18,660,000 | 18,671,000 |
Gross Unrealized Losses | 4,685,000 | 3,962,000 |
Investment securities - available for sale (at fair value) | $ 13,975,000 | $ 14,709,000 |
Investment (Gross Unrealized Lo
Investment (Gross Unrealized Losses and Fair Values of Securities) (Details) $ in Thousands | Jun. 30, 2024 USD ($) security | Dec. 31, 2023 USD ($) security |
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 2,205 | $ 1,445 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 30 | $ 20 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 3 | 2 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 87,828 | $ 93,525 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 22,805 | $ 20,747 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 36 | 35 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 2 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position Less Than 12 Months Fair Value | $ 3,923 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | 15 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | 137,254 | $ 178,406 |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 31,340 | $ 30,146 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 55 | 59 |
US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 37,219 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 243 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 4 | |
U.S. government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 6,035 | $ 6,034 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 965 | $ 966 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 2 | 2 |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 56,783 | $ 57,029 |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 11,374 | $ 10,985 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 9 | 9 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 19,283 | $ 20,563 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 4,542 | $ 4,218 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 3 | 3 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | security | 2 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position Less Than 12 Months Fair Value | $ 3,923 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Loss | 15 | |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | 21,320 | $ 22,613 |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 3,502 | $ 2,913 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 35 | 35 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 27,308 | $ 28,417 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 8,593 | $ 7,841 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 8 | 8 |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 15,508 | $ 16,052 |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 5,715 | $ 5,361 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 2 | 2 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 15,449 | $ 16,356 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 3,478 | $ 3,369 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 9 | 9 |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 41,445 | $ 43,288 |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 10,068 | $ 9,973 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 8 | 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 | $ 2,205 | $ 1,445 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 30 | $ 20 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | security | 3 | 2 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 5,041 | $ 6,668 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 279 | $ 169 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 4 | 3 |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | $ 2,198 | $ 2,205 |
Held To Maturity Debt Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Loss | $ 681 | $ 671 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | security | 1 | 1 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 737 | $ 778 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 263 | $ 222 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 1 | 1 |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 13,975 | $ 14,709 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 4,685 | $ 3,962 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | security | 9 | 9 |
Investment (Amortized Cost and
Investment (Amortized Cost and Fair Values Classified by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Amortized Cost: Due after one year or less | $ 2,670 | |
Amortized Cost: Due after one year through five years | 5,250 | |
Amortized Cost: Due after five years through ten years | 4,670 | |
Fair Value: Due after one year or less | 2,670 | |
Fair Value: Due after one year through five years | 4,955 | |
Fair Value: Due after five years through ten years | 4,313 | |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 115,789 | $ 117,921 |
Investment securities - available for sale (at fair value) | 92,954 | 97,169 |
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 | 40,451 | |
Amortized Cost: Due after ten years, Held to maturity | 19,714 | |
Amortized Cost: Total, Held to maturity | 72,665 | |
Fair Value: Due after one year through five years, Held to maturity | 11,794 | |
Fair Value: Due after five years through ten years, Held to maturity | 34,116 | |
Fair Value: Due after ten years, Held to maturity | 14,843 | |
Fair Value: Total, Held to maturity | 60,753 | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 174,242 | 214,342 |
Held-to-maturity securities, fair value | 143,030 | 184,415 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost: Due after ten years | 24,546 | |
Fair Value: Due after ten years | 18,976 | |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 23,825 | 24,781 |
Investment securities - available for sale (at fair value) | 19,283 | 20,563 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 28,841 | 29,588 |
Held-to-maturity securities, fair value | 25,324 | 26,717 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available For Sale Debt Maturities Amortized Cost Sub Total | 37,136 | |
Available for sale debt maturities fair value sub total | 30,914 | |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 35,901 | 36,258 |
Investment securities - available for sale (at fair value) | 27,308 | 28,417 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 21,223 | 21,413 |
Held-to-maturity securities, fair value | 15,508 | 16,052 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 18,927 | 19,725 |
Investment securities - available for sale (at fair value) | 15,449 | 16,356 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss | 51,513 | 53,261 |
Held-to-maturity securities, fair value | $ 41,445 | $ 43,288 |
Loans and Related Allowance f_3
Loans and Related Allowance for Credit Losses (Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 8,769 | $ 2,963 |
Collectively evaluated for impairment | 1,414,206 | 1,403,704 |
Total Loans | 1,422,975 | 1,406,667 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 599 | 826 |
Collectively evaluated for impairment | 500,417 | 492,877 |
Total Loans | 501,016 | 493,703 |
Acquisition and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | 88,214 | 77,060 |
Total Loans | 88,214 | 77,060 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 6,175 | |
Collectively evaluated for impairment | 259,496 | 274,604 |
Total Loans | 265,671 | 274,604 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 1,995 | 2,137 |
Collectively evaluated for impairment | 509,114 | 497,734 |
Total Loans | 511,109 | 499,871 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | 56,965 | 61,429 |
Total Loans | $ 56,965 | $ 61,429 |
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, 2024 | Dec. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | $ 3,654 | $ 3,358 |
Non-Accrual | 9,438 | 3,956 |
Loans | 1,422,975 | 1,406,667 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,417 | 1,644 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,711 | 1,171 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 526 | 543 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,409,883 | 1,399,353 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 227 | |
Loans | 295,647 | 296,570 |
