Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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, $6.25 par value | |
Security Exchange Name | NONE | |
Entity Common Stock, Shares Outstanding | 2,718,024 | |
Entity File Number | 0-21714 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1687530 | |
Entity Address, Address Line One | 91 North Clay Street | |
Entity Address, Address Line Two | P.O. Box 232 | |
Entity Address, City or Town | Millersburg | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44654 | |
City Area Code | 330 | |
Local Phone Number | 674-9015 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | ||
Cash and due from banks | $ 18,963 | $ 19,543 |
Interest-earning deposits in other banks | 111,274 | 224,114 |
Total cash and cash equivalents | 130,237 | 243,657 |
Securities | ||
Available-for-sale, at fair value | 143,322 | 131,708 |
Held-to-maturity (fair value 2022-$232,675; 2021-$174,528) | 246,301 | 174,808 |
Equity securities | 248 | 115 |
Restricted stock, at cost | 4,614 | 4,614 |
Total securities | 394,485 | 311,245 |
Loans held for sale | 431 | 231 |
Loans | 567,375 | 549,154 |
Less allowance for loan losses | 7,305 | 7,618 |
Net loans | 560,070 | 541,536 |
Premises and equipment, net | 13,730 | 13,866 |
Goodwill | 4,728 | 4,728 |
Bank-owned life insurance | 24,201 | 24,035 |
Accrued interest receivable and other assets | 7,121 | 4,941 |
TOTAL ASSETS | 1,135,003 | 1,144,239 |
Deposits | ||
Noninterest-bearing | 335,974 | 334,346 |
Interest-bearing | 658,965 | 668,401 |
Total deposits | 994,939 | 1,002,747 |
Short-term borrowings | 38,893 | 36,530 |
Other borrowings | 3,325 | 3,407 |
Accrued interest payable and other liabilities | 2,918 | 4,240 |
Total liabilities | 1,040,075 | 1,046,924 |
SHAREHOLDERS' EQUITY | ||
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares; outstanding 2,718,024 shares 2022 and 2021 | 18,629 | 18,629 |
Additional paid-in capital | 9,815 | 9,815 |
Retained earnings | 79,416 | 76,715 |
Treasury stock at cost: 262,578 shares in 2022 and 2021 | (5,719) | (5,719) |
Accumulated other comprehensive loss | (7,213) | (2,125) |
Total shareholders' equity | 94,928 | 97,315 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,135,003 | $ 1,144,239 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity, fair value | $ 232,675 | $ 174,528 |
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 | 2,718,024 | 2,718,024 |
Treasury stock, at cost | 262,578 | 262,578 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
INTEREST AND DIVIDEND INCOME | ||
Loans, including fees | $ 5,777 | $ 6,865 |
Taxable securities | 1,281 | 559 |
Nontaxable securities | 110 | 111 |
Other | 74 | 46 |
Total interest and dividend income | 7,242 | 7,581 |
INTEREST EXPENSE | ||
Deposits | 349 | 538 |
Short-term borrowings | 12 | 13 |
Other borrowings | 16 | 22 |
Total interest expense | 377 | 573 |
NET INTEREST INCOME | 6,865 | 7,008 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (300) | 30 |
Net interest income, after (recovery of) provision for loan losses | 7,165 | 6,978 |
NONINTEREST INCOME | ||
Gain on sale of loans, net | 118 | 487 |
Earnings on bank owned life insurance | 166 | 150 |
Unrealized gain or (loss) on equity securities, net | 1 | 13 |
Other income | 333 | 268 |
Total noninterest income | 1,642 | 1,878 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 3,155 | 3,029 |
Occupancy expense | 272 | 254 |
Equipment expense | 214 | 177 |
Professional and director fees | 276 | 295 |
Financial institutions and franchise tax expense | 195 | 188 |
Marketing and public relations | 111 | 79 |
Software expense | 333 | 300 |
Debit card expense | 164 | 171 |
Amortization of intangible assets | 11 | |
FDIC insurance expense | 83 | 108 |
Provision for unfunded loan commitments | 13 | 103 |
Other expenses | 652 | 566 |
Total noninterest expense | 5,468 | 5,281 |
Income before income taxes | 3,339 | 3,575 |
FEDERAL INCOME TAX PROVISION | 638 | 690 |
NET INCOME | $ 2,701 | $ 2,885 |
Basic and diluted net earnings per share | $ 0.99 | $ 1.05 |
Deposit Account [Member] | ||
NONINTEREST INCOME | ||
Noninterest income | $ 265 | $ 207 |
Fiduciary and Trust [Member] | ||
NONINTEREST INCOME | ||
Noninterest income | 264 | 282 |
Debit Card [Member] | ||
NONINTEREST INCOME | ||
Noninterest income | $ 495 | $ 471 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 2,701 | $ 2,885 |
Other comprehensive loss | ||
Unrealized losses arising during the period | (6,538) | (3,607) |
Amortization of discount on securities transferred to held-to-maturity | 98 | 16 |
Income tax effect | 1,352 | 755 |
Other comprehensive loss | (5,088) | (2,836) |
Total comprehensive (loss) income | $ (2,387) | $ 49 |
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, 2020 | $ 93,859 | $ 18,629 | $ 9,815 | $ 69,209 | $ (4,780) | $ 986 |
Net income | 2,885 | 2,885 | ||||
Other comprehensive loss | (2,836) | (2,836) | ||||
Cash dividends declared | (823) | (823) | ||||
Balance, end of period at Mar. 31, 2021 | 93,085 | 18,629 | 9,815 | 71,271 | (4,780) | (1,850) |
Balance, beginning of period at Dec. 31, 2021 | 97,315 | 18,629 | 9,815 | 76,715 | (5,719) | (2,125) |
Net income | 2,701 | 2,701 | ||||
Other comprehensive loss | (5,088) | (5,088) | ||||
Balance, end of period at Mar. 31, 2022 | $ 94,928 | $ 18,629 | $ 9,815 | $ 79,416 | $ (5,719) | $ (7,213) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2021$ / shares | |
Statement Of Stockholders Equity [Abstract] | |
Cash dividends declared per share | $ 0.30 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Cash Flows [Abstract] | ||
NET CASH FROM OPERATING ACTIVITIES | $ 881 | $ 3,315 |
Securities: | ||
Proceeds from repayments, available-for-sale | 4,530 | 16,369 |
Proceeds from repayments, held-to-maturity | 5,205 | 784 |
Purchases, available-for-sale | (22,872) | (27,334) |
Purchases, held-to-maturity | (76,712) | |
Purchases, equity securities | (131) | |
Loan (originations) repayments, net | (18,716) | 25,325 |
Property, equipment, and software acquisitions | (78) | (558) |
Net cash (used in) provided by investing activities | (108,774) | 14,586 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net (decrease) increase in deposits | (7,808) | 77,007 |
Net increase in short-term borrowings | 2,363 | 2,450 |
Repayment of other borrowings | (82) | (100) |
Net cash (used in) provided by financing activities | (5,527) | 79,357 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (113,420) | 97,258 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 243,657 | 181,652 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 130,237 | 278,910 |
Cash paid during the year for: | ||
Interest | $ 381 | 579 |
Noncash financing activities: | ||
Dividends declared | $ 823 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, 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, 2021, 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 March 31, 2022 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. 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. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ASU 2022-02 - The amendments in this update eliminate TDR accounting for entities that have adopted Update 2016-13, while enhancing disclosure requirements for certain loan modifications by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying TDR recognition and measurement guidance, creditors will determine whether a modification results in a new loan or continuation of existing loan. These amendments are intended to enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The ASU also requires current-period gross write-offs by year of origination within the vintage disclosures, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. The guidance is only for entities that have adopted the amendments in Update 2016-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption using prospective application, including adoption in an interim period where the guidance should be applied as of the beginning of the fiscal year. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 2 – SECURITIES Securities consist of the following on March 31, 2022 and December 31, 2021: (Dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value March 31, 2022 Available-for-sale U.S. Treasury securities $ 15,310 $ — $ (430 ) $ 14,880 U.S. Government agencies 13,999 — (904 ) 13,095 Mortgage-backed securities of government agencies 73,600 27 (4,306 ) 69,321 Asset-backed securities of government agencies 737 — (7 ) 730 State and political subdivisions 23,154 35 (735 ) 22,454 Corporate bonds 23,744 — (902 ) 22,842 Total available-for-sale 150,544 62 (7,284 ) 143,322 Held-to-maturity U.S Treasury Securities $ 12,713 $ — $ (597 ) $ 12,116 Mortgage-backed securities of government agencies 231,403 9 (12,874 ) 218,538 State and political subdivisions 2,185 — (164 ) 2,021 Total held-to-maturity 246,301 9 (13,635 ) 232,675 Equity securities 185 63 — 248 Restricted stock 4,614 — — 4,614 Total securities $ 401,644 $ 134 $ (20,919 ) $ 380,859 December 31, 2021 Available-for-sale U.S. Treasury securities $ 4,982 $ — $ (10 ) $ 4,972 U.S. Government agencies 13,999 — (327 ) 13,672 Mortgage-backed securities of government agencies 78,224 393 (843 ) 77,774 Asset-backed securities of government agencies 760 — (7 ) 753 State and political subdivisions 23,189 343 (201 ) 23,331 Corporate bonds 11,238 57 (89 ) 11,206 Total available-for-sale 132,392 793 (1,477 ) 131,708 Held-to-maturity U.S Treasury Securities $ 12,700 $ 32 $ (39 ) $ 12,693 Mortgage-backed securities of government agencies 159,916 504 (766 ) 159,654 State and political subdivisions 2,192 3 (14 ) 2,181 Total held-to-maturity 174,808 539 (819 ) 174,528 Equity securities 53 62 — 115 Restricted stock 4,614 — — 4,614 Total securities $ 311,867 $ 1,394 $ (2,296 ) $ 310,965 Note 2 – SECURITIES (continued) The amortized cost and fair value of debt securities on March 31, 2022, 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 $ 602 $ 603 Due after one through five years 49,847 48,097 Due after five through ten years 33,238 31,765 Due after ten years 66,857 62,857 Total debt securities available-for-sale $ 150,544 $ 143,322 Held-to-maturity Due in one year or less $ 2,494 $ 2,432 Due after one through five years 7,390 7,026 Due after five through ten years 3,890 3,630 Due after ten years 232,527 219,587 Total debt securities held-to-maturity $ 246,301 $ 232,675 Securities with a fair value of approximately $109.8 million and $103.0 million were pledged on March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021. Federal Reserve Bank stock was $471 thousand on March 31, 2022 and December 31, 2021. There were no proceeds from sales of securities for the three-month period ended March 31, 2022 and 2021. All gains and losses recognized on equity securities during the three-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 March 31, 2022 and December 31, 2021: 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 March 31, 2022 Available-for-sale U.S. Treasury Securities $ (430 ) $ 14,880 $ — $ — $ (430 ) $ 14,880 U.S. Government agencies — — (904 ) 13,095 (904 ) 13,095 Mortgage-backed securities of government agencies (2,290 ) 43,297 (2,016 ) 23,387 (4,306 ) 66,684 Asset-backed securities of government agencies — — (7 ) 730 (7 ) 730 State and political subdivisions (646 ) 13,934 (89 ) 715 (735 ) 14,649 Corporate bonds (852 ) 19,392 (50 ) 950 (902 ) 20,342 Held-to-maturity U.S. Treasury Securities (597 ) 12,116 — — (597 ) 12,116 Mortgage-backed securities of government agencies (10,713 ) 166,971 (2,161 ) 35,245 (12,874 ) 202,216 State and political subdivisions (164 ) 2,021 — — (164 ) 2,021 Total temporarily impaired securities $ (15,692 ) $ 272,611 $ (5,227 ) $ 74,122 $ (20,919 ) $ 346,733 December 31, 2021 Available-for-sale U.S. Treasury Securities $ (10 ) $ 4,972 $ — $ — $ (10 ) $ 4,972 U.S. Government agencies (69 ) 2,930 (258 ) 10,742 (327 ) 13,672 Mortgage-backed securities of government agencies (574 ) 43,595 (269 ) 12,653 (843 ) 56,248 Asset-backed securities of government agencies — — (7 ) 753 (7 ) 753 State and political subdivisions (201 ) 9,646 — — (201 ) 9,646 Corporate bonds (44 ) 5,710 (45 ) 955 (89 ) 6,665 Held-to-maturity — U.S. Treasury Securities (39 ) 9,837 — — (39 ) 9,837 Mortgage-backed securities of government agencies (766 ) 98,906 — — (766 ) 98,906 State and political subdivisions (14 ) 1,749 — — (14 ) 1,749 Total temporarily impaired securities $ (1,717 ) $ 177,345 $ (579 ) $ 25,103 $ (2,296 ) $ 202,448 There were 148 securities in an unrealized loss position on March 31, 2022, 28 of which were in a continuous loss position for twelve (12) months or more. There were 66 securities in an unrealized loss position on December 31, 2021, eleven (11) of which were in a continuous loss position for twelve (12) or more months. 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 March 31, 2022 and December 31, 2021, respectively. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans | NOTE 3 – LOANS Loans consist of the following: (Dollars in thousands) March 31, 2022 December 31, 2021 Commercial 1 $ 127,217 $ 123,933 Commercial real estate 189,417 194,754 Residential real estate 172,987 168,247 Construction & land development 62,184 46,042 Consumer 15,318 16,074 Total loans before deferred costs 567,123 549,050 Deferred loan costs, net 252 104 Total Loans $ 567,375 $ 549,154 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 $142.1 million 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 19 PPP loans with outstanding principal balances of $2.0 million as of March 31, 2022, and 76 PPP loans with balances of $4.6 million outstanding as of December 31, 2021. 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 March 31, 2022, 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 three months ended March 31, 2022, and 2021, interest and fee income recognized on PPP loans was $132 thousand and $902 thousand, respectively. As of March 31, 2022, there was approximately $49 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 on March 31, 2022, included $66.8 million, or 12%, of total loans to lessors of non-residential buildings or dwellings, and $33.3 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 March 31, 2022, the total balance of loans, including commitments, identified to COVID-19 affected businesses was $45.5 million, with $33.3 million of those loans to assisted living facilities and $10.7 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 months ended March 31, 2022, and 2021. 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 months ended March 31, 2022, the decrease in the provision for loan losses for commercial real estate loans was primarily due to the improvement in businesses affected by the COVID-19 pandemic as well as the reduction of loans in this category. The increase in the provision for construction and land development loans and residential real estate loans was primarily related to the increase in balances of loans in these categories. The decrease in provision for all other categories for the three-month period is related to the improvement in overall economic conditions. For the three months ended March 31, 2021, the decrease in the provision for loan losses for commercial loans was primarily related to payoffs of loans in the sawmill industry, which was partially offset by an increase related to provisions for impaired loans. The decrease in provision for the consumer loan category is primarily due to a reduction in delinquencies and historical losses, along with net recoveries for the three-month period. The increase in the provision for construction loans is primarily due to the uncertainty related to businesses affected by the COVID economic shutdown. The increase in the unallocated portion of the allowance for loan losses is due to the continuing uncertainty from the effects of the pandemic. 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 March 31, 2022 Beginning balance $ 1,240 $ 2,838 $ 992 $ 1,380 $ 421 $ 747 $ 7,618 (Recovery of) provision for loan losses (65 ) (288 ) 46 154 (31 ) (116 ) (300 ) Charge-offs (10 ) — — — (21 ) (31 ) Recoveries 4 — 1 — 13 18 Net (charge-offs) recoveries (6 ) — 1 — (8 ) (13 ) Ending balance $ 1,169 $ 2,550 $ 1,039 $ 1,534 $ 382 $ 631 $ 7,305 Three Months Ended March 31, 2021 Beginning balance $ 1,739 $ 3,469 $ 1,156 $ 756 $ 352 $ 802 $ 8,274 Provision for loan losses (115 ) 20 (23 ) 44 (79 ) 183 30 Charge-offs (3 ) — — — (2 ) (5 ) Recoveries 19 — 1 — 19 39 Net (charge-offs) recoveries 16 — 1 — 17 34 Ending balance $ 1,640 $ 3,489 $ 1,134 $ 800 $ 290 $ 985 $ 8,338 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 March 31, 2022 and December 31, 2021: (Dollars in thousands) Commercial Commercial Real Estate Residential Real Estate Construction Consumer Unallocated Total March 31, 2022 Allowance for loan losses: Individually evaluated for impairment $ 205 $ — $ 2 $ — $ 3 $ 210 Collectively evaluated for impairment 964 2,550 1,037 1,534 379 631 7,095 Total ending allowance balance $ 1,169 $ 2,550 $ 1,039 $ 1,534 $ 382 $ 631 $ 7,305 Loans: Loans individually evaluated for impairment $ 336 $ 254 $ 840 $ 329 $ 133 $ 1,892 Loans collectively