Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | CSB BANCORP INC /OH | |
Trading Symbol | CSBB | |
Entity Central Index Key | 0000880417 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Shares, $6.25 par value | |
Security Exchange Name | NONE | |
Entity Common Stock, Shares Outstanding | 2,725,524 | |
Entity File Number | 0-21714 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1687530 | |
Entity Address, Address Line One | 91 North Clay Street | |
Entity Address, Address Line Two | P.O. Box 232 | |
Entity Address, City or Town | Millersburg | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44654 | |
City Area Code | 330 | |
Local Phone Number | 674-9015 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | ||
Cash and due from banks | $ 17,929 | $ 19,281 |
Interest-earning deposits in other banks | 265,692 | 162,371 |
Total cash and cash equivalents | 283,621 | 181,652 |
Securities | ||
Available-for-sale, at fair value | 185,454 | 190,438 |
Held-to-maturity (fair value 2021-$51,013; 2020-$9,225) | 51,317 | 9,045 |
Equity securities | 107 | 87 |
Restricted stock, at cost | 4,614 | 4,614 |
Total securities | 241,492 | 204,184 |
Loans held for sale | 862 | 1,378 |
Loans | 546,095 | 609,159 |
Less allowance for loan losses | 7,645 | 8,274 |
Net loans | 538,450 | 600,885 |
Premises and equipment, net | 13,713 | 12,633 |
Core deposit intangible | 11 | 44 |
Goodwill | 4,728 | 4,728 |
Bank-owned life insurance | 23,873 | 21,416 |
Accrued interest receivable and other assets | 4,946 | 4,712 |
TOTAL ASSETS | 1,111,696 | 1,031,632 |
Deposits | ||
Noninterest-bearing | 304,345 | 272,051 |
Interest-bearing | 664,284 | 619,511 |
Total deposits | 968,629 | 891,562 |
Short-term borrowings | 38,130 | 37,215 |
Other borrowings | 3,489 | 4,664 |
Accrued interest payable and other liabilities | 4,359 | 4,332 |
Total liabilities | 1,014,607 | 937,773 |
SHAREHOLDERS' EQUITY | ||
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares; outstanding 2,725,524 shares 2021 and 2,742,350 shares 2020 | 18,629 | 18,629 |
Additional paid-in capital | 9,815 | 9,815 |
Retained earnings | 75,252 | 69,209 |
Treasury stock at cost: 255,078 shares in 2021 and 238,252 shares in 2020 | (5,424) | (4,780) |
Accumulated other comprehensive (loss) income | (1,183) | 986 |
Total shareholders' equity | 97,089 | 93,859 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,111,696 | $ 1,031,632 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity, fair value | $ 51,013 | $ 9,225 |
Common stock, par value | $ 6.25 | $ 6.25 |
Common stock, authorized shares | 9,000,000 | 9,000,000 |
Common stock, shares issued | 2,980,602 | 2,980,602 |
Common stock, shares outstanding | 2,725,524 | 2,742,350 |
Treasury stock, at cost | 255,078 | 238,252 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans, including fees | $ 6,897 | $ 7,190 | $ 19,993 | $ 21,145 |
Taxable securities | 677 | 372 | 1,840 | 1,462 |
Nontaxable securities | 117 | 110 | 339 | 343 |
Other | 114 | 42 | 228 | 312 |
Total interest and dividend income | 7,805 | 7,714 | 22,400 | 23,262 |
INTEREST EXPENSE | ||||
Deposits | 450 | 636 | 1,496 | 2,139 |
Short-term borrowings | 13 | 14 | 41 | 75 |
Other borrowings | 17 | 23 | 59 | 79 |
Total interest expense | 480 | 673 | 1,596 | 2,293 |
NET INTEREST INCOME | 7,325 | 7,041 | 20,804 | 20,969 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (210) | 377 | (655) | 1,272 |
Net interest income, after (recovery of) provision for loan losses | 7,535 | 6,664 | 21,459 | 19,697 |
NONINTEREST INCOME | ||||
Gain on sale of loans, net | 270 | 567 | 1,174 | 1,189 |
Earnings on bank owned life insurance | 163 | 131 | 457 | 390 |
Unrealized gain or (loss) on equity securities, net | 8 | (1) | 20 | (10) |
Other income | 310 | 244 | 852 | 653 |
Total noninterest income | 1,768 | 1,862 | 5,489 | 4,846 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 3,228 | 2,959 | 9,301 | 8,603 |
Occupancy expense | 270 | 246 | 771 | 711 |
Equipment expense | 170 | 172 | 519 | 505 |
Professional and director fees | 180 | 232 | 831 | 843 |
Financial institutions and franchise tax expense | 188 | 171 | 563 | 513 |
Marketing and public relations | 147 | 96 | 324 | 289 |
Software expense | 318 | 269 | 954 | 755 |
Debit card expense | 181 | 165 | 524 | 451 |
Amortization of intangible assets | 11 | 15 | 33 | 45 |
FDIC insurance expense | 130 | 91 | 358 | 103 |
Provision for unfunded loan commitments | 210 | 17 | 210 | 17 |
Other expenses | 680 | 617 | 1,996 | 1,931 |
Total noninterest expense | 5,713 | 5,050 | 16,384 | 14,766 |
Income before income taxes | 3,590 | 3,476 | 10,564 | 9,777 |
FEDERAL INCOME TAX PROVISION | 689 | 676 | 2,033 | 1,888 |
NET INCOME | $ 2,901 | $ 2,800 | $ 8,531 | $ 7,889 |
Basic and diluted net earnings per share | $ 1.06 | $ 1.02 | $ 3.12 | $ 2.88 |
Deposit Account [Member] | ||||
NONINTEREST INCOME | ||||
Noninterest income | $ 250 | $ 252 | $ 676 | $ 753 |
Fiduciary and Trust [Member] | ||||
NONINTEREST INCOME | ||||
Noninterest income | 252 | 236 | 798 | 662 |
Debit Card [Member] | ||||
NONINTEREST INCOME | ||||
Noninterest income | $ 515 | $ 433 | $ 1,512 | $ 1,209 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 2,901 | $ 2,800 | $ 8,531 | $ 7,889 |
Other comprehensive (loss) income | ||||
Unrealized (losses) gains arising during the period | (831) | (202) | (2,790) | 955 |
Amortization of discount on securities transferred to held-to-maturity | 11 | 17 | 44 | 47 |
Income tax effect | 172 | 39 | 577 | (210) |
Other comprehensive (loss) income | (648) | (146) | (2,169) | 792 |
Total comprehensive income | $ 2,253 | $ 2,654 | $ 6,362 | $ 8,681 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
Balance, beginning of period at Dec. 31, 2019 | $ 85,476 | $ 18,629 | $ 9,815 | $ 61,740 | $ (4,780) | $ 72 |
Net income | 7,889 | 7,889 | ||||
Other comprehensive income (loss) | 792 | 792 | ||||
Cash dividends declared | (2,304) | (2,304) | ||||
Balance, end of period at Sep. 30, 2020 | 91,853 | 18,629 | 9,815 | 67,325 | (4,780) | 864 |
Balance, beginning of period at Jun. 30, 2020 | 89,967 | 18,629 | 9,815 | 65,293 | (4,780) | 1,010 |
Net income | 2,800 | 2,800 | ||||
Other comprehensive income (loss) | (146) | (146) | ||||
Cash dividends declared | (768) | (768) | ||||
Balance, end of period at Sep. 30, 2020 | 91,853 | 18,629 | 9,815 | 67,325 | (4,780) | 864 |
Balance, beginning of period at Dec. 31, 2020 | 93,859 | 18,629 | 9,815 | 69,209 | (4,780) | 986 |
Net income | 8,531 | 8,531 | ||||
Other comprehensive income (loss) | (2,169) | (2,169) | ||||
Purchase of treasury shares | (644) | (644) | ||||
Cash dividends declared | (2,488) | (2,488) | ||||
Balance, end of period at Sep. 30, 2021 | 97,089 | 18,629 | 9,815 | 75,252 | (5,424) | (1,183) |
Balance, beginning of period at Jun. 30, 2021 | 96,012 | 18,629 | 9,815 | 73,196 | (5,093) | (535) |
Net income | 2,901 | 2,901 | ||||
Other comprehensive income (loss) | (648) | (648) | ||||
Purchase of treasury shares | (331) | (331) | ||||
Cash dividends declared | (845) | (845) | ||||
Balance, end of period at Sep. 30, 2021 | $ 97,089 | $ 18,629 | $ 9,815 | $ 75,252 | $ (5,424) | $ (1,183) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends declared per share | $ 0.31 | $ 0.28 | $ 0.91 | $ 0.84 |
Purchase of treasury shares, shares | 8,720 | 16,826 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Cash Flows [Abstract] | ||
NET CASH FROM OPERATING ACTIVITIES | $ 9,148 | $ 9,675 |
Securities: | ||
Proceeds from repayments, available-for-sale | 36,478 | 38,716 |
Proceeds from repayments, held-to-maturity | 5,990 | 7,415 |
Purchases, available-for-sale | (35,196) | (38,493) |
Purchases, held-to-maturity | (48,258) | (3,425) |
Loan (originations) repayments, net | 63,021 | (78,380) |
Proceeds from sale of equipment | 716 | |
Property, equipment, and software acquisitions | (1,734) | (1,957) |
Purchase of bank-owned life insurance | (2,000) | |
Proceeds from sale of other real estate | 95 | |
Net cash provided by (used in) investing activities | 18,301 | (75,313) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 77,067 | 157,110 |
Net increase in short-term borrowings | 915 | 2,756 |
Proceeds from other borrowings | 5,000 | |
Repayment of other borrowings | (1,175) | (1,565) |
Cash dividends paid | (1,643) | (1,536) |
Purchase of treasury shares | (644) | |
Net cash provided by financing activities | 74,520 | 161,765 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 101,969 | 96,127 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 181,652 | 102,017 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 283,621 | 198,144 |
Cash paid during the year for: | ||
Interest | 1,627 | 2,327 |
Income taxes | 1,725 | 1,825 |
Noncash financing activities: | ||
Dividends declared | $ 845 | $ 768 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements include the accounts of CSB Bancorp, Inc. and its wholly-owned subsidiaries, The Commercial and Savings Bank (the “Bank”) and CSB Investment Services, LLC (together referred to as the “Company” or “CSB”). All significant intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared without audit. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the Company’s financial position at September 30, 2021, and the results of operations and changes in cash flows for the periods presented have been made. Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted. The Annual Report for CSB for the year ended December 31, 2020, contains Consolidated Financial Statements and related footnote disclosures, which should be read in conjunction with the accompanying condensed Consolidated Financial Statements. The results of operations for the periods ended September 30, 2021 are not necessarily indicative of the operating results for the full year or any future interim period. Certain items in the prior-year financial statements were reclassified to conform to the current-year presentation. Such reclassifications had no effect on net income or shareholders’ equity. USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS In preparing the Consolidated Financial Statements, in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Balance Sheets and reported amounts of revenues and expenses during each reporting period. Actual results could differ from those estimates. The most significant estimates susceptible to change in the near term relate to management’s determination of the allowance for loan losses and the fair value of financial instruments. CSB BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS ASU 2016-13 - Financial Instruments - Credit Losses . The Update and all subsequent ASU’s that modified Topic 326, requires that financial assets be presented at the net amount expected to be collected (i.e. net of expected credit losses), eliminating the probable recognition threshold for credit losses on financial assets measured at amortized cost. The measurement of expected credit losses should be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We expect the Update will result in an increase in the allowance for credit losses for the estimated life of the financial asset, including an estimate for held-to-maturity debt securities. The amount of any increase will be impacted by the portfolio composition and quality at the adoption date, as well as economic conditions and forecasts at that time. A cumulative-effect adjustment to retained earnings is required as of the beginning of the year of adoption. The Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In November 2019, the FASB deferred the effective date for ASC 326, Financial Instruments – Credit Losses, for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASU’s. ASU 2017-04 - Simplifying the Test for Goodwill Impairment. The Update, and all subsequent ASU’s, simplifies the goodwill impairment test. Under the new guidance, Step 2 of the goodwill impairment process that requires an entity to determine the implied fair value of its goodwill by assigning fair value to all its assets and liabilities is eliminated. Instead, the entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The new guidance is effective for annual and interim goodwill tests performed in fiscal years beginning after December 15, 2019. Early adoption is permitted. In November 2019, the FASB deferred the effective date for ASC 350, Intangibles – Goodwill and Other, for smaller reporting companies to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. This Update is not expected to have a material impact on the Company’s financial statements. ASU 2020-4 – Reference Rate Reform (Topic 848). This update provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. This Update is not expected to have a significant impact on the Company’s financial statements. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 2 – SECURITIES Securities consist of the following on September 30, 2021 and December 31, 2020: (Dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value September 30, 2021 Available-for-sale U.S. Treasury securities $ 3,929 $ 1 $ (84 ) $ 3,846 U.S. Government agencies 13,999 — (182 ) 13,817 Mortgage-backed securities of government agencies 134,329 540 (1,931 ) 132,938 Asset-backed securities of government agencies 787 — (26 ) 761 State and political subdivisions 25,533 386 (160 ) 25,759 Corporate bonds 8,301 75 (43 ) 8,333 Total available-for-sale 186,878 1,002 (2,426 ) 185,454 Held-to-maturity Mortgage-backed securities of government agencies 50,166 101 (398 ) 49,869 State and political subdivisions 1,151 1 (8 ) 1,144 Total held-to-maturity 51,317 102 (406 ) 51,013 Equity securities 53 54 — 107 Restricted stock 4,614 — — 4,614 Total securities $ 242,862 $ 1,158 $ (2,832 ) $ 241,188 December 31, 2020 Available-for-sale U.S. Treasury security $ 999 $ 12 $ — $ 1,011 U.S. Government agencies 13,998 8 — 14,006 Mortgage-backed securities of government agencies 138,964 1,184 (136 ) 140,012 Asset-backed securities of government agencies 848 — (11 ) 837 State and political subdivisions 23,422 544 — 23,966 Corporate bonds 10,841 42 (277 ) 10,606 Total available-for-sale 189,072 1,790 (424 ) 190,438 Held-to-maturity Mortgage-backed securities of government agencies 5,620 192 (12 ) 5,800 State and political subdivisions 3,425 — — 3,425 Total held-to-maturity 9,045 192 (12 ) 9,225 Equity securities 53 34 — 87 Restricted stock 4,614 — — 4,614 Total securities $ 202,784 $ 2,016 $ (436 ) $ 204,364 Note 2 – SECURITIES (continued) The amortized cost and fair value of debt securities on September 30, 2021, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (Dollars in thousands) Amortized cost Fair value Available-for-sale Due in one year or less $ 1,443 $ 1,445 Due after one through five years 23,486 23,623 Due after five through ten years 32,930 32,813 Due after ten years 129,019 127,573 Total debt securities available-for-sale $ 186,878 $ 185,454 Held-to-maturity Due after five through ten years 500 501 Due after ten years 50,817 50,512 Total debt securities held-to-maturity $ 51,317 $ 51,013 Securities with a fair value of approximately $119.9 million and $91.0 million were pledged on September 30, 2021 and December 31, 2020, respectively, to secure public deposits, as well as other deposits and borrowings as required or permitted by law. Restricted stock primarily consists of investments in Federal Home Loan Bank of Cincinnati (FHLB) and Federal Reserve Bank stock. The Bank’s investment in FHLB stock amounted to approximately $4.1 million on September 30, 2021 and December 31, 2020. Federal Reserve Bank stock was $471 thousand on September 30, 2021 and December 31, 2020. There were no proceeds from sales of securities for the three and nine-month period ended September 30, 2021 and 2020. All gains and losses recognized on equity securities during the three and nine-month period were unrealized. Note 2 – SECURITIES (continued) The following table presents gross unrealized losses and fair value of securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, on September 30, 2021 and December 31, 2020: Securities in a continuous unrealized loss position Less than 12 months 12 months or more Total (Dollars in thousands) Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value September 30, 2021 Available-for-sale U.S. Treasury Securities $ (84 ) $ 2,845 $ — $ — $ (84 ) $ 2,845 U.S. Government agencies (182 ) 13,817 — — (182 ) 13,817 Mortgage-backed securities of government agencies (1,833 ) 104,262 (98 ) 2,654 (1,931 ) 106,916 Asset-backed securities of government agencies — — (26 ) 761 (26 ) 761 State and political subdivisions (160 ) 10,125 — — (160 ) 10,125 Corporate bonds (6 ) 531 (37 ) 962 (43 ) 1,493 Held-to-maturity Mortgage-backed securities of government agencies (383 ) 41,228 (15 ) 1,242 (398 ) 42,470 State and political subdivisions (8 ) 473 — — (8 ) 473 Total temporarily impaired securities $ (2,656 ) $ 173,281 $ (176 ) $ 5,619 $ (2,832 ) $ 178,900 December 31, 2020 Available-for-sale Mortgage-backed securities of government agencies $ (70 ) $ 10,808 $ (66 ) $ 8,974 $ (136 ) $ 19,782 Asset-backed securities of government agencies — — (11 ) 837 (11 ) 837 Corporate bonds (32 ) 1,968 (245 ) 3,733 (277 ) 5,701 Held-to-maturity — Mortgage-backed securities of government agencies (12 ) 1,734 — — (12 ) 1,734 Total temporarily impaired securities $ (114 ) $ 14,510 $ (322 ) $ 13,544 $ (436 ) $ 28,054 There were fifty-seven securities in an unrealized loss position on September 30, 2021, seven of which were in a continuous loss position for twelve months or more. At least quarterly, the Company conducts a comprehensive security-level impairment assessment. The assessments are based on the nature of the securities, the extent and duration of the securities in an unrealized loss position, the extent and duration of the loss and management’s intent to sell or if it is more likely than not that management will be required to sell a security before recovery of its amortized cost basis, which may be maturity. Management believes the Company will fully recover the cost of these securities. It does not intend to sell these securities and likely will not be required to sell them before the anticipated recovery of the remaining amortized cost basis, which may be maturity. As a result, management concluded that these securities were not other-than-temporarily impaired on September 30, 2021. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans | NOTE 3 – LOANS Loans consist of the following: (Dollars in thousands) September 30, 2021 December 31, 2020 Commercial 1 $ 128,653 $ 191,540 Commercial real estate 190,553 187,221 Residential real estate 168,563 177,155 Construction & land development 42,319 36,038 Consumer 16,356 17,916 Total loans before deferred costs 546,444 609,870 Deferred loan (fees) costs, net (349 ) (711 ) Total Loans $ 546,095 $ 609,159 1 Loan Origination/Risk Management The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Underwriting standards are designed to promote relationship banking rather than transactional banking. The Company’s management examines current and occasionally projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers; however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable, inventory, and equipment, and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single industry. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied. With respect to loans to developers and builders that are secured by non-owner occupied properties, the Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. Construction and land development loans are underwritten utilizing independent appraisal reviews, sensitivity analysis of absorption and lease rates, and financial analysis of the developers and property owners. Construction and land development loans are generally based upon estimates of costs and value associated with the completed project. These estimates may be inaccurate. Construction and land development loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property, or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions, and the availability of long-term financing. The Company originates consumer loans utilizing a judgmental underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by line and staff personnel. This activity, coupled with relatively small loan amounts that are spread across many individual borrowers, mitigates risk. The Company maintains an independent credit department that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures. Loans serviced for others approximated $137.5 million and $117.5 million on September 30, 2021 and December 31, 2020, respectively. Paycheck Protection Program The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law on March 27, 2020, and provided over $2 trillion in economic relief to individuals and businesses impacted by the COVID-19 pandemic. The CARES Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new 7(a) loan program called the Paycheck Protection Program (“PPP”). As a qualified SBA lender, the Company was automatically authorized to originate PPP loans. The PPP provides loans to small businesses who were affected by economic conditions as a result of COVID-19 to provide cash flow assistance to employers who maintain their payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, utilities and interest on existing debt during the COVID-19 emergency. The Company had 208 PPP loans with outstanding principal balances of $17.0 million as of September 30, 2021, and 671 PPP loans with balances of $70.1 million outstanding as of December 31, 2020. The PPP loans are 100% guaranteed by the SBA and may be eligible for forgiveness by the SBA to the extent that the proceeds are used to cover eligible payroll costs, interest costs, rent, and utility costs over a period of up to 24 weeks after the loan is made as long as certain conditions are met regarding employee retention and compensation levels. PPP loans deemed eligible for forgiveness by the SBA will be repaid by the SBA to the Company. PPP loans are included in the Commercial loan category with no allowance for loan losses allocated. In accordance with the SBA terms and conditions on these PPP loans, as of September 30, 2021, the Company has received approximately $5.4 million in fees associated with the processing of these loans since the inception of the program. Upon funding of the loans, fees are deferred and amortized over the life of the loan with the unearned balance fully recognized at the time a loan is forgiven as an adjustment to yield in accordance with FASB ASC 310-20-25-2. For the nine months ended September 30, 2021 and 2020, interest and fee income recognized on PPP loans was $2.7 million and $1.5 million, respectively. For the three months ended September 30, 2021 and 2020, interest and fee income recognized on PPP loans was $969 thousand and $845 thousand, respectively. As of September 30, 2021, there was approximately $620 thousand in remaining unearned fees on PPP loans outstanding. Concentrations of Credit Nearly all the Company’s lending activity occurs within the state of Ohio, including the four counties of Holmes, Stark, Tuscarawas and Wayne, as well as other markets. The majority of the Company’s loan portfolio consists of commercial and commercial real estate loans. Credit concentrations, including commitments, as determined using North American Industry Classification Codes (NAICS), to the two largest industries compared to total loans at September 30, 2021, included $50.4 million, or 9%, of total loans to lessors of non-residential buildings or dwellings, and $33.5 million, or 6%, of total loans to assisted living facilities for the elderly. These loans are generally secured by real property and equipment, with repayment expected from operational cash flow. Credit evaluation is based on a review of cash flow coverage of principal, interest payments, and the adequacy of the collateral received. The Company has identified industries that could be at a higher risk due to the COVID-19 pandemic. As of September 30, 2021, the total balance of loans, including commitments, identified to COVID-19 affected businesses was $51.8 million, with $33.5 million of those loans to assisted living facilities and $14.0 million to businesses in the hotel industry. Allowance for Loan Losses The following tables detail activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2021 and 2020. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. For the three and nine months ended September 30, 2021, the increase in the provision for loan losses for construction and land development loans was primarily related to loans to assisted living facilities that have been affected by the COVID-19 pandemic. The decrease in provision for all other categories for the three and nine-month periods is related to the improvement in economic conditions along with fewer delinquent and nonperforming loans and improvement in adversely classified loan balances. For the three and nine months ended September 30, 2020 the increase in the provision for loan losses for commercial real estate and construction loans was primarily due to the increased risk identified for businesses affected by the COVID-19 pandemic. The decrease in provision related to the commercial loan category was primarily due to lower commercial loan volume, excluding the SBA guaranteed PPP loans along with lower historical losses. The decrease in provision related to residential real estate and other consumer loans was due to the improvement in the unemployment rate during the third quarter as businesses reopened after the economic shutdown. S ummary of Allowance for Loan Losses (Dollars in thousands) Commercial Commercial Real Estate Residential Real Estate Construction & Land Development Consumer Unallocated Total Three Months Ended September 30, 2021 Beginning balance $ 1,335 $ 3,404 $ 1,060 $ 767 $ 278 $ 1,031 $ 7,875 (Recovery of) provision for loan losses 9 (280 ) (32 ) 508 (9 ) (406 ) (210 ) Charge-offs — — — — (39 ) (39 ) Recoveries 5 — 2 — 12 19 Net (charge-offs) recoveries 5 — 2 — (27 ) (20 ) Ending balance $ 1,349 $ 3,124 $ 1,030 $ 1,275 $ 242 $ 625 $ 7,645 Nine Months Ended September 30, 2021 Beginning balance $ 1,739 $ 3,469 $ 1,156 $ 756 $ 352 $ 802 $ 8,274 (Recovery of) provision for loan losses (393 ) (346 ) (130 ) 519 (128 ) (177 ) (655 ) Charge-offs (25 ) — — — (39 ) (64 ) Recoveries 28 1 4 — 57 90 Net (charge-offs) recoveries 3 1 4 — 18 26 Ending balance $ 1,349 $ 3,124 $ 1,030 $ 1,275 $ 242 $ 625 $ 7,645 Three Months Ended September 30, 2020 Beginning balance $ 2,266 $ 2,781 $ 1,585 $ 337 $ 516 $ 350 $ 7,835 Provision for loan losses (512 ) 500 (390 ) 229 (112 ) 662 377 Charge-offs (26 ) — — — (2 ) (28 ) Recoveries 118 40 1 — 12 171 Net (charge-offs) recoveries 92 40 1 — 10 143 Ending balance $ 1,846 $ 3,321 $ 1,196 $ 566 $ 414 $ 1,012 $ 8,355 Nine Months Ended September 30, 2020 Beginning balance $ 2,408 $ 2,153 $ 1,152 $ 203 $ 481 $ 620 $ 7,017 Provision for loan losses (643 ) 1,127 56 363 (23 ) 392 1,272 Charge-offs (45 ) — (15 ) — (71 ) (131 ) Recoveries 126 41 3 — 27 197 Net (charge-offs) recoveries 81 41 (12 ) — (44 ) 66 Ending balance $ 1,846 $ 3,321 $ 1,196 $ 566 $ 414 $ 1,012 $ 8,355 The following table presents the balance in the allowance for loan losses and the ending loan balances by portfolio class, based on the impairment method as of September 30, 2021 and December 31, 2020: (Dollars in thousands) Commercial Commercial Real Estate Residential Real Estate Construction Consumer Unallocated Total September 30, 2021 Allowance for loan losses: Individually evaluated for impairment $ 211 $ 20 $ 2 $ — $ 3 $ — $ 236 Collectively evaluated for impairment 1,138 3,104 1,028 1,275 239 625 7,409 Total ending allowance balance $ 1,349 $ 3,124 $ 1,030 $ 1,275 $ 242 $ 625 $ 7,645 Loans: Loans individually evaluated for impairment $ 413 $ 1,974 $ 805 $ — $ 127 $ 3,319 Loans collectively evaluated for impairment 128,240 188,579 167,758 42,319 16,229 543,125 Total ending loans balance $ 128,653 $ 190,553 $ 168,563 $ 42,319 $ 16,356 $ 546,444 December 31, 2020 Allowance for loan losses: Individually evaluated for impairment $ 4 $ 20 $ 1 $ — $ 5 $ — $ 30 Collectively evaluated for impairment 1,735 3,449 1,155 756 347 802 8,244 Total ending allowance balance $ 1,739 $ 3,469 $ 1,156 $ 756 $ 352 $ 802 $ 8,274 Loans: Loans individually evaluated for impairment $ 2,560 $ 2,875 $ 756 $ — $ 141 $ 6,332 Loans collectively evaluated for impairment 188,980 184,346 176,399 36,038 17,775 603,538 Total ending loans balance $ 191,540 $ 187,221 $ 177,155 $ 36,038 $ 17,916 $ 609,870 The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2021 and December 31, 2020: (Dollars in thousands) Unpaid Principal Balance Recorded Investment with no Allowance Recorded Investment with Allowance Total recorded investment 1 Related Allowance September 30, 2021 Commercial $ 424 $ 202 $ 211 $ 413 $ 211 Commercial real estate 2,434 1,864 111 1,975 20 Residential real estate 872 430 380 810 2 Consumer 130 11 120 131 3 Total impaired loans $ 3,860 $ 2,507 $ 822 $ 3,329 $ 236 December 31, 2020 Commercial $ 2,604 $ 1,965 $ 597 $ 2,562 $ 4 Commercial real estate 3,755 2,673 211 2,884 20 Residential real estate 923 513 247 760 1 Consumer 143 — 146 146 5 Total impaired loans $ 7,425 $ 5,151 $ 1,201 $ 6,352 $ 30 1 includes principal, accrued interest, unearned fees, and origination costs The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Average recorded investment: Commercial $ 1,237 $ 2,220 $ 1,745 $ 2,398 Commercial real estate 2,199 2,553 2,557 2,553 Residential real estate 822 759 822 808 Consumer 128 192 134 99 Average recorded investment in impaired loans $ 4,386 $ 5,724 $ 5,258 $ 5,858 Interest income recognized: Commercial $ 3 $ 14 $ 22 $ 51 Commercial real estate 20 3 71 9 Residential real estate 7 7 23 26 Consumer 2 4 6 5 Interest income recognized on a cash basis on impaired loans $ 32 $ 28 $ 122 $ 91 The following table presents the aging of past due loans and nonaccrual loans as of September 30, 2021 and December 31, 2020 by class of loans: Accruing Loans (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days + Past Due Non- Accrual Total Past Due and Non- Accrual Total Loans September 30, 2021 Commercial $ 128,351 $ 20 $ 6 $ — $ 276 $ 302 $ 128,653 Commercial real estate 190,416 — — — 137 137 190,553 Residential real estate 167,798 205 — — 560 765 168,563 Construction & land development 41,990 — — — 329 329 42,319 Consumer 16,261 46 31 — 18 95 16,356 Total Loans $ 544,816 $ 271 $ 37 $ — $ 1,320 $ 1,628 $ 546,444 December 31, 2020 Commercial $ 190,264 $ 51 $ — $ — $ 1,225 $ 1,276 $ 191,540 Commercial real estate 185,005 11 — — 2,205 2,216 187,221 Residential real estate 175,812 606 — 49 688 1,343 177,155 Construction & land development 35,721 — — — 317 317 36,038 Consumer 17,713 168 22 — 13 203 17,916 Total Loans $ 604,515 $ 836 $ 22 $ 49 $ 4,448 $ 5,355 $ 609,870 Troubled Debt Restructurings All troubled debt restructurings (“TDRs”) are individually evaluated for impairment and a related allowance is recorded, as needed. Loans whose terms have been modified as TDRs totaled $2.6 million as of September 30, 2021, and $2.8 million as of December 31, 2020, with $25 thousand Loan modifications considered TDRs completed during the three and nine-months ended September 30 were as follows: (Dollars in thousands) Number of loans restructured Pre- Modification Recorded Investment Post- Modification Recorded Investment Three Months Ended September 30, 2021 Commercial 1 $ 66 $ 66 Total Restructured Loans 1 $ 66 $ 66 Nine Months Ended September 30, 2021 Commercial 4 $ 960 $ 960 Commercial real estate 2 1,686 1,686 Residential real estate 1 88 88 Total Restructured Loans 7 $ 2,734 $ 2,734 Nine Months Ended September 30, 2020 Commercial 5 $ 181 $ 181 Commercial real estate 1 80 80 Residential real estate 1 66 66 Consumer 6 146 146 13 $ 473 $ 473 The loans restructured were modified by changing the monthly payment to interest only and modifying the maturity dates. None of the loans There was no other real estate owned on September 30, 2021 and December 31, 2020. There were no mortgage loans in the process of foreclosure on September 30, 2021 and $21 thousand on December 31, 2020. There were repossessed assets of $33 thousand on September 30, 2021 and none on December 31, 2020. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes commercial loans individually by classifying the loans as to credit risk. This analysis includes all commercial loans before origination and an annual review of those with an outstanding commitment greater than $500 thousand. The Company uses the following definitions for risk ratings: Pass . Loans classified as pass (Cash Secured, Exceptional, Acceptable, Monitor, or Pass Watch) may exhibit a wide array of characteristics but at a minimum represent an acceptable risk to the Bank. Borrowers in this rating may have leveraged but acceptable balance sheet positions, satisfactory asset quality, stable to favorable sales and earnings trends, acceptable liquidity and adequate cash flow. Loans are considered fully collectible and require an average amount of administration. While generally adhering to credit policy, these loans may exhibit occasional exceptions that do not result in undue risk to the Bank. Borrowers are generally capable of absorbing setbacks, financial and otherwise, without the threat of failure. Special Mention . Assets assigned a Special Mention grade are not considered classified assets but are considered criticized. These assets exhibit potential weaknesses that, deserve management’s close attention. If left uncorrected, those potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date. Loans in this rating warrant special attention but have not yet reached the point of concern for loss. These assets have deteriorated sufficiently to the point they would have difficulty refinancing elsewhere. Similarly, purchasers of the business would not be eligible for bank financing unless they represent a significantly stronger credit risk. Substandard . Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful . Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass rated loans. Loans listed as not rated annually are either less than $500 thousand or are included in groups of homogeneous loans. Based on the most recent analysis performed, the risk category of loans by class is as follows as of September 30, 2021 and December 31, 2020: (Dollars in thousands) Pass Special Mention Substandard Doubtful Not Rated Total September 30, 2021 Commercial $ 123,092 $ 543 $ 3,543 $ — $ 1,475 $ 128,653 Commercial real estate 170,065 5,119 13,957 — 1,412 190,553 Residential real estate 164 — 119 — 168,280 168,563 Construction & land development 34,508 210 329 — 7,272 42,319 Consumer — — 10 — 16,346 16,356 Total $ 327,829 $ 5,872 $ 17,958 $ — $ 194,785 $ 546,444 December 31, 2020 Commercial $ 177,620 $ 2,352 $ 9,644 $ — $ 1,924 $ 191,540 Commercial real estate 161,091 2,545 21,812 — 1,773 187,221 Residential real estate 174 — 114 — 176,867 177,155 Construction & land development 29,182 — — 317 6,539 36,038 Consumer — — 105 — 17,811 17,916 Total $ 368,067 $ 4,897 $ 31,675 $ 317 $ 204,914 $ 609,870 The following table presents loans that are not rated by class of loans as of September 30, 2021 and December 31, 2020. Nonperforming loans include loans past due 90 days or more and loans on nonaccrual of interest status. (Dollars in thousands) Performing Non- Performing Total September 30, 2021 Commercial $ 1,475 $ — $ 1,475 Commercial real estate 1,412 — 1,412 Residential real estate 167,738 542 168,280 Construction & land development 7,272 — 7,272 Consumer 16,328 18 16,346 Total $ 194,225 $ 560 $ 194,785 December 31, 2020 Commercial $ 1,924 $ — $ 1,924 Commercial real estate 1,773 — 1,773 Residential real estate 176,278 589 176,867 Construction & land development 6,539 — 6,539 Consumer 17,798 13 17,811 Total $ 204,312 $ 602 $ 204,914 |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | NOTE 4 – SHORT-TERM BORROWINGS The following table provides additional detail regarding repurchase agreements and the related collateral accounted for as secured borrowings. Remaining Contractual Maturity Overnight and Continuous September 30, December 31, (Dollars in thousands) 2021 2020 Securities of U.S. Government Agencies and mortgage-backed securities of government agencies pledged, fair value $ 38,347 $ 37,393 Repurchase agreements 38,130 37,215 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 5 – FAIR VALUE MEASUREMENTS The Company provides disclosures about assets and liabilities carried at fair value. The framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and lowest priority to unobservable inputs. The three broad levels of the fair value hierarchy are described below: Level I: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level II: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by corroborated or other means. If the asset or liability has a specified (contractual) term, the Level II input must be observable for substantially the full term of the asset or liability. Level III: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. NOTE 5 – FAIR VALUE MEASUREMENTS (CONTINUED) The following table presents the assets reported on the Consolidated Balance Sheets at their fair value on a recurring basis as of September 30, 2021 and December 31, 2020 by level within the fair value hierarchy. No liabilities are carried at fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Equity securities with readily determinable values and U.S. Treasury Notes are valued at the closing price reported on the active market on which the individual securities are traded. Obligations of U.S. government agencies, mortgage-backed securities, asset-backed securities, obligations of states and political subdivisions and corporate bonds are valued at observable market data for similar assets. Equity securities without readily determinable values are carried at amortized cost adjusted for impairment and observable price changes and are not included in the table below. (Dollars in thousands) Level I Level II Level III Total September 30, 2021 