Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-35021 | |
Entity Registrant Name | EVANS BANCORP, INC. | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 16-1332767 | |
Entity Address, Address Line One | 6460 Main St. | |
Entity Address, City or Town | Williamsville | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14221 | |
City Area Code | 716 | |
Local Phone Number | 926-2000 | |
Title of 12(b) Security | Common Stock, $0.50 par value | |
Trading Symbol | EVBN | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,521,009 | |
Amendment Flag | false | |
Entity Central Index Key | 0000842518 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 13,952 | $ 19,669 |
Interest-bearing deposits at banks | 164,400 | 3,798 |
Securities: | ||
Available for sale, at fair value and net of valuation allowance (amortized cost: $326,885 at March 31, 2024; $330,725 at December 31, 2023) | 268,476 | 275,680 |
Held to maturity, at amortized cost and net of valuation allowance (fair value: $3,531 at March 31, 2024; $1,988 at December 31, 2023) | 3,611 | 2,059 |
Federal Home Loan Bank common stock, at cost | 4,384 | 4,914 |
Federal Reserve Bank common stock, at cost | 3,676 | 3,097 |
Loans, net of allowance for credit losses of $22,287 at March 31, 2024 and $22,114 at December 31, 2023 | 1,699,589 | 1,698,832 |
Properties and equipment, net of accumulated depreciation of $12,950 at March 31, 2024 and $12,538 at December 31, 2023 | 15,173 | 15,397 |
Goodwill | 1,768 | 1,768 |
Intangible assets | 90 | 94 |
Bank-owned life insurance | 43,004 | 42,758 |
Operating lease right-of-use asset | 3,945 | 3,781 |
Other assets | 37,876 | 36,816 |
TOTAL ASSETS | 2,259,944 | 2,108,663 |
Deposits: | ||
Demand | 399,558 | 390,238 |
NOW | 381,798 | 345,279 |
Savings | 715,495 | 649,621 |
Time | 394,515 | 333,623 |
Total deposits | 1,891,366 | 1,718,761 |
Securities sold under agreement to repurchase | 6,873 | 9,475 |
Other borrowings | 131,023 | 145,123 |
Operating lease liability | 4,218 | 4,063 |
Other liabilities | 20,666 | 21,845 |
Subordinated debt | 31,203 | 31,177 |
Total liabilities | 2,085,349 | 1,930,444 |
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.50 par value, 10,000,000 shares authorized; 5,603,541 and 5,601,308 shares issued at March 31, 2024 and December 31, 2023, respectively, and 5,521,009 and 5,499,772 outstanding at March 31, 2024 and December 31, 2023, respectively | 2,804 | 2,803 |
Capital surplus | 82,268 | 82,712 |
Treasury stock, at cost, 82,532 and 101,536 shares at March 31, 2024 and December 31, 2023, respectively | (2,892) | (3,656) |
Retained earnings | 137,161 | 138,631 |
Accumulated other comprehensive loss, net of tax | (44,746) | (42,271) |
Total stockholders' equity | 174,595 | 178,219 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,259,944 | $ 2,108,663 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities: | ||
Available for sale, amortized cost | $ 326,885 | $ 330,725 |
Held to maturity, fair value | 3,531 | 1,988 |
Allowance for credit losses | 22,287 | 22,114 |
Properties and equipment, accumulated depreciation | $ 12,950 | $ 12,538 |
STOCKHOLDERS' EQUITY: | ||
Common stock, par value | $ 0.50 | $ 0.50 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,603,541 | 5,601,308 |
Common stock, shares outstanding | 5,521,009 | 5,499,772 |
Treasury stock, shares | 82,532 | 101,536 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST INCOME | ||
Loans | $ 23,529 | $ 20,886 |
Interest-bearing deposits at banks | 79 | 96 |
Securities: | ||
Taxable | 1,719 | 2,294 |
Non-taxable | 47 | 89 |
Total interest income | 25,374 | 23,365 |
INTEREST EXPENSE | ||
Deposits | 9,288 | 4,015 |
Other borrowings | 1,627 | 1,499 |
Subordinated debt | 552 | 526 |
Total interest expense | 11,467 | 6,040 |
NET INTEREST INCOME | 13,907 | 17,325 |
PROVISION FOR CREDIT LOSSES | 266 | (654) |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 13,641 | 17,979 |
NON-INTEREST INCOME | ||
Deposit service charges | 681 | 613 |
Insurance service and fees | 149 | 2,429 |
Bank-owned life insurance | 246 | 224 |
Interchange fee income | 466 | 493 |
Other | 725 | 354 |
Total non-interest income | 2,267 | 4,113 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 7,837 | 9,413 |
Occupancy | 1,157 | 1,173 |
Advertising and public relations | 171 | 156 |
Professional services | 895 | 883 |
Technology and communications | 1,409 | 1,356 |
Amortization of intangibles | 4 | 100 |
FDIC insurance | 325 | 350 |
Other | 1,129 | 1,071 |
Total non-interest expense | 12,927 | 14,502 |
INCOME BEFORE INCOME TAXES | 2,981 | 7,590 |
INCOME TAX PROVISION | 647 | 1,790 |
NET INCOME | $ 2,334 | $ 5,800 |
Net income per common share-basic | $ 0.42 | $ 1.07 |
Net income per common share-diluted | $ 0.42 | $ 1.06 |
Weighted average number of common shares outstanding | 5,507,760 | 5,444,352 |
Weighted average number of diluted shares outstanding | 5,519,244 | 5,475,790 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statements Of Comprehensive (Loss) Income [Abstract] | ||
NET INCOME | $ 2,334 | $ 5,800 |
Unrealized (loss) gain on available-for-sale securities: | ||
Unrealized (loss) gain on available-for-sale securities | (2,493) | 3,635 |
Defined benefit pension plans: | ||
Amortization of prior service cost | ||
Amortization of actuarial loss | 18 | 20 |
Total | 18 | 20 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | (2,475) | 3,655 |
COMPREHENSIVE (LOSS) INCOME | $ (141) | $ 9,455 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders’ Equity - USD ($) $ in Thousands | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Capital Surplus [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Capital Surplus [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Total |
Balance at Dec. 31, 2022 | $ 2,775 | $ 2,775 | $ 81,031 | $ 81,031 | $ (2,026) | $ 121,330 | $ 123,356 | $ (49,278) | $ (49,278) | $ (3,891) | $ (3,891) | $ (2,026) | $ 151,967 | $ 153,993 |
Net income | 5,800 | 5,800 | ||||||||||||
Other comprehensive income | 3,655 | 3,655 | ||||||||||||
Cash dividends | (3,597) | (3,597) | ||||||||||||
Stock compensation expense | 306 | 306 | ||||||||||||
Reissued restricted shares | (235) | 235 | ||||||||||||
Issued restricted shares, net of forfeitures | 6 | (6) | ||||||||||||
Issued shares in stock option exercises, net | 6 | 114 | 120 | |||||||||||
Balance at Mar. 31, 2023 | 2,787 | 81,210 | 123,533 | (45,623) | (3,656) | 158,251 | ||||||||
Balance at Dec. 31, 2023 | 2,803 | 82,712 | 138,631 | (42,271) | (3,656) | 178,219 | ||||||||
Net income | 2,334 | 2,334 | ||||||||||||
Other comprehensive income | (2,475) | (2,475) | ||||||||||||
Cash dividends | (3,634) | (3,634) | ||||||||||||
Stock compensation expense | 330 | 330 | ||||||||||||
Repurchased shares of common stock | (204) | (204) | ||||||||||||
Issued shares in stock option exercises, net | 1 | 24 | 25 | |||||||||||
Reissued restricted shares, net of forfeitures | (798) | (170) | 968 | |||||||||||
Balance at Mar. 31, 2024 | $ 2,804 | $ 82,268 | $ 137,161 | $ (44,746) | $ (2,892) | $ 174,595 | ||||||||
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Stockholders’ Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statements Of Changes In Stockholders’ Equity [Abstract] | ||
Cash dividends per common share | $ 0.66 | $ 0.66 |
Reissued restricted shares | 6,228 | |
Issued restricted shares, net of forfeitures | 12,671 | |
Shares issued through stock option exercise | 2,233 | 12,421 |
Repurchased shares of common stock | 7,000 | |
Reissued restricted shares, net of forfeitures | 26,004 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES: | ||
Interest received | $ 25,129 | $ 23,428 |
Fees received | 2,101 | 5,640 |
Interest paid | (11,355) | (5,409) |
Cash paid to employees and vendors | (16,187) | (18,409) |
Income taxes paid | (1,879) | (4,967) |
Proceeds from sale of loans held for sale | 3,492 | 4,828 |
Originations of loans held for sale | (3,404) | (4,800) |
Net cash (used) provided by operating activities | (2,103) | 311 |
Available for sales securities: | ||
Proceeds from sales, maturities, calls, and payments | 3,854 | 3,333 |
Held to maturity securities: | ||
Purchases | (1,906) | (309) |
Proceeds from maturities, calls, and payments | 353 | 3,551 |
Additions to properties and equipment | (188) | (364) |
Proceeds from sales of assets | 370 | |
Net (increase) decrease in loans | (838) | 13,898 |
Net cash provided by investing activities | 1,226 | 25,546 |
FINANCING ACTIVITIES: | ||
Proceeds from long-term borrowings | 40,000 | |
Repayment from long-term borrowings | (3,077) | (8,685) |
Repayments from short-term borrowings, net | (53,602) | (102,484) |
Net increase in deposits | 172,620 | 78,242 |
Repurchase of treasury stock | (204) | |
Issuance of common stock | 25 | 120 |
Net cash provided (used in) by financing activities | 155,762 | (32,807) |
Net increase (decrease) in cash and cash equivalents | 154,885 | (6,950) |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 23,467 | 23,054 |
End of period | 178,352 | 16,104 |
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | ||
Net income | 2,334 | 5,800 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 301 | 387 |
Deferred tax expense | 56 | 252 |
Provision for credit losses | 266 | (654) |
Loss on sales of assets | 31 | |
Gain on loans sold | (87) | (26) |
Stock compensation expense | 330 | 306 |
Proceeds from sale of loans held for sale | 3,492 | 4,828 |
Originations of loans held for sale | (3,404) | (4,800) |
Changes in assets and liabilities affecting cash flow: | ||
Other assets | (750) | (7,199) |
Other liabilities | (4,641) | 1,386 |
Net cash (used) provided by operating activities | $ (2,103) | $ 311 |
Organization And Summary Of Sig
Organization And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Organization And Summary Of Significant Accounting Policies [Abstract] | |
Organization And Summary Of Significant Accounting Policies | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies followed by Evans Bancorp, Inc. (the “Company”), a financial holding company, and its two direct, wholly-owned subsidiaries: (i) Evans Bank, National Association (the “Bank”), and the Bank’s subsidiary, Evans National Holding Corp. (“ENHC”); and (ii) Evans National Financial Services, LLC (“ENFS”), and ENFS’s subsidiary, The Evans Agency, LLC (“TEA”), in the preparation of the accompanying interim unaudited consolidated financial statements conform with U.S. generally accepted accounting principles (“GAAP”) and with general practice within the industries in which it operates. Unless the context otherwise requires, the term “Company” refers collectively to Evans Bancorp, Inc. and its subsidiaries. The Company conducts its business through its subsidiaries. It does not engage in other substantial business. On November 30, 2023 the Company sold substantially all of the assets of TEA to Gallagher and ceased its insurance business for the Company. For comparative purposes it should be noted that insurance business activity from TEA is included within prior year balances throughout this Quarterly Report on Form 10-Q. For further information on the sale of TEA see Note 2 to the Company’s Consolidated Financial Statements included under Item 8 of the 2023 Annual Report on Form 10-K. The Financial Accounting Standards Board (“FASB”) establishes changes to GAAP in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs when they are issued by FASB. ASUs adopted by the Company during the current fiscal year are not expected to have a material impact on the Company’s consolidated financial position, results of operations, cash flows or disclosures. The results of operations for the three month period ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the Audited Consolidated Financial Statements and the Notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “10-K”). |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Securities [Abstract] | |
Securities | 2. SECURITIES The amortized cost of securities and their approximate fair value at March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 (in thousands) Amortized Unrealized Fair Cost Gains Losses Value Available for Sale: Debt securities: U.S. treasuries and government agencies $ 113,196 $ - $ ( 19,153 ) $ 94,043 States and political subdivisions 6,255 1 ( 266 ) 5,990 Total debt securities 119,451 1 ( 19,419 ) 100,033 Mortgage-backed securities: FNMA $ 65,334 $ - $ ( 12,240 ) $ 53,094 FHLMC 36,241 - ( 5,947 ) 30,294 GNMA 38,466 - ( 7,937 ) 30,529 SBA 20,239 - ( 2,484 ) 17,755 CMO 47,154 - ( 10,383 ) 36,771 Total mortgage-backed securities $ 207,434 $ - $ ( 38,991 ) $ 168,443 Total securities designated as available for sale $ 326,885 $ 1 $ ( 58,410 ) $ 268,476 Held to Maturity: Debt securities States and political subdivisions $ 3,611 $ - $ ( 80 ) $ 3,531 Total securities designated as held to maturity $ 3,611 $ - $ ( 80 ) $ 3,531 December 31, 2023 (in thousands) Amortized Unrealized Fair Cost Gains Losses Value Available for Sale: Debt securities: U.S. treasuries and government agencies $ 114,152 $ - $ ( 17,912 ) $ 96,240 States and political subdivisions 6,258 2 ( 231 ) 6,029 Total debt securities 120,410 2 ( 18,143 ) 102,269 Mortgage-backed securities: FNMA $ 66,262 $ 2 $ ( 11,294 ) $ 54,970 FHLMC 36,743 - ( 5,569 ) 31,174 GNMA 38,793 - ( 7,683 ) 31,110 SBA 20,776 - ( 2,291 ) 18,485 CMO 47,741 - ( 10,069 ) 37,672 Total mortgage-backed securities $ 210,315 $ 2 $ ( 36,906 ) $ 173,411 Total securities designated as available for sale $ 330,725 $ 4 $ ( 55,049 ) $ 275,680 Held to Maturity: Debt securities States and political subdivisions $ 2,059 $ 1 $ ( 72 ) $ 1,988 Total securities designated as held to maturity $ 2,059 $ 1 $ ( 72 ) $ 1,988 Available for sale securities with a total fair value of $ 114 million and $ 172 million were pledged as collateral to secure public deposits and for other purposes required or permitted by law at March 31, 2024 and December 31, 2023, respectively. The scheduled maturities of debt and mortgage-backed securities at March 31, 2024 are summarized below. All maturity amounts are contractual maturities. Actual maturities may differ from contractual maturities because certain issuers have the right to call or prepay obligations with or without call premiums. March 31, 2024 Amortized Estimated cost fair value (in thousands) Debt securities available for sale: Due in one year or less $ 4,750 $ 4,729 Due after one year through five years 42,025 38,344 Due after five years through ten years 48,680 40,278 Due after ten years 23,996 16,682 $ 119,451 $ 100,033 Mortgage-backed securities available for sale $ 207,434 $ 168,443 Total $ 326,885 $ 268,476 Debt securities held to maturity: Due in one year or less $ 2,946 $ 2,944 Due after one year through five years 295 276 Due after five years through ten years 370 311 Due after ten years - - Total $ 3,611 $ 3,531 Contractual maturities of the Company’s mortgage-backed securities generally exceed ten years ; however, the effective lives may be significantly shorter due to prepayments of the underlying loans and due to the nature of these securities. There were no gross realized gains or losses from sales of investment securities for the three month periods ended March 31, 2024 and 2023. Management has assessed the securities available for sale in an unrealized loss position at March 31, 2024 and determined that it expected to recover the amortized cost basis of its securities. As of March 31, 2024, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired securities before recovery of their amortized cost. Management believes the decline in fair value is primarily related to market interest rate fluctuations and not to the credit deterioration of the individual issuers. As a result, the Company does not hold an allowance for credit losses relating to securities. The Company holds no securities backed by sub-prime or Alt-A residential mortgages or commercial mortgages and also does not hold any trust-preferred securities. The creditworthiness of the Company’s portfolio is largely reliant on the ability of U.S. government agencies such as Federal Home Loan Bank (“FHLB”), Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”), and municipalities throughout New York State to meet their obligations. In addition, dysfunctional markets could materially alter the liquidity, interest rate, and pricing risk of the portfolio. The stable past performance is not a guarantee for similar performance going forward. Information regarding unrealized losses within the Company’s available for sale and held to maturity securities at March 31, 2024 and December 31, 2023 is summarized below. The securities are primarily U.S. government sponsored entities securities or municipal securities. All unrealized losses are related to market interest rate fluctuations and not indicative of credit loss. March 31, 2024 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Available for Sale: Debt securities: U.S. treasuries and government agencies $ - $ - $ 94,043 $ ( 19,153 ) $ 94,043 $ ( 19,153 ) States and political subdivisions 196 ( 4 ) 4,838 ( 262 ) 5,034 ( 266 ) Total debt securities 196 ( 4 ) 98,881 ( 19,415 ) 99,077 ( 19,419 ) Mortgage-backed securities: FNMA $ 74 $ - $ 52,965 $ ( 12,240 ) $ 53,039 $ ( 12,240 ) FHLMC 89 - 30,173 ( 5,947 ) 30,262 ( 5,947 ) GNMA - - 30,529 ( 7,937 ) 30,529 ( 7,937 ) SBA - - 17,755 ( 2,484 ) 17,755 ( 2,484 ) CMO - - 36,771 ( 10,383 ) 36,771 ( 10,383 ) Total mortgage-backed securities $ 163 $ - $ 168,193 $ ( 38,991 ) $ 168,356 $ ( 38,991 ) Held to Maturity: Debt securities: States and political subdivisions $ 2,945 $ ( 2 ) $ 586 $ ( 78 ) $ 3,531 $ ( 80 ) Total temporarily impaired securities $ 3,304 $ ( 6 ) $ 267,660 $ ( 58,484 ) $ 270,964 $ ( 58,490 ) December 31, 2023 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Available for Sale: Debt securities: U.S. treasuries and government agencies $ - - $ 95,240 ( 17,912 ) $ 95,240 $ ( 17,912 ) States and political subdivisions 878 ( 2 ) 4,194 ( 229 ) 5,072 ( 231 ) Total debt securities 878 ( 2 ) 99,434 ( 18,141 ) 100,312 ( 18,143 ) Mortgage-backed securities: FNMA $ - - $ 54,831 ( 11,294 ) $ 54,831 $ ( 11,294 ) FHLMC - - 31,174 ( 5,569 ) 31,174 ( 5,569 ) GNMA - - 31,110 ( 7,683 ) 31,110 ( 7,683 ) SBA - - 18,485 ( 2,291 ) 18,485 ( 2,291 ) CMO - - 37,674 ( 10,069 ) 37,674 ( 10,069 ) Total mortgage-backed securities $ - $ - $ 173,274 $ ( 36,906 ) $ 173,274 $ ( 36,906 ) Held to Maturity: Debt securities: States and political subdivisions $ 444 $ ( 1 ) $ 643 $ ( 71 ) $ 1,087 $ ( 72 ) Total temporarily impaired securities $ 1,322 $ ( 3 ) $ 273,351 $ ( 55,118 ) $ 274,673 $ ( 55,121 ) |
Loans And The Allowance For Cre
Loans And The Allowance For Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Loans And The Allowance For Credit Losses [Abstract] | |
Loans And The Allowance For Credit Losses | 3. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES Loan Portfolio Composition The following table presents selected information on the composition of the Company’s loan portfolio as of the dates indicated: March 31, 2024 December 31, 2023 Mortgage loans on real estate: (in thousands) Residential mortgages $ 440,675 $ 443,788 Commercial and multi-family 857,107 854,565 Construction-Residential 3,489 3,255 Construction-Commercial 114,869 114,623 Home equities 80,120 81,412 Total real estate loans 1,496,260 1,497,643 Commercial and industrial loans 225,947 223,100 Consumer and other loans 776 1,066 Unaccreted yield adjustments* ( 1,107 ) ( 863 ) Total gross loans 1,721,876 1,720,946 Allowance for credit losses ( 22,287 ) ( 22,114 ) Loans, net $ 1,699,589 $ 1,698,832 * Includes net premiums and discounts on acquired loans and net deferred fees and costs on loans originated. As of March 31, 2024, the outstanding principal balance and the carrying amount of acquired credit-deteriorated loans totaled $ 0.8 million, and $ 0.7 million, respectively. There were no valuation allowances for specifically identified impairment attributable to acquired credit-impaired loans at March 31, 2024. There were $ 944 million and $ 566 million in residential and commercial mortgage loans pledged to FHLBNY to serve as collateral for potential borrowings as of March 31, 2024 and December 31, 2023, respectively. The Company may also sell certain fixed rate residential mortgages to FNMA, FHLMC and FHLB while maintaining the servicing rights for those mortgages. At March 31, 2024 and December 31, 2023, the Company had loan servicing portfolio principal balances of $ 114 million and $ 113 million, respectively, upon which it earned servicing fees. In the three month period ended March 31, 2024, the Company sold $ 3.4 million of residential mortgages compared with $ 1.3 million in the three months ended March 31, 2023. The fair value of the mortgage servicing rights for that portfolio was $ 1.1 million at each of March 31, 2024 and December 31, 2023. There were no residential mortgages held for sale at March 31, 2024 and December 31, 2023. Credit Quality Indicators The Company monitors the credit risk in its loan portfolio by reviewing certain credit quality indicators (“CQI”). The primary CQI for the commercial mortgage and commercial and industrial portfolios is the individual loan’s credit risk rating. The following list provides a description of the credit risk ratings that are used internally by the Bank when assessing the adequacy of its allowance for credit losses: Acceptable or better Watch Special Mention Substandard Doubtful Loss “Special mention” and “substandard” loans are weaker credits with a higher risk of loss and are categorized as “criticized” assets. The Company’s consumer loans, including residential mortgages and home equities, are not individually risk rated or reviewed in the Company’s loan review process. Unlike commercial customers, consumer loan customers are not required to provide the Company with updated financial information. Consumer loans also carry smaller balances. Given the lack of updated information after the initial underwriting of the loan and small size of individual loans, the Company uses delinquency status as the primary credit quality indicator for consumer loans. However, once a consumer loan is identified as impaired, it is individually evaluated for impairment. The following tables summarize amortized cost of loans by year of origination and internally assigned credit grades: (in thousands) Term Loans Amortized Cost Basis by Origination Year As of March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial loans Risk rating Pass $ 14,680 $ 22,780 $ 37,089 $ 19,383 $ 11,442 $ 11,929 $ 82,532 $ 199,835 Special Mention - 947 2,516 2,666 820 1,337 13,567 21,853 Substandard - - 450 2 427 342 3,027 4,248 Doubtful/Loss - - - - - - - - Total $ 14,680 $ 23,727 $ 40,055 $ 22,051 $ 12,689 $ 13,608 $ 99,126 $ 225,936 Current period gross writeoffs $ - $ 59 $ - $ - $ - $ 8 $ - $ 67 Commercial real estate mortgages* Risk rating Pass $ 14,168 $ 144,191 $ 194,358 $ 157,281 $ 95,303 $ 322,479 $ - $ 927,780 Special Mention - - 4,008 393 - 14,727 - 19,128 Substandard - - 4,756 11,672 - 8,590 - 25,018 Doubtful/Loss - - - - - - - - Total $ 14,168 $ 144,191 $ 203,122 $ 169,346 $ 95,303 $ 345,796 $ - $ 971,926 Current period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Consumer and other Payment performance Performing $ 146 $ 527 $ 156 $ 24 $ 10 $ 23 $ 124 $ 1,010 Nonperforming - - - - - - - - Total $ 146 $ 527 $ 156 $ 24 $ 10 $ 23 $ 124 $ 1,010 Current period gross writeoffs $ 31 $ 3 $ - $ - $ - $ - $ - $ 34 Residential mortgages* Payment performance Performing $ 6,679 $ 36,281 $ 71,441 $ 98,508 $ 68,276 $ 158,033 $ - $ 439,218 Nonperforming - 365 263 571 129 3,523 - 4,851 Total $ 6,679 $ 36,646 $ 71,704 $ 99,079 $ 68,405 $ 161,556 $ - $ 444,069 Current period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Home equities Payment performance Performing $ 926 $ 7,343 $ 2,668 $ 559 $ 556 $ 2,541 $ 63,723 $ 78,316 Nonperforming - - - - - 1 618 619 Total $ 926 $ 7,343 $ 2,668 $ 559 $ 556 $ 2,542 $ 64,341 $ 78,935 Current period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - *Includes construction loans (in thousands) Term Loans Amortized Cost Basis by Origination Year As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial loans Risk rating Pass $ 24,338 $ 42,967 $ 21,614 $ 12,174 $ 5,686 $ 6,539 $ 86,459 $ 199,777 Special Mention 10 1,955 2,739 510 268 1,867 11,705 19,054 Substandard - 2 3 460 - 838 2,955 4,258 Doubtful/Loss - - - - - - - - Total $ 24,348 $ 44,924 $ 24,356 $ 13,144 $ 5,954 $ 9,244 $ 101,119 $ 223,089 Current period gross writeoffs $ - $ - $ - $ - $ 4 $ 3 $ - $ 7 Commercial real estate mortgages* Risk rating Pass $ 132,525 $ 194,197 $ 169,943 $ 95,264 $ 66,243 $ 263,628 $ - $ 921,800 Special Mention - 6,634 397 861 9,988 8,094 - 25,974 Substandard - - 11,737 - 6,733 3,617 - 22,087 Doubtful/Loss - - - - - - - - Total $ 132,525 $ 200,831 $ 182,077 $ 96,125 $ 82,964 $ 275,339 $ - $ 969,861 Current period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Consumer and other Payment performance Performing $ 597 $ 176 $ 27 $ 12 $ 13 $ 20 $ 144 $ 989 Nonperforming - - - - - - - - Total $ 597 $ 176 $ 27 $ 12 $ 13 $ 20 $ 144 $ 989 Current period gross writeoffs $ 145 $ 18 $ 1 $ - $ - $ 1 $ - $ 165 Residential mortgages* Payment performance Performing $ 37,536 $ 72,624 $ 100,308 $ 69,454 $ 17,829 $ 144,499 $ - $ 442,250 Nonperforming 156 270 576 351 204 3,044 - 4,601 Total $ 37,692 $ 72,894 $ 100,884 $ 69,805 $ 18,033 $ 147,543 $ - $ 446,851 Current period gross writeoffs $ - $ - $ - $ 1 $ - $ - $ - $ 1 Home equities Payment performance Performing $ 7,833 $ 2,768 $ 590 $ 588 $ 571 $ 2,126 $ 65,165 $ 79,641 Nonperforming - - - - - 1 514 515 Total $ 7,833 $ 2,768 $ 590 $ 588 $ 571 $ 2,127 $ 65,679 $ 80,156 Current period gross writeoffs $ - $ - $ - $ - $ - $ 25 $ - $ 25 *Includes construction loans The amortized cost of criticized assets of $ 70 million included $ 13 million of loans in the Company’s hotel loan portfolio at March 31, 2024. At December 31, 2023 the amortized cost of criticized assets was $ 72 million including $ 19 million of loans in the Company’s hotel loan portfolio. Past Due Loans The following tables provide an analysis of the age of the amortized cost of loans that are past due as of the dates indicated: March 31, 2024 (in thousands) Current Non-accruing Total Balance 30-59 days 60-89 days 90+ days Loans Balance Commercial and industrial $ 220,075 $ 4,138 $ 23 $ - $ 1,700 $ 225,936 Residential real estate: Residential 434,341 1,388 - - 4,851 440,580 Construction 3,489 - - - - 3,489 Commercial real estate: Commercial 818,818 18,374 - 828 18,755 856,775 Construction 113,883 - - - 1,268 115,151 Home equities 77,239 920 157 - 619 78,935 Consumer and other 987 7 16 - - 1,010 Total Loans $ 1,668,832 $ 24,827 $ 196 $ 828 $ 27,193 $ 1,721,876 December 31, 2023 (in thousands) Current Non-accruing Total Balance 30-59 days 60-89 days 90+ days Loans Balance Commercial and industrial $ 220,602 $ 518 $ 130 $ - $ 1,839 $ 223,089 Residential real estate: Residential 437,471 1,173 341 - 4,602 443,587 Construction 3,264 - - - - 3,264 Commercial real estate: Commercial 831,375 4,360 - 134 19,000 854,869 Construction 110,727 2,326 671 - 1,268 114,992 Home equities 77,080 1,906 655 - 515 80,156 Consumer and other 959 27 3 - - 989 Total Loans $ 1,681,478 $ 10,310 $ 1,800 $ 134 $ 27,224 $ 1,720,946 Allowance for Credit losses ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments requires an allowance for credit losses to be deducted from the amortized cost basis of financial assets to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset. In determining the allowance for credit losses, accruing loans with similar risk characteristics are generally evaluated collectively. The Company utilizes discounted cash flow models considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount to project principal balances over the remaining contractual lives of the loan portfolios and to determine estimated credit losses through a reasonable and supportable forecast period. The models have been statistically developed based on historical correlations of credit losses with prevailing economic metrics, including unemployment and gross domestic product. The Company utilizes a reasonable and supportable forecast period of one year. Subsequent to this forecast period the Company reverts, on a straight-line basis over a one-year period, to historical loss experience to inform its estimate of losses for the remaining contractual life of each portfolio. Model forecasts may be adjusted for inherent limitations of biases that have been identified through independent validation and back-testing of model performance to actual realized results. The Company also considered the impact of qualitative factors, including portfolio concentrations, changes in underwriting practices, imprecision in its economic forecasts, geopolitical conditions and other risk factors that might influence its loss estimation process. The Company also estimates losses attributable to specific troubled credits identified through both normal and targeted credit review processes and includes all loans on nonaccrual status. The amounts of individually analyzed losses are determined through a loan-by-loan analysis. Such loss estimates are typically based on expected future cash flows, collateral values and other factors that may impact the borrower’s ability to pay. To the extent that those loans are collateral-dependent, they are evaluated based on recent estimations of the fair value of the loan’s collateral. In those cases where current appraisals may not yet be available, prior appraisals are utilized with adjustments, as deemed necessary, for estimates of subsequent declines in values as determined by line of business and/or loan workout personnel. Those adjustments are reviewed and assessed for reasonableness by the Company’s credit risk personnel. Accordingly, for real estate collateral securing larger nonaccrual commercial loans and commercial real estate loans, estimated collateral values are based on current appraisals and estimates of value. For non-real estate loans, collateral is assigned a discounted estimated liquidation value and, depending on the nature of the collateral, is verified through field exams or other procedures. In assessing collateral, real estate and non-real estate values are reduced by an estimate of selling costs. Charge-offs are based on recent indications of value from external parties that are generally obtained shortly after a loan becomes nonaccrual. Loans to consumers that file for bankruptcy are generally charged-off to estimated net collateral value shortly after the Company is notified of such filings. When evaluating individual home equity loans and lines of credit for charge off and for purposes of estimating losses in determining the allowance for credit losses, the Company considers the required repayment of any first lien positions related to collateral property. The following tables present the activity in the allowance for credit losses according to portfolio segment for the three month periods ended March 31, 2024 and 2023. Three months ended March 31, 2024 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities Total Allowance for credit losses: Beginning balance $ 5,241 $ 12,548 $ 8 $ 3,883 $ 434 $ 22,114 Charge-offs ( 67 ) - ( 34 ) - - ( 101 ) Recoveries 2 - 3 3 - 8 Provision 139 ( 1 ) 32 177 ( 81 ) 266 Ending balance $ 5,315 $ 12,547 $ 9 $ 4,063 $ 353 $ 22,287 *Includes construction loans Three months ended March 31, 2023 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities Total Allowance for credit losses: Beginning balance $ 4,980 $ 11,595 $ 153 $ 2,102 $ 608 $ 19,438 Adoption of new accounting standard 324 1,145 ( 147 ) 1,618 ( 205 ) 2,735 Beginning balance after cumulative effect adjustment $ 5,304 $ 12,740 $ 6 $ 3,720 $ 403 $ 22,173 Charge-offs - - ( 30 ) - - ( 30 ) Recoveries 30 - 4 - - 34 Provision ( 67 ) ( 186 ) 24 ( 342 ) ( 83 ) ( 654 ) Ending balance $ 5,267 $ 12,554 $ 4 $ 3,378 $ 320 $ 21,523 * Includes construction loans The following tables present the allowance for credit losses and recorded investment on loans by segment as of March 31, 2024 and December 31, 2023: March 31, 2024 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities Total Allowance for credit losses: Ending balance: Individually evaluated for impairment 53 719 - 13 - 785 Collectively evaluated for impairment 5,262 11,828 9 4,050 353 21,502 Total $ 5,315 $ 12,547 $ 9 $ 4,063 $ 353 $ 22,287 Loans: Ending balance: Individually evaluated for impairment 2,107 22,810 - 5,356 906 31,179 Collectively evaluated for impairment 223,840 949,166 776 438,808 79,214 1,691,804 Total $ 225,947 $ 971,976 $ 776 $ 444,164 $ 80,120 $ 1,722,983 * Includes construction loans December 31, 2023 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities Total Allowance for credit losses: Ending balance: Individually evaluated for impairment 36 719 - - - 755 Collectively evaluated for impairment 5,205 11,829 8 3,883 434 21,359 Total $ 5,241 $ 12,548 $ 8 $ 3,883 $ 434 $ 22,114 Loans: Ending balance: Individually evaluated for impairment 1,869 23,044 - 5,146 761 30,820 Collectively evaluated for impairment 221,231 946,144 1,066 441,897 80,651 1,690,989 Total $ 223,100 $ 969,188 $ 1,066 $ 447,043 $ 81,412 $ 1,721,809 * Includes construction loans The Company’s reserve for off-balance sheet credit exposures was not material at March 31, 2024 and December 31, 2023. Nonaccrual Loans The following tables provide amortized costs, at the class level, for nonaccrual loans as of the dates indicated: Three Months Ended March 31, 2024 March 31, 2024 Amortized Cost with Allowance Amortized Cost without Allowance Total Interest Income Recognized (in thousands) Commercial and industrial $ 66 $ 1,634 $ 1,700 $ - Residential real estate: Residential 160 4,691 4,851 3 Construction - - - - Commercial real estate: Commercial 6,569 12,186 18,755 - Construction 1,268 - 1,268 - Home equities - 619 619 2 Consumer and other - - - - Total nonaccrual loans $ 8,063 $ 19,130 $ 27,193 $ 5 Three Months Ended March 31, 2023 March 31, 2023 Amortized Cost with Allowance Amortized Cost without Allowance Total Interest Income Recognized (in thousands) Commercial and industrial $ - $ 2,520 $ 2,520 $ - Residential real estate: Residential 151 3,720 3,871 8 Construction - - - - Commercial real estate: Commercial - 6,561 6,561 - Construction 1,301 7,265 8,566 - Home equities 29 418 447 - Consumer and other - - - - Total nonaccrual loans $ 1,481 $ 20,484 $ 21,965 $ 8 Collateral-dependent loans are loans that we expect the repayment to be provided substantially through the operation or sale of the collateral of the loan and we have determined that the borrower is experiencing financial difficulty. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for selling costs. As of March 31, 2024 and December 31, 2023, there were $ 27 million of collateral-dependent loans, secured mainly by real estate and equipment. There have been no significant changes to the collateral that secures the collateral-dependent assets. Modifications to Borrowers Experiencing Financial Difficulty The amendments in ASU 2022-02 eliminated the recognition and measurement of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. The table below details the amortized cost of gross loans held for investment made to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2024 and March 31,2023: March 31, 2024 March 31, 2023 (in thousands) Term Extension Total Class of Receivable Term Extension Total Class of Receivable Commercial and industrial $ - - % $ - - % Residential real estate: Residential 319 0.07 104 0.00 Construction - - - - Commercial real estate: Commercial - - - - Construction - - - - Home equities - - - - Consumer and other - - - - - - Total nonaccrual loans $ 319 0.02 % $ 104 0.00 % The financial impacts of the residential mortgage modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024 was a maturity extension of six months. Residential mortgage loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2023 were maturity extensions ranging from 159 months to 164 months. The company has no t committed to lend any additional amounts to the borrowers included in the previous table. As of March 31, 2024 and March 31, 2023, the Company did no t have any loans made to borrowers experiencing financial difficulty that were modified during the first three months of 2024 and 2023 that subsequently defaulted. Payment default is defined as movement to nonperforming status, foreclosure or charge-off, whichever occurs first. The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The payment status of all loans modified to borrowers experiencing financial difficulties were current during the first three months of 2024 and 2023. |
Common Equity And Earnings Per
Common Equity And Earnings Per Share Data | 3 Months Ended |
Mar. 31, 2024 | |
Common Equity And Earnings Per Share Data [Abstract] | |
Common Equity And Earnings Per Share Data | 4. COMMON EQUITY AND EARNINGS PER SHARE DATA The common stock per share information is based upon the weighted average number of shares outstanding during each period. For the three month periods ended March 31, 2024 and 2023 the Company had an average of 11,484 and 31,438 dilutive shares outstanding, respectively. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive and not included in calculating diluted earnings per share. For the three month periods ended March 31, 2024 and 2023, there was an average of 78,080 and 53,910 potentially anti-dilutive shares outstanding, respectively. Potentially anti-dilutive shares outstanding were not included in calculating diluted earnings per share because their effect was anti-dilutive. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 5. OTHER COMPREHENSIVE INCOME (LOSS) The following tables summarize the changes in the components of accumulated other comprehensive income (loss) during the three month periods ended March 31, 2024 and 2023: Balance at December 31, 2023 Net Change Balance at March 31, 2024 (in thousands) Net unrealized loss on investment securities $ ( 40,741 ) $ ( 2,493 ) $ ( 43,234 ) Net defined benefit pension plan adjustments ( 1,530 ) 18 ( 1,512 ) Total $ ( 42,271 ) $ ( 2,475 ) $ ( 44,746 ) Balance at December 31, 2022 Net Change Balance at March 31, 2023 (in thousands) Net unrealized loss on investment securities $ ( 47,348 ) $ 3,635 $ ( 43,713 ) Net defined benefit pension plan adjustments ( 1,930 ) 20 ( 1,910 ) Total $ ( 49,278 ) $ 3,655 $ ( 45,623 ) Three months ended March 31, 2024 Three months ended March 31, 2023 (in thousands) (in thousands) Before-Tax Amount Income Tax (Provision) Benefit Net-of-Tax Amount Before-Tax Amount Income Tax (Provision) Benefit Net-of-Tax Amount Unrealized (loss) gain on investment securities: Unrealized (loss) gain on investment securities $ ( 3,364 ) $ 871 $ ( 2,493 ) $ 4,884 $ ( 1,249 ) $ 3,635 Defined benefit pension plan adjustments: Amortization of prior service cost - - - - - - Amortization of actuarial loss 25 ( 7 ) 18 27 ( 7 ) 20 Net change 25 ( 7 ) 18 27 ( 7 ) 20 Other comprehensive (loss) income $ ( 3,339 ) $ 864 $ ( 2,475 ) $ 4,911 $ ( 1,256 ) $ 3,655 |
Net Periodic Benefit Costs
Net Periodic Benefit Costs | 3 Months Ended |
Mar. 31, 2024 | |
Employee Benefits And Deferred Compensation Plans [Abstract] | |
Net Periodic Benefit Costs | 6. NET PERIODIC BENEFIT COSTS On January 31, 2008, the Bank froze its defined benefit pension plan. The plan covered substantially all Bank employees. The plan provides benefits that are based on the employees’ compensation and years of service. Under the freeze, eligible employees will receive, at retirement, the benefits already earned through January 31, 2008, but have not accrued any additional benefits since then. As a result, service cost is no longer incurred. The Bank uses an actuarial method of amortizing prior service cost and unrecognized net gains or losses which result from actual expense and assumptions being different than those that are projected. The amortization method the Bank used recognized the prior service cost and net gains or losses over the average remaining service period of active employees. The Bank also maintains a nonqualified supplemental executive retirement plan covering certain members of the Company’s senior management. The Bank uses an actuarial method of amortizing unrecognized net gains or losses which result from actual expense and assumptions being different than those that are projected. The amortization method the Bank uses recognizes the net gains or losses over the average remaining service period of active employees. The following table presents the net periodic cost for the Bank’s defined benefit pension plan and supplemental executive retirement plan for the three month period ended March 31, 2024 and 2023: Three months ended March 31, (in thousands) Supplemental Executive Pension Benefits Retirement Plan 2024 2023 2024 2023 Service cost $ - $ - $ 31 $ 36 Interest cost 57 62 63 62 Expected return on plan assets ( 64 ) ( 67 ) - - Amortization of prior service cost - - - - Amortization of the net loss 25 27 - - Net periodic cost (benefit) $ 18 $ 22 $ 94 $ 98 The components of net periodic cost other than the service cost component are included in the line item “other expense” in the income statement. |
Revenue Recognition Of Non-Inte
Revenue Recognition Of Non-Interest Income | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition Of Non-Interest Income [Abstract] | |
Revenue Recognition Of Non-Interest Income | 7. REVENUE RECOGNITION OF NON-INTEREST INCOME Insurance Service and Fees: Insurance services revenue relates to various revenue streams from services provided by TEA and the Bank. As a result of the sale of TEA, insurance services revenue recognized during 2024 is a result of services provided by the Banks’ wealth management department. TEA and the Bank’s wealth management activity are both included in the comparative 2023 balances. See Note 2 to the Company’s Consolidated Financial Statements included under Item 8 of the 2023 Annual Report on Form 10-K for more information on the sale of TEA. A description of the Company’s material revenue streams in non-interest income accounted for under ASC 606 follows: TEA earned commission revenue from selling commercial and personal property and casualty (“P&C”) insurance as well as employee benefits solutions to commercial customers. TEA had agreements with various insurance companies to sell policies to customers on behalf of the carriers. The performance obligation for TEA is to sell annual P&C policies to commercial customers and consumers. This performance obligation is met when a new policy is sold or when an existing policy renews. The policies are generally one year terms. In the agreements with the respective insurance companies, a commission rate is agreed upon. The commission is recognized at the time of the sale of the policy or when a policy renews. TEA has signed contracts with insurance carriers that enable TEA to sell benefit plans to commercial customers on behalf of the insurance carriers. The performance obligation for TEA is to sell the plans to commercial customers. After the initial sale when the customer signs an agreement to purchase the offered benefit plan, the performance obligation is met each month when a customer continues utilizing benefit plans from the carrier. The customer does not commit to a specific length of time with the carrier. In the agreements with the respective insurance companies, a commission rate is agreed upon. Revenue is recognized each month when the customer continues with the benefit plan sold by TEA. TEA also earns contingent profit sharing revenue. The insurance companies measure the loss ratio for TEA’s customers and pay TEA according to how profitable TEA customers are. TEA has signed written agreements with insurance carriers that document payouts to TEA based on the loss ratios of its customers. The performance obligation for TEA is to maintain a customer base with loss ratios below the agreed upon thresholds. In the contracts with the insurance companies, payout rates based on loss ratios are documented. The consideration is variable as loss ratios vary based on customer experience. TEA’s performance obligation is over the course of the year as its customers’ performance with insurance carriers is measured throughout the year as losses occur. Due to the variable nature of contingent profit sharing revenue, TEA will accrue contingent profit sharing revenue throughout the year based on recent historical results. As loss events occur and overall performance becomes known to TEA, accrual adjustments will be made until the cash is ultimately received. Financial services commission revenue from the Bank related to wealth management such as life insurance, annuities, and mutual funds sales is also included in the “insurance service and fees” line of the income statement. The Company earns wealth management fees from its contracts with customers for certain financial services. Fees that are transaction-based are recognized at the point in time that the transaction is executed. Other related services provided include financial planning services and the fees the Bank earns are recognized when the services are rendered. A disaggregation of the total insurance service and other fees for the three months ended March 31, 2024 and 2023 is provided in the tables below: Three months ended March 31, 2024 2023 (in thousands) Commercial property and casualty insurance commissions $ - $ 889 Personal property and casualty insurance commissions - 739 Employee benefits sales commissions - 194 Profit sharing and contingent revenue - 427 Wealth management and other financial services 149 127 Other insurance-related revenue - 53 Total insurance service and other fees $ 149 $ 2,429 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 8. FAIR VALUE MEASUREMENT Fair value is defined in ASC Topic 820 “Fair Value Measurement” as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels of inputs to fair value measurement: Level 1 inputs are quoted prices for identical instruments in active markets; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs. Observable market data should be used when available. FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON A RECURRING BASIS The following table presents, for each of the fair-value hierarchy levels as defined in this footnote, those financial instruments which are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, respectively: (in thousands) Level 1 Level 2 Level 3 Fair Value March 31, 2024 Securities available-for-sale: US treasuries and government agencies $ - $ 94,043 $ - $ 94,043 States and political subdivisions - 5,990 - 5,990 Mortgage-backed securities - 168,443 - 168,443 December 31, 2023 Securities available-for-sale: US treasuries and government agencies $ - $ 96,240 $ - $ 96,240 States and political subdivisions - 6,029 - 6,029 Mortgage-backed securities - 173,411 - 173,411 Securities available for sale Fair values for available for sale securities are determined using independent pricing services and market-participating brokers. The Company utilizes a third-party for these pricing services. The third-party utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the third-party service provider’s evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. In addition, our third-party pricing service provider uses model processes, such as the Option Adjusted Spread model, to assess interest rate impact and develop prepayment scenarios. The models and the process take into account market convention. For each asset class, a team of evaluators gathers information from market sources and integrates relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models. The third-party, at times, may determine that it does not have sufficient verifiable information to value a particular security. In these cases the Company will utilize valuations from another pricing service. On a quarterly basis the Company reviews changes, as submitted by our third-party pricing service provider, in the market value of its securities portfolio. Individual changes in valuations are reviewed for consistency with general interest rate movements and any known credit concerns for specific securities. Additionally, on a quarterly basis the Company has its entire securities portfolio priced by a second pricing service to determine consistency with another market evaluator. If, on the Company’s review or in comparing with another servicer, a material difference between pricing evaluations were to exist, the Company may submit an inquiry to our third-party pricing service provider regarding the data used to value a particular security. If the Company determines it has market information that would support a different valuation than our third-party service provider’s evaluation it can submit a challenge for a change to that security’s valuation. Securities available for sale are classified as Level 2 in the fair value hierarchy as the valuation provided by the third-party provider uses observable market data. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A NONRECURRING BASIS The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements. The following table presents for each of the fair-value hierarchy levels as defined in this footnote, those financial instruments which are measured at fair value on a nonrecurring basis March 31, 2024 and December 31, 2023: (in thousands) Level 1 Level 2 Level 3 Fair Value March 31, 2024 Collateral dependent individually analyzed loans $ - $ - $ 7,273 $ 7,273 December 31, 2023 Collateral dependent individually analyzed loans $ - $ - $ 7,147 $ 7,147 Individually analyzed loans Collateral dependent loans carried at fair value have been partially charged-off or receive individually analyzed allocations of the allowance for credit losses. The Company evaluates and values collateral dependent individually analyzed loans at the time the loan is identified to be individually analyzed, and the fair values of such loans are estimated using Level 3 inputs in the fair value hierarchy. Each loan’s collateral value has a unique appraisal and management’s discount of the value is based on factors unique to each individually analyzed loan. The significant unobservable input in determining the fair value is management’s subjective discount on appraisals of the collateral securing the loan, which ranges from 10 %- 50 %. Fair value is estimated based on the value of the collateral securing these loans. Collateral may consist of real estate and/or business assets including equipment, inventory and/or accounts receivable and the value of these assets is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or management’s expertise and knowledge of the client and the client’s business. The Company has an appraisal policy in which appraisals are obtained upon a commercial loan being downgraded on the Company’s internal loan rating scale to a special mention or a substandard depending on the amount of the loan, the type of loan and the type of collateral. All individually analyzed commercial loans are graded substandard or worse on the internal loan rating scale. For consumer loans, the Company obtains appraisals when a loan becomes 90 days past due or is determined to be individually analyzed, whichever occurs first. Subsequent to the downgrade or reaching 90 days past due, if the loan remains outstanding and individually analyzed for at least one year or more, management may require another follow-up appraisal. Between receipts of updated appraisals, if necessary, management may perform an internal valuation based on any known changing conditions in the marketplace such as sales of similar properties, a change in the condition of the collateral, or feedback from local appraisers. Collateral dependent individually analyzed loans had a gross value of $ 8.1 million, with an allowance for credit loss of $ 0.8 million, at March 31, 2024 compared with $ 7.9 million and $ 0.8 million, respectively, at December 31, 2023. The table below depicts the estimated fair values of the Company’s financial instruments, including those that are not measured and reported at fair value on a recurring basis or nonrecurring basis. March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) (in thousands) Financial assets: Level 1: Cash and cash equivalents $ 178,352 $ 178,352 $ 23,467 $ 23,467 Level 2: Available for sale securities 268,476 268,476 275,680 275,680 FHLB and FRB stock 8,060 N/A 8,011 N/A Level 3: Held to maturity securities 3,611 3,531 2,059 1,988 Loans, net 1,699,589 1,608,565 1,698,832 1,606,666 Financial liabilities: Level 1: Demand deposits $ 399,558 $ 399,558 $ 390,238 $ 390,238 NOW deposits 381,798 381,798 345,279 345,279 Savings deposits 715,495 715,495 649,621 649,621 Level 2: Securities sold under agreement to repurchase 6,873 6,873 9,475 9,475 Other borrowed funds 131,023 130,699 145,123 145,055 Subordinated debt 31,203 29,847 31,177 29,563 Level 3: Time deposits 394,515 392,997 333,623 331,675 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Information [Abstract] | |
Segment Information | 9. SEGMENT INFORMATION Prior to the sale of TEA, the Company was comprised of two primary business segments, banking and insurance agency activities. For comparative purposes the following tables set forth information regarding these segments for the three month periods ended March 31, 2024 and 2023. For further information on the sale of TEA see Note 2 to the Company’s Consolidated Financial Statements included under Item 8 of the 2023 Annual Report on Form 10-K. Three months ended March 31, 2024 Banking Insurance Agency Activities Activities Total (in thousands) Net interest income $ 13,907 $ - $ 13,907 Provision for credit losses 266 - 266 Net interest income after provision for credit losses 13,641 - 13,641 Insurance service and fees 149 - 149 Other non-interest income 2,118 - 2,118 Amortization expense 4 - 4 Other non-interest expense 12,923 - 12,923 Income before income taxes 2,981 - 2,981 Income tax provision 647 - 647 Net income $ 2,334 $ - $ 2,334 Three months ended March 31, 2023 Banking Insurance Agency Activities Activities Total (in thousands) Net interest income $ 17,325 $ - $ 17,325 Provision for credit losses ( 654 ) - ( 654 ) Net interest income after provision for credit losses 17,979 - 17,979 Insurance service and fees 123 2,306 2,429 Other non-interest income 1,684 - 1,684 Amortization expense 5 95 100 Other non-interest expense 12,557 1,845 14,402 Income before income taxes 7,224 366 7,590 Income tax provision 1,707 83 1,790 Net income $ 5,517 $ 283 $ 5,800 |
Contingent Liabilities And Comm
Contingent Liabilities And Commitments | 3 Months Ended |
Mar. 31, 2024 | |
Contingent Liabilities And Commitments [Abstract] | |
Contingent Liabilities And Commitments | 10. CONTINGENT LIABILITIES AND COMMITMENTS The unaudited consolidated financial statements do not reflect various commitments and contingent liabilities, which arise in the normal course of business, and which involve elements of credit risk, interest rate risk and liquidity risk. These commitments and contingent liabilities consist of commitments to extend credit and standby letters of credit. A summary of the Bank’s commitments and contingent liabilities is as follows: March 31, December 31, 2024 2023 (in thousands) Commitments to extend credit $ 468,873 $ 431,085 Standby letters of credit 4,173 3,883 Total $ 473,046 $ 434,968 Commitments to extend credit and standby letters of credit include some exposure to credit loss in the event of nonperformance by the customer. The Bank’s credit policies and procedures for credit commitments and financial guarantees are the same as those for extensions of credit that are recorded on the Company’s unaudited consolidated balance sheets. Because these instruments have fixed maturity dates, and because they may expire without being drawn upon, they do not necessarily represent cash requirements of the Bank. The Bank did no t incur any losses on its commitments and did no t record a reserve for its commitments during the first three months of 2024 or during 2023. Certain lending commitments for construction residential mortgage loans are considered derivative instruments under the guidelines of GAAP. The changes in the fair value of these commitments, due to interest rate risk, are not recorded on the consolidated balance sheets as the fair value of these derivatives is not considered to be material. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 11. RECENT ACCOUNTING PRONOUNCEMENTS The FASB establishes changes to U.S. GAAP in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs when they are issued by FASB. The Company did not adopt any accounting pronouncements during its current fiscal year that had a material impact on the Company’s consolidated financial position, results of operations, cash flows or disclosures. The following accounting standards have been recently issued but are not yet required to be adopted as of March 31, 2024. Management is currently evaluating the effect of the updated guidance these accounting standards will have on the Company’s financial statement disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The updated accounting guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the company’s Chief Operating Decision Maker. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. |
Organization And Summary Of S_2
Organization And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2024 | |
Organization And Summary Of Significant Accounting Policies [Abstract] | |
Organization And General | The accounting and reporting policies followed by Evans Bancorp, Inc. (the “Company”), a financial holding company, and its two direct, wholly-owned subsidiaries: (i) Evans Bank, National Association (the “Bank”), and the Bank’s subsidiary, Evans National Holding Corp. (“ENHC”); and (ii) Evans National Financial Services, LLC (“ENFS”), and ENFS’s subsidiary, The Evans Agency, LLC (“TEA”), in the preparation of the accompanying interim unaudited consolidated financial statements conform with U.S. generally accepted accounting principles (“GAAP”) and with general practice within the industries in which it operates. Unless the context otherwise requires, the term “Company” refers collectively to Evans Bancorp, Inc. and its subsidiaries. The Company conducts its business through its subsidiaries. It does not engage in other substantial business. On November 30, 2023 the Company sold substantially all of the assets of TEA to Gallagher and ceased its insurance business for the Company. For comparative purposes it should be noted that insurance business activity from TEA is included within prior year balances throughout this Quarterly Report on Form 10-Q. For further information on the sale of TEA see Note 2 to the Company’s Consolidated Financial Statements included under Item 8 of the 2023 Annual Report on Form 10-K. |
Basis of Accounting | The Financial Accounting Standards Board (“FASB”) establishes changes to GAAP in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs when they are issued by FASB. ASUs adopted by the Company during the current fiscal year are not expected to have a material impact on the Company’s consolidated financial position, results of operations, cash flows or disclosures. |
Revenue Recognition Of Non-In_2
Revenue Recognition Of Non-Interest Income (Policy) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition Of Non-Interest Income [Abstract] | |
Revenue Recognition | Insurance Service and Fees: Insurance services revenue relates to various revenue streams from services provided by TEA and the Bank. As a result of the sale of TEA, insurance services revenue recognized during 2024 is a result of services provided by the Banks’ wealth management department. TEA and the Bank’s wealth management activity are both included in the comparative 2023 balances. See Note 2 to the Company’s Consolidated Financial Statements included under Item 8 of the 2023 Annual Report on Form 10-K for more information on the sale of TEA. A description of the Company’s material revenue streams in non-interest income accounted for under ASC 606 follows: TEA earned commission revenue from selling commercial and personal property and casualty (“P&C”) insurance as well as employee benefits solutions to commercial customers. TEA had agreements with various insurance companies to sell policies to customers on behalf of the carriers. The performance obligation for TEA is to sell annual P&C policies to commercial customers and consumers. This performance obligation is met when a new policy is sold or when an existing policy renews. The policies are generally one year terms. In the agreements with the respective insurance companies, a commission rate is agreed upon. The commission is recognized at the time of the sale of the policy or when a policy renews. TEA has signed contracts with insurance carriers that enable TEA to sell benefit plans to commercial customers on behalf of the insurance carriers. The performance obligation for TEA is to sell the plans to commercial customers. After the initial sale when the customer signs an agreement to purchase the offered benefit plan, the performance obligation is met each month when a customer continues utilizing benefit plans from the carrier. The customer does not commit to a specific length of time with the carrier. In the agreements with the respective insurance companies, a commission rate is agreed upon. Revenue is recognized each month when the customer continues with the benefit plan sold by TEA. TEA also earns contingent profit sharing revenue. The insurance companies measure the loss ratio for TEA’s customers and pay TEA according to how profitable TEA customers are. TEA has signed written agreements with insurance carriers that document payouts to TEA based on the loss ratios of its customers. The performance obligation for TEA is to maintain a customer base with loss ratios below the agreed upon thresholds. In the contracts with the insurance companies, payout rates based on loss ratios are documented. The consideration is variable as loss ratios vary based on customer experience. TEA’s performance obligation is over the course of the year as its customers’ performance with insurance carriers is measured throughout the year as losses occur. Due to the variable nature of contingent profit sharing revenue, TEA will accrue contingent profit sharing revenue throughout the year based on recent historical results. As loss events occur and overall performance becomes known to TEA, accrual adjustments will be made until the cash is ultimately received. Financial services commission revenue from the Bank related to wealth management such as life insurance, annuities, and mutual funds sales is also included in the “insurance service and fees” line of the income statement. The Company earns wealth management fees from its contracts with customers for certain financial services. Fees that are transaction-based are recognized at the point in time that the transaction is executed. Other related services provided include financial planning services and the fees the Bank earns are recognized when the services are rendered. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Securities [Abstract] | |
Schedule Of Amortized Cost And Approximate Fair Value Of Securities | March 31, 2024 (in thousands) Amortized Unrealized Fair Cost Gains Losses Value Available for Sale: Debt securities: U.S. treasuries and government agencies $ 113,196 $ - $ ( 19,153 ) $ 94,043 States and political subdivisions 6,255 1 ( 266 ) 5,990 Total debt securities 119,451 1 ( 19,419 ) 100,033 Mortgage-backed securities: FNMA $ 65,334 $ - $ ( 12,240 ) $ 53,094 FHLMC 36,241 - ( 5,947 ) 30,294 GNMA 38,466 - ( 7,937 ) 30,529 SBA 20,239 - ( 2,484 ) 17,755 CMO 47,154 - ( 10,383 ) 36,771 Total mortgage-backed securities $ 207,434 $ - $ ( 38,991 ) $ 168,443 Total securities designated as available for sale $ 326,885 $ 1 $ ( 58,410 ) $ 268,476 Held to Maturity: Debt securities States and political subdivisions $ 3,611 $ - $ ( 80 ) $ 3,531 Total securities designated as held to maturity $ 3,611 $ - $ ( 80 ) $ 3,531 December 31, 2023 (in thousands) Amortized Unrealized Fair Cost Gains Losses Value Available for Sale: Debt securities: U.S. treasuries and government agencies $ 114,152 $ - $ ( 17,912 ) $ 96,240 States and political subdivisions 6,258 2 ( 231 ) 6,029 Total debt securities 120,410 2 ( 18,143 ) 102,269 Mortgage-backed securities: FNMA $ 66,262 $ 2 $ ( 11,294 ) $ 54,970 FHLMC 36,743 - ( 5,569 ) 31,174 GNMA 38,793 - ( 7,683 ) 31,110 SBA 20,776 - ( 2,291 ) 18,485 CMO 47,741 - ( 10,069 ) 37,672 Total mortgage-backed securities $ 210,315 $ 2 $ ( 36,906 ) $ 173,411 Total securities designated as available for sale $ 330,725 $ 4 $ ( 55,049 ) $ 275,680 Held to Maturity: Debt securities States and political subdivisions $ 2,059 $ 1 $ ( 72 ) $ 1,988 Total securities designated as held to maturity $ 2,059 $ 1 $ ( 72 ) $ 1,988 |