evaluated for impairment 126,881 189,163 172,147 61,855 15,185 565,231 Total ending loans balance $ 127,217 $ 189,417 $ 172,987 $ 62,184 $ 15,318 $ 567,123 December 31, 2021 Allowance for loan losses: Individually evaluated for impairment $ 208 $ 9 $ 2 $ — $ 3 $ — $ 222 Collectively evaluated for impairment 1,032 2,829 990 1,380 418 747 7,396 Total ending allowance balance $ 1,240 $ 2,838 $ 992 $ 1,380 $ 421 $ 747 $ 7,618 Loans: Loans individually evaluated for impairment $ 342 $ 291 $ 856 $ 329 $ 137 $ 1,955 Loans collectively evaluated for impairment 123,591 194,463 167,391 45,713 15,937 547,095 Total ending loans balance $ 123,933 $ 194,754 $ 168,247 $ 46,042 $ 16,074 $ 549,050 The following table presents loans individually evaluated for impairment by class of loans as of March 31, 2022 and December 31, 2021: (Dollars in thousands) Unpaid Principal Balance Recorded Investment with no Allowance Recorded Investment with Allowance Total recorded investment 1 Related Allowance March 31, 2022 Commercial $ 351 $ 132 $ 205 $ 337 $ 205 Commercial real estate 396 230 24 254 — Residential real estate 911 556 288 844 2 Construction & land development 647 330 — 330 — Consumer 137 9 129 138 3 Total impaired loans $ 2,442 $ 1,257 $ 646 $ 1,903 $ 210 December 31, 2021 Commercial $ 354 $ 134 $ 208 $ 342 $ 208 Commercial real estate 433 233 59 292 9 Residential real estate 925 571 291 862 2 Construction & land development 646 330 — 330 — Consumer 141 23 119 142 3 Total impaired loans $ 2,499 $ 1,291 $ 677 $ 1,968 $ 222 1 The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated. Three Months Ended March 31, (Dollars in thousands) 2022 2021 Average recorded investment: Commercial $ 264 $ 2,025 Commercial real estate 222 2,814 Residential real estate 849 810 Construction & land development 329 325 Consumer 135 139 Average recorded investment in impaired loans $ 1,799 $ 6,113 Interest income recognized: Commercial $ 1 $ 10 Commercial real estate 2 30 Residential real estate 8 8 Construction & land development — — Consumer 2 2 Interest income recognized on a cash basis on impaired loans $ 13 $ 50 The following table presents the aging of past due loans and nonaccrual loans as of March 31, 2022 and December 31, 2021 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 March 31, 2022 Commercial $ 127,011 $ — $ — $ 1 $ 205 $ 206 $ 127,217 Commercial real estate 189,279 — — — 138 138 189,417 Residential real estate 172,441 70 — 120 356 546 172,987 Construction & land development 61,855 — — — 329 329 62,184 Consumer 15,160 92 34 — 32 158 15,318 Total Loans $ 565,746 $ 162 $ 34 $ 121 $ 1,060 $ 1,377 $ 567,123 December 31, 2021 Commercial $ 123,698 $ 5 $ 17 $ 5 $ 208 $ 235 $ 123,933 Commercial real estate 194,615 — — — 139 139 194,754 Residential real estate 167,689 191 — — 367 558 168,247 Construction & land development 45,713 — — — 329 329 46,042 Consumer 15,863 171 — — 40 211 16,074 Total Loans $ 547,578 $ 367 $ 17 $ 5 $ 1,083 $ 1,472 $ 549,050 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 $1.2 million as of March 31, 2022, and $1.3 million as of December 31, 2021, with $5 thousand There were no loan modifications considered TDRs completed during the three months ended March 31, 2022. (Dollars in thousands) Number of loans restructured Pre- Modification Recorded Investment Post- Modification Recorded Investment Three Months Ended March 31, 2021 Commercial real estate 1 1,300 1,300 Residential real estate 1 88 88 2 $ 1,388 $ 1,388 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 March 31, 2022 and December 31, 2021. There were no consumer mortgage loans secured by residential real estate in the process of foreclosure on March 31, 2022 and December 31, 2021. There were no repossessed assets on March 31, 2022 and December 31, 2021. 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 March 31, 2022 and December 31, 2021: (Dollars in thousands) Pass Special Mention Substandard Doubtful Not Rated Total March 31, 2022 Commercial $ 117,674 $ 5,272 $ 1,843 $ — $ 2,428 $ 127,217 Commercial real estate 172,890 3,169 12,416 — 942 189,417 Construction & land development 48,639 5,811 329 — 7,405 62,184 Total $ 339,203 $ 14,252 $ 14,588 $ — $ 10,775 $ 378,818 December 31, 2021 Commercial $ 114,608 $ 5,959 $ 2,203 $ — $ 1,163 $ 123,933 Commercial real estate 176,547 7,313 10,186 — 708 194,754 Construction & land development 33,205 5,439 329 — 7,069 46,042 Total $ 324,360 $ 18,711 $ 12,718 $ — $ 8,940 $ 364,729 Management monitors the credit quality of residential real estate and consumer loans as homogenous groups. These loans are evaluated based on delinquency status and included in the past due table in this section. Nonperforming loans include loans past due 90 days or more and loans on nonaccrual of interest status. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, December 31, (Dollars in thousands) 2022 2021 Securities of U.S. Government Agencies and mortgage-backed securities of government agencies pledged, fair value $ 39,116 $ 36,737 Repurchase agreements 38,893 36,530 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021 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 March 31, 2022 Assets: Securities available-for-sale U.S. Treasury securities $ 14,880 $ — $ — $ 14,880 U.S. Government agencies — 13,095 — 13,095 Mortgage-backed securities of government agencies — 69,321 — 69,321 Asset-backed securities of government agencies — 730 — 730 State and political subdivisions — 22,454 — 22,454 Corporate bonds — 22,842 — 22,842 Total available-for-sale securities $ 14,880 $ 128,442 $ — $ 143,322 Equity securities $ 202 $ — $ — $ 202 December 31, 2021 Assets: Securities available-for-sale U.S. Treasury securities $ 4,972 $ — $ — $ 4,972 U.S. Government agencies — 13,672 — 13,672 Mortgage-backed securities of government agencies — 77,774 — 77,774 Asset-backed securities of government agencies — 753 — 753 State and political subdivisions — 23,331 — 23,331 Corporate bonds — 11,206 — 11,206 Total available-for-sale securities $ 4,972 $ 126,736 $ — $ 131,708 Equity securities $ 69 $ — $ — $ 69 There were no assets reported at fair value and recorded on a nonrecurring basis on March 31, 2022 and December 31, 2021. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021 are as follows: (Dollars in thousands) Carrying Value Level I Level II Level III Fair Value March 31, 2022 Financial assets Securities held-to-maturity $ 246,301 $ 12,116 $ 220,559 $ — $ 232,675 Loans held for sale 431 444 — — 444 Net loans 560,070 — — 564,887 564,887 Mortgage servicing rights 618 — — 618 618 Financial liabilities Deposits $ 994,939 $ 876,951 $ — $ 117,419 $ 994,370 Other borrowings 3,325 — — 3,265 3,265 December 31, 2021 Financial assets Securities held-to-maturity 174,808 12,693 161,835 — 174,528 Loans held for sale 231 238 — — 238 Net loans 541,536 — — 548,317 548,317 Mortgage servicing rights 604 — — 604 604 Financial liabilities Deposits $ 1,002,747 $ 881,372 $ — $ 121,005 $ 1,002,377 Other borrowings 3,407 — — 3,431 3,431 Other financial instruments carried at amortized cost include cash and cash equivalents, restricted stock, bank-owned life insurance, accrued interest receivable, short-term borrowings, and accrued interest payable, all of which have a level 1 fair value that approximates their carrying value. The Company also has unrecognized financial instruments on March 31, 2022 and December 31, 2021. These financial instruments relate to commitments to extend credit and letters of credit. The aggregate contract amount of such financial instruments was approximately $250 million on March 31, 2022 and $248 million on December 31, 2021. 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) | 3 Months Ended |
Mar. 31, 2022 | |