Assets: Securities available-for-sale U.S. Treasury security $ 3,846 $ — $ — $ 3,846 U.S. Government agencies — 13,817 — 13,817 Mortgage-backed securities of government agencies — 132,938 — 132,938 Asset-backed securities of government agencies — 761 — 761 State and political subdivisions — 25,759 — 25,759 Corporate bonds — 8,333 — 8,333 Total available-for-sale securities $ 3,846 $ 181,608 $ — $ 185,454 Equity securities $ 61 $ — $ — $ 61 December 31, 2020 Assets: Securities available-for-sale U.S. Treasury security $ 1,011 $ — $ — $ 1,011 U.S. Government agencies — 14,006 — 14,006 Mortgage-backed securities of government agencies — 140,012 — 140,012 Asset-backed securities of government agencies — 837 — 837 State and political subdivisions — 23,966 — 23,966 Corporate bonds — 10,606 — 10,606 Total available-for-sale securities $ 1,011 $ 189,427 $ — $ 190,438 Equity securities $ 41 $ — $ — $ 41 NOTE 5 – FAIR VALUE MEASUREMENTS (CONTINUED) There were no assets measured on a nonrecurring basis at September 30, 2021. The following table presents the assets measured on a nonrecurring basis on the Consolidated Balance Sheets at their fair value as of December 31, 2020, by level within the fair value hierarchy. An impaired loan is written down to fair value through the establishment of specific reserves or a charge down is taken to reduce the loan to fair value of the collateral (less estimated selling costs) and the loan is included in the following table as a Level III measurement. Techniques used to value the collateral that secure the impaired loans include quoted market prices for identical assets classified as Level I inputs, and observable inputs, employed by certified appraisers, for similar assets classified as Level II inputs. In cases where valuation techniques included inputs that are unobservable and are based on estimates and assumptions developed by management based on the best information available under each circumstance, the asset valuation is classified as Level III inputs. (Dollars in thousands) Level I Level II Level III Total December 31, 2020 Assets measured on a nonrecurring basis: Impaired loans $ — $ — $ 10 $ 10 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level III inputs to determine fair value. Quantitative Information about Level III Fair Value Measurements (Dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) December 31, 2020 Impaired loans $ 10 Appraisal of collateral 1 Appraisal adjustments 2 -20% Liquidation expense 2 -10% 1 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various inputs which are not identifiable. 2 Appraisals may be adjusted by management for qualitative factors. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Investments All Other Investments [Abstract] | |
Fair Values of Financial Instruments | NOTE 6 – FAIR VALUES OF FINANCIAL INSTRUMENTS The fair values of recognized financial instruments as of September 30, 2021 and December 31, 2020 are as follows: (Dollars in thousands) Carrying Value Level I Level II Level III Fair Value September 30, 2021 Financial assets Cash and cash equivalents $ 283,621 $ 283,621 $ — $ — $ 283,621 Securities held-to-maturity 51,317 — 51,013 — 51,013 Restricted stock 4,614 N/A N/A N/A N/A Loans held for sale 862 862 — — 862 Net loans 538,450 — — 543,274 543,274 Bank-owned life insurance 23,873 23,873 — — 23,873 Accrued interest receivable 1,768 1,768 — — 1,768 Mortgage servicing rights 584 — — 584 584 Financial liabilities Deposits $ 968,629 $ 844,036 $ — $ 124,928 $ 968,964 Short-term borrowings 38,130 38,130 — — 38,130 Other borrowings 3,489 — — 3,550 3,550 Accrued interest payable 59 59 — — 59 December 31, 2020 Financial assets Cash and cash equivalents $ 181,652 $ 181,652 $ — $ — $ 181,652 Securities held-to-maturity 9,045 — 9,225 — 9,225 Restricted stock 4,614 N/A N/A N/A N/A Loans held for sale 1,378 1,378 — — 1,378 Net loans 600,885 — — 598,583 598,583 Bank-owned life insurance 21,416 21,416 — — 21,416 Accrued interest receivable 2,159 2,159 — — 2,159 Mortgage servicing rights 488 — — 488 488 Financial liabilities Deposits $ 891,562 $ 768,230 $ — $ 124,127 $ 892,357 Short-term borrowings 37,215 37,215 — — 37,215 Other borrowings 4,664 — — 4,775 4,775 Accrued interest payable 90 90 — — 90 The Company also has unrecognized financial instruments on September 30, 2021 and December 31, 2020. These financial instruments relate to commitments to extend credit and letters of credit. The aggregate contract amount of such financial instruments was approximately $246 million on September 30, 2021 and $228 million on December 31, 2020. Such amounts are also considered to be the fair values. The fair value estimates of financial instruments are made at a specific point in time based on relevant market information. Since no ready market exists for a significant portion of the financial instruments, fair value estimates are largely based on judgments after considering such factors as future expected credit losses, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 7- ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in accumulated other comprehensive income (loss) by component net of tax for the three and nine months ended September 30, 2021 and 2020: (Dollars in thousands) Pretax Tax Effect After-tax Three Months Ended September 30, 2021 Balance as of June 30, 2021 $ (677 ) $ 142 $ (535 ) Unrealized holding loss on available-for-sale securities arising during the period (831 ) 175 (656 ) Amortization of held-to-maturity discount resulting from transfer 11 (3 ) 8 Total other comprehensive (loss) (820 ) 172 (648 ) Balance as of September 30, 2021 $ (1,497 ) $ 314 $ (1,183 ) Nine Months Ended September 30, 2021 Balance, beginning of period $ 1,249 $ (263 ) $ 986 Unrealized holding loss on available-for-sale securities arising during the period (2,790 ) 586 (2,204 ) Amortization of held-to-maturity discount resulting from transfer 44 (9 ) 35 Total other comprehensive loss (2,746 ) 577 (2,169 ) Balance as of September 30, 2021 $ (1,497 ) $ 314 $ (1,183 ) Three Months ended September 30, 2020 Balance as of June 30, 2020 $ 1,279 $ (269 ) $ 1,010 Unrealized holding loss on available-for-sale securities arising during the period (202 ) 43 (159 ) Amortization of held-to-maturity discount resulting from transfer 17 (4 ) 13 Total other comprehensive (loss) (185 ) 39 (146 ) Balance as of September 30, 2020 $ 1,094 $ (230 ) $ 864 Nine Months Ended September 30, 2020 Balance, beginning of period $ 92 $ (20 ) $ 72 Unrealized holding gain on available-for-sale securities arising during the period 955 (200 ) 755 Amortization of held-to-maturity discount resulting from transfer 47 (10 ) 37 Total other comprehensive income 1,002 (210 ) 792 Balance as of September 30, 2020 $ 1,094 $ (230 ) $ 864 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Use of Estimates in Preparing Financial Statements | USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS In preparing the Consolidated Financial Statements, in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Balance Sheets and reported amounts of revenues and expenses during each reporting period. Actual results could differ from those estimates. The most significant estimates susceptible to change in the near term relate to management’s determination of the allowance for loan losses and the fair value of financial instruments. |
Credit Losses | ASU 2016-13 - Financial Instruments - Credit Losses . The Update and all subsequent ASU’s that modified Topic 326, requires that financial assets be presented at the net amount expected to be collected (i.e. net of expected credit losses), eliminating the probable recognition threshold for credit losses on financial assets measured at amortized cost. The measurement of expected credit losses should be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We expect the Update will result in an increase in the allowance for credit losses for the estimated life of the financial asset, including an estimate for held-to-maturity debt securities. The amount of any increase will be impacted by the portfolio composition and quality at the adoption date, as well as economic conditions and forecasts at that time. A cumulative-effect adjustment to retained earnings is required as of the beginning of the year of adoption. The Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In November 2019, the FASB deferred the effective date for ASC 326, Financial Instruments – Credit Losses, for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASU’s. |
Goodwill Impairment | ASU 2017-04 - Simplifying the Test for Goodwill Impairment. The Update, and all subsequent ASU’s, simplifies the goodwill impairment test. Under the new guidance, Step 2 of the goodwill impairment process that requires an entity to determine the implied fair value of its goodwill by assigning fair value to all its assets and liabilities is eliminated. Instead, the entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The new guidance is effective for annual and interim goodwill tests performed in fiscal years beginning after December 15, 2019. Early adoption is permitted. In November 2019, the FASB deferred the effective date for ASC 350, Intangibles – Goodwill and Other, for smaller reporting companies to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. This Update is not expected to have a material impact on the Company’s financial statements. |
Accounting Standards Update 2020-04 [Member] | |
Reference Rate Reform | ASU 2020-4 – Reference Rate Reform (Topic 848). This update provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. This Update is not expected to have a significant impact on the Company’s financial statements. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Securities Available-for-Sale and Restricted Stock | Securities consist of the following on September 30, 2021 and December 31, 2020: (Dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value September 30, 2021 Available-for-sale U.S. Treasury securities $ 3,929 $ 1 $ (84 ) $ 3,846 U.S. Government agencies 13,999 — (182 ) 13,817 Mortgage-backed securities of government agencies 134,329 540 (1,931 ) 132,938 Asset-backed securities of government agencies 787 — (26 ) 761 State and political subdivisions 25,533 386 (160 ) 25,759 Corporate bonds 8,301 75 (43 ) 8,333 Total available-for-sale 186,878 1,002 (2,426 ) 185,454 Held-to-maturity Mortgage-backed securities of government agencies 50,166 101 (398 ) 49,869 State and political subdivisions 1,151 1 (8 ) 1,144 Total held-to-maturity 51,317 102 (406 ) 51,013 Equity securities 53 54 — 107 Restricted stock 4,614 — — 4,614 Total securities $ 242,862 $ 1,158 $ (2,832 ) $ 241,188 December 31, 2020 Available-for-sale U.S. Treasury security $ 999 $ 12 $ — $ 1,011 U.S. Government agencies 13,998 8 — 14,006 Mortgage-backed securities of government agencies 138,964 1,184 (136 ) 140,012 Asset-backed securities of government agencies 848 — (11 ) 837 State and political subdivisions 23,422 544 — 23,966 Corporate bonds 10,841 42 (277 ) 10,606 Total available-for-sale 189,072 1,790 (424 ) 190,438 Held-to-maturity Mortgage-backed securities of government agencies 5,620 192 (12 ) 5,800 State and political subdivisions 3,425 — — 3,425 Total held-to-maturity 9,045 192 (12 ) 9,225 Equity securities 53 34 — 87 Restricted stock 4,614 — — 4,614 Total securities $ 202,784 $ 2,016 $ (436 ) $ 204,364 |
Summary of Amortized Cost and Fair Value of Debt Securities | The amortized cost and fair value of debt securities on September 30, 2021, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (Dollars in thousands) Amortized cost Fair value Available-for-sale Due in one year or less $ 1,443 $ 1,445 Due after one through five years 23,486 23,623 Due after five through ten years 32,930 32,813 Due after ten years 129,019 127,573 Total debt securities available-for-sale $ 186,878 $ 185,454 Held-to-maturity Due after five through ten years 500 501 Due after ten years 50,817 50,512 Total debt securities held-to-maturity $ 51,317 $ 51,013 |
Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities | The following table presents gross unrealized losses and fair value of securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, on September 30, 2021 and December 31, 2020: Securities in a continuous unrealized loss position Less than 12 months 12 months or more Total (Dollars in thousands) Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value September 30, 2021 Available-for-sale U.S. Treasury Securities $ (84 ) $ 2,845 $ — $ — $ (84 ) $ 2,845 U.S. Government agencies (182 ) 13,817 — — (182 ) 13,817 Mortgage-backed securities of government agencies (1,833 ) 104,262 (98 ) 2,654 (1,931 ) 106,916 Asset-backed securities of government agencies — — (26 ) 761 (26 ) 761 State and political subdivisions (160 ) 10,125 — — (160 ) 10,125 Corporate bonds (6 ) 531 (37 ) 962 (43 ) 1,493 Held-to-maturity Mortgage-backed securities of government agencies (383 ) 41,228 (15 ) 1,242 (398 ) 42,470 State and political subdivisions (8 ) 473 — — (8 ) 473 Total temporarily impaired securities $ (2,656 ) $ 173,281 $ (176 ) $ 5,619 $ (2,832 ) $ 178,900 December 31, 2020 Available-for-sale Mortgage-backed securities of government agencies $ (70 ) $ 10,808 $ (66 ) $ 8,974 $ (136 ) $ 19,782 Asset-backed securities of government agencies — — (11 ) 837 (11 ) 837 Corporate bonds (32 ) 1,968 (245 ) 3,733 (277 ) 5,701 Held-to-maturity — Mortgage-backed securities of government agencies (12 ) 1,734 — — (12 ) 1,734 Total temporarily impaired securities $ (114 ) $ 14,510 $ (322 ) $ 13,544 $ (436 ) $ 28,054 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Summary of Loans | Loans consist of the following: (Dollars in thousands) September 30, 2021 December 31, 2020 Commercial 1 $ 128,653 $ 191,540 Commercial real estate 190,553 187,221 Residential real estate 168,563 177,155 Construction & land development 42,319 36,038 Consumer 16,356 17,916 Total loans before deferred costs 546,444 609,870 Deferred loan (fees) costs, net (349 ) (711 ) Total Loans $ 546,095 $ 609,159 1 |
Summary of Allowance for Loan Losses | S ummary of Allowance for Loan Losses (Dollars in thousands) Commercial Commercial Real Estate Residential Real Estate Construction & Land Development Consumer Unallocated Total Three Months Ended September 30, 2021 Beginning balance $ 1,335 $ 3,404 $ 1,060 $ 767 $ 278 $ 1,031 $ 7,875 (Recovery of) provision for loan losses 9 (280 ) (32 ) 508 (9 ) (406 ) (210 ) Charge-offs — — — — (39 ) (39 ) Recoveries 5 — 2 — 12 19 Net (charge-offs) recoveries 5 — 2 — (27 ) (20 ) Ending balance $ 1,349 $ 3,124 $ 1,030 $ 1,275 $ 242 $ 625 $ 7,645 Nine Months Ended September 30, 2021 Beginning balance $ 1,739 $ 3,469 $ 1,156 $ 756 $ 352 $ 802 $ 8,274 (Recovery of) provision for loan losses (393 ) (346 ) (130 ) 519 (128 ) (177 ) (655 ) Charge-offs (25 ) — — — (39 ) (64 ) Recoveries 28 1 4 — 57 90 Net (charge-offs) recoveries 3 1 4 — 18 26 Ending balance $ 1,349 $ 3,124 $ 1,030 $ 1,275 $ 242 $ 625 $ 7,645 Three Months Ended September 30, 2020 Beginning balance $ 2,266 $ 2,781 $ 1,585 $ 337 $ 516 $ 350 $ 7,835 Provision for loan losses (512 ) 500 (390 ) 229 (112 ) 662 377 Charge-offs (26 ) — — — (2 ) (28 ) Recoveries 118 40 1 — 12 171 Net (charge-offs) recoveries 92 40 1 — 10 143 Ending balance $ 1,846 $ 3,321 $ 1,196 $ 566 $ 414 $ 1,012 $ 8,355 Nine Months Ended September 30, 2020 Beginning balance $ 2,408 $ 2,153 $ 1,152 $ 203 $ 481 $ 620 $ 7,017 Provision for loan losses (643 ) 1,127 56 363 (23 ) 392 1,272 Charge-offs (45 ) — (15 ) — (71 ) (131 ) Recoveries 126 41 3 — 27 197 Net (charge-offs) recoveries 81 41 (12 ) — (44 ) 66 Ending balance $ 1,846 $ 3,321 $ 1,196 $ 566 $ 414 $ 1,012 $ 8,355 |
Allowances for Loan Losses and Ending Balances by Portfolio Class and Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the ending loan balances by portfolio class, based on the impairment method as of September 30, 2021 and December 31, 2020: (Dollars in thousands) Commercial Commercial Real Estate Residential Real Estate Construction Consumer Unallocated Total September 30, 2021 Allowance for loan losses: Individually evaluated for impairment $ 211 $ 20 $ 2 $ — $ 3 $ — $ 236 Collectively evaluated for impairment 1,138 3,104 1,028 1,275 239 625 7,409 Total ending allowance balance $ 1,349 $ 3,124 $ 1,030 $ 1,275 $ 242 $ 625 $ 7,645 Loans: Loans individually evaluated for impairment $ 413 $ 1,974 $ 805 $ — $ 127 $ 3,319 Loans collectively evaluated for impairment 128,240 188,579 167,758 42,319 16,229 543,125 Total ending loans balance $ 128,653 $ 190,553 $ 168,563 $ 42,319 $ 16,356 $ 546,444 December 31, 2020 Allowance for loan losses: Individually evaluated for impairment $ 4 $ 20 $ 1 $ — $ 5 $ — $ 30 Collectively evaluated for impairment 1,735 3,449 1,155 756 347 802 8,244 Total ending allowance balance $ 1,739 $ 3,469 $ 1,156 $ 756 $ 352 $ 802 $ 8,274 Loans: Loans individually evaluated for impairment $ 2,560 $ 2,875 $ 756 $ — $ 141 $ 6,332 Loans collectively evaluated for impairment 188,980 184,346 176,399 36,038 17,775 603,538 Total ending loans balance $ 191,540 $ 187,221 $ 177,155 $ 36,038 $ 17,916 $ 609,870 |
Schedule of Impairment by Class of Loans | The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2021 and December 31, 2020: (Dollars in thousands) Unpaid Principal Balance Recorded Investment with no Allowance Recorded Investment with Allowance Total recorded investment 1 Related Allowance September 30, 2021 Commercial $ 424 $ 202 $ 211 $ 413 $ 211 Commercial real estate 2,434 1,864 111 1,975 20 Residential real estate 872 430 380 810 2 Consumer 130 11 120 131 3 Total impaired loans $ 3,860 $ 2,507 $ 822 $ 3,329 $ 236 December 31, 2020 Commercial $ 2,604 $ 1,965 $ 597 $ 2,562 $ 4 Commercial real estate 3,755 2,673 211 2,884 20 Residential real estate 923 513 247 760 1 Consumer 143 — 146 146 5 Total impaired loans $ 7,425 $ 5,151 $ 1,201 $ 6,352 $ 30 1 includes principal, accrued interest, unearned fees, and origination costs |
Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income Recognized | The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Average recorded investment: Commercial $ 1,237 $ 2,220 $ 1,745 $ 2,398 Commercial real estate 2,199 2,553 2,557 2,553 Residential real estate 822 759 822 808 Consumer 128 192 134 99 Average recorded investment in impaired loans $ 4,386 $ 5,724 $ 5,258 $ 5,858 Interest income recognized: Commercial $ 3 $ 14 $ 22 $ 51 Commercial real estate 20 3 71 9 Residential real estate 7 7 23 26 Consumer 2 4 6 5 Interest income recognized on a cash basis on impaired loans $ 32 $ 28 $ 122 $ 91 |
Schedule of Aging of Past Due and Nonaccrual Loans | The following table presents the aging of past due loans and nonaccrual loans as of September 30, 2021 and December 31, 2020 by class of loans: Accruing Loans (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days + Past Due Non- Accrual Total Past Due and Non- Accrual Total Loans September 30, 2021 Commercial $ 128,351 $ 20 $ 6 $ — $ 276 $ 302 $ 128,653 Commercial real estate 190,416 — — — 137 137 190,553 Residential real estate 167,798 205 — — 560 765 168,563 Construction & land development 41,990 — — — 329 329 42,319 Consumer 16,261 46 31 — 18 95 16,356 Total Loans $ 544,816 $ 271 $ 37 $ — $ 1,320 $ 1,628 $ 546,444 December 31, 2020 Commercial $ 190,264 $ 51 $ — $ — $ 1,225 $ 1,276 $ 191,540 Commercial real estate 185,005 11 — — 2,205 2,216 187,221 Residential real estate 175,812 606 — 49 688 1,343 177,155 Construction & land development 35,721 — — — 317 317 36,038 Consumer 17,713 168 22 — 13 203 17,916 Total Loans $ 604,515 $ 836 $ 22 $ 49 $ 4,448 $ 5,355 $ 609,870 |
Summary of Troubled Debt Restructurings | Loan modifications considered TDRs completed during the three and nine-months ended September 30 were as follows: (Dollars in thousands) Number of loans restructured Pre- Modification Recorded Investment Post- Modification Recorded Investment Three Months Ended September 30, 2021 Commercial 1 $ 66 $ 66 Total Restructured Loans 1 $ 66 $ 66 Nine Months Ended September 30, 2021 Commercial 4 $ 960 $ 960 Commercial real estate 2 1,686 1,686 Residential real estate 1 88 88 Total Restructured Loans 7 $ 2,734 $ 2,734 Nine Months Ended September 30, 2020 Commercial 5 $ 181 $ 181 Commercial real estate 1 80 80 Residential real estate 1 66 66 Consumer 6 146 146 13 $ 473 $ 473 |
Summary of Loans by Credit Quality Indicator | Based on the most recent analysis performed, the risk category of loans by class is as follows as of September 30, 2021 and December 31, 2020: (Dollars in thousands) Pass Special Mention Substandard Doubtful Not Rated Total September 30, 2021 Commercial $ 123,092 $ 543 $ 3,543 $ — $ 1,475 $ 128,653 Commercial real estate 170,065 5,119 13,957 — 1,412 190,553 Residential real estate 164 — 119 — 168,280 168,563 Construction & land development 34,508 210 329 — 7,272 42,319 Consumer — — 10 — 16,346 16,356 Total $ 327,829 $ 5,872 $ 17,958 $ — $ 194,785 $ 546,444 December 31, 2020 Commercial $ 177,620 $ 2,352 $ 9,644 $ — $ 1,924 $ 191,540 Commercial real estate 161,091 2,545 21,812 — 1,773 187,221 Residential real estate 174 — 114 — 176,867 177,155 Construction & land development 29,182 — — 317 6,539 36,038 Consumer — — 105 — 17,811 17,916 Total $ 368,067 $ 4,897 $ 31,675 $ 317 $ 204,914 $ 609,870 |
Schedule of Loans Not Rated by Class of Loans | The following table presents loans that are not rated by class of loans as of September 30, 2021 and December 31, 2020. Nonperforming loans include loans past due 90 days or more and loans on nonaccrual of interest status. (Dollars in thousands) Performing Non- Performing Total September 30, 2021 Commercial $ 1,475 $ — $ 1,475 Commercial real estate 1,412 — 1,412 Residential real estate 167,738 542 168,280 Construction & land development 7,272 — 7,272 Consumer 16,328 18 16,346 Total $ 194,225 $ 560 $ 194,785 December 31, 2020 Commercial $ 1,924 $ — $ 1,924 Commercial real estate 1,773 — 1,773 Residential real estate 176,278 589 176,867 Construction & land development 6,539 — 6,539 Consumer 17,798 13 17,811 Total $ 204,312 $ 602 $ 204,914 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Repurchase Agreements and Related Collateral Accounted for as Secured Borrowings | The following table provides additional detail regarding repurchase agreements and the related collateral accounted for as secured borrowings. Remaining Contractual Maturity Overnight and Continuous September 30, December 31, (Dollars in thousands) 2021 2020 Securities of U.S. Government Agencies and mortgage-backed securities of government agencies pledged, fair value $ 38,347 $ 37,393 Repurchase agreements 38,130 37,215 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets Measured on Recurring Basis | The following table presents the assets reported on the Consolidated Balance Sheets at their fair value on a recurring basis as of September 30, 2021 and December 31, 2020 by level within the fair value hierarchy. No liabilities are carried at fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Equity securities with readily determinable values and U.S. Treasury Notes are valued at the closing price reported on the active market on which the individual securities are traded. Obligations of U.S. government agencies, mortgage-backed securities, asset-backed securities, obligations of states and political subdivisions and corporate bonds are valued at observable market data for similar assets. Equity securities without readily determinable values are carried at amortized cost adjusted for impairment and observable price changes and are not included in the table below. (Dollars in thousands) Level I Level II Level III Total September 30, 2021 Assets: Securities available-for-sale U.S. Treasury security $ 3,846 $ — $ — $ 3,846 U.S. Government agencies — 13,817 — 13,817 Mortgage-backed securities of government agencies — 132,938 — 132,938 Asset-backed securities of government agencies — 761 — 761 State and political subdivisions — 25,759 — 25,759 Corporate bonds — 8,333 — 8,333 Total available-for-sale securities $ 3,846 $ 181,608 $ — $ 185,454 Equity securities $ 61 $ — $ — $ 61 December 31, 2020 Assets: Securities available-for-sale U.S. Treasury security $ 1,011 $ — $ — $ 1,011 U.S. Government agencies — 14,006 — 14,006 Mortgage-backed securities of government agencies — 140,012 — 140,012 Asset-backed securities of government agencies — 837 — 837 State and political subdivisions — 23,966 — 23,966 Corporate bonds — 10,606 — 10,606 Total available-for-sale securities $ 1,011 $ 189,427 $ — $ 190,438 Equity securities $ 41 $ — $ — $ 41 |
Schedule of Fair Value of Assets Measured on Nonrecurring Basis | There were no assets measured on a nonrecurring basis at September 30, 2021. The following table presents the assets measured on a nonrecurring basis on the Consolidated Balance Sheets at their fair value as of December 31, 2020, by level within the fair value hierarchy. An impaired loan is written down to fair value through the establishment of specific reserves or a charge down is taken to reduce the loan to fair value of the collateral (less estimated selling costs) and the loan is included in the following table as a Level III measurement. Techniques used to value the collateral that secure the impaired loans include quoted market prices for identical assets classified as Level I inputs, and observable inputs, employed by certified appraisers, for similar assets classified as Level II inputs. In cases where valuation techniques included inputs that are unobservable and are based on estimates and assumptions developed by management based on the best information available under each circumstance, the asset valuation is classified as Level III inputs. (Dollars in thousands) Level I Level II Level III Total December 31, 2020 Assets measured on a nonrecurring basis: Impaired loans $ — $ — $ 10 $ 10 |