Scheduled Maturities Of Debt And Mortgage-Backed Securities | March 31, 2024 Amortized Estimated cost fair value (in thousands) Debt securities available for sale: Due in one year or less $ 4,750 $ 4,729 Due after one year through five years 42,025 38,344 Due after five years through ten years 48,680 40,278 Due after ten years 23,996 16,682 $ 119,451 $ 100,033 Mortgage-backed securities available for sale $ 207,434 $ 168,443 Total $ 326,885 $ 268,476 Debt securities held to maturity: Due in one year or less $ 2,946 $ 2,944 Due after one year through five years 295 276 Due after five years through ten years 370 311 Due after ten years - - Total $ 3,611 $ 3,531 |
Unrealized Losses On Securities | March 31, 2024 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Available for Sale: Debt securities: U.S. treasuries and government agencies $ - $ - $ 94,043 $ ( 19,153 ) $ 94,043 $ ( 19,153 ) States and political subdivisions 196 ( 4 ) 4,838 ( 262 ) 5,034 ( 266 ) Total debt securities 196 ( 4 ) 98,881 ( 19,415 ) 99,077 ( 19,419 ) Mortgage-backed securities: FNMA $ 74 $ - $ 52,965 $ ( 12,240 ) $ 53,039 $ ( 12,240 ) FHLMC 89 - 30,173 ( 5,947 ) 30,262 ( 5,947 ) GNMA - - 30,529 ( 7,937 ) 30,529 ( 7,937 ) SBA - - 17,755 ( 2,484 ) 17,755 ( 2,484 ) CMO - - 36,771 ( 10,383 ) 36,771 ( 10,383 ) Total mortgage-backed securities $ 163 $ - $ 168,193 $ ( 38,991 ) $ 168,356 $ ( 38,991 ) Held to Maturity: Debt securities: States and political subdivisions $ 2,945 $ ( 2 ) $ 586 $ ( 78 ) $ 3,531 $ ( 80 ) Total temporarily impaired securities $ 3,304 $ ( 6 ) $ 267,660 $ ( 58,484 ) $ 270,964 $ ( 58,490 ) December 31, 2023 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Available for Sale: Debt securities: U.S. treasuries and government agencies $ - - $ 95,240 ( 17,912 ) $ 95,240 $ ( 17,912 ) States and political subdivisions 878 ( 2 ) 4,194 ( 229 ) 5,072 ( 231 ) Total debt securities 878 ( 2 ) 99,434 ( 18,141 ) 100,312 ( 18,143 ) Mortgage-backed securities: FNMA $ - - $ 54,831 ( 11,294 ) $ 54,831 $ ( 11,294 ) FHLMC - - 31,174 ( 5,569 ) 31,174 ( 5,569 ) GNMA - - 31,110 ( 7,683 ) 31,110 ( 7,683 ) SBA - - 18,485 ( 2,291 ) 18,485 ( 2,291 ) CMO - - 37,674 ( 10,069 ) 37,674 ( 10,069 ) Total mortgage-backed securities $ - $ - $ 173,274 $ ( 36,906 ) $ 173,274 $ ( 36,906 ) Held to Maturity: Debt securities: States and political subdivisions $ 444 $ ( 1 ) $ 643 $ ( 71 ) $ 1,087 $ ( 72 ) Total temporarily impaired securities $ 1,322 $ ( 3 ) $ 273,351 $ ( 55,118 ) $ 274,673 $ ( 55,121 ) |
Loans And The Allowance For C_2
Loans And The Allowance For Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans And The Allowance For Credit Losses [Abstract] | |
Schedule Of Loan Portfolio Composition | March 31, 2024 December 31, 2023 Mortgage loans on real estate: (in thousands) Residential mortgages $ 440,675 $ 443,788 Commercial and multi-family 857,107 854,565 Construction-Residential 3,489 3,255 Construction-Commercial 114,869 114,623 Home equities 80,120 81,412 Total real estate loans 1,496,260 1,497,643 Commercial and industrial loans 225,947 223,100 Consumer and other loans 776 1,066 Unaccreted yield adjustments* ( 1,107 ) ( 863 ) Total gross loans 1,721,876 1,720,946 Allowance for credit losses ( 22,287 ) ( 22,114 ) Loans, net $ 1,699,589 $ 1,698,832 * Includes net premiums and discounts on acquired loans and net deferred fees and costs on loans originated. |
Data, At Class Level, Of Credit Quality Indicators Of Certain Loans | (in thousands) Term Loans Amortized Cost Basis by Origination Year As of March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial loans Risk rating Pass $ 14,680 $ 22,780 $ 37,089 $ 19,383 $ 11,442 $ 11,929 $ 82,532 $ 199,835 Special Mention - 947 2,516 2,666 820 1,337 13,567 21,853 Substandard - - 450 2 427 342 3,027 4,248 Doubtful/Loss - - - - - - - - Total $ 14,680 $ 23,727 $ 40,055 $ 22,051 $ 12,689 $ 13,608 $ 99,126 $ 225,936 Current period gross writeoffs $ - $ 59 $ - $ - $ - $ 8 $ - $ 67 Commercial real estate mortgages* Risk rating Pass $ 14,168 $ 144,191 $ 194,358 $ 157,281 $ 95,303 $ 322,479 $ - $ 927,780 Special Mention - - 4,008 393 - 14,727 - 19,128 Substandard - - 4,756 11,672 - 8,590 - 25,018 Doubtful/Loss - - - - - - - - Total $ 14,168 $ 144,191 $ 203,122 $ 169,346 $ 95,303 $ 345,796 $ - $ 971,926 Current period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Consumer and other Payment performance Performing $ 146 $ 527 $ 156 $ 24 $ 10 $ 23 $ 124 $ 1,010 Nonperforming - - - - - - - - Total $ 146 $ 527 $ 156 $ 24 $ 10 $ 23 $ 124 $ 1,010 Current period gross writeoffs $ 31 $ 3 $ - $ - $ - $ - $ - $ 34 Residential mortgages* Payment performance Performing $ 6,679 $ 36,281 $ 71,441 $ 98,508 $ 68,276 $ 158,033 $ - $ 439,218 Nonperforming - 365 263 571 129 3,523 - 4,851 Total $ 6,679 $ 36,646 $ 71,704 $ 99,079 $ 68,405 $ 161,556 $ - $ 444,069 Current period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Home equities Payment performance Performing $ 926 $ 7,343 $ 2,668 $ 559 $ 556 $ 2,541 $ 63,723 $ 78,316 Nonperforming - - - - - 1 618 619 Total $ 926 $ 7,343 $ 2,668 $ 559 $ 556 $ 2,542 $ 64,341 $ 78,935 Current period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - *Includes construction loans (in thousands) Term Loans Amortized Cost Basis by Origination Year As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial loans Risk rating Pass $ 24,338 $ 42,967 $ 21,614 $ 12,174 $ 5,686 $ 6,539 $ 86,459 $ 199,777 Special Mention 10 1,955 2,739 510 268 1,867 11,705 19,054 Substandard - 2 3 460 - 838 2,955 4,258 Doubtful/Loss - - - - - - - - Total $ 24,348 $ 44,924 $ 24,356 $ 13,144 $ 5,954 $ 9,244 $ 101,119 $ 223,089 Current period gross writeoffs $ - $ - $ - $ - $ 4 $ 3 $ - $ 7 Commercial real estate mortgages* Risk rating Pass $ 132,525 $ 194,197 $ 169,943 $ 95,264 $ 66,243 $ 263,628 $ - $ 921,800 Special Mention - 6,634 397 861 9,988 8,094 - 25,974 Substandard - - 11,737 - 6,733 3,617 - 22,087 Doubtful/Loss - - - - - - - - Total $ 132,525 $ 200,831 $ 182,077 $ 96,125 $ 82,964 $ 275,339 $ - $ 969,861 Current period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Consumer and other Payment performance Performing $ 597 $ 176 $ 27 $ 12 $ 13 $ 20 $ 144 $ 989 Nonperforming - - - - - - - - Total $ 597 $ 176 $ 27 $ 12 $ 13 $ 20 $ 144 $ 989 Current period gross writeoffs $ 145 $ 18 $ 1 $ - $ - $ 1 $ - $ 165 Residential mortgages* Payment performance Performing $ 37,536 $ 72,624 $ 100,308 $ 69,454 $ 17,829 $ 144,499 $ - $ 442,250 Nonperforming 156 270 576 351 204 3,044 - 4,601 Total $ 37,692 $ 72,894 $ 100,884 $ 69,805 $ 18,033 $ 147,543 $ - $ 446,851 Current period gross writeoffs $ - $ - $ - $ 1 $ - $ - $ - $ 1 Home equities Payment performance Performing $ 7,833 $ 2,768 $ 590 $ 588 $ 571 $ 2,126 $ 65,165 $ 79,641 Nonperforming - - - - - 1 514 515 Total $ 7,833 $ 2,768 $ 590 $ 588 $ 571 $ 2,127 $ 65,679 $ 80,156 Current period gross writeoffs $ - $ - $ - $ - $ - $ 25 $ - $ 25 *Includes construction loans |
Recorded Investment In Loans Past Due | March 31, 2024 (in thousands) Current Non-accruing Total Balance 30-59 days 60-89 days 90+ days Loans Balance Commercial and industrial $ 220,075 $ 4,138 $ 23 $ - $ 1,700 $ 225,936 Residential real estate: Residential 434,341 1,388 - - 4,851 440,580 Construction 3,489 - - - - 3,489 Commercial real estate: Commercial 818,818 18,374 - 828 18,755 856,775 Construction 113,883 - - - 1,268 115,151 Home equities 77,239 920 157 - 619 78,935 Consumer and other 987 7 16 - - 1,010 Total Loans $ 1,668,832 $ 24,827 $ 196 $ 828 $ 27,193 $ 1,721,876 December 31, 2023 (in thousands) Current Non-accruing Total Balance 30-59 days 60-89 days 90+ days Loans Balance Commercial and industrial $ 220,602 $ 518 $ 130 $ - $ 1,839 $ 223,089 Residential real estate: Residential 437,471 1,173 341 - 4,602 443,587 Construction 3,264 - - - - 3,264 Commercial real estate: Commercial 831,375 4,360 - 134 19,000 854,869 Construction 110,727 2,326 671 - 1,268 114,992 Home equities 77,080 1,906 655 - 515 80,156 Consumer and other 959 27 3 - - 989 Total Loans $ 1,681,478 $ 10,310 $ 1,800 $ 134 $ 27,224 $ 1,720,946 |
Schedule Of Allowance For Loan Losses According To Portfolio Segment | The following tables present the activity in the allowance for credit losses according to portfolio segment for the three month periods ended March 31, 2024 and 2023. Three months ended March 31, 2024 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities Total Allowance for credit losses: Beginning balance $ 5,241 $ 12,548 $ 8 $ 3,883 $ 434 $ 22,114 Charge-offs ( 67 ) - ( 34 ) - - ( 101 ) Recoveries 2 - 3 3 - 8 Provision 139 ( 1 ) 32 177 ( 81 ) 266 Ending balance $ 5,315 $ 12,547 $ 9 $ 4,063 $ 353 $ 22,287 *Includes construction loans Three months ended March 31, 2023 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities Total Allowance for credit losses: Beginning balance $ 4,980 $ 11,595 $ 153 $ 2,102 $ 608 $ 19,438 Adoption of new accounting standard 324 1,145 ( 147 ) 1,618 ( 205 ) 2,735 Beginning balance after cumulative effect adjustment $ 5,304 $ 12,740 $ 6 $ 3,720 $ 403 $ 22,173 Charge-offs - - ( 30 ) - - ( 30 ) Recoveries 30 - 4 - - 34 Provision ( 67 ) ( 186 ) 24 ( 342 ) ( 83 ) ( 654 ) Ending balance $ 5,267 $ 12,554 $ 4 $ 3,378 $ 320 $ 21,523 * Includes construction loans The following tables present the allowance for credit losses and recorded investment on loans by segment as of March 31, 2024 and December 31, 2023: March 31, 2024 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities Total Allowance for credit losses: Ending balance: Individually evaluated for impairment 53 719 - 13 - 785 Collectively evaluated for impairment 5,262 11,828 9 4,050 353 21,502 Total $ 5,315 $ 12,547 $ 9 $ 4,063 $ 353 $ 22,287 Loans: Ending balance: Individually evaluated for impairment 2,107 22,810 - 5,356 906 31,179 Collectively evaluated for impairment 223,840 949,166 776 438,808 79,214 1,691,804 Total $ 225,947 $ 971,976 $ 776 $ 444,164 $ 80,120 $ 1,722,983 * Includes construction loans December 31, 2023 (in thousands) Commercial and Industrial Commercial Real Estate Mortgages* Consumer and Other Residential Mortgages* Home Equities Total Allowance for credit losses: Ending balance: Individually evaluated for impairment 36 719 - - - 755 Collectively evaluated for impairment 5,205 11,829 8 3,883 434 21,359 Total $ 5,241 $ 12,548 $ 8 $ 3,883 $ 434 $ 22,114 Loans: Ending balance: Individually evaluated for impairment 1,869 23,044 - 5,146 761 30,820 Collectively evaluated for impairment 221,231 946,144 1,066 441,897 80,651 1,690,989 Total $ 223,100 $ 969,188 $ 1,066 $ 447,043 $ 81,412 $ 1,721,809 * Includes construction loans |
Amortized Costs, At The Class Level, For Nonaccrual Loans | Three Months Ended March 31, 2024 March 31, 2024 Amortized Cost with Allowance Amortized Cost without Allowance Total Interest Income Recognized (in thousands) Commercial and industrial $ 66 $ 1,634 $ 1,700 $ - Residential real estate: Residential 160 4,691 4,851 3 Construction - - - - Commercial real estate: Commercial 6,569 12,186 18,755 - Construction 1,268 - 1,268 - Home equities - 619 619 2 Consumer and other - - - - Total nonaccrual loans $ 8,063 $ 19,130 $ 27,193 $ 5 Three Months Ended March 31, 2023 March 31, 2023 Amortized Cost with Allowance Amortized Cost without Allowance Total Interest Income Recognized (in thousands) Commercial and industrial $ - $ 2,520 $ 2,520 $ - Residential real estate: Residential 151 3,720 3,871 8 Construction - - - - Commercial real estate: Commercial - 6,561 6,561 - Construction 1,301 7,265 8,566 - Home equities 29 418 447 - Consumer and other - - - - Total nonaccrual loans $ 1,481 $ 20,484 $ 21,965 $ 8 |
Modifications to Borrowers Experiencing Financial Difficulty | March 31, 2024 March 31, 2023 (in thousands) Term Extension Total Class of Receivable Term Extension Total Class of Receivable Commercial and industrial $ - - % $ - - % Residential real estate: Residential 319 0.07 104 0.00 Construction - - - - Commercial real estate: Commercial - - - - Construction - - - - Home equities - - - - Consumer and other - - - - - - Total nonaccrual loans $ 319 0.02 % $ 104 0.00 % |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Balance at December 31, 2023 Net Change Balance at March 31, 2024 (in thousands) Net unrealized loss on investment securities $ ( 40,741 ) $ ( 2,493 ) $ ( 43,234 ) Net defined benefit pension plan adjustments ( 1,530 ) 18 ( 1,512 ) Total $ ( 42,271 ) $ ( 2,475 ) $ ( 44,746 ) Balance at December 31, 2022 Net Change Balance at March 31, 2023 (in thousands) Net unrealized loss on investment securities $ ( 47,348 ) $ 3,635 $ ( 43,713 ) Net defined benefit pension plan adjustments ( 1,930 ) 20 ( 1,910 ) Total $ ( 49,278 ) $ 3,655 $ ( 45,623 ) |
Components Of Other Comprehensive Income (Loss) | Three months ended March 31, 2024 Three months ended March 31, 2023 (in thousands) (in thousands) Before-Tax Amount Income Tax (Provision) Benefit Net-of-Tax Amount Before-Tax Amount Income Tax (Provision) Benefit Net-of-Tax Amount Unrealized (loss) gain on investment securities: Unrealized (loss) gain on investment securities $ ( 3,364 ) $ 871 $ ( 2,493 ) $ 4,884 $ ( 1,249 ) $ 3,635 Defined benefit pension plan adjustments: Amortization of prior service cost - - - - - - Amortization of actuarial loss 25 ( 7 ) 18 27 ( 7 ) 20 Net change 25 ( 7 ) 18 27 ( 7 ) 20 Other comprehensive (loss) income $ ( 3,339 ) $ 864 $ ( 2,475 ) $ 4,911 $ ( 1,256 ) $ 3,655 |
Net Periodic Benefit Costs (Tab
Net Periodic Benefit Costs (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Employee Benefits And Deferred Compensation Plans [Abstract] | |
Schedule Of Net Periodic Benefit Cost | Three months ended March 31, (in thousands) Supplemental Executive Pension Benefits Retirement Plan 2024 2023 2024 2023 Service cost $ - $ - $ 31 $ 36 Interest cost 57 62 63 62 Expected return on plan assets ( 64 ) ( 67 ) - - Amortization of prior service cost - - - - Amortization of the net loss 25 27 - - Net periodic cost (benefit) $ 18 $ 22 $ 94 $ 98 |
Revenue Recognition Of Non-In_3
Revenue Recognition Of Non-Interest Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition Of Non-Interest Income [Abstract] | |
Schedule Of Disaggregation Of Insurance Service And Other Fees | Three months ended March 31, 2024 2023 (in thousands) Commercial property and casualty insurance commissions $ - $ 889 Personal property and casualty insurance commissions - 739 Employee benefits sales commissions - 194 Profit sharing and contingent revenue - 427 Wealth management and other financial services 149 127 Other insurance-related revenue - 53 Total insurance service and other fees $ 149 $ 2,429 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Measurement [Abstract] | |
Financial Instruments Measured At Fair Value On Recurring Basis | (in thousands) Level 1 Level 2 Level 3 Fair Value March 31, 2024 Securities available-for-sale: US treasuries and government agencies $ - $ 94,043 $ - $ 94,043 States and political subdivisions - 5,990 - 5,990 Mortgage-backed securities - 168,443 - 168,443 December 31, 2023 Securities available-for-sale: US treasuries and government agencies $ - $ 96,240 $ - $ 96,240 States and political subdivisions - 6,029 - 6,029 Mortgage-backed securities - 173,411 - 173,411 |
Financial Instruments Measured At Fair Value On Nonrecurring Basis | (in thousands) Level 1 Level 2 Level 3 Fair Value March 31, 2024 Collateral dependent individually analyzed loans $ - $ - $ 7,273 $ 7,273 December 31, 2023 Collateral dependent individually analyzed loans $ - $ - $ 7,147 $ 7,147 |
