Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 03, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 0-20146 | |
Entity Registrant Name | EAGLE FINANCIAL SERVICES, INC. | |
Entity Central Index Key | 0000880641 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1601306 | |
Entity Address, Address Line One | 2 East Main Street | |
Entity Address, City or Town | Berryville | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22611 | |
City Area Code | (540) | |
Local Phone Number | 955-2510 | |
No Trading Symbol Flag | true | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,479,882 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 13,751 | $ 14,536 |
Interest-bearing deposits with other institutions | 73,214 | 49,304 |
Federal funds sold | 8,945 | 228 |
Total cash and cash equivalents | 95,910 | 64,068 |
Securities available for sale, at fair value | 193,355 | 192,321 |
Restricted investments | 1,199 | 1,049 |
Loans held for sale | 843 | 876 |
Loans | 1,021,459 | 985,720 |
Allowance for loan losses | (9,315) | (8,787) |
Net Loans | 1,012,144 | 976,933 |
Bank premises and equipment, net | 18,333 | 18,249 |
Bank owned life insurance | 23,415 | 23,236 |
Other assets | 29,096 | 26,306 |
Total assets | 1,374,295 | 1,303,038 |
Deposits: | ||
Noninterest bearing demand deposits | 489,426 | 470,355 |
Savings and interest bearing demand deposits | 619,224 | 583,296 |
Time deposits | 122,673 | 123,584 |
Total deposits | 1,231,323 | 1,177,235 |
Subordinated debt, net of unamortized issuance costs | 29,327 | |
Other liabilities | 11,542 | 15,523 |
Total liabilities | 1,272,192 | 1,192,758 |
Commitments and contingencies | ||
Shareholders’ Equity | ||
Preferred stock, $10 par value; 500,000 shares authorized and unissued | ||
Common stock, $2.50 par value; authorized 10,000,000 shares; issued and outstanding 2022, 3,477,020 including 42,791 shares of unvested restricted stock; issued and outstanding 2021, 3,454,128 including 31,738 shares of unvested restricted stock | 8,586 | 8,556 |
Surplus | 12,260 | 12,115 |
Retained earnings | 92,040 | 89,764 |
Accumulated other comprehensive (loss) | (10,783) | (155) |
Total shareholders’ equity | 102,103 | 110,280 |
Total liabilities and shareholders’ equity | $ 1,374,295 | $ 1,303,038 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 10 | $ 10 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Common stock, par value | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,477,020 | 3,454,128 |
Common stock, shares, outstanding | 3,477,020 | 3,454,128 |
Common stock, unvested restricted shares | 42,791 | 31,738 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and Dividend Income | ||
Interest and fees on loans | $ 10,620 | $ 9,408 |
Interest and dividends on securities available for sale: | ||
Taxable interest income | 779 | 466 |
Interest income exempt from federal income taxes | 83 | 118 |
Dividends | 10 | 12 |
Interest on deposits in banks | 15 | 12 |
Interest on federal funds sold | 2 | |
Total interest and dividend income | 11,509 | 10,016 |
Interest Expense | ||
Interest on deposits | 370 | 487 |
Total interest expense | 370 | 487 |
Net interest income | 11,139 | 9,529 |
Provision for Loan Losses | 540 | 599 |
Net interest income after provision for loan losses | 10,599 | 8,930 |
Noninterest Income | ||
Wealth management fees | 921 | 607 |
Service charges on deposit accounts | 374 | 253 |
Other service charges and fees | 909 | 1,007 |
Gain on sale of securities | 76 | |
Gain on sale of loans | 478 | |
Bank owned life insurance income | 179 | 105 |
Other operating income | 382 | 379 |
Total noninterest income | 3,243 | 2,427 |
Noninterest Expenses | ||
Salaries and employee benefits | 5,952 | 4,716 |
Occupancy expenses | 518 | 456 |
Equipment expenses | 257 | 224 |
Advertising and marketing expenses | 111 | 79 |
Stationery and supplies | 35 | 38 |
ATM network fees | 286 | 250 |
Other real estate owned expense | (1) | |
Loss on other real estate owned | 10 | |
FDIC assessment | 177 | 107 |
Computer software expense | 254 | 189 |
Bank franchise tax | 198 | 189 |
Professional fees | 464 | 460 |
Data processing fees | 480 | 402 |
Other operating expenses | 1,191 | 797 |
Total noninterest expenses | 9,923 | 7,916 |
Income before income taxes | 3,919 | 3,441 |
Income Tax Expense | 669 | 579 |
Net income | $ 3,250 | $ 2,862 |
Earnings Per Share | ||
Net income per common share, basic | $ 0.94 | $ 0.84 |
Net income per common share, diluted | $ 0.94 | $ 0.84 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 3,250 | $ 2,862 |
Other comprehensive (loss): | ||
Unrealized (loss) on available for sale securities net of reclassification adjustments, and net of deferred income tax of ($2,826) and ($582) for the three months ended, respectively | (10,628) | (2,193) |
Total other comprehensive (loss) | (10,628) | (2,193) |
Total comprehensive (loss) income | $ (7,378) | $ 669 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized gain (loss) on available for sale securities, deferred income tax | $ 2,826 | $ 582 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2020 | $ 105,074 | $ 8,460 | $ 10,811 | $ 82,524 | $ 3,279 |