Commercial real estate- non owner-occupied [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 295,647 | 296,343 |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 250 | 411 |
Non-Accrual | 599 | 599 |
Loans | 205,369 | 197,133 |
Commercial real estate- all other CRE [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 165 | 411 |
Commercial real estate- all other CRE [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 85 | |
Commercial real estate- all other CRE [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 204,520 | 196,123 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 17,489 | 18,224 |
Acquisition and development- 1-4 family residential construction [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 17,489 | 18,224 |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 97 | 113 |
Loans | 70,725 | 58,836 |
Acquisition and development- All other A&D [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 70,628 | 58,723 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 331 | 139 |
Non-Accrual | 6,185 | |
Loans | 265,671 | 274,604 |
Commercial and industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 191 | 120 |
Commercial and industrial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 139 | 19 |
Commercial and industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1 | |
Commercial and industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 259,155 | 274,465 |
Residential mortgage- term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 1,556 | 1,231 |
Non-Accrual | 2,339 | 2,720 |
Loans | 448,709 | 437,829 |
Residential mortgage- term [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 44 | 130 |
Residential mortgage- term [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,028 | 717 |
Residential mortgage- term [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 484 | 384 |
Residential mortgage- term [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 444,814 | 433,878 |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 531 | 753 |
Non-Accrual | 129 | 268 |
Loans | 62,400 | 62,042 |
Residential mortgage- home equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 436 | 520 |
Residential mortgage- home equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 81 | 158 |
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 | 14 | 75 |
Residential mortgage- home equity [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 61,740 | 61,021 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Accruing | 986 | 824 |
Non-Accrual | 89 | 29 |
Loans | 56,965 | 61,429 |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 581 | 463 |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 378 | 277 |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 27 | 84 |
Consumer [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 55,890 | $ 60,576 |
Loans and Related Allowance f_5
Loans and Related Allowance for Credit Losses (Primary Segments of the ACL) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment | $ 17,923 | $ 17,480 | |||
Total Allowance For Loan Losses | 17,923 | $ 17,982 | 17,480 | $ 16,905 | $ 16,871 |
Commercial Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment | 4,852 | 5,120 | |||
Total Allowance For Loan Losses | 4,852 | 4,962 | 5,120 | 4,946 | 4,862 |
Acquisition and Development [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment | 992 | 940 | |||
Total Allowance For Loan Losses | 992 | 1,014 | 940 | 1,134 | 1,103 |
Commercial and industrial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment | 3,964 | 3,717 | |||
Total Allowance For Loan Losses | 3,964 | 4,002 | 3,717 | 3,549 | 3,755 |
Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment | 7,162 | 6,774 | |||
Total Allowance For Loan Losses | 7,162 | 7,017 | 6,774 | 6,417 | 6,324 |
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Collectively evaluated for impairment | 953 | 929 | |||
Total Allowance For Loan Losses | $ 953 | $ 987 | $ 929 | $ 859 | $ 827 |
Loans and Related Allowance f_6
Loans and Related Allowance for Credit Losses (Amortized Cost Basis of Collateral-Dependent Individually Evaluated Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-Accrual Loans with No Allowance | $ 8,769 | $ 2,963 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-Accrual Loans with No Allowance | 599 | 826 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-Accrual Loans with No Allowance | 6,175 | |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-Accrual Loans with No Allowance | 1,995 | 2,137 |
Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis of collateral-dependent individually evaluated loans | 2,594 | 2,963 |
Real Estate [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis of collateral-dependent individually evaluated loans | 599 | 826 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis of collateral-dependent individually evaluated loans | 1,995 | $ 2,137 |
Other Collateral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis of collateral-dependent individually evaluated loans | 6,175 | |
Other Collateral [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis of collateral-dependent individually evaluated loans | $ 6,175 |
Loans and Related Allowance f_7
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | $ 14,636 | $ 14,636 | |||
ALL Beginning Balance | $ 17,982 | $ 16,871 | $ 17,480 | ||
Loan Charge-offs | (1,481) | (456) | (2,099) | (795) | (1,439) |
Recoveries collected | 172 | 56 | 330 | 150 | |
Credit loss (credit)/expense | 1,251 | 434 | 2,212 | 848 | |
ALL Ending Balance | 17,923 | 16,905 | 17,923 | 16,905 | 17,480 |
ALL Ending Balance | 16,905 | 16,905 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Ending Balance | 2,066 | 2,066 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 6,345 | 6,345 | |||
ALL Beginning Balance | 4,962 | 4,862 | 5,120 | ||
Loan Charge-offs | (87) | (87) | |||
Recoveries collected | 37 | 5 | |||
Credit loss (credit)/expense | (110) | 171 | (305) | (174) | |
ALL Ending Balance | 4,852 | 4,946 | 4,852 | 4,946 | 5,120 |
ALL Ending Balance | 4,946 | 4,946 | |||
Commercial Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Ending Balance | (1,143) | (1,143) | |||
Acquisition and Development [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 979 | 979 | |||
ALL Beginning Balance | 1,014 | 1,103 | 940 | ||
Recoveries collected | 3 | 2 | 6 | 7 | |
Credit loss (credit)/expense | (25) | 29 | 46 | 163 | |
ALL Ending Balance | 992 | 1,134 | 992 | 1,134 | 940 |
ALL Ending Balance | 1,134 | 1,134 | |||
Acquisition and Development [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Ending Balance | (15) | (15) | |||
Commercial and industrial [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 2,845 | 2,845 | |||
ALL Beginning Balance | 4,002 | 3,755 | 3,717 | ||
Loan Charge-offs | (1,118) | (166) | (1,230) | (166) | (423) |
Recoveries collected | 3 | 5 | 34 | 9 | |
Credit loss (credit)/expense | 1,078 | (45) | 1,443 | (473) | |
ALL Ending Balance | 3,964 | 3,549 | 3,964 | 3,549 | 3,717 |
ALL Ending Balance | 3,549 | 3,549 | |||
Commercial and industrial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Ending Balance | 1,334 | 1,334 | |||
Residential Mortgage [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 3,160 | 3,160 | |||
ALL Beginning Balance | 7,017 | 6,324 | 6,774 | ||
Loan Charge-offs | (45) | (18) | (45) | (24) | |
Recoveries collected | 9 | 18 | 26 | 36 | |
Credit loss (credit)/expense | 181 | 93 | 407 | 1,133 | |
ALL Ending Balance | 7,162 | 6,417 | 7,162 | 6,417 | 6,774 |
ALL Ending Balance | 6,417 | 6,417 | |||
Residential Mortgage [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Ending Balance | 2,112 | 2,112 | |||
Consumer [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 877 | 877 | |||
ALL Beginning Balance | 987 | 827 | 929 | ||
Loan Charge-offs | (318) | (185) | (824) | (518) | (874) |
Recoveries collected | 157 | 31 | 227 | 93 | |
Credit loss (credit)/expense | 127 | 186 | 621 | 199 | |
ALL Ending Balance | $ 953 | 859 | $ 953 | 859 | 929 |
ALL Ending Balance | 859 | 859 | |||
Consumer [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Ending Balance | 208 | 208 | |||
Unallocated [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Beginning Balance | 430 | $ 430 | |||
Unallocated [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ALL Ending Balance | $ (430) | $ (430) |