Estimated Fair Values Of Financial Instruments | March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) (in thousands) Financial assets: Level 1: Cash and cash equivalents $ 178,352 $ 178,352 $ 23,467 $ 23,467 Level 2: Available for sale securities 268,476 268,476 275,680 275,680 FHLB and FRB stock 8,060 N/A 8,011 N/A Level 3: Held to maturity securities 3,611 3,531 2,059 1,988 Loans, net 1,699,589 1,608,565 1,698,832 1,606,666 Financial liabilities: Level 1: Demand deposits $ 399,558 $ 399,558 $ 390,238 $ 390,238 NOW deposits 381,798 381,798 345,279 345,279 Savings deposits 715,495 715,495 649,621 649,621 Level 2: Securities sold under agreement to repurchase 6,873 6,873 9,475 9,475 Other borrowed funds 131,023 130,699 145,123 145,055 Subordinated debt 31,203 29,847 31,177 29,563 Level 3: Time deposits 394,515 392,997 333,623 331,675 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Information [Abstract] | |
Schedule Of Business Segments | Three months ended March 31, 2024 Banking Insurance Agency Activities Activities Total (in thousands) Net interest income $ 13,907 $ - $ 13,907 Provision for credit losses 266 - 266 Net interest income after provision for credit losses 13,641 - 13,641 Insurance service and fees 149 - 149 Other non-interest income 2,118 - 2,118 Amortization expense 4 - 4 Other non-interest expense 12,923 - 12,923 Income before income taxes 2,981 - 2,981 Income tax provision 647 - 647 Net income $ 2,334 $ - $ 2,334 Three months ended March 31, 2023 Banking Insurance Agency Activities Activities Total (in thousands) Net interest income $ 17,325 $ - $ 17,325 Provision for credit losses ( 654 ) - ( 654 ) Net interest income after provision for credit losses 17,979 - 17,979 Insurance service and fees 123 2,306 2,429 Other non-interest income 1,684 - 1,684 Amortization expense 5 95 100 Other non-interest expense 12,557 1,845 14,402 Income before income taxes 7,224 366 7,590 Income tax provision 1,707 83 1,790 Net income $ 5,517 $ 283 $ 5,800 |
Contingent Liabilities And Co_2
Contingent Liabilities And Commitments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Contingent Liabilities And Commitments [Abstract] | |
Summary Of Commitments And Contingent Liabilities | March 31, December 31, 2024 2023 (in thousands) Commitments to extend credit $ 468,873 $ 431,085 Standby letters of credit 4,173 3,883 Total $ 473,046 $ 434,968 |
Organization And Summary Of S_3
Organization And Summary Of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2024 entity | |
Organization And Summary Of Significant Accounting Policies [Abstract] | |
Number of subsidiaries | 2 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Investment Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross realized gains (losses) from sales of investment securities | $ 0 | $ 0 | |
Minimum [Member] | Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Contractual maturities duration | 10 years | ||
Collateral Pledged [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities pledged as collateral | $ 114 | $ 172 |
Securities (Schedule Of Amortiz
Securities (Schedule Of Amortized Cost And Approximate Fair Value Of Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities designated as available for sale, Amortized Cost | $ 326,885 | $ 330,725 |
Available for Sale, Unrealized Gains | 1 | 4 |
Available for Sale, Unrealized Losses | (58,410) | (55,049) |
Available for Sale, Fair Value | 268,476 | 275,680 |
Held to Maturity, Amortized Cost | 3,611 | 2,059 |
Held to Maturity, Unrealized Gains | 1 | |
Held to Maturity, Unrealized Losses | (80) | (72) |
Held to Maturity, Fair Value | 3,531 | 1,988 |
US Treasuries And Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities designated as available for sale, Amortized Cost | 113,196 | 114,152 |
Available for Sale, Unrealized Losses | (19,153) | (17,912) |
Available for Sale, Fair Value | 94,043 | 96,240 |
States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities designated as available for sale, Amortized Cost | 6,255 | 6,258 |
Available for Sale, Unrealized Gains | 1 | 2 |
Available for Sale, Unrealized Losses | (266) | (231) |
Available for Sale, Fair Value | 5,990 | 6,029 |
Held to Maturity, Amortized Cost | 3,611 | 2,059 |
Held to Maturity, Unrealized Gains | 1 | |
Held to Maturity, Unrealized Losses | (80) | (72) |
Held to Maturity, Fair Value | 3,531 | 1,988 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities designated as available for sale, Amortized Cost | 119,451 | 120,410 |
Available for Sale, Unrealized Gains | 1 | 2 |
Available for Sale, Unrealized Losses | (19,419) | (18,143) |
Available for Sale, Fair Value | 100,033 | 102,269 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities designated as available for sale, Amortized Cost | 207,434 | 210,315 |
Available for Sale, Unrealized Gains | 2 | |
Available for Sale, Unrealized Losses | (38,991) | (36,906) |
Available for Sale, Fair Value | 168,443 | 173,411 |
FNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities designated as available for sale, Amortized Cost | 65,334 | 66,262 |
Available for Sale, Unrealized Gains | 2 | |
Available for Sale, Unrealized Losses | (12,240) | (11,294) |
Available for Sale, Fair Value | 53,094 | 54,970 |
FHLMC [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities designated as available for sale, Amortized Cost | 36,241 | 36,743 |
Available for Sale, Unrealized Losses | (5,947) | (5,569) |
Available for Sale, Fair Value | 30,294 | 31,174 |
GNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities designated as available for sale, Amortized Cost | 38,466 | 38,793 |
Available for Sale, Unrealized Losses | (7,937) | (7,683) |
Available for Sale, Fair Value | 30,529 | 31,110 |
SBA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities designated as available for sale, Amortized Cost | 20,239 | 20,776 |
Available for Sale, Unrealized Losses | (2,484) | (2,291) |
Available for Sale, Fair Value | 17,755 | 18,485 |
CMO [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities designated as available for sale, Amortized Cost | 47,154 | 47,741 |
Available for Sale, Unrealized Losses | (10,383) | (10,069) |
Available for Sale, Fair Value | $ 36,771 | $ 37,672 |
Securities (Scheduled Maturitie
Securities (Scheduled Maturities Of Debt And Mortgage-Backed Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities [Abstract] | ||
Debt securities available for sale, Due in one year or less, Amortized cost | $ 4,750 | |
Debt securities available for sale, Due after one year through five years, Amortized cost | 42,025 | |
Debt securities available for sale, Due after five years through ten years, Amortized cost | 48,680 | |
Debt securities available for sale, Due after ten years, Amortized cost | 23,996 | |
Total securities designated as available for sale, Amortized Cost | 119,451 | |
Mortgage-backed securities available for sale, Amortized cost | 207,434 | |
Total securities designated as available for sale, Amortized Cost | 326,885 | $ 330,725 |
Debt securities available for sale, Due in one year or less, Estimated fair value | 4,729 | |
Debt securities available for sale, Due after one year through five years, Estimated fair value | 38,344 | |
Debt securities available for sale, Due after five years through ten years, Estimated fair value | 40,278 | |
Debt securities available for sale, Due after ten years, Estimated fair value | 16,682 | |
Debt securities available for sale, Estimated fair value | 100,033 | |
Mortgage-backed securities available for sale, Estimated fair value | 168,443 | |
Debt securities available for sale, Estimated fair value, Total | 268,476 | 275,680 |
Debt securities held to maturity, Due in one year or less, Amortized cost | 2,946 | |
Debt securities held to maturity, Due after one year through five years, Amortized cost | 295 | |
Debt securities held to maturity, Due after five years through ten years, Amortized cost | 370 | |
Held to Maturity, Amortized Cost | 3,611 | 2,059 |
Debt securities held to maturity, Due in one year or less, Estimated fair value | 2,944 | |
Debt securities held to maturity, Due after one year through five years, Estimated fair value | 276 | |
Debt securities held to maturity, Due after five years through ten years, Estimated fair value | 311 | |
Held to maturity, Estimated fair value | $ 3,531 | $ 1,988 |
Securities (Unrealized Losses O
Securities (Unrealized Losses On Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities, Less than 12 months, Fair Value | $ 3,304 | $ 1,322 |
Total temporarily impaired securities, 12 months or longer, Fair Value | 267,660 | 273,351 |
Total temporarily impaired securities, Total, Fair Value | 270,964 | 274,673 |
Total temporarily impaired securities, Less than 12 months, Unrealized Losses | (6) | (3) |
Total temporarily impaired securities, 12 months or longer, Unrealized Losses | (58,484) | (55,118) |
Total temporarily impaired securities, Total, Unrealized Losses | (58,490) | (55,121) |
US Treasuries And Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, 12 months or longer, Fair Value | 94,043 | 95,240 |
Available for Sale, Total, Fair Value | 94,043 | 95,240 |
Available for Sale, 12 months or longer, Unrealized Losses | (19,153) | (17,912) |
Available for Sale, Total, Unrealized Losses | (19,153) | (17,912) |
States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 196 | 878 |
Available for Sale, 12 months or longer, Fair Value | 4,838 | 4,194 |
Available for Sale, Total, Fair Value | 5,034 | 5,072 |
Available for Sale, Less than 12 months, Unrealized Losses | (4) | (2) |
Available for Sale, 12 months or longer, Unrealized Losses | (262) | (229) |
Available for Sale, Total, Unrealized Losses | (266) | (231) |
Held To Maturity, Less than 12 months, Fair Value | 2,945 | 444 |
Held To Maturity, 12 months or longer, Fair Value | 586 | 643 |
Held To Maturity, Total, Fair Value | 3,531 | 1,087 |
Held To Maturity, Less than 12 months, Unrealized Losses | (2) | (1) |
Held To Maturity, 12 months or longer, Unrealized Losses | (78) | (71) |
Held To Maturity, Total, Unrealized Losses | (80) | (72) |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 196 | 878 |
Available for Sale, 12 months or longer, Fair Value | 98,881 | 99,434 |
Available for Sale, Total, Fair Value | 99,077 | 100,312 |
Available for Sale, Less than 12 months, Unrealized Losses | (4) | (2) |
Available for Sale, 12 months or longer, Unrealized Losses | (19,415) | (18,141) |
Available for Sale, Total, Unrealized Losses | (19,419) | (18,143) |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 163 | |
Available for Sale, 12 months or longer, Fair Value | 168,193 | 173,274 |
Available for Sale, Total, Fair Value | 168,356 | 173,274 |
Available for Sale, 12 months or longer, Unrealized Losses | (38,991) | (36,906) |
Available for Sale, Total, Unrealized Losses | (38,991) | (36,906) |
FNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 74 | |
Available for Sale, 12 months or longer, Fair Value | 52,965 | 54,831 |
Available for Sale, Total, Fair Value | 53,039 | 54,831 |
Available for Sale, 12 months or longer, Unrealized Losses | (12,240) | (11,294) |
Available for Sale, Total, Unrealized Losses | (12,240) | (11,294) |
FHLMC [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 89 | |
Available for Sale, 12 months or longer, Fair Value | 30,173 | 31,174 |
Available for Sale, Total, Fair Value | 30,262 | 31,174 |
Available for Sale, 12 months or longer, Unrealized Losses | (5,947) | (5,569) |
Available for Sale, Total, Unrealized Losses | (5,947) | (5,569) |
GNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, 12 months or longer, Fair Value | 30,529 | 31,110 |
Available for Sale, Total, Fair Value | 30,529 | 31,110 |
Available for Sale, 12 months or longer, Unrealized Losses | (7,937) | (7,683) |
Available for Sale, Total, Unrealized Losses | (7,937) | (7,683) |
SBA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, 12 months or longer, Fair Value | 17,755 | 18,485 |
Available for Sale, Total, Fair Value | 17,755 | 18,485 |
Available for Sale, 12 months or longer, Unrealized Losses | (2,484) | (2,291) |
Available for Sale, Total, Unrealized Losses | (2,484) | (2,291) |
CMO [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, 12 months or longer, Fair Value | 36,771 | 37,674 |
Available for Sale, Total, Fair Value | 36,771 | 37,674 |
Available for Sale, 12 months or longer, Unrealized Losses | (10,383) | (10,069) |
Available for Sale, Total, Unrealized Losses | $ (10,383) | $ (10,069) |
Loans And The Allowance For C_3
Loans And The Allowance For Credit Losses (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) item | Mar. 31, 2023 USD ($) item | Dec. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding principal balance | $ 800,000 | ||
Acquired credit-impaired loans | 700,000 | ||
Valuation allowances, acquired credit-impaired loans | 0 | ||
Balance | 1,721,876,000 | $ 1,720,946,000 | |
Total criticized assets increase | $ 70,000,000 | 72,000,000 | |
Financing receivable modifications, experiencing financial difficulty, number of loans | item | 0 | 0 | |
Loan commitments to lend additional funds to debtors | $ 0 | $ 0 | |
Asset Pledged as Collateral [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 27,000,000 | 27,000,000 | |
Residential Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 444,069,000 | 446,851,000 | |
Total Real Estate Loans [Member] | Residential Mortgages [Member] | Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale | 0 | 0 | |
Mortgage loans sold | 3,400,000 | $ 1,300,000 | |
Loan servicing portfolio principal balance | 114,000,000 | 113,000,000 | |
Mortgage servicing rights | 1,100,000 | 1,100,000 | |
Balance | 440,580,000 | 443,587,000 | |
Total Real Estate Loans [Member] | FHLBNY [Member] | Residential Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 944,000,000 | 566,000,000 | |
Hotel Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total criticized assets increase | $ 13,000,000 | $ 19,000,000 | |
Minimum [Member] | Residential Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maturity extension range | 159 months | ||
Maximum [Member] | Residential Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maturity extension range | 164 months |
Loans And The Allowance For C_4
Loans And The Allowance For Credit Losses (Schedule Of Loan Portfolio Composition) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Unaccreted yield adjustments | $ 1,107 | $ 863 | |||
Total Balance | 1,721,876 | 1,720,946 | |||
Allowance for credit losses | (22,287) | (22,114) | |||
Loans, net | 1,699,589 | 1,698,832 | |||
Residential Mortgages [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Balance | 444,069 | 446,851 | |||
Commercial Real Estate Mortgages [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Balance | 971,926 | 969,861 | |||
Home Equities [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Balance | 78,935 | 80,156 | |||
Commercial And Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 225,947 | 223,100 | |||
Total Balance | 225,936 | 223,089 | |||
Consumer And Other Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 776 | 1,066 | |||
Total Balance | 1,010 | 989 | |||
Total Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 1,722,983 | 1,721,809 | |||
Allowance for credit losses | (22,287) | (22,114) | $ (22,114) | $ (21,523) | $ (19,438) |
Total Real Estate Loans [Member] | Mortgages [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 1,496,260 | 1,497,643 | |||
Total Real Estate Loans [Member] | Residential Mortgages [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 444,164 | 447,043 | |||
Allowance for credit losses | (4,063) | (3,883) | (3,883) | (3,378) | (2,102) |
Total Real Estate Loans [Member] | Residential Mortgages [Member] | Mortgages [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 440,675 | 443,788 | |||
Total Balance | 440,580 | 443,587 | |||
Total Real Estate Loans [Member] | Residential Mortgages [Member] | Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 3,489 | 3,255 | |||
Total Balance | 3,489 | 3,264 | |||
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 971,976 | 969,188 | |||
Allowance for credit losses | (12,547) | (12,548) | (12,548) | (12,554) | (11,595) |