Net income | 2,862 | 2,862 | |||
Other comprehensive (loss) | (2,193) | (2,193) | |||
Vesting of restricted stock awards, stock incentive plan | 26 | (26) | |||
Stock-based compensation expense | 147 | 147 | |||
Issuance of common stock, dividend investment plan | 181 | 16 | 165 | ||
Repurchase and retirement of common stock | (83) | (7) | (76) | ||
Dividends declared | (924) | (924) | |||
Balance at Mar. 31, 2021 | 105,064 | 8,495 | 11,021 | 84,462 | 1,086 |
Balance at Dec. 31, 2021 | 110,280 | 8,556 | 12,115 | 89,764 | (155) |
Net income | 3,250 | 3,250 | |||
Other comprehensive (loss) | (10,628) | (10,628) | |||
Vesting of restricted stock awards, stock incentive plan | 31 | (31) | |||
Stock-based compensation expense | 195 | 195 | |||
Issuance of common stock, dividend investment plan | 97 | 7 | 90 | ||
Repurchase and retirement of common stock | (117) | (8) | (109) | ||
Dividends declared | (974) | (974) | |||
Balance at Mar. 31, 2022 | $ 102,103 | $ 8,586 | $ 12,260 | $ 92,040 | $ (10,783) |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||
Issuance of restricted stock, stock incentive plan, shares | 12,468 | 10,258 |
Issuance of common stock, dividend investment plan, shares | 2,782 | 6,260 |
Repurchase and retirement of common stock, shares | 3,411 | 2,814 |
Dividends declared, per share | $ 0.28 | $ 0.27 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net income | $ 3,250 | $ 2,862 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 247 | 252 |
Amortization of other assets | 200 | 98 |
Origination of loans held for sale | (4,129) | |
Proceeds from sale of loans held for sale | 4,298 | |
Net gains on sales of loans | (478) | |
Provision for Loan Losses | 540 | 599 |
Loss on other real estate owned | 10 | |
(Gain) on the sale of securities | (76) | |
Stock-based compensation expense | 195 | 147 |
Premium amortization on securities, net | 185 | 383 |
(Increase) in cash surrender value | (179) | (105) |
Changes in assets and liabilities: | ||
Decrease (increase) in other assets | 29 | (213) |
(Decrease) in other liabilities | (3,981) | (76) |
Net cash provided by operating activities | 177 | 3,881 |
Cash Flows from Investing Activities | ||
Proceeds from maturities, calls, and principal payments of securities available for sale | 11,140 | 17,485 |
Proceeds from the sale of securities available for sale | 0 | 2,978 |
Purchases of securities available for sale | (25,813) | (32,356) |
Purchases of restricted investments | (150) | |
Purchases of bank premises and equipment | (331) | (349) |
Proceeds from the sale of other real estate owned | 155 | |
Proceeds from sales of loans | 32,502 | |
Origination of loans net of principal collected | (68,104) | (38,629) |
Net cash (used in) investing activities | (50,756) | (50,716) |
Cash Flows from Financing Activities | ||
Net increase in noninterest bearing demand deposits, savings, and interest bearing demand deposits | 54,999 | 55,631 |
Net (decrease) in time deposits | (911) | (740) |
Issuance of subordinated debt, net of issuance costs | 29,327 | |
Repurchase and retirement of common stock | (117) | (83) |
Cash dividends paid | (877) | (743) |
Net cash provided by financing activities | 82,421 | 54,065 |
Increase in cash and cash equivalents | 31,842 | 7,230 |
Cash and Cash Equivalents | ||
Beginning | 64,068 | 79,920 |
Ending | 95,910 | 87,150 |
Supplemental Disclosures of Cash Flow Information | ||
Interest | 371 | 513 |
Supplemental Schedule of Noncash Investing and Financing Activities: | ||
Unrealized (loss) on securities available for sale | (13,454) | (2,775) |
Other real estate and repossessed assets acquired in settlement of loans | 73 | |
Issuance of common stock, dividend investment plan | $ 97 | $ 181 |
General
General | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General | NOTE 1. General The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position at March 31, 2022 and December 31, 2021, the results of operations and the changes in shareholders' equity for the three months ended March 31, 2022 and 2021, and cash flows for the three months ended March 31, 2022 and 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). Eagle Financial Services, Inc. (the "Company") owns 100% of Bank of Clarke County (the “Bank”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions between the Company and the Bank have been eliminated. Certain amounts in the consolidated financial statements have been reclassified to conform to current year presentations. None of the reclassifications were of a material nature and they had no effect on prior year net income or shareholders' equity. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 3 Months Ended |
Mar. 31, 2022 | |
Share Based Compensation [Abstract] | |