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 months ended March 31, 2022 and 2021: (Dollars in thousands) Pretax Tax Effect After-tax Three Months Ended March 31, 2022 Balance, beginning of period $ (2,691 ) $ 566 $ (2,125 ) Unrealized holding loss on available-for-sale securities arising during the period (6,538 ) 1,373 (5,165 ) Amortization of held-to-maturity discount resulting from transfer 98 (21 ) 77 Total other comprehensive loss (6,440 ) 1,352 (5,088 ) Balance, end of period $ (9,131 ) $ 1,918 $ (7,213 ) Three Months Ended March 31, 2021 Balance, beginning of period $ 1,249 $ (263 ) $ 986 Unrealized holding loss on available-for-sale securities arising during the period (3,607 ) 758 (2,849 ) Amortization of held-to-maturity discount resulting from transfer 16 (3 ) 13 Total other comprehensive loss (3,591 ) 755 (2,836 ) Balance, end of period $ (2,342 ) $ 492 $ (1,850 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 2022-02 - The amendments in this update eliminate TDR accounting for entities that have adopted Update 2016-13, while enhancing disclosure requirements for certain loan modifications by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying TDR recognition and measurement guidance, creditors will determine whether a modification results in a new loan or continuation of existing loan. These amendments are intended to enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The ASU also requires current-period gross write-offs by year of origination within the vintage disclosures, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. The guidance is only for entities that have adopted the amendments in Update 2016-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption using prospective application, including adoption in an interim period where the guidance should be applied as of the beginning of the fiscal year. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
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 2016-13 [Member] | |
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. |
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) | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Securities Available-for-Sale and Restricted Stock | Securities consist of the following on March 31, 2022 and December 31, 2021: (Dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value March 31, 2022 Available-for-sale U.S. Treasury securities $ 15,310 $ — $ (430 ) $ 14,880 U.S. Government agencies 13,999 — (904 ) 13,095 Mortgage-backed securities of government agencies 73,600 27 (4,306 ) 69,321 Asset-backed securities of government agencies 737 — (7 ) 730 State and political subdivisions 23,154 35 (735 ) 22,454 Corporate bonds 23,744 — (902 ) 22,842 Total available-for-sale 150,544 62 (7,284 ) 143,322 Held-to-maturity U.S Treasury Securities $ 12,713 $ — $ (597 ) $ 12,116 Mortgage-backed securities of government agencies 231,403 9 (12,874 ) 218,538 State and political subdivisions 2,185 — (164 ) 2,021 Total held-to-maturity 246,301 9 (13,635 ) 232,675 Equity securities 185 63 — 248 Restricted stock 4,614 — — 4,614 Total securities $ 401,644 $ 134 $ (20,919 ) $ 380,859 December 31, 2021 Available-for-sale U.S. Treasury securities $ 4,982 $ — $ (10 ) $ 4,972 U.S. Government agencies 13,999 — (327 ) 13,672 Mortgage-backed securities of government agencies 78,224 393 (843 ) 77,774 Asset-backed securities of government agencies 760 — (7 ) 753 State and political subdivisions 23,189 343 (201 ) 23,331 Corporate bonds 11,238 57 (89 ) 11,206 Total available-for-sale 132,392 793 (1,477 ) 131,708 Held-to-maturity U.S Treasury Securities $ 12,700 $ 32 $ (39 ) $ 12,693 Mortgage-backed securities of government agencies 159,916 504 (766 ) 159,654 State and political subdivisions 2,192 3 (14 ) 2,181 Total held-to-maturity 174,808 539 (819 ) 174,528 Equity securities 53 62 — 115 Restricted stock 4,614 — — 4,614 Total securities $ 311,867 $ 1,394 $ (2,296 ) $ 310,965 |
Summary of Amortized Cost and Fair Value of Debt Securities | The amortized cost and fair value of debt securities on March 31, 2022, 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 $ 602 $ 603 Due after one through five years 49,847 48,097 Due after five through ten years 33,238 31,765 Due after ten years 66,857 62,857 Total debt securities available-for-sale $ 150,544 $ 143,322 Held-to-maturity Due in one year or less $ 2,494 $ 2,432 Due after one through five years 7,390 7,026 Due after five through ten years 3,890 3,630 Due after ten years 232,527 219,587 Total debt securities held-to-maturity $ 246,301 $ 232,675 |
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 March 31, 2022 and December 31, 2021: 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 March 31, 2022 Available-for-sale U.S. Treasury Securities $ (430 ) $ 14,880 $ — $ — $ (430 ) $ 14,880 U.S. Government agencies — — (904 ) 13,095 (904 ) 13,095 Mortgage-backed securities of government agencies (2,290 ) 43,297 (2,016 ) 23,387 (4,306 ) 66,684 Asset-backed securities of government agencies — — (7 ) 730 (7 ) 730 State and political subdivisions (646 ) 13,934 (89 ) 715 (735 ) 14,649 Corporate bonds (852 ) 19,392 (50 ) 950 (902 ) 20,342 Held-to-maturity U.S. Treasury Securities (597 ) 12,116 — — (597 ) 12,116 Mortgage-backed securities of government agencies (10,713 ) 166,971 (2,161 ) 35,245 (12,874 ) 202,216 State and political subdivisions (164 ) 2,021 — — (164 ) 2,021 Total temporarily impaired securities $ (15,692 ) $ 272,611 $ (5,227 ) $ 74,122 $ (20,919 ) $ 346,733 December 31, 2021 Available-for-sale U.S. Treasury Securities $ (10 ) $ 4,972 $ — $ — $ (10 ) $ 4,972 U.S. Government agencies (69 ) 2,930 (258 ) 10,742 (327 ) 13,672 Mortgage-backed securities of government agencies (574 ) 43,595 (269 ) 12,653 (843 ) 56,248 Asset-backed securities of government agencies — — (7 ) 753 (7 ) 753 State and political subdivisions (201 ) 9,646 — — (201 ) 9,646 Corporate bonds (44 ) 5,710 (45 ) 955 (89 ) 6,665 Held-to-maturity — U.S. Treasury Securities (39 ) 9,837 — — (39 ) 9,837 Mortgage-backed securities of government agencies (766 ) 98,906 — — (766 ) 98,906 State and political subdivisions (14 ) 1,749 — — (14 ) 1,749 Total temporarily impaired securities $ (1,717 ) $ 177,345 $ (579 ) $ 25,103 $ (2,296 ) $ 202,448 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Summary of Loans | Loans consist of the following: (Dollars in thousands) March 31, 2022 December 31, 2021 Commercial 1 $ 127,217 $ 123,933 Commercial real estate 189,417 194,754 Residential real estate 172,987 168,247 Construction & land development 62,184 46,042 Consumer 15,318 16,074 Total loans before deferred costs 567,123 549,050 Deferred loan costs, net 252 104 Total Loans $ 567,375 $ 549,154 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 March 31, 2022 Beginning balance $ 1,240 $ 2,838 $ 992 $ 1,380 $ 421 $ 747 $ 7,618 (Recovery of) provision for loan losses (65 ) (288 ) 46 154 (31 ) (116 ) (300 ) Charge-offs (10 ) — — — (21 ) (31 ) Recoveries 4 — 1 — 13 18 Net (charge-offs) recoveries (6 ) — 1 — (8 ) (13 ) Ending balance $ 1,169 $ 2,550 $ 1,039 $ 1,534 $ 382 $ 631 $ 7,305 Three Months Ended March 31, 2021 Beginning balance $ 1,739 $ 3,469 $ 1,156 $ 756 $ 352 $ 802 $ 8,274 Provision for loan losses (115 ) 20 (23 ) 44 (79 ) 183 30 Charge-offs (3 ) — — — (2 ) (5 ) Recoveries 19 — 1 — 19 39 Net (charge-offs) recoveries 16 — 1 — 17 34 Ending balance $ 1,640 $ 3,489 $ 1,134 $ 800 $ 290 $ 985 $ 8,338 |
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 March 31, 2022 and December 31, 2021: (Dollars in thousands) Commercial Commercial Real Estate Residential Real Estate Construction Consumer Unallocated Total March 31, 2022 Allowance for loan losses: Individually evaluated for impairment $ 205 $ — $ 2 $ — $ 3 $ 210 Collectively evaluated for impairment 964 2,550 1,037 1,534 379 631 7,095 Total ending allowance balance $ 1,169 $ 2,550 $ 1,039 $ 1,534 $ 382 $ 631 $ 7,305 Loans: Loans individually evaluated for impairment $ 336 $ 254 $ 840 $ 329 $ 133 $ 1,892 Loans collectively evaluated for impairment 126,881 189,163 172,147 61,855 15,185 565,231 Total ending loans balance $ 127,217 $ 189,417 $ 172,987 $ 62,184 $ 15,318 $ 567,123 December 31, 2021 Allowance for loan losses: Individually evaluated for impairment $ 208 $ 9 $ 2 $ — $ 3 $ — $ 222 Collectively evaluated for impairment 1,032 2,829 990 1,380 418 747 7,396 Total ending allowance balance $ 1,240 $ 2,838 $ 992 $ 1,380 $ 421 $ 747 $ 7,618 Loans: Loans individually evaluated for impairment $ 342 $ 291 $ 856 $ 329 $ 137 $ 1,955 Loans collectively evaluated for impairment 123,591 194,463 167,391 45,713 15,937 547,095 Total ending loans balance $ 123,933 $ 194,754 $ 168,247 $ 46,042 $ 16,074 $ 549,050 |
Schedule of Impairment by Class of Loans | The following table presents loans individually evaluated for impairment by class of loans as of March 31, 2022 and December 31, 2021: (Dollars in thousands) Unpaid Principal Balance Recorded Investment with no Allowance Recorded Investment with Allowance Total recorded investment 1 Related Allowance March 31, 2022 Commercial $ 351 $ 132 $ 205 $ 337 $ 205 Commercial real estate 396 230 24 254 — Residential real estate 911 556 288 844 2 Construction & land development 647 330 — 330 — Consumer 137 9 129 138 3 Total impaired loans $ 2,442 $ 1,257 $ 646 $ 1,903 $ 210 December 31, 2021 Commercial $ 354 $ 134 $ 208 $ 342 $ 208 Commercial real estate 433 233 59 292 9 Residential real estate 925 571 291 862 2 Construction & land development 646 330 — 330 — Consumer 141 23 119 142 3 Total impaired loans $ 2,499 $ 1,291 $ 677 $ 1,968 $ 222 1 |