Schedule of Quantitative Information of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level III inputs to determine fair value. Quantitative Information about Level III Fair Value Measurements (Dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) December 31, 2020 Impaired loans $ 10 Appraisal of collateral 1 Appraisal adjustments 2 -20% Liquidation expense 2 -10% 1 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various inputs which are not identifiable. 2 Appraisals may be adjusted by management for qualitative factors. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments All Other Investments [Abstract] | |
Schedule of Estimated Fair Values of Recognized Financial Instruments | The fair values of recognized financial instruments as of September 30, 2021 and December 31, 2020 are as follows: (Dollars in thousands) Carrying Value Level I Level II Level III Fair Value September 30, 2021 Financial assets Cash and cash equivalents $ 283,621 $ 283,621 $ — $ — $ 283,621 Securities held-to-maturity 51,317 — 51,013 — 51,013 Restricted stock 4,614 N/A N/A N/A N/A Loans held for sale 862 862 — — 862 Net loans 538,450 — — 543,274 543,274 Bank-owned life insurance 23,873 23,873 — — 23,873 Accrued interest receivable 1,768 1,768 — — 1,768 Mortgage servicing rights 584 — — 584 584 Financial liabilities Deposits $ 968,629 $ 844,036 $ — $ 124,928 $ 968,964 Short-term borrowings 38,130 38,130 — — 38,130 Other borrowings 3,489 — — 3,550 3,550 Accrued interest payable 59 59 — — 59 December 31, 2020 Financial assets Cash and cash equivalents $ 181,652 $ 181,652 $ — $ — $ 181,652 Securities held-to-maturity 9,045 — 9,225 — 9,225 Restricted stock 4,614 N/A N/A N/A N/A Loans held for sale 1,378 1,378 — — 1,378 Net loans 600,885 — — 598,583 598,583 Bank-owned life insurance 21,416 21,416 — — 21,416 Accrued interest receivable 2,159 2,159 — — 2,159 Mortgage servicing rights 488 — — 488 488 Financial liabilities Deposits $ 891,562 $ 768,230 $ — $ 124,127 $ 892,357 Short-term borrowings 37,215 37,215 — — 37,215 Other borrowings 4,664 — — 4,775 4,775 Accrued interest payable 90 90 — — 90 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component Net of Tax | The following table presents the changes in accumulated other comprehensive income (loss) by component net of tax for the three and nine months ended September 30, 2021 and 2020: (Dollars in thousands) Pretax Tax Effect After-tax Three Months Ended September 30, 2021 Balance as of June 30, 2021 $ (677 ) $ 142 $ (535 ) Unrealized holding loss on available-for-sale securities arising during the period (831 ) 175 (656 ) Amortization of held-to-maturity discount resulting from transfer 11 (3 ) 8 Total other comprehensive (loss) (820 ) 172 (648 ) Balance as of September 30, 2021 $ (1,497 ) $ 314 $ (1,183 ) Nine Months Ended September 30, 2021 Balance, beginning of period $ 1,249 $ (263 ) $ 986 Unrealized holding loss on available-for-sale securities arising during the period (2,790 ) 586 (2,204 ) Amortization of held-to-maturity discount resulting from transfer 44 (9 ) 35 Total other comprehensive loss (2,746 ) 577 (2,169 ) Balance as of September 30, 2021 $ (1,497 ) $ 314 $ (1,183 ) Three Months ended September 30, 2020 Balance as of June 30, 2020 $ 1,279 $ (269 ) $ 1,010 Unrealized holding loss on available-for-sale securities arising during the period (202 ) 43 (159 ) Amortization of held-to-maturity discount resulting from transfer 17 (4 ) 13 Total other comprehensive (loss) (185 ) 39 (146 ) Balance as of September 30, 2020 $ 1,094 $ (230 ) $ 864 Nine Months Ended September 30, 2020 Balance, beginning of period $ 92 $ (20 ) $ 72 Unrealized holding gain on available-for-sale securities arising during the period 955 (200 ) 755 Amortization of held-to-maturity discount resulting from transfer 47 (10 ) 37 Total other comprehensive income 1,002 (210 ) 792 Balance as of September 30, 2020 $ 1,094 $ (230 ) $ 864 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | Sep. 30, 2021 |
Accounting Standards Update 2017-04 [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, Accounting standards update, Immaterial effect [true false] | true |
Accounting Standards Update 2020-04 [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, Accounting standards update, Immaterial effect [true false] | true |
Securities - Summary of Securit
Securities - Summary of Securities Available-for-Sale and Restricted Stock (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | $ 186,878 | $ 189,072 |
Gross Unrealized Gains, Available-for-sale | 1,002 | 1,790 |
Gross Unrealized Losses, Available-for-sale | (2,426) | (424) |
Fair Value, Available-for-sale | 185,454 | 190,438 |
Amortized Cost, Held to maturity | 51,317 | 9,045 |
Gross Unrealized Gains, Held to maturity | 102 | 192 |
Gross Unrealized Losses, Held to maturity | (406) | (12) |
Fair Value, Held to maturity | 51,013 | 9,225 |
Amortized Cost | 242,862 | 202,784 |
Gross Unrealized Gains | 1,158 | 2,016 |
Gross Unrealized Losses | (2,832) | (436) |
Fair Value | 241,188 | 204,364 |
U.S. Treasury Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 3,929 | 999 |
Gross Unrealized Gains, Available-for-sale | 1 | 12 |
Gross Unrealized Losses, Available-for-sale | (84) | |
Fair Value, Available-for-sale | 3,846 | 1,011 |
Mortgage-Backed Securities of Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 134,329 | 138,964 |
Gross Unrealized Gains, Available-for-sale | 540 | 1,184 |
Gross Unrealized Losses, Available-for-sale | (1,931) | (136) |
Fair Value, Available-for-sale | 132,938 | 140,012 |
Amortized Cost, Held to maturity | 50,166 | 5,620 |
Gross Unrealized Gains, Held to maturity | 101 | 192 |
Gross Unrealized Losses, Held to maturity | (398) | (12) |
Fair Value, Held to maturity | 49,869 | 5,800 |
Asset-Backed Securities of Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 787 | 848 |
Gross Unrealized Losses, Available-for-sale | (26) | (11) |
Fair Value, Available-for-sale | 761 | 837 |
State and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 25,533 | 23,422 |
Gross Unrealized Gains, Available-for-sale | 386 | 544 |
Gross Unrealized Losses, Available-for-sale | (160) | |
Fair Value, Available-for-sale | 25,759 | 23,966 |
Amortized Cost, Held to maturity | 1,151 | 3,425 |
Gross Unrealized Gains, Held to maturity | 1 | |
Gross Unrealized Losses, Held to maturity | (8) | |
Fair Value, Held to maturity | 1,144 | 3,425 |
Corporate Bonds [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 8,301 | 10,841 |
Gross Unrealized Gains, Available-for-sale | 75 | 42 |
Gross Unrealized Losses, Available-for-sale | (43) | (277) |
Fair Value, Available-for-sale | 8,333 | 10,606 |
U.S. Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 13,999 | 13,998 |
Gross Unrealized Gains, Available-for-sale | 8 | |
Gross Unrealized Losses, Available-for-sale | (182) | |
Fair Value, Available-for-sale | 13,817 | 14,006 |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Equity securities | 53 | 53 |
Gross Unrealized Gains, Equity securities | 54 | 34 |
Fair Value, Equity securities | 107 | 87 |
Restricted Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 4,614 | 4,614 |
Fair Value | $ 4,614 | $ 4,614 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Value of Debt Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Available-for-sale | ||
Due in one year or less, Amortized Cost | $ 1,443 | |
Due after one through five years, Amortized Cost | 23,486 | |
Due after five through ten years, Amortized Cost | 32,930 | |
Due after ten years, Amortized Cost | 129,019 | |
Amortized Cost, Available-for-sale | 186,878 | $ 189,072 |
Due in one year or less, Fair Value | 1,445 | |
Due after one through five years, Fair Value | 23,623 | |
Due after five through ten years, Fair Value | 32,813 | |
Due after ten years, Fair Value | 127,573 | |
Total debt securities available-for-sale, Fair Value | 185,454 | 190,438 |
Held-to-maturity | ||
Due after five through ten years, Amortized Cost | 500 | |
Due after ten years, Amortized Cost | 50,817 | |
Amortized Cost, Held to maturity | 51,317 | 9,045 |
Due after five through ten years, Fair Value | 501 | |
Due after ten years, Fair Value | 50,512 | |
Total debt securities held-to-maturity, Fair Value | $ 51,013 | $ 9,225 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)Security | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Security | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Investments Debt And Equity Securities [Abstract] | |||||
Fair value of pledged securities | $ 119,900,000 | $ 119,900,000 | $ 91,000,000 | ||
Restricted stock investment in FHLB stock | 4,100,000 | 4,100,000 | 4,100,000 | ||
Federal Reserve Bank stock | 471,000 | 471,000 | $ 471,000 | ||
Proceeds from sale of available-for-sale securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of securities in an unrealized loss position, Total | Security | 57 | 57 | |||
Number of securities in continuous unrealized loss position, 12 months or more | Security | 7 |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity, Gross Unrealized Losses, Total | $ (406) | $ (12) |
Gross Unrealized Losses, Less Than 12 Months | (2,656) | (114) |
Fair Value, Less Than 12 Months | 173,281 | 14,510 |
Gross Unrealized Losses, 12 Months Or More | (176) | (322) |
Fair Value, 12 Months Or More | 5,619 | 13,544 |
Gross Unrealized Losses, Total | (2,832) | (436) |
Fair Value, Total | 178,900 | 28,054 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Gross Unrealized Losses, Less Than 12 Months | (84) | |
Available-for-sale, Fair Value, Less Than 12 Months | 2,845 | |
Available-for-sale, Gross Unrealized Losses, Total | (84) | |
Available-for-sale, Fair Value, Total | 2,845 | |
Asset-Backed Securities of Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Gross Unrealized Losses, 12 Months or More | (26) | (11) |
Available-for-sale, Fair Value, 12 Months or More | 761 | 837 |
Available-for-sale, Gross Unrealized Losses, Total | (26) | (11) |
Available-for-sale, Fair Value, Total | 761 | 837 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Gross Unrealized Losses, Less Than 12 Months | (6) | (32) |
Available-for-sale, Fair Value, Less Than 12 Months | 531 | 1,968 |
Available-for-sale, Gross Unrealized Losses, 12 Months or More | (37) | (245) |
Available-for-sale, Fair Value, 12 Months or More | 962 | 3,733 |
Available-for-sale, Gross Unrealized Losses, Total | (43) | (277) |
Available-for-sale, Fair Value, Total | 1,493 | 5,701 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Gross Unrealized Losses, Less Than 12 Months | (182) | |
Available-for-sale, Fair Value, Less Than 12 Months | 13,817 | |
Available-for-sale, Gross Unrealized Losses, Total | (182) | |
Available-for-sale, Fair Value, Total | 13,817 | |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Gross Unrealized Losses, Less Than 12 Months | (160) | |
Available-for-sale, Fair Value, Less Than 12 Months | 10,125 | |
Available-for-sale, Gross Unrealized Losses, Total | (160) | |
Available-for-sale, Fair Value, Total | 10,125 | |
Held-to-maturity, Gross Unrealized Losses, Less Than 12 Months | (8) | |
Held-to-maturity, Fair Value, Less Than 12 Months | 473 | |
Held-to-maturity, Gross Unrealized Losses, Total | (8) | |
Held-to-maturity, Fair Value, Total | 473 | |
Mortgage-Backed Securities of Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Gross Unrealized Losses, Less Than 12 Months | (1,833) | (70) |
Available-for-sale, Fair Value, Less Than 12 Months | 104,262 | 10,808 |
Available-for-sale, Gross Unrealized Losses, 12 Months or More | (98) | (66) |
Available-for-sale, Fair Value, 12 Months or More | 2,654 | 8,974 |
Available-for-sale, Gross Unrealized Losses, Total | (1,931) | (136) |
Available-for-sale, Fair Value, Total | 106,916 | 19,782 |
Held-to-maturity, Gross Unrealized Losses, Less Than 12 Months | (383) | (12) |
Held-to-maturity, Fair Value, Less Than 12 Months | 41,228 | 1,734 |
Held-to-maturity, Gross Unrealized Losses, 12 Months Or More | (15) | |
Held-to-maturity, Fair Value, 12 Months Or More | 1,242 | |
Held-to-maturity, Gross Unrealized Losses, Total | (398) | (12) |
Held-to-maturity, Fair Value, Total | $ 42,470 | $ 1,734 |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | $ 546,444 | $ 609,870 |
Deferred loan (fees) costs, net | (349) | (711) |