Stock-Based Compensation Plan | NOTE 2. Stock-Based Compensation Plan During 2014, the Company’s shareholders approved a stock incentive plan which allows key employees and directors to increase their personal financial interest in the Company. This plan permits the issuance of incentive stock options and non-qualified stock options and the award of stock appreciation rights, common stock, restricted stock, and phantom stock. The plan authorizes the issuance of up to 500,000 shares of common stock. The Company periodically grants restricted stock to its directors, executive officers and certain non-executive officers. Restricted stock provides grantees with rights to shares of common stock upon completion of a service period or achievement of Company performance measures. During the restriction period, all shares are considered outstanding and dividends are paid to the grantee. In general, outside directors are periodically granted restricted shares which vest over a period of less than 9 months. For the last several years, executive officers have been granted restricted shares which vest over a 3 year service period and restricted shares which vest based on meeting annual performance measures over a 1 year period. In recent years, certain non-executive officers also have been granted restricted shares which vest over a 3 year service period. The Company recognizes compensation expense over the restricted period based on the fair value of the Company's stock on the grant date. The Company's policy is to recognize forfeitures as they occur. As of March 31, 2022, there was $897 thousand of unrecognized compensation cost related to nonvested restricted stock. The following table presents restricted stock activity for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested, beginning of period 31,738 $ 30.70 20,928 $ 29.98 Granted 24,331 35.25 21,630 29.69 Vested (12,468 ) 30.00 (10,258 ) 31.11 Forfeited (810 ) 29.69 (425 ) 31.05 Nonvested, end of period 42,791 $ 33.51 31,875 $ 29.41 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 3. Earnings Per Common Share Basic earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Nonvested restricted shares are included in the weighted average number of common shares used to compute basic earnings per share because of dividend participation and voting rights. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The number of potential common shares is determined using the treasury method. The following table shows the weighted average number of shares used in computing earnings per share for the three months ended March 31, 2022 and 2021. During 2022 and 2021, there were no potentially dilutive securities outstanding. Three Months Ended March 31, 2022 2021 Average number of common shares outstanding used to calculate basic and diluted earnings per share 3,472,332 3,426,839 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2022 | |
Available For Sale Securities [Abstract] | |
Securities | NOTE 4. Securities Amortized costs and fair values of securities available for sale at March 31, 2022 and December 31, 2021 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value March 31, 2022 (in thousands) Obligations of U.S. government corporations and agencies $ 14,658 $ 27 $ (450 ) $ 14,235 Mortgage-backed securities 169,280 12 (13,175 ) 156,117 Obligations of states and political subdivisions 19,339 175 (138 ) 19,376 Subordinated debt 3,750 — (123 ) 3,627 $ 207,027 $ 214 $ (13,886 ) $ 193,355 December 31, 2021 (in thousands) Obligations of U.S. government corporations and agencies $ 14,541 $ 417 $ (37 ) $ 14,921 U.S. treasury notes 2,003 — — 2,003 Mortgage-backed securities 152,391 753 (2,132 ) 151,012 Obligations of states and political subdivisions 21,104 773 — 21,877 Subordinated debt 2,500 11 (3 ) 2,508 $ 192,539 $ 1,954 $ (2,172 ) $ 192,321 During the three months ended March 31, 2022, the Company sold no available for sale securities. During the three months ended March 31, 2021, the Company sold $3.0 million of available for sale securities recognizing $76 thousand in gross gains and no gross losses. The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at March 31, 2022 and December 31, 2021 were as follows: Less than 12 months 12 months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses March 31, 2022 (in thousands) Obligations of U.S. government corporations and agencies $ 12,219 $ 450 $ — $ — $ 12,219 $ 450 Mortgage-backed securities 117,432 8,838 37,281 4,337 154,713 13,175 Obligations of states and political subdivisions 5,491 138 — — 5,491 138 Subordinated debt 2,877 123 — — 2,877 123 $ 138,019 $ 9,549 $ 37,281 $ 4,337 $ 175,300 $ 13,886 Less than 12 months 12 months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2021 (in thousands) Obligations of U.S. government corporations and agencies $ 2,616 $ 37 $ — $ — $ 2,616 $ 37 Mortgage-backed securities 101,080 1,214 29,555 918 130,635 2,132 Subordinated debt 247 3 — — 247 3 $ 103,943 $ 1,254 $ 29,555 $ 918 $ 133,498 $ 2,172 Gross unrealized losses on available for sale securities included one hundred two (102) and forty one (41) debt securities at March 31, 2022 and December 31, 2021, respectively. The Company evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the amount of an unrealized loss, the financial condition of the issuer, and the intent and ability of the Company to retain its investment in the issuer long enough to allow for an anticipated recovery in fair value. The fair value of a security reflects its liquidity as compared to similar instruments, current market rates on similar instruments, and the creditworthiness of the issuer. Absent any change in the liquidity of a security or the creditworthiness of the issuer, prices will decline as market rates rise and vice-versa. The primary cause of the unrealized losses at March 31, 2022 and December 31, 2021 was changes in market interest rates and other market conditions and not credit concerns of the issuers. Since the losses can be primarily attributed to changes in market interest rates and conditions and not expected cash flows or an issuer’s financial condition and management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, the unrealized losses were deemed to be temporary. The Company’s mortgage-backed securities are issued by U.S. government agencies, which guarantee payments to investors regardless of the status of the underlying mortgages. The Company monitors the financial condition of these issuers continuously and will record other-than-temporary impairment if the recovery of value is unlikely. The Company’s securities are exposed to various risks, such as interest rate, market, currency and credit risks. Due to the level of risk associated with certain securities and the level of uncertainty related to changes in the value of securities, it is at least reasonably possible that changes in risks in the near term would materially affect the securities balance reported in the financial statements. Securities having a carrying value of $8.0 million at March 31, 2022 were pledged as security for trust accounts. The composition of restricted investments at March 31, 2022 and December 31, 2021 was as follows: March 31, 2022 December 31, 2021 (in thousands) Federal Reserve Bank Stock $ 344 $ 344 Federal Home Loan Bank Stock 715 565 Community Bankers’ Bank Stock 140 140 $ 1,199 $ 1,049 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | NOTE 5. Loans and Allowance for Loan Losses The composition of loans at March 31, 2022 and December 31, 2021 was as follows: March 31, December 31, 2022 2021 (in thousands) Mortgage loans on real estate: Construction and land development $ 73,223 $ 71,191 Secured by farmland 14,728 13,710 Secured by 1-4 family residential properties 258,007 263,723 Multifamily 29,308 29,093 Commercial 405,714 377,051 Commercial and industrial loans 144,769 143,378 Consumer installment loans 75,307 67,281 All other loans 16,486 16,798 Total loans $ 1,017,542 $ 982,225 Net deferred loan costs and premiums 3,917 3,495 Allowance for loan losses (9,315 ) (8,787 ) $ 1,012,144 $ 976,933 At March 31, 2022, the Company was servicing $129.0 million of marine loans for other financial institutions which are not included in the table above. Also excluded from the table above are net servicing assets of $192 thousand at March 31, 2022, which are recorded in other assets in the Consolidated Balance Sheets. When loans are sold with servicing retained, servicing assets are recorded which represent the Company's right to service loans that were sold. Servicing assets are initially recorded by the Company at fair value and are subsequently amortized in proportion to, and over the period of, estimated net servicing income. Changes in the allowance for loan losses for the three months ended March 31, 2022 and 2021 and the year ended December 31, 2021 were as follows: Three Months Ended Year Ended Three Months Ended March 31, December 31, March 31, 2022 2021 2021 (in thousands) Balance, beginning $ 8,787 $ 7,096 $ 7,096 Provision for loan losses 540 1,483 599 Recoveries added to the allowance 35 318 66 Loan losses charged to the allowance (47 ) (110 ) (5 ) Balance, ending $ 9,315 $ 8,787 $ 7,756 Nonaccrual and past due loans by class at March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 (in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Loans 90 or More Days Past Due Still Accruing Nonaccrual Loans Commercial - Non Real Estate: Commercial & Industrial $ 48 $ 247 $ — $ 295 $ 144,474 $ 144,769 $ — $ 77 Commercial Real Estate: Owner Occupied 93 — — 93 193,023 193,116 — 117 Non-owner occupied — — — — 212,598 212,598 — 1,374 Construction and Farmland: Residential — — — — 10,766 10,766 — — Commercial — — 106 106 77,079 77,185 — 228 Consumer: Installment 189 — — 189 75,118 75,307 — 2 Residential: Equity Lines 71 — — 71 36,469 36,540 — 28 Single family 372 70 382 824 220,643 221,467 — 780 Multifamily — — — — 29,308 29,308 — — All Other Loans — — — — 16,486 16,486 — — Total $ 773 $ 317 $ 488 $ 1,578 $ 1,015,964 $ 1,017,542 $ — $ 2,606 December 31, 2021 (in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Loans 90 or More Past Due Still Accruing Nonaccrual Loans Commercial - Non Real Estate: Commercial & Industrial $ 8 $ 7 $ — $ 15 $ 143,363 $ 143,378 $ — $ — Commercial Real Estate: Owner Occupied — — — — 188,839 188,839 — 124 Non-owner occupied 146 — 130 276 187,936 188,212 — 1,547 Construction and Farmland: Residential — — — — 10,077 10,077 — — Commercial — 126 108 234 74,590 74,824 — 234 Consumer: Installment 6 — — 6 67,275 67,281 — 3 Residential: Equity Lines 13 — — 13 35,849 35,862 — 29 Single family 409 238 434 1,081 226,780 227,861 43 786 Multifamily — — — — 29,093 29,093 — — All Other Loans — — — — 16,798 16,798 — — Total $ 582 $ 371 $ 672 $ 1,625 $ 980,600 $ 982,225 $ 43 $ 2,723 Allowance for loan losses by segment at March 31, 2022 and December 31, 2021 were as follows: As of and For the Three Months Ended March 31, 2022 (in thousands) Construction and Farmland Residential Real Estate Commercial Real Estate Commercial Consumer All Other Loans Unallocated Total Allowance for credit losses: Beginning Balance $ 2,794 $ 1,750 $ 1,650 $ 1,656 $ 646 $ 291 $ — $ 8,787 Charge-Offs — — — — (24 ) (23 ) — (47 ) Recoveries 2 24 — 2 3 4 — 35 Provision 89 (26 ) 168 200 95 14 — 540 Ending balance $ 2,885 $ 1,748 $ 1,818 $ 1,858 $ 720 $ 286 $ — $ 9,315 Ending balance: Individually evaluated for impairment $ — $ 38 $ — $ 77 $ — $ — $ — $ 115 Ending balance: collectively evaluated for impairment $ 2,885 $ 1,710 $ 1,818 $ 1,781 $ 720 $ 286 $ — $ 9,200 Loans: Ending balance $ 87,951 $ 287,315 $ 405,714 $ 144,769 $ 75,307 $ 16,486 $ — $ 1,017,542 Ending balance individually evaluated for impairment $ 250 $ 2,708 $ 2,113 $ 176 $ 14 $ — $ — $ 5,261 Ending balance collectively evaluated for impairment $ 87,701 $ 284,607 $ 403,601 $ 144,593 $ 75,293 $ 16,486 $ — $ 1,012,281 December 31, 2021 (in thousands) Construction and Farmland Residential Real Estate Commercial Real Estate Commercial Consumer All Other Loans Unallocated Total Allowance for credit losses: Beginning Balance $ 1,604 $ 1,929 $ 1,645 $ 1,374 $ 198 $ 346 $ — $ 7,096 Charge-Offs — (13 ) — (10 ) (19 ) (68 ) — (110 ) Recoveries 12 240 7 18 29 12 — 318 Provision 1,178 (406 ) (2 ) 274 438 1 — 1,483 Ending balance $ 2,794 $ 1,750 $ 1,650 $ 1,656 $ 646 $ 291 $ — $ 8,787 Ending balance: Individually evaluated for impairment $ — $ 39 $ — $ — $ — $ — $ — $ 39 Ending balance: collectively evaluated for impairment $ 2,794 $ 1,711 $ 1,650 $ 1,656 $ 646 $ 291 $ — $ 8,748 Loans: Ending balance $ 84,901 $ 292,816 $ 377,051 $ 143,378 $ 67,281 $ 16,798 $ — $ 982,225 Ending balance individually evaluated for impairment $ 257 $ 2,778 $ 2,295 $ 108 $ 16 $ — $ — $ 5,454 Ending balance collectively evaluated for impairment $ 84,644 $ 290,038 $ 374,756 $ 143,270 $ 67,265 $ 16,798 $ — $ 976,771 Impaired loans by class as of and for the periods ended March 31, 2022 and December 31, 2021 were as follows: As of March 31, 2022 (in thousands) Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance: Commercial - Non Real Estate: Commercial & Industrial $ 111 $ 99 $ — $ 104 $ 1 Commercial Real Estate: Owner Occupied 142 117 — 119 — Non-owner occupied 2,280 1,997 — 1,998 14 Construction and Farmland: Residential — — — — — Commercial 268 250 — 251 — Consumer: Installment 15 14 — 15 — Residential Equity lines 34 28 — 29 — Single family 2,006 1,915 — 1,927 14 Multifamily — — — — — Other Loans — — — — — $ 4,856 $ 4,420 $ — $ 4,443 $ 29 With an allowance recorded: Commercial - Non Real Estate: Commercial & Industrial $ 77 $ 77 $ 77 $ 77 $ 1 Commercial Real Estate: Owner Occupied — — — — — Non-owner occupied — — — — — Construction and Farmland: Residential — — — — — Commercial — — — — — Consumer: Installment — — — — — Residential Equity lines — — — — — Single family 804 779 38 783 7 Multifamily — — — — — Other Loans — — — — — $ 881 $ 856 $ 115 $ 860 $ 8 Total: Commercial $ 188 $ 176 $ 77 $ 181 $ 2 Commercial Real Estate 2,422 2,114 — 2,117 14 Construction and Farmland 268 250 — 251 — Consumer 15 14 — 15 — Residential 2,844 2,722 38 2,739 21 Other — — — — — Total $ 5,737 $ 5,276 $ 115 $ 5,303 $ 37 (1) Recorded investment is defined as the summation of the outstanding principal balance, accrued interest, net deferred loan fees or costs, and any partial charge-offs. Accrued interest and net deferred loan fees or costs totaled $15 thousand at March 31, 2022. As of December 31, 2021 (in thousands) Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance: Commercial - Non Real Estate: Commercial & Industrial $ 143 $ 109 $ — $ 166 $ 11 Commercial Real Estate: Owner Occupied 148 124 — 142 — Non-owner occupied 2,539 2,177 — 2,186 — Construction and Farmland: Residential — — — — — Commercial 271 257 — 267 9 Consumer: Installment 17 16 — 19 1 Residential: Equity lines 35 29 — 32 — Single family 2,088 1,974 — 2,012 62 Multifamily — — — — — Other Loans — — — — — $ 5,241 $ 4,686 $ — $ 4,824 $ 83 With an allowance recorded: Commercial - Non Real Estate: Commercial & Industrial $ — $ — $ — $ — $ — Commercial Real Estate: Owner Occupied — — — — — Non-owner occupied — — — — — Construction and Farmland: Residential — — — — — Commercial — — — — — Consumer: Installment — — — — — Residential: Equity lines — — — — — Single family 811 787 39 802 30 Multifamily — — — — — Other Loans — — — — — $ 811 $ 787 $ 39 $ 802 $ 30 Total: Commercial $ 143 $ 109 $ — $ 166 $ 11 Commercial Real Estate 2,687 2,301 — 2,328 — Construction and Farmland 271 257 — 267 9 Consumer 17 16 — 19 1 Residential 2,934 2,790 39 2,846 92 Other — — — — — Total $ 6,052 $ 5,473 $ 39 $ 5,626 $ 113 (1) Recorded investment is defined as the summation of the outstanding principal balance, accrued interest, net deferred loan fees or costs, and any partial charge-offs. Accrued interest and net deferred loan fees or costs totaled $19 thousand at December 31, 2021. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is in nonaccrual status, all payments are applied to principal under the cost-recovery method. For financial statement purposes, the recorded investment in nonaccrual loans is the actual principal balance reduced by payments that would otherwise have been applied to interest. When reporting information on these loans to the applicable customers, the unpaid principal balance is reported as if payments were applied to principal and interest under the original terms of the loan agreements. Therefore, the unpaid principal balance reported to the customer would be higher than the recorded investment in the loan for financial statement purposes. When the ultimate collectability of the total principal of the impaired loan is not in doubt and the loan is in nonaccrual status, contractual interest is credited to interest income when received under the cash-basis method. The Company uses a rating system for evaluating the risks associated with non-consumer loans. Consumer loans are not evaluated for risk unless the characteristics of the loan fall within classified categories. Consumer loans are evaluated for collection based on payment performance. Descriptions of these ratings are as follows: Pass Pass loans exhibit acceptable history of profits, cash flow ability and liquidity. Sufficient cash flow exists to service the loan. All obligations have been paid by the borrower in an as agreed manner. Special Mention Special mention loans exhibit negative trends and potential weakness that, if left uncorrected, may negatively affect the borrower’s ability to repay its obligations. The risk of default is not imminent and the borrower still demonstrates sufficient financial strength to service debt. Substandard Substandard loans exhibit well defined weaknesses resulting in a higher probability of default. The borrowers exhibit adverse financial trends and a diminishing ability or willingness to service debt. Doubtful Doubtful loans exhibit all of the characteristics inherent in substandard loans; however given the severity of weaknesses, the collection of 100% of the principal is unlikely under current conditions. Loss Loss loans are considered uncollectible over a reasonable period of time and of such little value that its continuance as a bankable asset is not warranted. Credit quality information by class at March 31, 2022 and December 31, 2021 was as follows: As of March 31, 2022 (in thousands) INTERNAL RISK RATING GRADES Pass Special Mention Substandard Doubtful Loss Total Commercial - Non Real Estate: Commercial & Industrial $ 140,031 $ 4,661 $ 77 $ — $ — $ 144,769 Commercial Real Estate: Owner Occupied 185,535 7,464 117 — — 193,116 Non-owner occupied 209,837 999 1,762 — — 212,598 Construction and Farmland: Residential 10,766 — — — — 10,766 Commercial 66,401 10,486 298 — — 77,185 Residential: Equity Lines 36,512 — 28 — — 36,540 Single family 218,475 1,312 1,564 116 — 221,467 Multifamily 29,308 — — — — 29,308 All other loans 16,486 — — — — 16,486 Total $ 913,351 $ 24,922 $ 3,846 $ 116 $ — $ 942,235 Performing Nonperforming Consumer Credit Exposure by Payment Activity $ 75,118 $ 189 As of December 31, 2021 (in thousands) INTERNAL RISK RATING GRADES Pass Special Mention Substandard Doubtful Loss Total Commercial - Non Real Estate: Commercial & Industrial $ 143,197 $ 176 $ 5 $ — $ — $ 143,378 Commercial Real Estate: Owner Occupied 185,978 2,703 158 — — 188,839 Non-owner occupied 180,830 4,819 2,563 — — 188,212 Construction and Farm land: Residential 10,077 — — — — 10,077 Commercial 59,318 15,198 308 — — 74,824 Residential: Equity Lines 35,832 — 30 — — 35,862 Single family 224,510 1,601 1,633 117 — 227,861 Multifamily 26,952 2,141 — — — 29,093 All other loans 16,798 — — — — 16,798 Total $ 883,492 $ 26,638 $ 4,697 $ 117 $ — $ 914,944 Performing Nonperforming Consumer Credit Exposure by Payment Activity $ 67,275 $ 6 |
Troubled Debt Restructurings