Loans and Related Allowance f_8
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | $ 64,700 | $ 64,700 | $ 203,197 | ||
2023/2022 | 206,309 | 206,309 | 307,882 | ||
2022/2021 | 290,672 | 290,672 | 183,683 | ||
2021/2020 | 170,874 | 170,874 | 138,197 | ||
2020/2019 | 132,090 | 132,090 | 101,847 | ||
2019/2018 and Prior | 394,358 | 394,358 | 320,339 | ||
Revolving | 163,972 | 163,972 | 151,522 | ||
Total Loans | 1,422,975 | 1,422,975 | 1,406,667 | ||
2024/2023 | 561 | 336 | |||
2023/2022 | 174 | 326 | |||
2022/2021 | 132 | 109 | |||
2021/2020 | 666 | 174 | |||
2020/2019 | 52 | 4 | |||
2019/2018 and Prior | 514 | 490 | |||
Total Portfolio Loans | 1,481 | $ 456 | 2,099 | $ 795 | 1,439 |
Commercial real estate- non owner-occupied [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 5,866 | 5,866 | 23,511 | ||
2023/2022 | 23,850 | 23,850 | 65,878 | ||
2022/2021 | 66,716 | 66,716 | 30,332 | ||
2021/2020 | 29,620 | 29,620 | 54,270 | ||
2020/2019 | 53,541 | 53,541 | 40,575 | ||
2019/2018 and Prior | 114,180 | 114,180 | 80,866 | ||
Revolving | 1,874 | 1,874 | 1,138 | ||
Total Loans | 295,647 | 295,647 | 296,570 | ||
2019/2018 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] | |||||
2024/2023 | 10,726 | 10,726 | 30,130 | ||
2023/2022 | 31,357 | 31,357 | 27,379 | ||
2022/2021 | 30,646 | 30,646 | 27,042 | ||
2021/2020 | 25,970 | 25,970 | 21,335 | ||
2020/2019 | 20,356 | 20,356 | 24,726 | ||
2019/2018 and Prior | 80,735 | 80,735 | 61,426 | ||
Revolving | 5,579 | 5,579 | 5,095 | ||
Total Loans | 205,369 | 205,369 | 197,133 | ||
Acquisition and development- 1-4 family residential construction [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 1,325 | 1,325 | 13,745 | ||
2023/2022 | 13,866 | 13,866 | 3,446 | ||
Revolving | 2,298 | 2,298 | 1,033 | ||
Total Loans | 17,489 | 17,489 | 18,224 | ||
Acquisition and development- All other A&D [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 7,622 | 7,622 | 12,184 | ||
2023/2022 | 24,112 | 24,112 | 25,099 | ||
2022/2021 | 19,888 | 19,888 | 2,966 | ||
2021/2020 | 1,917 | 1,917 | 3,046 | ||
2020/2019 | 2,281 | 2,281 | 1,301 | ||
2019/2018 and Prior | 10,654 | 10,654 | 10,059 | ||
Revolving | 4,251 | 4,251 | 4,181 | ||
Total Loans | 70,725 | 70,725 | 58,836 | ||
Commercial and industrial [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 16,310 | 16,310 | 52,562 | ||
2023/2022 | 40,278 | 40,278 | 75,911 | ||
2022/2021 | 63,832 | 63,832 | 26,241 | ||
2021/2020 | 21,916 | 21,916 | 18,559 | ||
2020/2019 | 16,655 | 16,655 | 8,970 | ||
2019/2018 and Prior | 16,948 | 16,948 | 10,889 | ||
Revolving | 89,732 | 89,732 | 81,472 | ||
Total Loans | 265,671 | 265,671 | 274,604 | ||
2024/2023 | 465 | 100 | |||
2023/2022 | 103 | ||||
2022/2021 | 57 | 35 | |||
2021/2020 | 651 | 166 | |||
2020/2019 | 41 | ||||
2019/2018 and Prior | 16 | 19 | |||
Total Portfolio Loans | 1,118 | 166 | 1,230 | 166 | 423 |
Residential mortgage- term [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 16,831 | 16,831 | 51,625 | ||
2023/2022 | 57,219 | 57,219 | 94,861 | ||
2022/2021 | 97,006 | 97,006 | 89,764 | ||
2021/2020 | 85,726 | 85,726 | 38,245 | ||
2020/2019 | 37,165 | 37,165 | 25,473 | ||
2019/2018 and Prior | 152,521 | 152,521 | 136,227 | ||
Revolving | 2,241 | 2,241 | 1,634 | ||
Total Loans | 448,709 | 448,709 | 437,829 | ||
2019/2018 and Prior | 30 | 13 | |||
Total Portfolio Loans | 30 | 13 | |||
Residential mortgage- home equity [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 30 | 30 | 1,127 | ||
2023/2022 | 940 | 940 | 4,657 | ||
2022/2021 | 4,243 | 4,243 | 864 | ||
2021/2020 | 818 | 818 | 513 | ||
2020/2019 | 480 | 480 | 286 | ||
2019/2018 and Prior | 683 | 683 | 505 | ||
Revolving | 55,206 | 55,206 | 54,090 | ||
Total Loans | 62,400 | 62,400 | 62,042 | ||
2022/2021 | 15 | ||||
2019/2018 and Prior | 42 | ||||
Total Portfolio Loans | 15 | 42 | |||
Consumer [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 5,990 | 5,990 | 18,313 | ||
2023/2022 | 14,687 | 14,687 | 10,651 | ||
2022/2021 | 8,341 | 8,341 | 6,474 | ||
2021/2020 | 4,907 | 4,907 | 2,229 | ||
2020/2019 | 1,612 | 1,612 | 516 | ||
2019/2018 and Prior | 18,637 | 18,637 | 20,367 | ||
Revolving | 2,791 | 2,791 | 2,879 | ||
Total Loans | 56,965 | 56,965 | 61,429 | ||
2024/2023 | 96 | 236 | |||
2023/2022 | 174 | 223 | |||
2022/2021 | 60 | 74 | |||
2021/2020 | 15 | 8 | |||
2020/2019 | 11 | 4 | |||
2019/2018 and Prior | 468 | 329 | |||
Total Portfolio Loans | 318 | $ 185 | 824 | $ 518 | 874 |
Performing Financing Receivable [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 64,700 | 64,700 | 203,188 | ||
2023/2022 | 206,291 | 206,291 | 307,708 | ||
2022/2021 | 286,576 | 286,576 | 183,479 | ||
2021/2020 | 169,586 | 169,586 | 138,159 | ||
2020/2019 | 131,901 | 131,901 | 101,749 | ||
2019/2018 and Prior | 391,117 | 391,117 | 316,682 | ||
Revolving | 162,840 | 162,840 | 151,203 | ||
Total Loans | 1,413,011 | 1,413,011 | 1,402,168 | ||
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] | |||||
2024/2023 | 5,866 | 5,866 | 23,511 | ||
2023/2022 | 23,850 | 23,850 | 65,878 | ||
2022/2021 | 66,716 | 66,716 | 30,332 | ||
2021/2020 | 29,620 | 29,620 | 54,270 | ||
2020/2019 | 53,541 | 53,541 | 40,575 | ||
2019/2018 and Prior | 114,180 | 114,180 | 80,639 | ||
Revolving | 1,874 | 1,874 | 1,138 | ||
Total Loans | 295,647 | 295,647 | 296,343 | ||
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] | |||||
2024/2023 | 10,726 | 10,726 | 30,130 | ||
2023/2022 | 31,357 | 31,357 | 27,379 | ||
2022/2021 | 30,646 | 30,646 | 27,042 | ||
2021/2020 | 25,970 | 25,970 | 21,335 | ||
2020/2019 | 20,356 | 20,356 | 24,726 | ||
2019/2018 and Prior | 80,136 | 80,136 | 60,827 | ||
Revolving | 5,579 | 5,579 | 5,095 | ||
Total Loans | 204,770 | 204,770 | 196,534 | ||
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] | |||||
2024/2023 | 1,325 | 1,325 | 13,745 | ||
2023/2022 | 13,866 | 13,866 | 3,446 | ||
Revolving | 2,298 | 2,298 | 1,033 | ||
Total Loans | 17,489 | 17,489 | 18,224 | ||
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] | |||||
2024/2023 | 7,622 | 7,622 | 12,184 | ||
2023/2022 | 24,112 | 24,112 | 25,099 | ||
2022/2021 | 19,888 | 19,888 | 2,966 | ||
2021/2020 | 1,917 | 1,917 | 3,046 | ||
2020/2019 | 2,281 | 2,281 | 1,301 | ||
2019/2018 and Prior | 10,557 | 10,557 | 9,946 | ||
Revolving | 4,251 | 4,251 | 4,181 | ||
Total Loans | 70,628 | 70,628 | 58,723 | ||
Performing Financing Receivable [Member] | Commercial and industrial [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 16,310 | 16,310 | 52,562 | ||
2023/2022 | 40,278 | 40,278 | 75,911 | ||
2022/2021 | 59,753 | 59,753 | 26,241 | ||
2021/2020 | 20,819 | 20,819 | 18,559 | ||
2020/2019 | 16,655 | 16,655 | 8,970 | ||
2019/2018 and Prior | 16,947 | 16,947 | 10,889 | ||
Revolving | 88,723 | 88,723 | 81,472 | ||
Total Loans | 259,485 | 259,485 | 274,604 | ||
Performing Financing Receivable [Member] | Residential mortgage- term [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 16,831 | 16,831 | 51,625 | ||
2023/2022 | 57,219 | 57,219 | 94,722 | ||
2022/2021 | 97,006 | 97,006 | 89,629 | ||
2021/2020 | 85,596 | 85,596 | 38,245 | ||
2020/2019 | 37,012 | 37,012 | 25,375 | ||
2019/2018 and Prior | 150,011 | 150,011 | 133,526 | ||
Revolving | 2,211 | 2,211 | 1,603 | ||
Total Loans | 445,886 | 445,886 | 434,725 | ||
Performing Financing Receivable [Member] | Residential mortgage- home equity [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 30 | 30 | 1,127 | ||
2023/2022 | 940 | 940 | 4,657 | ||
2022/2021 | 4,243 | 4,243 | 864 | ||
2021/2020 | 818 | 818 | 475 | ||
2020/2019 | 444 | 444 | 286 | ||
2019/2018 and Prior | 669 | 669 | 488 | ||
Revolving | 55,113 | 55,113 | 53,802 | ||
Total Loans | 62,257 | 62,257 | 61,699 | ||
Performing Financing Receivable [Member] | Consumer [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 5,990 | 5,990 | 18,304 | ||
2023/2022 | 14,669 | 14,669 | 10,616 | ||
2022/2021 | 8,324 | 8,324 | 6,405 | ||
2021/2020 | 4,846 | 4,846 | 2,229 | ||
2020/2019 | 1,612 | 1,612 | 516 | ||
2019/2018 and Prior | 18,617 | 18,617 | 20,367 | ||
Revolving | 2,791 | 2,791 | 2,879 | ||
Total Loans | 56,849 | 56,849 | 61,316 | ||
Nonperforming Financing Receivable [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 9 | ||||
2023/2022 | 18 | 18 | 174 | ||