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 March 31, (Dollars in thousands) 2022 2021 Average recorded investment: Commercial $ 264 $ 2,025 Commercial real estate 222 2,814 Residential real estate 849 810 Construction & land development 329 325 Consumer 135 139 Average recorded investment in impaired loans $ 1,799 $ 6,113 Interest income recognized: Commercial $ 1 $ 10 Commercial real estate 2 30 Residential real estate 8 8 Construction & land development — — Consumer 2 2 Interest income recognized on a cash basis on impaired loans $ 13 $ 50 |
Schedule of Aging of Past Due and Nonaccrual Loans | The following table presents the aging of past due loans and nonaccrual loans as of March 31, 2022 and December 31, 2021 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 March 31, 2022 Commercial $ 127,011 $ — $ — $ 1 $ 205 $ 206 $ 127,217 Commercial real estate 189,279 — — — 138 138 189,417 Residential real estate 172,441 70 — 120 356 546 172,987 Construction & land development 61,855 — — — 329 329 62,184 Consumer 15,160 92 34 — 32 158 15,318 Total Loans $ 565,746 $ 162 $ 34 $ 121 $ 1,060 $ 1,377 $ 567,123 December 31, 2021 Commercial $ 123,698 $ 5 $ 17 $ 5 $ 208 $ 235 $ 123,933 Commercial real estate 194,615 — — — 139 139 194,754 Residential real estate 167,689 191 — — 367 558 168,247 Construction & land development 45,713 — — — 329 329 46,042 Consumer 15,863 171 — — 40 211 16,074 Total Loans $ 547,578 $ 367 $ 17 $ 5 $ 1,083 $ 1,472 $ 549,050 |
Summary of Troubled Debt Restructurings | There were no loan modifications considered TDRs completed during the three months ended March 31, 2022. (Dollars in thousands) Number of loans restructured Pre- Modification Recorded Investment Post- Modification Recorded Investment Three Months Ended March 31, 2021 Commercial real estate 1 1,300 1,300 Residential real estate 1 88 88 2 $ 1,388 $ 1,388 |
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 March 31, 2022 and December 31, 2021: (Dollars in thousands) Pass Special Mention Substandard Doubtful Not Rated Total March 31, 2022 Commercial $ 117,674 $ 5,272 $ 1,843 $ — $ 2,428 $ 127,217 Commercial real estate 172,890 3,169 12,416 — 942 189,417 Construction & land development 48,639 5,811 329 — 7,405 62,184 Total $ 339,203 $ 14,252 $ 14,588 $ — $ 10,775 $ 378,818 December 31, 2021 Commercial $ 114,608 $ 5,959 $ 2,203 $ — $ 1,163 $ 123,933 Commercial real estate 176,547 7,313 10,186 — 708 194,754 Construction & land development 33,205 5,439 329 — 7,069 46,042 Total $ 324,360 $ 18,711 $ 12,718 $ — $ 8,940 $ 364,729 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, December 31, (Dollars in thousands) 2022 2021 Securities of U.S. Government Agencies and mortgage-backed securities of government agencies pledged, fair value $ 39,116 $ 36,737 Repurchase agreements 38,893 36,530 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021 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 March 31, 2022 Assets: Securities available-for-sale U.S. Treasury securities $ 14,880 $ — $ — $ 14,880 U.S. Government agencies — 13,095 — 13,095 Mortgage-backed securities of government agencies — 69,321 — 69,321 Asset-backed securities of government agencies — 730 — 730 State and political subdivisions — 22,454 — 22,454 Corporate bonds — 22,842 — 22,842 Total available-for-sale securities $ 14,880 $ 128,442 $ — $ 143,322 Equity securities $ 202 $ — $ — $ 202 December 31, 2021 Assets: Securities available-for-sale U.S. Treasury securities $ 4,972 $ — $ — $ 4,972 U.S. Government agencies — 13,672 — 13,672 Mortgage-backed securities of government agencies — 77,774 — 77,774 Asset-backed securities of government agencies — 753 — 753 State and political subdivisions — 23,331 — 23,331 Corporate bonds — 11,206 — 11,206 Total available-for-sale securities $ 4,972 $ 126,736 $ — $ 131,708 Equity securities $ 69 $ — $ — $ 69 |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments All Other Investments [Abstract] | |
Schedule of Estimated Fair Values of Recognized Financial Instruments | The fair values of recognized financial instruments as of March 31, 2022 and December 31, 2021 are as follows: (Dollars in thousands) Carrying Value Level I Level II Level III Fair Value March 31, 2022 Financial assets Securities held-to-maturity $ 246,301 $ 12,116 $ 220,559 $ — $ 232,675 Loans held for sale 431 444 — — 444 Net loans 560,070 — — 564,887 564,887 Mortgage servicing rights 618 — — 618 618 Financial liabilities Deposits $ 994,939 $ 876,951 $ — $ 117,419 $ 994,370 Other borrowings 3,325 — — 3,265 3,265 December 31, 2021 Financial assets Securities held-to-maturity 174,808 12,693 161,835 — 174,528 Loans held for sale 231 238 — — 238 Net loans 541,536 — — 548,317 548,317 Mortgage servicing rights 604 — — 604 604 Financial liabilities Deposits $ 1,002,747 $ 881,372 $ — $ 121,005 $ 1,002,377 Other borrowings 3,407 — — 3,431 3,431 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 months ended March 31, 2022 and 2021: (Dollars in thousands) Pretax Tax Effect After-tax Three Months Ended March 31, 2022 Balance, beginning of period $ (2,691 ) $ 566 $ (2,125 ) Unrealized holding loss on available-for-sale securities arising during the period (6,538 ) 1,373 (5,165 ) Amortization of held-to-maturity discount resulting from transfer 98 (21 ) 77 Total other comprehensive loss (6,440 ) 1,352 (5,088 ) Balance, end of period $ (9,131 ) $ 1,918 $ (7,213 ) Three Months Ended March 31, 2021 Balance, beginning of period $ 1,249 $ (263 ) $ 986 Unrealized holding loss on available-for-sale securities arising during the period (3,607 ) 758 (2,849 ) Amortization of held-to-maturity discount resulting from transfer 16 (3 ) 13 Total other comprehensive loss (3,591 ) 755 (2,836 ) Balance, end of period $ (2,342 ) $ 492 $ (1,850 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | Mar. 31, 2022 |
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 |
Accounting Standards Update 2016-13 [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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | $ 150,544 | $ 132,392 |
Gross Unrealized Gains, Available-for-sale | 62 | 793 |
Gross Unrealized Losses, Available-for-sale | (7,284) | (1,477) |
Fair Value, Available-for-sale | 143,322 | 131,708 |
Amortized Cost, Held to maturity | 246,301 | 174,808 |
Gross Unrealized Gains, Held to maturity | 9 | 539 |
Gross Unrealized Losses, Held to maturity | (13,635) | (819) |
Fair Value, Held to maturity | 232,675 | 174,528 |
Amortized Cost | 401,644 | 311,867 |
Gross Unrealized Gains | 134 | 1,394 |
Gross Unrealized Losses | (20,919) | (2,296) |
Fair Value | 380,859 | 310,965 |
U.S. Treasury Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 15,310 | 4,982 |
Gross Unrealized Losses, Available-for-sale | (430) | (10) |
Fair Value, Available-for-sale | 14,880 | 4,972 |
Amortized Cost, Held to maturity | 12,713 | 12,700 |
Gross Unrealized Gains, Held to maturity | 32 | |
Gross Unrealized Losses, Held to maturity | (597) | (39) |
Fair Value, Held to maturity | 12,116 | 12,693 |
Mortgage-Backed Securities of Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 73,600 | 78,224 |
Gross Unrealized Gains, Available-for-sale | 27 | 393 |
Gross Unrealized Losses, Available-for-sale | (4,306) | (843) |
Fair Value, Available-for-sale | 69,321 | 77,774 |
Amortized Cost, Held to maturity | 231,403 | 159,916 |
Gross Unrealized Gains, Held to maturity | 9 | 504 |
Gross Unrealized Losses, Held to maturity | (12,874) | (766) |
Fair Value, Held to maturity | 218,538 | 159,654 |
Asset-Backed Securities of Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 737 | 760 |
Gross Unrealized Losses, Available-for-sale | (7) | (7) |
Fair Value, Available-for-sale | 730 | 753 |
State and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 23,154 | 23,189 |
Gross Unrealized Gains, Available-for-sale | 35 | 343 |
Gross Unrealized Losses, Available-for-sale | (735) | (201) |
Fair Value, Available-for-sale | 22,454 | 23,331 |
Amortized Cost, Held to maturity | 2,185 | 2,192 |
Gross Unrealized Gains, Held to maturity | 3 | |
Gross Unrealized Losses, Held to maturity | (164) | (14) |
Fair Value, Held to maturity | 2,021 | 2,181 |
Corporate Bonds [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 23,744 | 11,238 |
Gross Unrealized Gains, Available-for-sale | 57 | |
Gross Unrealized Losses, Available-for-sale | (902) | (89) |
Fair Value, Available-for-sale | 22,842 | 11,206 |
U.S. Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 13,999 | 13,999 |