Troubled Debt Restructurings | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Troubled Debt Restructurings | NOTE 6. Troubled Debt Restructurings All loans deemed a troubled debt restructuring (“TDR"), are considered impaired, and are evaluated for collateral and cash-flow sufficiency. A loan is considered a TDR when the Company, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. All of the following factors are indicators that the Company has granted a concession (one or multiple items may be present): • The borrower receives a reduction of the stated interest rate to a rate less than the institution is willing to accept at the time of the restructure for a new loan with comparable risk. • The borrower receives an extension of the maturity date or dates at a stated interest rate lower than the current market interest rate for new debt with similar risk characteristics. • The borrower receives a reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. • The borrower receives a deferral of required payments (principal and/or interest) which causes more than an insignificant change in cash flow. • The borrower receives a reduction of the accrued interest. There were 17 TDR loans totaling $2.6 million at March 31, 2022. At December 31, 2021, there were 17 TDR loans totaling $2.7 million. Two TDR loans, totaling $145 thousand, were in nonaccrual status at March 31, 2022. Two TDR loans, totaling $149 thousand, were in nonaccrual status at December 31, 2021. There were no outstanding commitments to lend additional amounts to troubled debt restructured borrowers at March 31, 2022 or December 31, 2021. During the first quarter of 2021, the Company approved two deferrals of interest and/or principal related to COVID-19 with loan balances totaling $41 thousand. No additional COVID-19 related deferrals have been made since the first quarter of 2021. These deferrals were no more than six months in duration and were for loans not more than 30 days past due as of December 31, 2019. As such, they were not considered troubled debt restructurings based on the relief provisions of the Coronavirus Aid, Relief and Economic Security ("CARES") Act (extended by the Consolidated Appropriations Act) and recent interagency regulatory guidance. As of March 31, 2022, all of the loans for which the Company had approved deferrals had begun making payments on their loans after the deferral date had passed. The following table sets forth information on the Company’s troubled debt restructurings by class of loans occurring during the three months ended March 31, 2021. During the three months ended March 31, 2022, the Company classified no additional loans as troubled debt restructurings. Three Months Ended March 31, 2021 (in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Consumer: Installment 1 $ 11 $ 11 Residential: Single family 1 98 98 Total 2 $ 109 $ 109 During the three months ended March 31, 2021, the Company restructured two loans and by granting a concession to borrowers experiencing financial difficulty. Both of these loans were restructured by reducing the loan payments and extending the term There were no payment defaults during the three months ended March 31, 2022 for TDRs that were restructured within the preceding twelve-month period. There were also no payment defaults during the three months ended March 31, 2021. Management defines default as over 30 days contractually past due under the modified terms, the foreclosure and/or repossession of the collateral, or the charge-off of the loan during the twelve-month period subsequent to the modification. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Deposits | N OTE 7. Deposits The composition of deposits at March 31, 2022 and December 31, 2021 was as follows: March 31, 2022 December 31, 2021 (in thousands) Noninterest bearing demand deposits $ 489,426 $ 470,355 Savings and interest bearing demand deposits: NOW accounts $ 169,131 $ 162,690 Money market accounts 265,281 251,862 Regular savings accounts 184,812 168,744 $ 619,224 $ 583,296 Time deposits: Balances of less than $250,000 $ 57,982 $ 58,427 Balances of $250,000 and more 64,691 65,157 $ 122,673 $ 123,584 $ 1,231,323 $ 1,177,235 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | NOTE 8. Leases Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The Company’s four long-term lease agreements are classified as operating leases. These leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liability to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for a residual value guarantee and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The following tables present information about the Company’s leases: (dollars in thousands) March 31, 2022 December 31, 2021 Lease liabilities $ 5,212 $ 5,289 Right-of-use assets $ 5,047 $ 5,139 Weighted average remaining lease term 15 years 15 years Weighted average discount rate 3.00 % 2.99 % Three Months Ended Lease Cost March 31, 2022 March 31, 2021 Operating lease cost $ 132 $ 65 Short-term lease cost 4 4 Total lease cost $ 136 $ 69 Cash paid for amounts included in the measurement of lease liabilities $ 115 $ 55 A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liabilities is as follows: As of Lease payments due March 31, 2022 Twelve months ending March 31, 2023 $ 467 Twelve months ending March 31, 2024 475 Twelve months ending March 31, 2025 482 Twelve months ending March 31, 2026 484 Twelve months ending March 31, 2027 393 Thereafter 4,442 Total