Total Loans | 546,095 | 609,159 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 128,653 | 191,540 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 190,553 | 187,221 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 168,563 | 177,155 |
Construction & Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 42,319 | 36,038 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | $ 16,356 | $ 17,916 |
Loans - Summary of Loans (Paren
Loans - Summary of Loans (Parenthetical) (Detail) - Paycheck Protection Program [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal amount outstanding on PPP loans | $ 17 | $ 70.1 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal amount outstanding on PPP loans | $ 17 | $ 70.1 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($)IndustryContractProperty | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)LoanIndustryContractProperty | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)LoanContractProperty | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans serviced for others | $ 137,500,000 | $ 137,500,000 | $ 117,500,000 | ||
Interest and fee income on loans | 6,897,000 | $ 7,190,000 | 19,993,000 | $ 21,145,000 | |
Concentration loans | 546,444,000 | 546,444,000 | 609,870,000 | ||
Assisted living facilities loans | 538,450,000 | 538,450,000 | 600,885,000 | ||
Loans classified as troubled debt restructurings | 2,600,000 | 2,600,000 | 2,800,000 | ||
Reserves allocated to customers whose loan terms are modified in troubled debt restructurings | 25,000 | 25,000 | $ 30,000 | ||
Loans payable classified as nonaccrual | $ 108,000 | $ 108,000 | |||
Loans restructured, subsequently defaulted | Contract | 0 | 0 | 0 | ||
Number of properties acquired | Property | 0 | 0 | 0 | ||
Mortgage loans in process of foreclosure amount | $ 0 | $ 21,000 | |||
Other repossessed assets | $ 33,000 | 33,000 | $ 0 | ||
Outstanding balance of commercial loans classified under credit risk, minimum amount | 500,000 | 500,000 | |||
Loans listed as not rated under risk category, maximum amount | 500,000 | 500,000 | |||
Performing [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructurings | 2,500,000 | 2,500,000 | |||
Covid-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance including commitments | 51,800,000 | 51,800,000 | |||
Business loans | 33,500,000 | 33,500,000 | |||
Covid-19 [Member] | Assisted Living Facilities [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Assisted living facilities loans | $ 14,000,000 | $ 14,000,000 | |||
Credit Concentration Risk [Member] | Loans Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of industries for credit concentrations | Industry | 2 | 2 | |||
Credit Concentration Risk [Member] | Loans Receivable [Member] | Lessors of Non-residential Buildings or Dwellings [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Concentration loans | $ 50,400,000 | $ 50,400,000 | |||
Concentration of credit percentage of total loans | 9.00% | ||||
Credit Concentration Risk [Member] | Loans Receivable [Member] | Assisted Living Facilities for Elderly [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Concentration loans | 33,500,000 | $ 33,500,000 | |||
Concentration of credit percentage of total loans | 6.00% | ||||
Paycheck Protection Program [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of PPP loans | Loan | 208 | 671 | |||
Principal amount outstanding on PPP loans | $ 17,000,000 | $ 17,000,000 | $ 70,100,000 | ||
PPP loans guaranteed percentage | 100.00% | 100.00% | |||
Loan processing fee received | $ 5,400,000 | ||||
Remaining unearned fees on loans outstanding | $ 620,000 | 620,000 | |||
Interest and fee income on loans | $ 969,000 | $ 845,000 | $ 2,700,000 | $ 1,500,000 |
Loans - Schedule of Allowances
Loans - Schedule of Allowances for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 7,875 | $ 7,835 | $ 8,274 | $ 7,017 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (210) | 377 | (655) | 1,272 |
Charge-offs | (39) | (28) | (64) | (131) |
Recoveries | 19 | 171 | 90 | 197 |
Net (charge-offs) recoveries | (20) | 143 | 26 | 66 |
Ending balance | 7,645 | 8,355 | 7,645 | 8,355 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,335 | 2,266 | 1,739 | 2,408 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | 9 | (512) | (393) | (643) |
Charge-offs | (26) | (25) | (45) | |
Recoveries | 5 | 118 | 28 | 126 |
Net (charge-offs) recoveries | 5 | 92 | 3 | 81 |
Ending balance | 1,349 | 1,846 | 1,349 | 1,846 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 3,404 | 2,781 | 3,469 | 2,153 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (280) | 500 | (346) | 1,127 |
Recoveries | 40 | 1 | 41 | |
Net (charge-offs) recoveries | 40 | 1 | 41 | |
Ending balance | 3,124 | 3,321 | 3,124 | 3,321 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,060 | 1,585 | 1,156 | 1,152 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (32) | (390) | (130) | 56 |
Charge-offs | (15) | |||
Recoveries | 2 | 1 | 4 | 3 |
Net (charge-offs) recoveries | 2 | 1 | 4 | (12) |
Ending balance | 1,030 | 1,196 | 1,030 | 1,196 |
Construction & Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 767 | 337 | 756 | 203 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | 508 | 229 | 519 | 363 |
Ending balance | 1,275 | 566 | 1,275 | 566 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 278 | 516 | 352 | 481 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (9) | (112) | (128) | (23) |
Charge-offs | (39) | (2) | (39) | (71) |
Recoveries | 12 | 12 | 57 | 27 |
Net (charge-offs) recoveries | (27) | 10 | 18 | (44) |
Ending balance | 242 | 414 | 242 | 414 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,031 | 350 | 802 | 620 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (406) | 662 | (177) | 392 |
Ending balance | $ 625 | $ 1,012 | $ 625 | $ 1,012 |
Loans - Allowances for Loan Los
Loans - Allowances for Loan Losses and Ending Balances by Portfolio Class and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses individually evaluated for impairment | $ 236 | $ 30 | ||||
Allowance for loan losses collectively evaluated for impairment | 7,409 | 8,244 | ||||
Total ending allowance balance | 7,645 | $ 7,875 | 8,274 | $ 8,355 | $ 7,835 | $ 7,017 |
Loans individually evaluated for impairment | 3,319 | 6,332 | ||||
Loans collectively evaluated for impairment | 543,125 | 603,538 | ||||
Total ending loans balance | 546,444 | 609,870 | ||||
Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses individually evaluated for impairment | 211 | 4 | ||||
Allowance for loan losses collectively evaluated for impairment | 1,138 | 1,735 | ||||
Total ending allowance balance | 1,349 | 1,335 | 1,739 | 1,846 | 2,266 | 2,408 |
Loans individually evaluated for impairment | 413 | 2,560 | ||||
Loans collectively evaluated for impairment | 128,240 | 188,980 | ||||
Total ending loans balance | 128,653 | 191,540 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses individually evaluated for impairment | 20 | 20 | ||||
Allowance for loan losses collectively evaluated for impairment | 3,104 | 3,449 | ||||
Total ending allowance balance | 3,124 | 3,404 | 3,469 | 3,321 | 2,781 | 2,153 |
Loans individually evaluated for impairment | 1,974 | 2,875 | ||||
Loans collectively evaluated for impairment | 188,579 | 184,346 | ||||
Total ending loans balance | 190,553 | 187,221 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses individually evaluated for impairment | 2 | 1 | ||||
Allowance for loan losses collectively evaluated for impairment | 1,028 | 1,155 | ||||
Total ending allowance balance | 1,030 | 1,060 | 1,156 | 1,196 | 1,585 | 1,152 |
Loans individually evaluated for impairment | 805 | 756 | ||||
Loans collectively evaluated for impairment | 167,758 | 176,399 | ||||
Total ending loans balance | 168,563 | 177,155 | ||||
Construction & Land Development [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses collectively evaluated for impairment | 1,275 | 756 | ||||
Total ending allowance balance | 1,275 | 767 | 756 | 566 | 337 | 203 |
Loans collectively evaluated for impairment | 42,319 | 36,038 | ||||
Total ending loans balance | 42,319 | 36,038 | ||||
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses individually evaluated for impairment | 3 | 5 | ||||
Allowance for loan losses collectively evaluated for impairment | 239 | 347 | ||||
Total ending allowance balance | 242 | 278 | 352 | 414 | 516 | 481 |
Loans individually evaluated for impairment | 127 | 141 | ||||
Loans collectively evaluated for impairment | 16,229 | 17,775 | ||||
Total ending loans balance | 16,356 | 17,916 | ||||
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses collectively evaluated for impairment | 625 | 802 | ||||
Total ending allowance balance | $ 625 | $ 1,031 | $ 802 | $ 1,012 | $ 350 | $ 620 |
Loans - Schedule of Impairment
Loans - Schedule of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 3,860 | $ 7,425 |
Recorded Investment with no Allowance | 2,507 | 5,151 |
Recorded Investment with Allowance | 822 | 1,201 |
Total recorded investment | 3,329 | 6,352 |
Related Allowance | 236 | 30 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 424 | 2,604 |
Recorded Investment with no Allowance | 202 | 1,965 |
Recorded Investment with Allowance | 211 | 597 |
Total recorded investment | 413 | 2,562 |
Related Allowance | 211 | 4 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,434 | 3,755 |
Recorded Investment with no Allowance | 1,864 | 2,673 |
Recorded Investment with Allowance | 111 | 211 |
Total recorded investment | 1,975 | 2,884 |
Related Allowance | 20 | 20 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 872 | 923 |
Recorded Investment with no Allowance | 430 | 513 |
Recorded Investment with Allowance | 380 | 247 |
Total recorded investment | 810 | 760 |
Related Allowance | 2 | 1 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 130 | 143 |
Recorded Investment with no Allowance | 11 | |
Recorded Investment with Allowance | 120 | 146 |
Total recorded investment | 131 | 146 |
Related Allowance | $ 3 | $ 5 |
Loans - Schedule of Average Rec
Loans - Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Average recorded investment: | ||||
Average recorded investment in impaired loans | $ 4,386 | $ 5,724 | $ 5,258 | $ 5,858 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | 32 | 28 | 122 | 91 |
Commercial [Member] | ||||
Average recorded investment: | ||||
Average recorded investment in impaired loans | 1,237 | 2,220 | 1,745 | 2,398 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | 3 | 14 | 22 | 51 |
Commercial Real Estate [Member] | ||||
Average recorded investment: | ||||
Average recorded investment in impaired loans | 2,199 | 2,553 | 2,557 | 2,553 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | 20 | 3 | 71 | 9 |
Residential Real Estate [Member] | ||||
Average recorded investment: | ||||
Average recorded investment in impaired loans | 822 | 759 | 822 | 808 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | 7 | 7 | 23 | 26 |
Consumer [Member] | ||||
Average recorded investment: | ||||
Average recorded investment in impaired loans | 128 | 192 | 134 | 99 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | $ 2 | $ 4 | $ 6 | $ 5 |
Loans - Schedule of Aging of Pa
Loans - Schedule of Aging of Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 1,320 | $ 4,448 |
Total past due and non-accrual | 1,628 | 5,355 |
Total ending loans balance | 546,444 | 609,870 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 544,816 | 604,515 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 271 | 836 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 37 | 22 |
90 Days Plus Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 49 | |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 276 | 1,225 |
Total past due and non-accrual | 302 | 1,276 |
Total ending loans balance | 128,653 | 191,540 |
Commercial [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 128,351 | 190,264 |
Commercial [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 20 | 51 |
Commercial [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 6 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 137 | 2,205 |
Total past due and non-accrual | 137 | 2,216 |
Total ending loans balance | 190,553 | 187,221 |
Commercial Real Estate [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 190,416 | 185,005 |
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 11 | |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 560 | 688 |
Total past due and non-accrual | 765 | 1,343 |
Total ending loans balance | 168,563 | 177,155 |
Residential Real Estate [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 167,798 | 175,812 |
Residential Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 205 | 606 |