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Mortgages [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 857,107 | 854,565 | |||
Total Balance | 856,775 | 854,869 | |||
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 114,869 | 114,623 | |||
Total Balance | 115,151 | 114,992 | |||
Total Real Estate Loans [Member] | Home Equities [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 80,120 | 81,412 | |||
Total Balance | 78,935 | 80,156 | |||
Allowance for credit losses | (353) | (434) | (434) | (320) | (608) |
Total Real Estate Loans [Member] | Home Equities [Member] | Mortgages [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 80,120 | 81,412 | |||
Total Real Estate Loans [Member] | Commercial And Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 225,947 | 223,100 | |||
Allowance for credit losses | (5,315) | (5,241) | (5,241) | (5,267) | (4,980) |
Total Real Estate Loans [Member] | Consumer And Other Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total gross loans | 776 | 1,066 | |||
Allowance for credit losses | $ (9) | $ (8) | $ (8) | $ (4) | $ (153) |
Loans And The Allowance For C_5
Loans And The Allowance For Credit Losses (Data, At Class Level, Of Credit Quality Indicators Of Certain Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Balance | $ 1,721,876 | $ 1,720,946 |
Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 14,680 | 24,348 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 23,727 | 44,924 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 40,055 | 24,356 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 22,051 | 13,144 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 12,689 | 5,954 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13,608 | 9,244 |
Financing Receivable, Revolving | 99,126 | 101,119 |
Total Balance | 225,936 | 223,089 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 59 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 4 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 8 | 3 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 67 | 7 |
Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 14,680 | 24,338 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 22,780 | 42,967 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 37,089 | 21,614 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 19,383 | 12,174 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 11,442 | 5,686 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 11,929 | 6,539 |
Financing Receivable, Revolving | 82,532 | 86,459 |
Total Balance | 199,835 | 199,777 |
Commercial And Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 10 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 947 | 1,955 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,516 | 2,739 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,666 | 510 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 820 | 268 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,337 | 1,867 |
Financing Receivable, Revolving | 13,567 | 11,705 |
Total Balance | 21,853 | 19,054 |
Commercial And Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 450 | 3 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2 | 460 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 427 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 342 | 838 |
Financing Receivable, Revolving | 3,027 | 2,955 |
Total Balance | 4,248 | 4,258 |
Commercial Real Estate Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 14,168 | 132,525 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 144,191 | 200,831 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 203,122 | 182,077 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 169,346 | 96,125 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 95,303 | 82,964 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 345,796 | 275,339 |
Total Balance | 971,926 | 969,861 |
Commercial Real Estate Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 14,168 | 132,525 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 144,191 | 194,197 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 194,358 | 169,943 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 157,281 | 95,264 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 95,303 | 66,243 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 322,479 | 263,628 |
Total Balance | 927,780 | 921,800 |
Commercial Real Estate Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,634 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,008 | 397 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 393 | 861 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 9,988 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 14,727 | 8,094 |
Total Balance | 19,128 | 25,974 |
Commercial Real Estate Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,756 | 11,737 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 11,672 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,733 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 8,590 | 3,617 |
Total Balance | 25,018 | 22,087 |
Consumer And Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 146 | 597 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 527 | 176 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 156 | 27 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 24 | 12 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10 | 13 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 23 | 20 |
Financing Receivable, Revolving | 124 | 144 |
Total Balance | 1,010 | 989 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 31 | 145 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 3 | 18 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 1 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 1 | |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 34 | 165 |
Consumer And Other Loans [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 146 | 597 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 527 | 176 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 156 | 27 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 24 | 12 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10 | 13 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 23 | 20 |
Financing Receivable, Revolving | 124 | 144 |
Total Balance | 1,010 | 989 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,679 | 37,692 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 36,646 | 72,894 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 71,704 | 100,884 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 99,079 | 69,805 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 68,405 | 18,033 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 161,556 | 147,543 |
Total Balance | 444,069 | 446,851 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 1 | |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 1 | |
Residential Mortgages [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,679 | 37,536 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 36,281 | 72,624 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 71,441 | 100,308 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 98,508 | 69,454 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 68,276 | 17,829 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 158,033 | 144,499 |
Total Balance | 439,218 | 442,250 |
Residential Mortgages [Member] | Non-Performing Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 156 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 365 | 270 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 263 | 576 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 571 | 351 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 129 | 204 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,523 | 3,044 |
Total Balance | 4,851 | 4,601 |
Home Equities [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 926 | 7,833 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,343 | 2,768 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,668 | 590 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 559 | 588 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 556 | 571 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,542 | 2,127 |
Financing Receivable, Revolving | 64,341 | 65,679 |
Total Balance | 78,935 | 80,156 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 25 | |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 25 | |
Home Equities [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 926 | 7,833 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,343 | 2,768 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,668 | 590 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 559 | 588 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 556 | 571 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,541 | 2,126 |
Financing Receivable, Revolving | 63,723 | 65,165 |
Total Balance | 78,316 | 79,641 |
Home Equities [Member] | Non-Performing Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1 | 1 |
Financing Receivable, Revolving | 618 | 514 |
Total Balance | $ 619 | $ 515 |
Loans And The Allowance For C_6
Loans And The Allowance For Credit Losses (Recorded Investment In Loans Past Due) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accruing Loans | $ 27,193 | $ 27,224 | $ 21,965 |
Total Past Due | 1,721,876 | 1,720,946 | |
Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,668,832 | 1,681,478 | |
30-59 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 24,827 | 10,310 | |
60-89 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 196 | 1,800 | |
90+ Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 828 | 134 | |
Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accruing Loans | 1,700 | 1,839 | 2,520 |
Total Past Due | 225,936 | 223,089 | |
Commercial And Industrial [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 220,075 | 220,602 | |
Commercial And Industrial [Member] | 30-59 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,138 | 518 | |
Commercial And Industrial [Member] | 60-89 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 23 | 130 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 444,069 | 446,851 | |
Commercial Real Estate Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 971,926 | 969,861 | |
Home Equities [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accruing Loans | 619 | 447 | |
Total Past Due | 78,935 | 80,156 | |
Consumer And Other Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,010 | 989 | |
Consumer And Other Loans [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 987 | 959 | |
Consumer And Other Loans [Member] | 30-59 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7 | 27 | |
Consumer And Other Loans [Member] | 60-89 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 16 | 3 | |
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accruing Loans | 18,755 | 6,561 | |
Total Real Estate Loans [Member] | Home Equities [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accruing Loans | 619 | 515 | |
Total Past Due | 78,935 | 80,156 | |
Total Real Estate Loans [Member] | Home Equities [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 77,239 | 77,080 | |
Total Real Estate Loans [Member] | Home Equities [Member] | 30-59 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 920 | 1,906 | |
Total Real Estate Loans [Member] | Home Equities [Member] | 60-89 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 157 | 655 | |
Mortgages [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accruing Loans | 4,851 | 3,871 | |
Mortgages [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accruing Loans | 4,851 | 4,602 | |
Total Past Due | 440,580 | 443,587 | |
Mortgages [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 434,341 | 437,471 | |
Mortgages [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | 30-59 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,388 | 1,173 | |
Mortgages [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | 60-89 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 341 | ||
Mortgages [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accruing Loans | 18,755 | 19,000 | |
Total Past Due | 856,775 | 854,869 | |
Mortgages [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 818,818 | 831,375 | |
Mortgages [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | 30-59 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 18,374 | 4,360 | |
Mortgages [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | 90+ Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 828 | 134 | |
Construction [Member] | Commercial Real Estate Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accruing Loans | 1,268 | $ 8,566 | |
Construction [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,489 | 3,264 | |
Construction [Member] | Total Real Estate Loans [Member] | Residential Mortgages [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,489 | 3,264 | |
Construction [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accruing Loans | 1,268 | 1,268 | |
Total Past Due | 115,151 | 114,992 | |
Construction [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 113,883 | 110,727 | |
Construction [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | 30-59 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,326 | ||
Construction [Member] | Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | 60-89 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 671 |
Loans And The Allowance For C_7
Loans And The Allowance For Credit Losses (Schedule Of Allowance For Loan Losses According To Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jun. 30, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | $ 22,114 | |||
Allowance for credit losses: Provision (Credit) | 266 | $ (654) | ||
Allowance for credit losses: Ending balance | 22,287 | $ 22,114 | ||
Allowance for credit losses: Total | 22,287 | 22,114 | ||
Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 22,114 | 19,438 | 19,438 | |
Allowance for credit losses: Charge-offs | (101) | (30) | ||
Allowance for credit losses: Recoveries | 8 | 34 | ||
Allowance for credit losses: Provision (Credit) | 266 | (654) | ||
Allowance for credit losses: Ending balance | 22,287 | 21,523 | 22,114 | |
Allowance for credit losses: Individually evaluated for impairment | 785 | 755 | ||
Allowance for credit losses: Collectively evaluated for impairment | 21,502 | 21,359 | ||
Allowance for credit losses: Total | 22,287 | 21,523 | 22,114 | $ 22,114 |
Loans: Individually evaluated for impairment | 31,179 | 30,820 | ||
Loans: Collectively evaluated for impairment | 1,691,804 | 1,690,989 | ||
Total | 1,722,983 | 1,721,809 | ||
Commercial And Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Charge-offs | (67) | (7) | ||
Total | 225,947 | 223,100 | ||
Commercial And Industrial [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 5,241 | 4,980 | 4,980 | |
Allowance for credit losses: Charge-offs | (67) | |||
Allowance for credit losses: Recoveries | 2 | 30 | ||
Allowance for credit losses: Provision (Credit) | 139 | (67) | ||
Allowance for credit losses: Ending balance | 5,315 | 5,267 | 5,241 | |
Allowance for credit losses: Individually evaluated for impairment | 53 | 36 | ||
Allowance for credit losses: Collectively evaluated for impairment | 5,262 | 5,205 | ||
Allowance for credit losses: Total | 5,315 | 5,267 | 5,241 | 5,241 |
Loans: Individually evaluated for impairment | 2,107 | 1,869 | ||
Loans: Collectively evaluated for impairment | 223,840 | 221,231 | ||
Total | 225,947 | 223,100 | ||
Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 12,548 | 11,595 | 11,595 | |
Allowance for credit losses: Charge-offs | ||||
Allowance for credit losses: Recoveries | ||||
Allowance for credit losses: Provision (Credit) | (1) | (186) | ||
Allowance for credit losses: Ending balance | 12,547 | 12,554 | 12,548 | |
Allowance for credit losses: Individually evaluated for impairment | 719 | 719 | ||
Allowance for credit losses: Collectively evaluated for impairment | 11,828 | 11,829 | ||
Allowance for credit losses: Total | 12,547 | 12,554 | 12,548 | 12,548 |
Loans: Individually evaluated for impairment | 22,810 | 23,044 | ||