2022/2021 | 4,096 | 4,096 | 204 | ||
2021/2020 | 1,288 | 1,288 | 38 | ||
2020/2019 | 189 | 189 | 98 | ||
2019/2018 and Prior | 3,241 | 3,241 | 3,657 | ||
Revolving | 1,132 | 1,132 | 319 | ||
Total Loans | 9,964 | 9,964 | 4,499 | ||
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] | |||||
2019/2018 and Prior | 227 | ||||
Total Loans | 227 | ||||
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] | |||||
2019/2018 and Prior | 599 | 599 | 599 | ||
Total Loans | 599 | 599 | 599 | ||
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] | |||||
2019/2018 and Prior | 97 | 97 | 113 | ||
Total Loans | 97 | 97 | 113 | ||
Nonperforming Financing Receivable [Member] | Commercial and industrial [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2022/2021 | 4,079 | 4,079 | |||
2021/2020 | 1,097 | 1,097 | |||
2019/2018 and Prior | 1 | 1 | |||
Revolving | 1,009 | 1,009 | |||
Total Loans | 6,186 | 6,186 | |||
Nonperforming Financing Receivable [Member] | Residential mortgage- term [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023/2022 | 139 | ||||
2022/2021 | 135 | ||||
2021/2020 | 130 | 130 | |||
2020/2019 | 153 | 153 | 98 | ||
2019/2018 and Prior | 2,510 | 2,510 | 2,701 | ||
Revolving | 30 | 30 | 31 | ||
Total Loans | 2,823 | 2,823 | 3,104 | ||
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 | 38 | ||||
2020/2019 | 36 | 36 | |||
2019/2018 and Prior | 14 | 14 | 17 | ||
Revolving | 93 | 93 | 288 | ||
Total Loans | 143 | 143 | 343 | ||
Nonperforming Financing Receivable [Member] | Consumer [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 9 | ||||
2023/2022 | 18 | 18 | 35 | ||
2022/2021 | 17 | 17 | 69 | ||
2021/2020 | 61 | 61 | |||
2019/2018 and Prior | 20 | 20 | |||
Total Loans | 116 | 116 | 113 | ||
Pass [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 64,700 | 64,700 | 202,625 | ||
2023/2022 | 206,237 | 206,237 | 298,357 | ||
2022/2021 | 286,576 | 286,576 | 180,787 | ||
2021/2020 | 167,088 | 167,088 | 130,669 | ||
2020/2019 | 122,520 | 122,520 | 99,798 | ||
2019/2018 and Prior | 381,621 | 381,621 | 296,442 | ||
Revolving | 156,278 | 156,278 | 147,756 | ||
Total Loans | 1,385,020 | 1,385,020 | 1,356,434 | ||
Pass [Member] | Commercial real estate- non owner-occupied [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 5,866 | 5,866 | 23,511 | ||
2023/2022 | 23,850 | 23,850 | 65,878 | ||
2022/2021 | 66,716 | 66,716 | 30,332 | ||
2021/2020 | 29,620 | 29,620 | 54,270 | ||
2020/2019 | 52,809 | 52,809 | 40,575 | ||
2019/2018 and Prior | 111,451 | 111,451 | 65,134 | ||
Revolving | 1,874 | 1,874 | 1,138 | ||
Total Loans | 292,186 | 292,186 | 280,838 | ||
Pass [Member] | Commercial real estate- all other CRE [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 10,726 | 10,726 | 30,130 | ||
2023/2022 | 31,357 | 31,357 | 27,379 | ||
2022/2021 | 30,646 | 30,646 | 27,042 | ||
2021/2020 | 24,536 | 24,536 | 20,691 | ||
2020/2019 | 20,152 | 20,152 | 22,879 | ||
2019/2018 and Prior | 77,244 | 77,244 | 60,054 | ||
Revolving | 5,297 | 5,297 | 4,495 | ||
Total Loans | 199,958 | 199,958 | 192,670 | ||
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] | |||||
2024/2023 | 1,325 | 1,325 | 13,745 | ||
2023/2022 | 13,866 | 13,866 | 3,446 | ||
Revolving | 2,298 | 2,298 | 1,033 | ||
Total Loans | 17,489 | 17,489 | 18,224 | ||
Pass [Member] | Acquisition and development- All other A&D [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 7,622 | 7,622 | 12,184 | ||
2023/2022 | 24,112 | 24,112 | 25,099 | ||
2022/2021 | 19,888 | 19,888 | 2,966 | ||
2021/2020 | 1,917 | 1,917 | 3,046 | ||
2020/2019 | 2,281 | 2,281 | 1,301 | ||
2019/2018 and Prior | 10,557 | 10,557 | 9,946 | ||
Revolving | 4,251 | 4,251 | 4,181 | ||
Total Loans | 70,628 | 70,628 | 58,723 | ||
Pass [Member] | Commercial and industrial [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 16,310 | 16,310 | 52,004 | ||
2023/2022 | 40,278 | 40,278 | 66,559 | ||
2022/2021 | 59,753 | 59,753 | 24,387 | ||
2021/2020 | 20,774 | 20,774 | 11,753 | ||
2020/2019 | 8,092 | 8,092 | 8,872 | ||
2019/2018 and Prior | 16,183 | 16,183 | 10,052 | ||
Revolving | 82,938 | 82,938 | 78,992 | ||
Total Loans | 244,328 | 244,328 | 252,619 | ||
Pass [Member] | Residential mortgage- term [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 16,831 | 16,831 | 51,625 | ||
2023/2022 | 57,219 | 57,219 | 94,723 | ||
2022/2021 | 97,006 | 97,006 | 88,835 | ||
2021/2020 | 84,619 | 84,619 | 38,228 | ||
2020/2019 | 37,150 | 37,150 | 25,375 | ||
2019/2018 and Prior | 146,885 | 146,885 | 130,402 | ||
Revolving | 2,186 | 2,186 | 1,577 | ||
Total Loans | 441,896 | 441,896 | 430,765 | ||
Pass [Member] | Residential mortgage- home equity [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 30 | 30 | 1,127 | ||
2023/2022 | 940 | 940 | 4,657 | ||
2022/2021 | 4,243 | 4,243 | 864 | ||
2021/2020 | 818 | 818 | 475 | ||
2020/2019 | 444 | 444 | 286 | ||
2019/2018 and Prior | 669 | 669 | 489 | ||
Revolving | 54,643 | 54,643 | 53,467 | ||
Total Loans | 61,787 | 61,787 | 61,365 | ||
Pass [Member] | Consumer [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 5,990 | 5,990 | 18,299 | ||
2023/2022 | 14,615 | 14,615 | 10,616 | ||
2022/2021 | 8,324 | 8,324 | 6,361 | ||
2021/2020 | 4,804 | 4,804 | 2,206 | ||
2020/2019 | 1,592 | 1,592 | 510 | ||
2019/2018 and Prior | 18,632 | 18,632 | 20,365 | ||
Revolving | 2,791 | 2,791 | 2,873 | ||
Total Loans | 56,748 | 56,748 | 61,230 | ||
Special Mention [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 558 | ||||
2021/2020 | 1,474 | 1,474 | 644 | ||
2020/2019 | 2,915 | 2,915 | |||
2019/2018 and Prior | 4,331 | ||||
Revolving | 3,847 | 3,847 | |||
Total Loans | 8,236 | 8,236 | 5,533 | ||
Special Mention [Member] | Commercial real estate- non owner-occupied [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2020/2019 | 732 | 732 | |||
2019/2018 and Prior | 4,331 | ||||
Total Loans | 732 | 732 | 4,331 | ||
Special Mention [Member] | Commercial real estate- all other CRE [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2021/2020 | 1,434 | 1,434 | 644 | ||
2020/2019 | 204 | 204 | |||
Total Loans | 1,638 | 1,638 | 644 | ||
Special Mention [Member] | Commercial and industrial [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 558 | ||||
2020/2019 | 1,979 | 1,979 | |||
Revolving | 3,847 | 3,847 | |||
Total Loans | 5,826 | 5,826 | 558 | ||
Special Mention [Member] | Residential mortgage- term [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2021/2020 | 40 | 40 | |||
Total Loans | 40 | 40 | |||
Substandard [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 14 | ||||
2023/2022 | 72 | 72 | 9,525 | ||
2022/2021 | 4,096 | 4,096 | 2,896 | ||
2021/2020 | 2,312 | 2,312 | 6,884 | ||
2020/2019 | 6,655 | 6,655 | 2,049 | ||
2019/2018 and Prior | 12,737 | 12,737 | 19,566 | ||
Revolving | 3,847 | 3,847 | 3,766 | ||
Total Loans | 29,719 | 29,719 | 44,700 | ||
Substandard [Member] | Commercial real estate- non owner-occupied [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2019/2018 and Prior | 2,729 | 2,729 | 11,401 | ||
Total Loans | 2,729 | 2,729 | 11,401 | ||
Substandard [Member] | Commercial real estate- all other CRE [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2020/2019 | 1,847 | ||||
2019/2018 and Prior | 3,491 | 3,491 | 1,372 | ||
Revolving | 282 | 282 | 600 | ||
Total Loans | 3,773 | 3,773 | 3,819 | ||
Substandard [Member] | Acquisition and development- All other A&D [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2019/2018 and Prior | 97 | 97 | 113 | ||
Total Loans | 97 | 97 | 113 | ||
Substandard [Member] | Commercial and industrial [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023/2022 | 9,352 | ||||
2022/2021 | 4,079 | 4,079 | 1,854 | ||
2021/2020 | 1,142 | 1,142 | 6,806 | ||
2020/2019 | 6,584 | 6,584 | 98 | ||
2019/2018 and Prior | 765 | 765 | 837 | ||
Revolving | 2,947 | 2,947 | 2,480 | ||
Total Loans | 15,517 | 15,517 | 21,427 | ||
Substandard [Member] | Residential mortgage- term [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023/2022 | 138 | ||||
2022/2021 | 929 | ||||
2021/2020 | 1,067 | 1,067 | 17 | ||
2020/2019 | 15 | 15 | 98 | ||
2019/2018 and Prior | 5,636 | 5,636 | 5,825 | ||
Revolving | 55 | 55 | 57 | ||
Total Loans | 6,773 | 6,773 | 7,064 | ||
Substandard [Member] | Residential mortgage- home equity [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2021/2020 | 38 | ||||