Gross Unrealized Losses, Available-for-sale | (904) | (327) |
Fair Value, Available-for-sale | 13,095 | 13,672 |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Equity securities | 185 | 53 |
Gross Unrealized Gains, Equity securities | 63 | 62 |
Fair Value, Equity securities | 248 | 115 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-sale | ||
Due in one year or less, Amortized Cost | $ 602 | |
Due after one through five years, Amortized Cost | 49,847 | |
Due after five through ten years, Amortized Cost | 33,238 | |
Due after ten years, Amortized Cost | 66,857 | |
Amortized Cost, Available-for-sale | 150,544 | $ 132,392 |
Due in one year or less, Fair Value | 603 | |
Due after one through five years, Fair Value | 48,097 | |
Due after five through ten years, Fair Value | 31,765 | |
Due after ten years, Fair Value | 62,857 | |
Total debt securities available-for-sale, Fair Value | 143,322 | 131,708 |
Held-to-maturity | ||
Due in one year or less, Amortized Cost | 2,494 | |
Due after one through five years, Amortized cost | 7,390 | |
Due after five through ten years, Amortized Cost | 3,890 | |
Due after ten years, Amortized Cost | 232,527 | |
Amortized Cost, Held to maturity | 246,301 | 174,808 |
Due after five through ten years, Fair Value | 3,630 | |
Due after ten years, Fair Value | 219,587 | |
Total debt securities held-to-maturity, Fair Value | 232,675 | $ 174,528 |
Due in one year or less, Fair Value | 2,432 | |
Due after one through five years, Fair Value | $ 7,026 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)Security | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)Security | |
Investments Debt And Equity Securities [Abstract] | |||
Fair value of pledged securities | $ 109,800,000 | $ 103,000,000 | |
Restricted stock investment in FHLB stock | 4,100,000 | 4,100,000 | |
Federal Reserve Bank stock | 471,000 | $ 471,000 | |
Proceeds from sale of available-for-sale securities | $ 0 | $ 0 | |
Number of securities in an unrealized loss position, Total | Security | 148 | 66 | |
Number of securities in continuous unrealized loss position, 12 months or more | Security | 28 | 11 |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity, Gross Unrealized Losses, Total | $ (13,635) | $ (819) |
Gross Unrealized Losses, Less Than 12 Months | (15,692) | (1,717) |
Fair Value, Less Than 12 Months | 272,611 | 177,345 |
Gross Unrealized Losses, 12 Months Or More | (5,227) | (579) |
Fair Value, 12 Months Or More | 74,122 | 25,103 |
Gross Unrealized Losses, Total | (20,919) | (2,296) |
Fair Value, Total | 346,733 | 202,448 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Gross Unrealized Losses, Less Than 12 Months | (430) | (10) |
Available-for-sale, Fair Value, Less Than 12 Months | 14,880 | 4,972 |
Available-for-sale, Gross Unrealized Losses, Total | (430) | (10) |
Available-for-sale, Fair Value, Total | 14,880 | 4,972 |
Held-to-maturity, Gross Unrealized Losses, Less Than 12 Months | (597) | (39) |
Held-to-maturity, Fair Value, Less Than 12 Months | 12,116 | 9,837 |
Held-to-maturity, Gross Unrealized Losses, Total | (597) | (39) |
Held-to-maturity, Fair Value, Total | 12,116 | 9,837 |
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 | (7) | (7) |
Available-for-sale, Fair Value, 12 Months or More | 730 | 753 |
Available-for-sale, Gross Unrealized Losses, Total | (7) | (7) |
Available-for-sale, Fair Value, Total | 730 | 753 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Gross Unrealized Losses, Less Than 12 Months | (852) | (44) |
Available-for-sale, Fair Value, Less Than 12 Months | 19,392 | 5,710 |
Available-for-sale, Gross Unrealized Losses, 12 Months or More | (50) | (45) |
Available-for-sale, Fair Value, 12 Months or More | 950 | 955 |
Available-for-sale, Gross Unrealized Losses, Total | (902) | (89) |
Available-for-sale, Fair Value, Total | 20,342 | 6,665 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Gross Unrealized Losses, Less Than 12 Months | (69) | |
Available-for-sale, Fair Value, Less Than 12 Months | 2,930 | |
Available-for-sale, Gross Unrealized Losses, 12 Months or More | (904) | (258) |
Available-for-sale, Fair Value, 12 Months or More | 13,095 | 10,742 |
Available-for-sale, Gross Unrealized Losses, Total | (904) | (327) |
Available-for-sale, Fair Value, Total | 13,095 | 13,672 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Gross Unrealized Losses, Less Than 12 Months | (646) | (201) |
Available-for-sale, Fair Value, Less Than 12 Months | 13,934 | 9,646 |
Available-for-sale, Gross Unrealized Losses, 12 Months or More | (89) | |
Available-for-sale, Fair Value, 12 Months or More | 715 | |
Available-for-sale, Gross Unrealized Losses, Total | (735) | (201) |
Available-for-sale, Fair Value, Total | 14,649 | 9,646 |
Held-to-maturity, Gross Unrealized Losses, Less Than 12 Months | (164) | (14) |
Held-to-maturity, Fair Value, Less Than 12 Months | 2,021 | 1,749 |
Held-to-maturity, Gross Unrealized Losses, Total | (164) | (14) |
Held-to-maturity, Fair Value, Total | 2,021 | 1,749 |
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 | (2,290) | (574) |
Available-for-sale, Fair Value, Less Than 12 Months | 43,297 | 43,595 |
Available-for-sale, Gross Unrealized Losses, 12 Months or More | (2,016) | (269) |
Available-for-sale, Fair Value, 12 Months or More | 23,387 | 12,653 |
Available-for-sale, Gross Unrealized Losses, Total | (4,306) | (843) |
Available-for-sale, Fair Value, Total | 66,684 | 56,248 |
Held-to-maturity, Gross Unrealized Losses, Less Than 12 Months | (10,713) | (766) |
Held-to-maturity, Fair Value, Less Than 12 Months | 166,971 | 98,906 |
Held-to-maturity, Gross Unrealized Losses, 12 Months Or More | (2,161) | |
Held-to-maturity, Fair Value, 12 Months Or More | 35,245 | |
Held-to-maturity, Gross Unrealized Losses, Total | (12,874) | (766) |
Held-to-maturity, Fair Value, Total | $ 202,216 | $ 98,906 |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | $ 567,123 | $ 549,050 |
Deferred loan costs, net | 252 | 104 |
Total Loans | 567,375 | 549,154 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 127,217 | 123,933 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 189,417 | 194,754 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 172,987 | 168,247 |
Construction & Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 62,184 | 46,042 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | $ 15,318 | $ 16,074 |
Loans - Summary of Loans (Paren
Loans - Summary of Loans (Parenthetical) (Detail) - Paycheck Protection Program [Member] - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal amount outstanding on PPP loans | $ 2 | $ 4.6 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal amount outstanding on PPP loans | $ 2 | $ 4.6 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)LoanIndustryContractProperty | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)LoanContractProperty | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans serviced for others | $ 142,100,000 | $ 142,100,000 | |
Interest and fee income on loans | 5,777,000 | $ 6,865,000 | |
Concentration loans | 567,123,000 | 549,050,000 | |
Assisted living facilities loans | 560,070,000 | 541,536,000 | |
Loans classified as troubled debt restructurings | 1,200,000 | 1,300,000 | |
Reserves allocated to customers whose loan terms are modified in troubled debt restructurings | 5,000 | $ 14,000 | |
Loans payable classified as nonaccrual | $ 94,000 | ||
Loans restructured, subsequently defaulted | Contract | 0 | 0 | |
Number of properties acquired | Property | 0 | 0 | |
Mortgage loans in process of foreclosure amount | $ 0 | $ 0 | |
Other repossessed assets | 0 | $ 0 | |
Outstanding balance of commercial loans classified under credit risk, minimum amount | 500,000 | ||
Loans listed as not rated under risk category, maximum amount | 500,000 | ||
Performing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructurings | 1,100,000 | ||
Covid-19 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance including commitments | 45,500,000 | ||
Business loans | 33,300,000 | ||
Covid-19 [Member] | Assisted Living Facilities [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Assisted living facilities loans | $ 10,700,000 | ||
Credit Concentration Risk [Member] | Loans Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of industries for credit concentrations | Industry | 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 | $ 66,800,000 | ||
Concentration of credit percentage of total loans | 12.00% | ||
Credit Concentration Risk [Member] | Loans Receivable [Member] | Assisted Living Facilities for Elderly [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration loans | $ 33,300,000 | ||