Loans: Collectively evaluated for impairment | 949,166 | 946,144 | ||
Total | 971,976 | 969,188 | ||
Consumer And Other Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Charge-offs | (34) | (165) | ||
Total | 776 | 1,066 | ||
Consumer And Other Loans [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 8 | 153 | 153 | |
Allowance for credit losses: Charge-offs | (34) | (30) | ||
Allowance for credit losses: Recoveries | 3 | 4 | ||
Allowance for credit losses: Provision (Credit) | 32 | 24 | ||
Allowance for credit losses: Ending balance | 9 | 4 | 8 | |
Allowance for credit losses: Collectively evaluated for impairment | 9 | 8 | ||
Allowance for credit losses: Total | 9 | 4 | 8 | 8 |
Loans: Collectively evaluated for impairment | 776 | 1,066 | ||
Total | 776 | 1,066 | ||
Residential Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Charge-offs | (1) | |||
Residential Mortgages [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 3,883 | 2,102 | 2,102 | |
Allowance for credit losses: Charge-offs | ||||
Allowance for credit losses: Recoveries | 3 | |||
Allowance for credit losses: Provision (Credit) | 177 | (342) | ||
Allowance for credit losses: Ending balance | 4,063 | 3,378 | 3,883 | |
Allowance for credit losses: Individually evaluated for impairment | 13 | |||
Allowance for credit losses: Collectively evaluated for impairment | 4,050 | 3,883 | ||
Allowance for credit losses: Total | 4,063 | 3,378 | 3,883 | 3,883 |
Loans: Individually evaluated for impairment | 5,356 | 5,146 | ||
Loans: Collectively evaluated for impairment | 438,808 | 441,897 | ||
Total | 444,164 | 447,043 | ||
Home Equities [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Charge-offs | (25) | |||
Home Equities [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 434 | 608 | 608 | |
Allowance for credit losses: Charge-offs | ||||
Allowance for credit losses: Recoveries | ||||
Allowance for credit losses: Provision (Credit) | (81) | (83) | ||
Allowance for credit losses: Ending balance | 353 | 320 | 434 | |
Allowance for credit losses: Collectively evaluated for impairment | 353 | 434 | ||
Allowance for credit losses: Total | 353 | 320 | 434 | $ 434 |
Loans: Individually evaluated for impairment | 906 | 761 | ||
Loans: Collectively evaluated for impairment | 79,214 | 80,651 | ||
Total | $ 80,120 | 81,412 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 2,735 | 2,735 | ||
Allowance for credit losses: Total | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial And Industrial [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 324 | 324 | ||
Allowance for credit losses: Total | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 1,145 | 1,145 | ||
Allowance for credit losses: Total | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer And Other Loans [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | (147) | (147) | ||
Allowance for credit losses: Total | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Mortgages [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 1,618 | 1,618 | ||
Allowance for credit losses: Total | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Home Equities [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | (205) | (205) | ||
Allowance for credit losses: Total | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 22,173 | 22,173 | ||
Allowance for credit losses: Total | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial And Industrial [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 5,304 | 5,304 | ||
Allowance for credit losses: Total | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Real Estate Mortgages [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 12,740 | 12,740 | ||
Allowance for credit losses: Total | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer And Other Loans [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 6 | 6 | ||
Allowance for credit losses: Total | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Residential Mortgages [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | 3,720 | 3,720 | ||
Allowance for credit losses: Total | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Home Equities [Member] | Total Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses: Beginning balance | $ 403 | $ 403 | ||
Allowance for credit losses: Total |
Loans And The Allowance For C_8
Loans And The Allowance For Credit Losses (Amortized Costs, At The Class Level, For Nonaccrual Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Impaired [Line Items] | |||
Amortized Cost With Allowance | $ 8,063 | $ 1,481 | |
Amortized Cost Without Allowance | 19,130 | 20,484 | |
Non-accruing Loans | 27,193 | 21,965 | $ 27,224 |
Interest Income Recognized | 5 | 8 | |
Commercial And Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Amortized Cost With Allowance | 66 | ||
Amortized Cost Without Allowance | 1,634 | 2,520 | |
Non-accruing Loans | 1,700 | 2,520 | 1,839 |
Residential Mortgages [Member] | Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Amortized Cost With Allowance | 160 | 151 | |
Amortized Cost Without Allowance | 4,691 | 3,720 | |
Non-accruing Loans | 4,851 | 3,871 | |
Interest Income Recognized | 3 | 8 | |
Commercial Real Estate Mortgages [Member] | Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Amortized Cost With Allowance | 1,268 | 1,301 | |
Amortized Cost Without Allowance | 7,265 | ||
Non-accruing Loans | 1,268 | 8,566 | |
Home Equities [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Amortized Cost With Allowance | 29 | ||
Amortized Cost Without Allowance | 619 | 418 | |
Non-accruing Loans | 619 | 447 | |
Interest Income Recognized | 2 | ||
Total Real Estate Loans [Member] | Residential Mortgages [Member] | Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Non-accruing Loans | 4,851 | 4,602 | |
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Amortized Cost With Allowance | 6,569 | ||
Amortized Cost Without Allowance | 12,186 | 6,561 | |
Non-accruing Loans | 18,755 | $ 6,561 | |
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Non-accruing Loans | 18,755 | 19,000 | |
Total Real Estate Loans [Member] | Commercial Real Estate Mortgages [Member] | Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Non-accruing Loans | 1,268 | 1,268 | |
Total Real Estate Loans [Member] | Home Equities [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Non-accruing Loans | $ 619 | $ 515 |
Loans And The Allowance For C_9
Loans And The Allowance For Credit Losses (Modifications to Borrowers Experiencing Financial Difficulty) (Details) - Non-Performing Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Modifications [Line Items] | ||
Term Extension | $ 319 | $ 104 |
Total Class of Receivable | 0.02% | 0% |
Mortgages [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Term Extension | $ 319 | $ 104 |
Total Class of Receivable | 0.07% | 0% |
Common Equity And Earnings Pe_2
Common Equity And Earnings Per Share Data (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Common Equity And Earnings Per Share Data [Abstract] | ||
Weighted average number of shares outstanding, dilutive | 11,484 | 31,438 |
Potentially anti-dilutive shares outstanding | 78,080 | 53,910 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (42,271) | $ (49,278) |
Net Change | (2,475) | 3,655 |
Ending Balance | (44,746) | (45,623) |
Net Unrealized Loss On Investment Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (40,741) | (47,348) |
Net Change | (2,493) | 3,635 |
Ending Balance | (43,234) | (43,713) |
Net Defined Benefit Pension Plan Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (1,530) | (1,930) |
Net Change | 18 | 20 |
Ending Balance | $ (1,512) | $ (1,910) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Unrealized loss on investment securities: | ||
Unrealized (loss) gain on investment securities, Before-Tax Amount | $ (3,364) | $ 4,884 |
Unrealized (loss) gain on investment securities, Income Tax (Provision) Benefit | 871 | (1,249) |
Unrealized (loss) gain on investment securities, Net-of-Tax Amount | (2,493) | 3,635 |
Defined benefit pension plan adjustments: | ||
Amortization of prior service cost, Before-Tax Amount | ||
Amortization of prior service cost, Income Tax (Provision) Benefit | ||
Amortization of prior service cost, Net-of-Tax Amount | ||
Amortization of actuarial loss, Before-Tax Amount | 25 | 27 |
Amortization of actuarial loss, Income Tax (Provision) Benefit | (7) | (7) |
Amortization of actuarial loss, Net-of-Tax Amount | 18 | 20 |
Net change, Before-Tax Amount | 25 | 27 |
Net change, Income Tax (Provision) Benefit | (7) | (7) |
Total | 18 | 20 |
Other comprehensive (loss) income, Before-Tax Amount | (3,339) | 4,911 |
Other comprehensive (loss) income, Income Tax (Provision) Benefit | 864 | (1,256) |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | $ (2,475) | $ 3,655 |
Net Periodic Benefit Costs (Sch
Net Periodic Benefit Costs (Schedule Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 57 | $ 62 |
Expected return on plan assets | (64) | (67) |
Amortization of the net loss | 25 | 27 |
Net periodic cost (benefit) | 18 | 22 |
Supplemental Executive Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 31 | 36 |
Interest cost | 63 | 62 |
Net periodic cost (benefit) | $ 94 | $ 98 |
Revenue Recognition Of Non-In_4
Revenue Recognition Of Non-Interest Income (Schedule Of Disaggregation Of Insurance Service And Other Fees) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total insurance service and other fees | $ 149 | $ 2,429 |
Commercial Property And Casualty Insurance Commissions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total insurance service and other fees | 889 | |
Personal Property And Casualty Insurance Commissions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total insurance service and other fees | 739 | |
Employee Benefits Sales Commissions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total insurance service and other fees | 194 | |
Profit Sharing And Contingent Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total insurance service and other fees | 427 | |
Wealth Management And Other Financial Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total insurance service and other fees | $ 149 | 127 |
Other Insurance-Related Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total insurance service and other fees | $ 53 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, net | $ 1,699,589 | $ 1,698,832 |
Allowance for loan losses | $ 22,287 | 22,114 |
Minimum [Member] | Level 3 [Member] | Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount on appraisals of the collateral | 10 | |
Maximum [Member] | Level 3 [Member] | Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount on appraisals of the collateral | 50 | |
Nonrecurring [Member] | Level 3 [Member] | Asset Pledged as Collateral [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, net | $ 8,100 | 7,900 |
Allowance for loan losses | $ 800 | $ 800 |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Instruments Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 268,476 | $ 275,680 |
Recurring [Member] | US Treasuries And Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 94,043 | 96,240 |
Recurring [Member] | US Treasuries And Government Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 94,043 | 96,240 |
Recurring [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 5,990 | 6,029 |
Recurring [Member] | States and Political Subdivisions [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 5,990 | 6,029 |
Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 168,443 | 173,411 |
Recurring [Member] | Mortgage-Backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 168,443 | $ 173,411 |
Fair Value Measurement (Finan_2
Fair Value Measurement (Financial Instruments Measured At Fair Value On Nonrecurring Basis) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent individually analyzed loans | $ 7,273 | $ 7,147 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent individually analyzed loans | $ 7,273 | $ 7,147 |
Fair Value Measurement (Estimat
Fair Value Measurement (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale securities | $ 268,476 | $ 275,680 |
Held to maturity securities | 3,531 | 1,988 |
Demand deposits | 399,558 | 390,238 |
NOW deposits | 381,798 | 345,279 |
Savings deposits | 715,495 | 649,621 |
Time deposits | 394,515 | 333,623 |
Carrying Amount [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 178,352 | 23,467 |
Demand deposits | 399,558 | 390,238 |
NOW deposits | 381,798 | 345,279 |
Savings deposits | 715,495 | 649,621 |
Carrying Amount [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale securities | 268,476 | 275,680 |
FHLB and FRB stock | 8,060 | 8,011 |
Securities sold under agreement to repurchase | 6,873 | 9,475 |
Other borrowed funds | 131,023 | 145,123 |
Subordinated debt | 31,203 | 31,177 |
Carrying Amount [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 3,611 | 2,059 |
Loans, net | 1,699,589 | 1,698,832 |
Time deposits | 394,515 | 333,623 |
Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 178,352 | 23,467 |
Demand deposits | 399,558 | 390,238 |
NOW deposits | 381,798 | 345,279 |
Savings deposits | 715,495 | 649,621 |
Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale securities | 268,476 | 275,680 |
FHLB and FRB stock | ||
Securities sold under agreement to repurchase | 6,873 | 9,475 |
Other borrowed funds | 130,699 | 145,055 |
Subordinated debt | 29,847 | 29,563 |
Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 3,531 | 1,988 |
Loans, net | 1,608,565 | 1,606,666 |
Time deposits | $ 392,997 | $ 331,675 |
Segment Information (Schedule O
Segment Information (Schedule Of Business Segments) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 USD ($) | |
Number of primary business segments | segment | 2 | |
Net interest income | $ 13,907 | $ 17,325 |
Provision for credit losses | 266 | (654) |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 13,641 | 17,979 |
Insurance service and fees | 149 | 2,429 |
Other non-interest income | 2,267 | 4,113 |
Amortization expense | 4 | 100 |
Other non-interest expense | 12,927 | 14,502 |
INCOME BEFORE INCOME TAXES | 2,981 | 7,590 |
Income tax provision | 647 | 1,790 |
NET INCOME | 2,334 | 5,800 |
Operating Segments [Member] | ||
Net interest income | 13,907 | 17,325 |
Provision for credit losses | 266 | (654) |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 13,641 | 17,979 |
Insurance service and fees | 149 | 2,429 |
Other non-interest income | 2,118 | 1,684 |
Amortization expense | 4 | 100 |
Other non-interest expense | 12,923 | 14,402 |
INCOME BEFORE INCOME TAXES | 2,981 | 7,590 |
Income tax provision | 647 | 1,790 |
NET INCOME | 2,334 | 5,800 |
Banking Activities [Member] | Operating Segments [Member] | ||
Net interest income | 13,907 | 17,325 |
Provision for credit losses | 266 | (654) |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 13,641 | 17,979 |
Insurance service and fees | 149 | 123 |
Other non-interest income | 2,118 | 1,684 |
Amortization expense | 4 | 5 |
Other non-interest expense | 12,923 | 12,557 |
INCOME BEFORE INCOME TAXES | 2,981 | 7,224 |
Income tax provision | 647 | 1,707 |
NET INCOME | $ 2,334 | 5,517 |
Insurance Agency Activities [Member] | Operating Segments [Member] | ||
Insurance service and fees | 2,306 | |
Amortization expense | 95 | |
Other non-interest expense | 1,845 | |
INCOME BEFORE INCOME TAXES | 366 | |
Income tax provision | 83 | |
NET INCOME | $ 283 |
Contingent Liabilities And Co_3
Contingent Liabilities And Commitments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Contingent Liabilities And Commitments [Abstract] | ||
Losses on commitments | $ 0 | $ 0 |
Reserve for commitments | $ 0 | $ 0 |
Contingent Liabilities And Co_4
Contingent Liabilities And Commitments (Summary Of Commitments And Contingent Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | $ 473,046 | $ 434,968 |
Commitments To Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 468,873 | 431,085 |
Standby Letters Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | $ 4,173 | $ 3,883 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arrangements [Line Items] | |
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 |