2020/2019 | 36 | 36 | |||
2019/2018 and Prior | 14 | 14 | 16 | ||
Revolving | 563 | 563 | 623 | ||
Total Loans | 613 | 613 | 677 | ||
Substandard [Member] | Consumer [Member] | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024/2023 | 14 | ||||
2023/2022 | 72 | 72 | 35 | ||
2022/2021 | 17 | 17 | 113 | ||
2021/2020 | 103 | 103 | 23 | ||
2020/2019 | 20 | 20 | 6 | ||
2019/2018 and Prior | 5 | 5 | 2 | ||
Revolving | 6 | ||||
Total Loans | $ 217 | $ 217 | $ 199 |
Loans And Related Allowances fo
Loans And Related Allowances for Credit Losses (Narrative) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) loan | Dec. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||
Allowance for loan losses | $ 17,923 | $ 16,905 | $ 17,480 | $ 17,982 | $ 16,871 |
Non-Accrual | 9,438 | 3,956 | |||
Number of loan modifications made to borrowers facing financial difficulties | loan | 0 | ||||
Modified loan, subsequent defaults | 100 | ||||
Partial Charge Off [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Non-Accrual | 1,100 | 100 | |||
Commercial real estate- non owner-occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Non-Accrual | 227 | ||||
Commercial real estate- all other CRE [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Non-Accrual | $ 599 | $ 599 | |||
Acquisition and development- 1-4 family residential construction [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Percentage of loan portfolio accruing loan past due 30 days or more | 0.26% | 0.18% | 0.24% | ||
Financing receivable excluding accrued interest subject to foreclosure | $ 1,500 | $ 1,800 | |||
Acquisition and development- All other A&D [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Non-Accrual | 97 | 113 | |||
Commercial and industrial [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Allowance for loan losses | 3,964 | $ 3,549 | 3,717 | 4,002 | 3,755 |
Non-Accrual | 6,185 | ||||
Residential mortgage- term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Non-Accrual | 2,339 | 2,720 | |||
Residential mortgage- home equity [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Non-Accrual | 129 | 268 | |||
Consumer [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Allowance for loan losses | 953 | $ 859 | 929 | $ 987 | $ 827 |
Non-Accrual | $ 89 | $ 29 |
Loans and Related Allowance f_9
Loans and Related Allowance for Credit Losses (Troubled Debt Restructuring) (Details) - Extended Maturity - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Financing Receivable, Modifications [Line Items] | ||
Record investment | $ 893 | $ 893 |
Owner-occupied commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Record investment | $ 893 | $ 893 |
Percentage of Total Loan Type | 0.40% | 0.40% |
Weighted Average Term and Principal Payment Extension | 12 months | 12 months |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Fair Value of Financial Instruments [Abstract] | |||||||
Gains or losses included in earnings attributable to the change in realized/unrealized gains or losses related to the assets | $ 0 | $ 0 | $ 0 | $ 0 | |||
Allowance for credit losses | (17,923,000) | $ (16,905,000) | (17,923,000) | $ (16,905,000) | $ (17,982,000) | $ (17,480,000) | $ (16,871,000) |
Loans | 1,422,975,000 | 1,422,975,000 | 1,406,667,000 | ||||
Financing receivables minimum benchmark for evaluation for specific reserves | 100,000 | 100,000 | |||||
Financing receivable individually evaluated with no allowance carrying value | $ 8,800,000 | $ 8,800,000 | $ 3,000,000 |
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, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 92,954 | $ 97,169 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial derivative | 778 | |
Financial Derivative, asset | 762 | |
Individually evaluated loans | 1,404,746 | 1,388,847 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial derivative | 778 | |
Financial Derivative, asset | 762 | |
Individually evaluated loans | 1,329,798 | 1,319,456 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Derivative, asset | 762 | 756 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 2,096 | |
Equity Investment | 3,551 | 3,087 |
Other real estate owned | 2,698 | 4,443 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial derivative | 778 | |
Financial Derivative, asset | 762 | |
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 | 762 | 756 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 1,329,798 | 1,319,456 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 2,096 | |
Equity Investment | 3,551 | 3,087 |
Other real estate owned | 2,698 | 4,443 |
U.S. government agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 6,035 | 6,034 |
U.S. government agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 6,035 | 6,034 |
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] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 6,035 | 6,034 |
Residential mortgage-backed agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 19,283 | 20,563 |
Residential mortgage-backed agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 19,283 | 20,563 |
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] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 19,283 | 20,563 |
Commercial mortgage-backed agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 27,308 | 28,417 |
Commercial mortgage-backed agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 27,308 | 28,417 |
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] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 27,308 | 28,417 |
Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 15,449 | 16,356 |
Collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 15,449 | 16,356 |
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] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 15,449 | 16,356 |
Obligations of states and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 10,167 | 10,312 |
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] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 10,167 | 10,312 |
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] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 10,167 | 10,312 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 737 | 778 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 737 | 778 |
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] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 737 | 778 |
Collateralized debt obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 13,975 | 14,709 |
Collateralized debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 13,975 | 14,709 |
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] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 13,975 | $ 14,709 |
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, 2024 | Dec. 31, 2023 | |
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 assets | $ 13,975 | $ 14,709 |
Fair Value, Measurements, Nonrecurring [Member] | Individually evaluated [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 2,096 | |
Fair Value, Measurements, Nonrecurring [Member] | Individually evaluated [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% | 2.80% |
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 of assets | $ 3,551 | $ 3,087 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 4,443 | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 2,698 | |
Fair value measurements discount rate | 15% | |
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 | 500% | |
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 | 400% | |
Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 5% | 5% |
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 | 600% | |
Maximum [Member] | Fair Value, Measurements, Recurring [Member] | Investment Securities - Available for Sale [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 400% | |
Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 15% | |
Weighted Average [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Market Comparable Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurements discount rate | 5.90% | 5.90% |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 14,886 | $ 14,114 | $ 14,709 | $ 15,871 |