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 | 19 | 76 | |
Principal amount outstanding on PPP loans | $ 2,000,000 | $ 4,600,000 | |
PPP loans guaranteed percentage | 100.00% | ||
Loan processing fee received | $ 5,400,000 | ||
Remaining unearned fees on loans outstanding | 49,000 | ||
Interest and fee income on loans | $ 132,000 | $ 902,000 |
Loans - Schedule of Allowances
Loans - Schedule of Allowances for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $ 7,618 | $ 8,274 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (300) | 30 |
Charge-offs | (31) | (5) |
Recoveries | 18 | 39 |
Net (charge-offs) recoveries | (13) | 34 |
Ending balance | 7,305 | 8,338 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 1,240 | 1,739 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (65) | (115) |
Charge-offs | (10) | (3) |
Recoveries | 4 | 19 |
Net (charge-offs) recoveries | (6) | 16 |
Ending balance | 1,169 | 1,640 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 2,838 | 3,469 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (288) | 20 |
Ending balance | 2,550 | 3,489 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 992 | 1,156 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | 46 | (23) |
Recoveries | 1 | 1 |
Net (charge-offs) recoveries | 1 | 1 |
Ending balance | 1,039 | 1,134 |
Construction & Land Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 1,380 | 756 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | 154 | 44 |
Ending balance | 1,534 | 800 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 421 | 352 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (31) | (79) |
Charge-offs | (21) | (2) |
Recoveries | 13 | 19 |
Net (charge-offs) recoveries | (8) | 17 |
Ending balance | 382 | 290 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 747 | 802 |
(RECOVERY OF) PROVISION FOR LOAN LOSSES | (116) | 183 |
Ending balance | $ 631 | $ 985 |
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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses individually evaluated for impairment | $ 210 | $ 222 | ||
Allowance for loan losses collectively evaluated for impairment | 7,095 | 7,396 | ||
Total ending allowance balance | 7,305 | 7,618 | $ 8,338 | $ 8,274 |
Loans individually evaluated for impairment | 1,892 | 1,955 | ||
Loans collectively evaluated for impairment | 565,231 | 547,095 | ||
Total ending loans balance | 567,123 | 549,050 | ||
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses individually evaluated for impairment | 205 | 208 | ||
Allowance for loan losses collectively evaluated for impairment | 964 | 1,032 | ||
Total ending allowance balance | 1,169 | 1,240 | 1,640 | 1,739 |
Loans individually evaluated for impairment | 336 | 342 | ||
Loans collectively evaluated for impairment | 126,881 | 123,591 | ||
Total ending loans balance | 127,217 | 123,933 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses individually evaluated for impairment | 9 | |||
Allowance for loan losses collectively evaluated for impairment | 2,550 | 2,829 | ||
Total ending allowance balance | 2,550 | 2,838 | 3,489 | 3,469 |
Loans individually evaluated for impairment | 254 | 291 | ||
Loans collectively evaluated for impairment | 189,163 | 194,463 | ||
Total ending loans balance | 189,417 | 194,754 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses individually evaluated for impairment | 2 | 2 | ||
Allowance for loan losses collectively evaluated for impairment | 1,037 | 990 | ||
Total ending allowance balance | 1,039 | 992 | 1,134 | 1,156 |
Loans individually evaluated for impairment | 840 | 856 | ||
Loans collectively evaluated for impairment | 172,147 | 167,391 | ||
Total ending loans balance | 172,987 | 168,247 | ||
Construction & Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses collectively evaluated for impairment | 1,534 | 1,380 | ||
Total ending allowance balance | 1,534 | 1,380 | 800 | 756 |
Loans individually evaluated for impairment | 329 | 329 | ||
Loans collectively evaluated for impairment | 61,855 | 45,713 | ||
Total ending loans balance | 62,184 | 46,042 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses individually evaluated for impairment | 3 | 3 | ||
Allowance for loan losses collectively evaluated for impairment | 379 | 418 | ||
Total ending allowance balance | 382 | 421 | 290 | 352 |
Loans individually evaluated for impairment | 133 | 137 | ||
Loans collectively evaluated for impairment | 15,185 | 15,937 | ||
Total ending loans balance | 15,318 | 16,074 | ||
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses collectively evaluated for impairment | 631 | 747 | ||
Total ending allowance balance | $ 631 | $ 747 | $ 985 | $ 802 |
Loans - Schedule of Impairment
Loans - Schedule of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 2,442 | $ 2,499 |
Recorded Investment with no Allowance | 1,257 | 1,291 |
Recorded Investment with Allowance | 646 | 677 |
Total recorded investment | 1,903 | 1,968 |
Related Allowance | 210 | 222 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 351 | 354 |
Recorded Investment with no Allowance | 132 | 134 |
Recorded Investment with Allowance | 205 | 208 |
Total recorded investment | 337 | 342 |
Related Allowance | 205 | 208 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 396 | 433 |
Recorded Investment with no Allowance | 230 | 233 |
Recorded Investment with Allowance | 24 | 59 |
Total recorded investment | 254 | 292 |
Related Allowance | 9 | |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 911 | 925 |
Recorded Investment with no Allowance | 556 | 571 |
Recorded Investment with Allowance | 288 | 291 |
Total recorded investment | 844 | 862 |
Related Allowance | 2 | 2 |
Construction & Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 647 | 646 |
Recorded Investment with no Allowance | 330 | 330 |
Total recorded investment | 330 | 330 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 137 | 141 |
Recorded Investment with no Allowance | 9 | 23 |
Recorded Investment with Allowance | 129 | 119 |
Total recorded investment | 138 | 142 |
Related Allowance | $ 3 | $ 3 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Average recorded investment: | ||
Average recorded investment in impaired loans | $ 1,799 | $ 6,113 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | 13 | 50 |
Commercial [Member] | ||
Average recorded investment: | ||
Average recorded investment in impaired loans | 264 | 2,025 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | 1 | 10 |
Commercial Real Estate [Member] | ||
Average recorded investment: | ||
Average recorded investment in impaired loans | 222 | 2,814 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | 2 | 30 |
Residential Real Estate [Member] | ||
Average recorded investment: | ||
Average recorded investment in impaired loans | 849 | 810 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | 8 | 8 |
Construction & Land Development [Member] | ||
Average recorded investment: | ||
Average recorded investment in impaired loans | 329 | 325 |
Consumer [Member] | ||
Average recorded investment: | ||
Average recorded investment in impaired loans | 135 | 139 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | $ 2 | $ 2 |
Loans - Schedule of Aging of Pa
Loans - Schedule of Aging of Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 1,060 | $ 1,083 |
Total past due and non-accrual | 1,377 | 1,472 |
Total ending loans balance | 567,123 | 549,050 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 565,746 | 547,578 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 162 | 367 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 34 | 17 |
90 Days Plus Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 121 | 5 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 205 | 208 |
Total past due and non-accrual | 206 | 235 |
Total ending loans balance | 127,217 | 123,933 |
Commercial [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 127,011 | 123,698 |
Commercial [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 5 | |
Commercial [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 17 | |
Commercial [Member] | 90 Days Plus Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 1 | 5 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 138 | 139 |
Total past due and non-accrual | 138 | 139 |
Total ending loans balance | 189,417 | 194,754 |
Commercial Real Estate [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 189,279 | 194,615 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 356 | 367 |
Total past due and non-accrual | 546 | 558 |