Residential Real Estate [Member] | 90 Days Plus Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 49 | |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 329 | 317 |
Total past due and non-accrual | 329 | 317 |
Total ending loans balance | 42,319 | 36,038 |
Construction & Land Development [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 41,990 | 35,721 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 18 | 13 |
Total past due and non-accrual | 95 | 203 |
Total ending loans balance | 16,356 | 17,916 |
Consumer [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 16,261 | 17,713 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 46 | 168 |
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | $ 31 | $ 22 |
Loans - Summary of Troubled Deb
Loans - Summary of Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021USD ($)Contract | Sep. 30, 2021USD ($)Contract | Sep. 30, 2020USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of loans restructured | Contract | 1 | 7 | 13 |
Pre-Modification Recorded Investment | $ 66 | $ 2,734 | $ 473 |
Post-Modification Recorded Investment | $ 66 | $ 2,734 | $ 473 |
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans restructured | Contract | 1 | 4 | 5 |
Pre-Modification Recorded Investment | $ 66 | $ 960 | $ 181 |
Post-Modification Recorded Investment | $ 66 | $ 960 | $ 181 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans restructured | Contract | 2 | 1 | |
Pre-Modification Recorded Investment | $ 1,686 | $ 80 | |
Post-Modification Recorded Investment | $ 1,686 | $ 80 | |
Residential Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans restructured | Contract | 1 | 1 | |
Pre-Modification Recorded Investment | $ 88 | $ 66 | |
Post-Modification Recorded Investment | $ 88 | $ 66 | |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans restructured | Contract | 6 | ||
Pre-Modification Recorded Investment | $ 146 | ||
Post-Modification Recorded Investment | $ 146 |
Loans - Summary of Loans by Cre
Loans - Summary of Loans by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 546,444 | $ 609,870 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 327,829 | 368,067 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,872 | 4,897 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 17,958 | 31,675 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 317 | |
Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 194,785 | 204,914 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 128,653 | 191,540 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 123,092 | 177,620 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 543 | 2,352 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,543 | 9,644 |
Commercial [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,475 | 1,924 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 190,553 | 187,221 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 170,065 | 161,091 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,119 | 2,545 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 13,957 | 21,812 |
Commercial Real Estate [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,412 | 1,773 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 168,563 | 177,155 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 164 | 174 |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 119 | 114 |
Residential Real Estate [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 168,280 | 176,867 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 42,319 | 36,038 |
Construction & Land Development [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 34,508 | 29,182 |
Construction & Land Development [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 210 | |
Construction & Land Development [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 329 | |
Construction & Land Development [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 317 | |
Construction & Land Development [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 7,272 | 6,539 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,356 | 17,916 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10 | 105 |
Consumer [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 16,346 | $ 17,811 |
Loans - Schedule of Loans Not R
Loans - Schedule of Loans Not Rated by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | $ 194,785 | $ 204,914 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 1,475 | 1,924 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 1,412 | 1,773 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 168,280 | 176,867 |
Construction & Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 7,272 | 6,539 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 16,346 | 17,811 |
Performing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 194,225 | 204,312 |
Performing [Member] | Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 1,475 | 1,924 |
Performing [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 1,412 | 1,773 |
Performing [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 167,738 | 176,278 |
Performing [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 7,272 | 6,539 |
Performing [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 16,328 | 17,798 |
Nonperforming [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 560 | 602 |
Nonperforming [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 542 | 589 |
Nonperforming [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | $ 18 | $ 13 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Repurchase Agreements and Related Collateral Accounted for as Secured Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Short Term Borrowings [Abstract] | ||
Securities of U.S. Government Agencies and mortgage-backed securities of government agencies pledged, fair value | $ 38,347 | $ 37,393 |
Repurchase agreements | $ 38,130 | $ 37,215 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Liabilities carried at fair value | $ 0 | $ 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Assets | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | $ 185,454 | $ 190,438 |
Equity securities | 107 | 87 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,846 | 1,011 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 13,817 | 14,006 |
Mortgage-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 132,938 | 140,012 |
Asset-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 761 | 837 |
State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 25,759 | 23,966 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 8,333 | 10,606 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 185,454 | 190,438 |
Equity securities | 61 | 41 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,846 | 1,011 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 13,817 | 14,006 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 132,938 | 140,012 |
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 761 | 837 |
Fair Value, Measurements, Recurring [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 25,759 | 23,966 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 8,333 | 10,606 |
Fair Value, Measurements, Recurring [Member] | Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,846 | 1,011 |
Equity securities | 61 | 41 |
Fair Value, Measurements, Recurring [Member] | Level I [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,846 | 1,011 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 181,608 | 189,427 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 13,817 | 14,006 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | Mortgage-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 132,938 | 140,012 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | Asset-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 761 | 837 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 25,759 | 23,966 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | $ 8,333 | $ 10,606 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value of Assets Measured on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 0 | |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 10,000 | |
Level III [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 10,000 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Quantitative Information of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Level III [Member] - Impaired Loans [Member] - Appraisal of Collateral [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Estimate | $ 10 |
Impaired loan, measurement input | (0.10) |
Weighted Average [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Impaired loan, measurement input | (0.20) |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Schedule of Estimated Fair Values of Recognized Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial assets | ||
Securities held-to-maturity | $ 51,013 | $ 9,225 |
Loans held for sale | 862 | 1,378 |
Bank-owned life insurance | 23,873 | 21,416 |
Carrying Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 283,621 | 181,652 |
Securities held-to-maturity | 51,317 | 9,045 |
Restricted stock | 4,614 | 4,614 |
Loans held for sale | 862 | 1,378 |
Net loans | 538,450 | 600,885 |
Bank-owned life insurance | 23,873 | 21,416 |
Accrued interest receivable | 1,768 | 2,159 |
Financial liabilities | ||
Deposits | 968,629 | 891,562 |
Short-term borrowings | 38,130 | 37,215 |
Other borrowings | 3,489 | 4,664 |
Accrued interest payable | 59 | 90 |
Carrying Value [Member] | Mortgage Servicing Rights [Member] | ||
Financial assets | ||
Mortgage servicing rights | 584 | 488 |
Fair Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 283,621 | 181,652 |
Securities held-to-maturity | 51,013 | 9,225 |
Loans held for sale | 862 | 1,378 |
Net loans | 543,274 | 598,583 |
Bank-owned life insurance | 23,873 | 21,416 |
Accrued interest receivable | 1,768 | 2,159 |
Financial liabilities | ||
Deposits | 968,964 | 892,357 |
Short-term borrowings | 38,130 | 37,215 |
Other borrowings | 3,550 | 4,775 |
Accrued interest payable | 59 | 90 |
Fair Value [Member] | Mortgage Servicing Rights [Member] | ||
Financial assets | ||
Mortgage servicing rights | 584 | 488 |
Fair Value [Member] | Level I [Member] | ||
Financial assets | ||
Cash and cash equivalents | 283,621 | 181,652 |
Loans held for sale | 862 | 1,378 |
Bank-owned life insurance | 23,873 | 21,416 |
Accrued interest receivable | 1,768 | 2,159 |
Financial liabilities | ||
Deposits | 844,036 | 768,230 |
Short-term borrowings | 38,130 | 37,215 |
Accrued interest payable | 59 | 90 |
Fair Value [Member] | Level II [Member] | ||
Financial assets | ||
Securities held-to-maturity | 51,013 | 9,225 |
Fair Value [Member] | Level III [Member] | ||
Financial assets | ||
Net loans | 543,274 | 598,583 |
Financial liabilities | ||
Deposits | 124,928 | 124,127 |
Other borrowings | 3,550 | 4,775 |
Fair Value [Member] | Level III [Member] | Mortgage Servicing Rights [Member] | ||
Financial assets | ||
Mortgage servicing rights | $ 584 | $ 488 |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Commitments to extend credit and letters of credit | $ 246 | $ 228 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized holding gain (loss) on available-for-sale securities arising during the period, Pretax | $ (831) | $ (202) | $ (2,790) | $ 955 |
Beginning balance, After-tax | 986 | |||
Other comprehensive (loss) income | (648) | (146) | (2,169) | 792 |
Ending Balance, After-tax | (1,183) | (1,183) | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, Pretax | (677) | 1,279 | 1,249 | 92 |
Unrealized holding gain (loss) on available-for-sale securities arising during the period, Pretax | (831) | (202) | (2,790) | 955 |
Amortization of held-to-maturity discount resulting from transfer, Pretax | 11 | 17 | 44 | 47 |
Total other comprehensive income (loss), Pretax | (820) | (185) | (2,746) | 1,002 |
Ending balance, Pretax | (1,497) | 1,094 | (1,497) | 1,094 |
Beginning balance, Tax Effect | 142 | (269) | (263) | (20) |
Unrealized holding gain (loss) on available-for-sale securities arising during the period, Tax Effect | 175 | 43 | 586 | (200) |
Amortization of held-to-maturity discount resulting from transfer, Tax Effect | (3) | (4) | (9) | (10) |
Total other comprehensive income (loss), Tax Effect | 172 | 39 | 577 | (210) |
Ending Balance, Tax Effect | 314 | (230) | 314 | (230) |
Beginning balance, After-tax | (535) | 1,010 | 986 | 72 |
Unrealized holding gain (loss) on available-for-sale securities arising during the period, After-Tax | (656) | (159) | (2,204) | 755 |
Amortization of held-to-maturity discount resulting from transfer, After-tax | 8 | 13 | 35 | 37 |
Other comprehensive (loss) income | (648) | (146) | (2,169) | 792 |
Ending Balance, After-tax | $ (1,183) | $ 864 | $ (1,183) | $ 864 |