Total losses realized/unrealized: Included in other comprehensive income loss | (911) | (9) | (734) | (1,766) |
Ending balance | $ 13,975 | $ 14,105 | $ 13,975 | $ 14,105 |
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, 2024 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | $ 447 | $ 443 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 43,635 | 48,343 |
Interest bearing deposits in banks | 1,457 | 1,410 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - AFS | 78,979 | 82,460 |
Investment securities - HTM | 141,259 | 182,510 |
Financial derivatives | 762 | |
Accrued interest receivable | 847 | 828 |
Deposits - non-maturity | 1,378,674 | 1,355,444 |
Deposits - time deposits | 155,969 | 193,337 |
Financial derivative | 778 | |
Short-term borrowed funds | 62,564 | 45,418 |
Long-term borrowed funds | 70,939 | 110,809 |
Accrued interest payable | 1,352 | 612 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - AFS | 13,975 | 14,709 |
Investment securities - HTM | 1,771 | 1,905 |
Loans, net | 1,329,798 | 1,319,456 |
Accrued interest receivable | 6,268 | 6,659 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 43,635 | 48,343 |
Interest bearing deposits in banks | 1,457 | 1,410 |
Investment securities - AFS | 92,954 | 97,169 |
Investment securities - HTM | 174,197 | 214,297 |
Restricted bank Stock | 3,395 | 5,250 |
Loans, net | 1,404,746 | 1,388,847 |
Financial derivatives | 762 | |
Accrued interest receivable | 7,115 | 7,487 |
Deposits - non-maturity | 1,378,674 | 1,355,444 |
Deposits - time deposits | 158,397 | 195,533 |
Financial derivative | 778 | |
Short-term borrowed funds | 62,564 | 45,418 |
Long-term borrowed funds | 70,929 | 110,929 |
Accrued interest payable | 1,352 | 612 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 43,635 | 48,343 |
Interest bearing deposits in banks | 1,457 | 1,410 |
Investment securities - AFS | 92,954 | 97,169 |
Investment securities - HTM | 143,030 | 184,415 |
Loans, net | 1,329,798 | 1,319,456 |
Financial derivatives | 762 | |
Accrued interest receivable | 7,115 | 7,487 |
Deposits - non-maturity | 1,378,674 | 1,355,444 |
Deposits - time deposits | 155,969 | 193,337 |
Financial derivative | 778 | |
Short-term borrowed funds | 62,564 | 45,418 |
Long-term borrowed funds | 70,939 | 110,809 |
Accrued interest payable | $ 1,352 | $ 612 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Balance | $ 165,481 | $ 161,873 | $ 152,868 | $ 151,793 | $ 161,873 | $ 151,793 |
Balance | 164,177 | 165,481 | 155,156 | 152,868 | 164,177 | 155,156 |
Investment securities- with OTTI [Member] | ||||||
Balance | (2,364) | (2,482) | (2,928) | (1,711) | (2,482) | (1,711) |
Other comprehensive income/(loss) before reclassifications | (620) | 155 | 111 | (1,180) | (465) | (1,069) |
Amounts reclassified from accumulated other comprehensive loss | (40) | (37) | (40) | (37) | ||
Balance | (3,024) | (2,364) | (2,857) | (2,928) | (3,024) | (2,857) |
Investment securities- all other [Member] | ||||||
Other comprehensive income/(loss) before reclassifications | (528) | (669) | ||||
Investment securities- all other - excluding transfers [Member] | ||||||
Balance | (13,676) | (13,217) | (15,395) | (16,380) | (13,217) | (16,380) |
Other comprehensive income/(loss) before reclassifications | (528) | (459) | (1,654) | 985 | ||
Balance | (14,204) | (13,676) | (17,049) | (15,395) | (14,204) | (17,049) |
Investment Securities HTM [Member] | ||||||
Balance | (5,083) | (5,201) | (5,570) | (5,703) | (5,201) | (5,703) |
Amounts reclassified from accumulated other comprehensive loss | 118 | 118 | 129 | 133 | ||
Balance | (4,965) | (5,083) | (5,441) | (5,570) | (4,965) | (5,441) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||
Balance | 623 | 569 | 659 | 797 | 569 | 797 |
Other comprehensive income/(loss) before reclassifications | (51) | 54 | 150 | (138) | ||
Balance | 572 | 623 | 809 | 659 | 572 | 809 |
Adjustment [Member] | Pension [Member] | ||||||
Balance | (13,018) | (14,263) | (16,296) | (16,603) | (14,263) | (16,603) |
Other comprehensive income/(loss) before reclassifications | (396) | 1,096 | (42) | 123 | 700 | 81 |
Amounts reclassified from accumulated other comprehensive loss | 150 | 149 | 195 | 184 | ||
Balance | (13,264) | (13,018) | (16,143) | (16,296) | (13,264) | (16,143) |
Adjustment [Member] | SERP [Member] | ||||||
Balance | (1,204) | (1,233) | 573 | 574 | (1,233) | 574 |
Amounts reclassified from accumulated other comprehensive loss | 29 | 29 | (2) | (1) | ||
Balance | (1,175) | (1,204) | 571 | 573 | (1,175) | 571 |
Accumulated Other Comprehensive Loss [Member] | ||||||
Balance | (34,722) | (35,827) | (38,957) | (39,026) | (35,827) | (39,026) |
Other comprehensive income/(loss) before reclassifications | (1,595) | 846 | (1,435) | (210) | ||
Amounts reclassified from accumulated other comprehensive loss | 257 | 259 | 282 | 279 | ||
Balance | $ (36,060) | $ (34,722) | $ (40,110) | $ (38,957) | $ (36,060) | $ (40,110) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Components of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net unrealized gains (losses), before tax | $ (1,816) | $ (1,522) | $ (316) | $ (1,429) | ||
Income tax (credit)/expense related to other comprehensive income | 478 | 369 | 83 | 345 | ||
Other comprehensive income/(loss), net of tax | (1,338) | $ 1,105 | (1,153) | $ 69 | (233) | (1,084) |
Accretable Yield in Income [Member] | ||||||
Unrealized holding (losses)/gains on investments | (843) | |||||
Unrealized tax (expense) benefit | 223 | |||||
Unrealized net gains (losses), net of tax | (620) | |||||
Accumulated Other Comprehensive Loss [Member] | ||||||
Unrealized net gains (losses), net of tax | (1,595) | 846 | (1,435) | (210) | ||
Recognized gains (losses), net of tax | (257) | (259) | (282) | (279) | ||
Other comprehensive income/(loss), net of tax | (1,338) | 1,105 | (1,153) | 69 | ||
Investment securities- with OTTI [Member] | ||||||
Unrealized holding (losses)/gains on investments | (843) | 198 | (633) | (1,408) | ||
Recognized gains (losses), before tax | 51 | 51 | 101 | 101 | ||
Net unrealized gains (losses), before tax | (894) | 147 | (734) | (1,509) | ||
Unrealized tax (expense) benefit | (87) | 168 | 339 | |||
Income tax (credit)/expense related to other comprehensive income | 234 | (76) | 192 | 363 | ||
Unrealized net gains (losses), net of tax | (620) | 155 | 111 | (1,180) | (465) | (1,069) |
Recognized gains (losses), net of tax | 40 | 37 | 40 | 37 | ||
Other comprehensive income/(loss), net of tax | (660) | 71 | (542) | (1,146) | ||
Investment securities- with OTTI [Member] | Accretable Yield in Income [Member] | ||||||
Recognized gains (losses), before tax | 51 | 101 | ||||
Recognized tax (expense) benefit | (11) | (24) | ||||
Recognized gains (losses), net of tax | 40 | 77 | ||||
Investment securities- with OTTI [Member] | Amortization of Recognized Income [Member] | ||||||
Recognized gains (losses), before tax | 51 | 101 | ||||
Recognized tax (expense) benefit | (11) | (24) | ||||
Recognized gains (losses), net of tax | 40 | 77 | ||||
Investment securities- all other [Member] | ||||||
Unrealized holding (losses)/gains on investments | (717) | (2,221) | (1,341) | (881) | ||
Net unrealized gains (losses), before tax | (717) | (2,221) | (1,341) | (881) | ||
Unrealized tax (expense) benefit | 189 | 212 | ||||
Income tax (credit)/expense related to other comprehensive income | 567 | 354 | ||||
Unrealized net gains (losses), net of tax | (528) | (669) | ||||
Other comprehensive income/(loss), net of tax | (1,654) | (987) | ||||
Investment Securities HTM [Member] | ||||||
Recognized gains (losses), before tax | (160) | (164) | (320) | (345) | ||
Net unrealized gains (losses), before tax | 160 | 164 | 320 | 345 | ||
Income tax (credit)/expense related to other comprehensive income | (42) | (35) | (84) | (83) | ||
Recognized gains (losses), net of tax | (118) | (118) | (129) | (133) | ||
Other comprehensive income/(loss), net of tax | 118 | 129 | 236 | 262 | ||
Investment Securities HTM [Member] | Amortization of Recognized Income [Member] | ||||||
Recognized gains (losses), before tax | (160) | (164) | (320) | (345) | ||
Recognized tax (expense) benefit | 42 | 35 | 84 | 83 | ||
Recognized gains (losses), net of tax | (118) | (129) | (236) | (262) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||