Total ending loans balance | 172,987 | 168,247 |
Residential Real Estate [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 172,441 | 167,689 |
Residential Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 70 | 191 |
Residential Real Estate [Member] | 90 Days Plus Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 120 | |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 329 | 329 |
Total past due and non-accrual | 329 | 329 |
Total ending loans balance | 62,184 | 46,042 |
Construction & Land Development [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 61,855 | 45,713 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 32 | 40 |
Total past due and non-accrual | 158 | 211 |
Total ending loans balance | 15,318 | 16,074 |
Consumer [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 15,160 | 15,863 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | 92 | $ 171 |
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans | $ 34 |
Loans - Summary of Troubled Deb
Loans - Summary of Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |
Number of loans restructured | Contract | 2 |
Pre-Modification Recorded Investment | $ 1,388 |
Post-Modification Recorded Investment | $ 1,388 |
Commercial Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of loans restructured | Contract | 1 |
Pre-Modification Recorded Investment | $ 1,300 |
Post-Modification Recorded Investment | $ 1,300 |
Residential Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of loans restructured | Contract | 1 |
Pre-Modification Recorded Investment | $ 88 |
Post-Modification Recorded Investment | $ 88 |
Loans - Summary of Loans by Cre
Loans - Summary of Loans by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 378,818 | $ 364,729 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 339,203 | 324,360 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 14,252 | 18,711 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 14,588 | 12,718 |
Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10,775 | 8,940 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 127,217 | 123,933 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 117,674 | 114,608 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,272 | 5,959 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,843 | 2,203 |
Commercial [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,428 | 1,163 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 189,417 | 194,754 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 172,890 | 176,547 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,169 | 7,313 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 12,416 | 10,186 |
Commercial Real Estate [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 942 | 708 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 62,184 | 46,042 |
Construction & Land Development [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 48,639 | 33,205 |
Construction & Land Development [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,811 | 5,439 |
Construction & Land Development [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 329 | 329 |
Construction & Land Development [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 7,405 | $ 7,069 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Repurchase Agreements and Related Collateral Accounted for as Secured Borrowings (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Short Term Borrowings [Abstract] | ||
Securities of U.S. Government Agencies and mortgage-backed securities of government agencies pledged, fair value | $ 39,116 | $ 36,737 |
Repurchase agreements | $ 38,893 | $ 36,530 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
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 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | $ 143,322 | $ 131,708 |
Equity securities | 248 | 115 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 14,880 | 4,972 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 13,095 | 13,672 |
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 | 69,321 | 77,774 |
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 | 730 | 753 |
State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 22,454 | 23,331 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 22,842 | 11,206 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 143,322 | 131,708 |
Equity securities | 202 | 69 |
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 | 14,880 | 4,972 |
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 | 13,095 | 13,672 |
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 | 69,321 | 77,774 |
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 | 730 | 753 |
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 | 22,454 | 23,331 |
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 | 22,842 | 11,206 |
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 | 14,880 | 4,972 |
Equity securities | 202 | 69 |
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 | 14,880 | 4,972 |
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 | 128,442 | 126,736 |
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 | 13,095 | 13,672 |
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 | 69,321 | 77,774 |
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 | 730 | 753 |
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 | 22,454 | 23,331 |
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 | $ 22,842 | $ 11,206 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Schedule of Estimated Fair Values of Recognized Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets | ||
Securities held-to-maturity | $ 232,675 | $ 174,528 |
Loans held for sale | 431 | 231 |
Carrying Value [Member] | ||
Financial assets | ||
Securities held-to-maturity | 246,301 | 174,808 |
Loans held for sale | 431 | 231 |
Net loans | 560,070 | 541,536 |
Financial liabilities | ||
Deposits | 994,939 | 1,002,747 |
Other borrowings | 3,325 | 3,407 |
Carrying Value [Member] | Mortgage Servicing Rights [Member] | ||
Financial assets | ||
Mortgage servicing rights | 618 | 604 |
Fair Value [Member] | ||
Financial assets | ||
Securities held-to-maturity | 232,675 | 174,528 |
Loans held for sale | 444 | 238 |
Net loans | 564,887 | 548,317 |
Financial liabilities | ||
Deposits | 994,370 | 1,002,377 |
Other borrowings | 3,265 | 3,431 |
Fair Value [Member] | Mortgage Servicing Rights [Member] | ||
Financial assets | ||
Mortgage servicing rights | 618 | 604 |
Fair Value [Member] | Level I [Member] | ||
Financial assets | ||
Securities held-to-maturity | 12,116 | 12,693 |
Loans held for sale | 444 | 238 |
Financial liabilities | ||
Deposits | 876,951 | 881,372 |
Fair Value [Member] | Level II [Member] | ||
Financial assets | ||
Securities held-to-maturity | 220,559 | 161,835 |
Fair Value [Member] | Level III [Member] | ||
Financial assets | ||
Net loans | 564,887 | 548,317 |
Financial liabilities | ||
Deposits | 117,419 | 121,005 |
Other borrowings | 3,265 | 3,431 |
Fair Value [Member] | Level III [Member] | Mortgage Servicing Rights [Member] | ||
Financial assets | ||
Mortgage servicing rights | $ 618 | $ 604 |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Commitments to extend credit and letters of credit | $ 250 | $ 248 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized holding loss on available-for-sale securities arising during the period, Pretax | $ (6,538) | $ (3,607) |
Beginning balance, After-tax | (2,125) | |
Other comprehensive loss | (5,088) | (2,836) |
Ending Balance, After-tax | (7,213) | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, Pretax | (2,691) | 1,249 |
Unrealized holding loss on available-for-sale securities arising during the period, Pretax | (6,538) | (3,607) |
Amortization of held-to-maturity discount resulting from transfer, Pretax | 98 | 16 |
Total other comprehensive loss, Pretax | (6,440) | (3,591) |
Ending balance, Pretax | (9,131) | (2,342) |
Beginning balance, Tax Effect | 566 | (263) |
Unrealized holding loss on available-for-sale securities arising during the period, Tax Effect | 1,373 | 758 |
Amortization of held-to-maturity discount resulting from transfer, Tax Effect | (21) | (3) |
Total other comprehensive loss, Tax Effect | 1,352 | 755 |
Ending Balance, Tax Effect | 1,918 | 492 |
Beginning balance, After-tax | (2,125) | 986 |
Unrealized holding loss on available-for-sale securities arising during the period, After-Tax | (5,165) | (2,849) |
Amortization of held-to-maturity discount resulting from transfer, After-tax | 77 | 13 |
Other comprehensive loss | (5,088) | (2,836) |
Ending Balance, After-tax | $ (7,213) | $ (1,850) |