Unrealized holding (losses)/gains on investments | 204 | |||||
Net unrealized gains (losses), before tax | (69) | 4 | 16 | |||
Unrealized tax (expense) benefit | 18 | (54) | ||||
Income tax (credit)/expense related to other comprehensive income | (1) | (4) | ||||
Unrealized net gains (losses), net of tax | (51) | 54 | 150 | (138) | ||
Other comprehensive income/(loss), net of tax | 3 | 12 | ||||
Adjustment [Member] | ||||||
Unrealized holding (losses)/gains on investments | (538) | (63) | 951 | 105 | ||
Recognized gains (losses), before tax | (203) | (249) | (406) | (499) | ||
Net unrealized gains (losses), before tax | (335) | 186 | 1,357 | 604 | ||
Adjustment [Member] | Pension [Member] | ||||||
Unrealized holding (losses)/gains on investments | (538) | (63) | 951 | 105 | ||
Net unrealized gains (losses), before tax | (335) | 186 | 1,357 | 604 | ||
Unrealized tax (expense) benefit | 142 | 21 | (251) | (24) | ||
Income tax (credit)/expense related to other comprehensive income | 89 | (33) | (358) | (144) | ||
Unrealized net gains (losses), net of tax | (396) | 1,096 | (42) | 123 | 700 | 81 |
Recognized gains (losses), net of tax | (150) | (149) | (195) | (184) | ||
Other comprehensive income/(loss), net of tax | (246) | 153 | 999 | 460 | ||
Adjustment [Member] | SERP [Member] | ||||||
Net unrealized gains (losses), before tax | 39 | (2) | 78 | (4) | ||
Income tax (credit)/expense related to other comprehensive income | (10) | (20) | 1 | |||
Recognized gains (losses), net of tax | (29) | $ (29) | 2 | $ 1 | ||
Other comprehensive income/(loss), net of tax | 29 | (2) | 58 | (3) | ||
Adjustment [Member] | Amortization of Unrecognized Loss [Member] | Pension [Member] | ||||||
Recognized gains (losses), before tax | (203) | (249) | (406) | (499) | ||
Recognized tax (expense) benefit | 53 | 54 | 107 | 120 | ||
Recognized gains (losses), net of tax | (150) | (195) | (299) | (379) | ||
Adjustment [Member] | Amortization of Unrecognized Loss [Member] | SERP [Member] | ||||||
Recognized gains (losses), before tax | 2 | (78) | ||||
Recognized tax (expense) benefit | 20 | |||||
Recognized gains (losses), net of tax | $ 2 | $ (58) | ||||
Adjustment [Member] | Amortization of Unrecognized Gain [Member] | SERP [Member] | ||||||
Recognized gains (losses), before tax | 4 | |||||
Recognized tax (expense) benefit | (1) | |||||
Recognized gains (losses), net of tax | $ 3 | |||||
Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | SERP [Member] | ||||||
Recognized gains (losses), before tax | (39) | |||||
Recognized tax (expense) benefit | 10 | |||||
Recognized gains (losses), net of tax | $ (29) |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest income on taxable investment securities | $ 1,697 | $ 1,779 | $ 3,441 | $ 3,547 | ||
Provision for income tax expense | (1,607) | (1,423) | (2,769) | (2,778) | ||
Net income | 4,914 | $ 3,698 | 4,414 | $ 4,375 | 8,612 | 8,789 |
Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net income | (257) | (282) | (516) | (561) | ||
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) | (11) | (24) | (24) | ||
Net income | 40 | 40 | 77 | 77 | ||
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 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 | 42 | 35 | 84 | 83 | ||
Net income | (118) | (129) | (236) | (262) | ||
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest income on taxable investment securities | (320) | (345) | ||||
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Recognized Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest income on taxable investment securities | (160) | (164) | ||||
Net Pension Plan | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Pension | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Provision for income tax expense | 53 | 54 | 107 | 120 | ||
Net income | (150) | (195) | (299) | (379) | ||
Net Pension Plan | Reclassification out of Accumulated Other Comprehensive Loss [Member] | SERP | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Provision for income tax expense | 10 | 20 | (1) | |||
Net income | (29) | 2 | (58) | 3 | ||
Net Pension Plan | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | Pension | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other expense | (203) | (249) | ||||
Interest income on taxable investment securities | (406) | (499) | ||||
Net Pension Plan | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Loss [Member] | SERP | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Other expense | $ (39) | $ 2 | ||||
Interest income on taxable investment securities | $ (78) | $ 4 |
Equity Compensation Plan Info_2
Equity Compensation Plan Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||
May 05, 2024 | Mar. 15, 2024 | Mar. 09, 2024 | May 05, 2023 | Mar. 09, 2023 | May 05, 2022 | Mar. 26, 2020 | May 31, 2024 | Oct. 31, 2023 | May 31, 2023 | Mar. 31, 2023 | Jan. 31, 2023 | May 31, 2022 | Mar. 31, 2022 | May 31, 2021 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
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 | $ 699,000 | $ 4,272,000 | $ 5,757,000 | $ 7,104,000 | |||||||||||||||
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 | 14,325 | 852 | 16,931 | 333 | |||||||||||||||
Fully vested shares of common stock issued, per share value | $ 21.94 | $ 16.26 | $ 13.23 | $ 19.36 | |||||||||||||||
Stock compensation expense | $ 73,027,000 | 62,500,000 | $ 134,964 | 138,001 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | |||||||||||||||||||
Shares of common stock grant date fair market value | $ 21.88 | $ 17.93 | |||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Year 2021 [Member] | |||||||||||||||||||
Stock compensation expense | 1,841,000 | 16,571,000 | 7,365,000 | 33,142,000 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Year 2022 [Member] | |||||||||||||||||||
Stock compensation expense | 26,145,000 | 26,145,000 | 55,290,000 | 55,290,000 | |||||||||||||||
Unrecognized compensation expense related to unvested units | 78,436,000 | 78,436,000 | |||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Year 2023 [Member] | |||||||||||||||||||
Shares of common stock grant date fair market value | $ 18.25 | ||||||||||||||||||
Stock compensation expense | 27,585,000 | $ 27,585,000 | 55,170,000 | $ 27,585,000 | |||||||||||||||
Unrecognized compensation expense related to unvested units | 193,094,000 | 193,094,000 | |||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Year 2024 [Member] | |||||||||||||||||||
Shares of common stock grant date fair market value | $ 22.26 | ||||||||||||||||||
Stock compensation expense | 9,438,000 | 9,438,000 | |||||||||||||||||
Unrecognized compensation expense related to unvested units | $ 330,330,000 | $ 330,330,000 | |||||||||||||||||
Performance Vesting Restricted Shares | Officers [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based compensation performance based award, percent | 50% | ||||||||||||||||||
Performance Vesting Restricted Shares | Officers [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based compensation performance based award, percent | 150% | ||||||||||||||||||
Performance Vesting Restricted Shares | Long-Term Incentive Plan [Member] | |||||||||||||||||||
Share based compensation performance period | 3 years | 3 years | |||||||||||||||||
Share-based compensation award vesting period | 3 years | ||||||||||||||||||
Share-based compensation shares of common stock granted, failed to vest during the period | 7,389 | ||||||||||||||||||
Share-based compensation shares of common stock granted | 8,096 | 7,389 | |||||||||||||||||
Performance Vesting Restricted Shares | Long-Term Incentive Plan [Member] | Year 2023 [Member] | |||||||||||||||||||
Share-based compensation shares of common stock granted | 10,214 | ||||||||||||||||||
Performance Vesting Restricted Shares | Long-Term Incentive Plan [Member] | Year 2024 [Member] | |||||||||||||||||||
Share based compensation performance period | 3 years | ||||||||||||||||||
Share-based compensation shares of common stock granted | 8,593 | ||||||||||||||||||
Time-Vesting Restricted Shares | Long-Term Incentive Plan [Member] | |||||||||||||||||||
Share-based compensation award vesting period | 3 years | ||||||||||||||||||
Share-based compensation shares of common stock granted | 6,238 | 6,238 | 3,693 | ||||||||||||||||
Shares-based compensation shares of common stock issued | 1,233 | 2,079 | 1,230 | 2,079 | 1,230 | ||||||||||||||
Time-Vesting Restricted Shares | Long-Term Incentive Plan [Member] | Year 2021 [Member] | |||||||||||||||||||
Share-based compensation award vesting period | 3 years | ||||||||||||||||||
Time-Vesting Restricted Shares | Long-Term Incentive Plan [Member] | Year 2022 [Member] | |||||||||||||||||||
Share-based compensation award vesting period | 3 years | ||||||||||||||||||
Time-Vesting Restricted Shares | Long-Term Incentive Plan [Member] | Year 2023 [Member] | |||||||||||||||||||
Share-based compensation award vesting period | 3 years | ||||||||||||||||||
Share-based compensation shares of common stock granted | 7,920 | ||||||||||||||||||
Shares-based compensation shares of common stock issued | 2,639 | ||||||||||||||||||
Time-Vesting Restricted Shares | Long-Term Incentive Plan [Member] | Year 2024 [Member] | |||||||||||||||||||
Share-based compensation award vesting period | 3 years | ||||||||||||||||||
Share-based compensation shares of common stock granted | 6,662 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016 USD ($) contract | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Derivative [Line Items] | ||||||
Interest rate swap notional amount | $ 15,000,000 | $ 15,000,000 | ||||
Cash flow hedge ineffectiveness | $ 18,000 | $ 54,000 | $ 1,000 | $ 4,000 | ||
Derivative, fixed interest rate | 4.655% | 4.655% | ||||
Increase in derivative fair value | $ 69,000 | 204,000 | $ 4,000 | $ 16,000 | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||
Derivative [Line Items] | ||||||
Unrealized holding (losses)/gains on investments | 204,000 | |||||
Unrealized tax (expense) benefit | (18,000) | $ 54,000 | ||||
Interest Rate Swap Agreements [Member] | ||||||
Derivative [Line Items] | ||||||
Interest rate swap notional amount | $ 30,000,000 | 15,000,000 | 15,000,000 | |||
Number of interest rate swap contracts | contract | 4 | |||||
Interest rate swap fair value | $ 800,000 | $ 800,000 | $ 800,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Impact Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative (effective portion) net of tax | $ (51) | $ 150 | $ 3 | $ 12 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations) (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Regulatory Capital Requirements | ||
Capital to Risk Weighted Assets | 0.1441 | 0.1405 |
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 | 0.1316 | 0.1281 |
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 | 0.1316 | 0.1281 |
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 | 0.1047 | 0.0992 |
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 | $ 179,892 | $ 173,900 |
Deposit (Schedule of deposit li
Deposit (Schedule of deposit liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Non-interest bearing deposits | $ 423,970 | $ 427,670 |
Non-Interest bearing deposits, percentage | 28% | 28% |
Interest bearing deposits | $ 1,113,101 | $ 1,123,307 |
Total deposits | $ 1,537,071 | $ 1,550,977 |
Non-Interest and Interest bearing deposits, percentage | 100% | 100% |
Demand Deposit Liability [Member] | ||
Interest bearing deposits | $ 373,046 | $ 350,860 |
Interest bearing deposits, percentage | 24% | 22% |
Money Market Liability [Member] | ||
Interest bearing deposits | $ 401,628 | $ 385,649 |
Interest bearing deposits, percentage | 26% | 25% |
Savings Deposit Liability [Member] | ||
Interest bearing deposits | $ 180,030 | $ 191,265 |
Interest bearing deposits, percentage | 12% | 12% |
Time Deposit Retail Liability [Member] | ||
Interest bearing deposits | $ 143,397 | $ 165,533 |
Interest bearing deposits, percentage | 9% | 11% |
Time Deposit Brokered Liability [Member] | ||
Interest bearing deposits | $ 15,000 | $ 30,000 |
Interest bearing deposits, percentage | 1% | 2% |
Borrowed Funds (Schedule of bor
Borrowed Funds (Schedule of borrowings) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | Jan. 31, 2024 | |
FHLB advances | $ 40,000 | $ 80,000 | |
FHLB advances, rates | 4.53% | ||
Total borrowings outstanding | $ 133,493 | $ 156,347 | |
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 period | $ 22,564 | $ 45,418 | |
Weighted average interest rate at end of period | 0.23% | 0.27% | |
Maximum amount outstanding as of any month end | $ 44,415 | $ 59,777 | |
Average amount outstanding | $ 39,625 | $ 50,498 | |
Approximate weighted average rate during the period | 0.27% | 0.24% | |
Bank Term Funding Program [Member] | |||
Long term debt | $ 40,000 | $ 40,000 | |
Long term debt, bearing variable interest rates, rate | 4.87% | ||
Junior Subordinated Debt [Member] | |||
Long term debt | $ 30,929 | $ 30,929 | |
Long term debt, bearing variable interest rates, rate | 8.35% | 8.39% |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2024 | Jan. 31, 2024 | Jun. 30, 2024 | |
Debt Instrument [Line Items] | |||
Amount of increase in short-term debt | $ 17,100 | ||
Amount of decrease in other short-term debt | $ 22,000 | ||
Repurchase agreements secured by available for sale securities | $ 34,200 | ||
Borrowing capacity to account balances, percentage | 102% | ||
Long-term borrowings decreased | $ 40,000 | ||
Federal Home Loan Bank matured | $ 40,000 | ||
Bank Term Funding Program [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | $ 40,000 | $ 40,000 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) segment | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating segments | segment | 2 | ||||
Amortization of intangible assets | $ 165,000 | $ 165,000 | |||
Goodwill | $ 11,000,000 | 11,000,000 | $ 11,000,000 | ||
Community Banking Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Intangible assets | 400,000 | 400,000 | 500,000 | ||
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 | 700,000 | 700,000 | 700,000 | ||
Intangible assets | $ 600,000 | $ 600,000 | $ 600,000 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||||
Interest income | $ 23,113 | $ 19,972 | $ 45,011 | $ 37,801 | ||
Interest expense | 7,875 | 5,798 | 15,961 | 9,109 | ||
Credit loss exposure | 1,194 | 395 | 2,140 | 938 | ||
Non-interest income | 4,782 | 4,483 | 9,575 | 8,822 | ||
Non-interest expense | 12,364 | 12,511 | 25,245 | 25,149 | ||
Income before income tax expense | 6,521 | 5,837 | 11,381 | 11,567 | ||
Income tax expense | 1,607 | 1,423 | 2,769 | 2,778 | ||
Net Income (Loss) | 4,914 | $ 3,698 | 4,414 | $ 4,375 | 8,612 | 8,789 |
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 23,113 | 19,972 | 45,011 | 37,801 | ||
Interest expense | 7,875 | 5,798 | 15,961 | 9,109 | ||
Credit loss exposure | 1,194 | 395 | 2,140 | 938 | ||
Non-interest income | 4,841 | 4,569 | 9,716 | 8,962 | ||
Non-interest expense | 12,364 | 12,511 | 25,245 | 25,149 | ||
Income before income taxes and intercompany fees | 6,521 | 5,837 | 11,381 | 11,567 | ||
Income before income tax expense | 6,521 | 5,837 | 11,381 | 11,567 | ||
Income tax expense | 1,607 | 1,423 | 2,769 | 2,778 | ||
Net Income (Loss) | 4,914 | 4,414 | 8,612 | 8,789 | ||
Operating Segments [Member] | Community Banking Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | 23,113 | 19,972 | 45,011 | 37,801 | ||
Interest expense | 7,875 | 5,798 | 15,961 | 9,109 | ||
Credit loss exposure | 1,194 | 395 | 2,140 | 938 | ||
Non-interest income | 2,225 | 2,286 | 4,417 | 4,411 | ||
Non-interest expense | 11,015 | 11,177 | 22,609 | 22,562 | ||
Income before income taxes and intercompany fees | 5,254 | 4,887 | 8,718 | 9,603 | ||
Intercompany management fee income (expense) | 3 | 3 | 6 | 6 | ||
Income before income tax expense | 5,257 | 4,890 | 8,724 | 9,609 | ||
Income tax expense | 1,341 | 1,224 | 2,210 | 2,367 | ||
Net Income (Loss) | 3,916 | 3,666 | 6,514 | 7,242 | ||
Operating Segments [Member] | Trust and Investment Services Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Non-interest income | 2,616 | 2,283 | 5,299 | 4,551 | ||
Non-interest expense | 1,349 | 1,334 | 2,636 | 2,587 | ||
Income before income taxes and intercompany fees | 1,267 | 950 | 2,663 | 1,964 | ||
Intercompany management fee income (expense) | (3) | (3) | (6) | (6) | ||
Income before income tax expense | 1,264 | 947 | 2,657 | 1,958 | ||
Income tax expense | 266 | 199 | 559 | 411 | ||
Net Income (Loss) | $ 998 | $ 748 | $ 2,098 | $ 1,547 |