undiscounted cash flows $ 6,743 Discount (1,531 ) Lease liabilities $ 5,212 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 9. Fair Value Measurements GAAP requires the Company to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following section provides a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy: Securities Available for Sale: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions and certain corporate, asset backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Derivative instruments are recorded at fair value on a recurring basis. The Company utilizes derivative instruments as part of the management of interest rate risk to modify the re-pricing characteristics of certain portions of the Company’s interest-bearing assets and liabilities. The Company has contracted with a third-party vendor to provide valuations for derivatives using standard valuation techniques and therefore classifies such valuations as Level 2. The Company has considered counterparty credit risk in the valuation of its derivative assets and has considered its own credit risk in the valuation of its derivative liabilities. The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021: Fair Value Measurements at March 31, 2022 Using Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2022 (Level 1) (Level 2) (Level 3) (in thousands) Assets: Securities available for sale Obligations of U.S. government corporations and agencies $ 14,235 $ — $ 14,235 $ — Mortgage-backed securities 156,117 — 156,117 — Obligations of states and political subdivisions 19,376 — 19,376 — Subordinated debt 3,627 — 3,627 — Derivative: Interest rate swap 110 — 110 — Total assets at fair value $ 193,465 $ — $ 193,465 $ — Liabilities: Interest rate swap $ 110 $ — $ 110 $ — Total liabilities at fair value $ 110 $ — $ 110 $ — Fair Value Measurements at December 31, 2021 Using Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2021 (Level 1) (Level 2) (Level 3) (in thousands) Assets: Securities available for sale Obligations of U.S. government corporations and agencies $ 14,921 $ — $ 14,921 $ — U.S. treasury notes 2,003 — 2,003 — Mortgage-backed securities 151,012 — 151,012 — Obligations of states and political subdivisions 21,877 — 21,877 — Subordinated debt 2,508 — 2,508 — Derivative: Interest rate swap 58 — 58 — Total assets at fair value $ 192,379 $ — $ 192,379 $ — Liabilities: Interest rate swap $ 58 $ — $ 58 $ — Total liabilities at fair value $ 58 $ — $ 58 $ — Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower of cost or market accounting or write downs of individual assets. The following describes the valuation techniques used by the Company to measure certain financial and nonfinancial assets recorded at fair value on a nonrecurring basis in the financial statements: Loans Held for Sale: Loans held for sale are carried at the lower of cost or market value. These loans currently consist of one-to-four family residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). The Company records any fair value adjustments on a nonrecurring basis. No nonrecurring fair value adjustments were recorded on loans held for sale during three months ended March 31, 2022 and the year ended December 31, 2021. Impaired Loans: Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected when due. The measurement of loss associated with impaired loans can be based on the present value of its expected future cash flows discounted at the loan's coupon rate, or at the loans' observable market price or the fair value of the collateral securing the loans, if they are collateral dependent. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser using observable market data within the last twelve months (Level 2). However, if the collateral is a house or building in the process of construction or if an appraisal of the property is more than one year old and not solely based on observable market comparables or management determines the fair value of the collateral is further impaired below the appraised value, then a Level 3 valuation is considered to measure the fair value. The value of business equipment is based upon an outside appraisal, of one year or less, if deemed significant, or the net book value on the applicable business’s financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Impaired loans allocated to the allowance for loan losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. Other Real Estate Owned: Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the fair value of the property, less estimated selling costs, establishing a new costs basis. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. The portion of interest costs relating to development of real estate is capitalized. Valuations are periodically obtained by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to fair value less cost to sell. The fair value measurement of real estate held in other real estate owned is assessed in the same manner as impaired loans described above. We believe that the fair value follows the provisions of GAAP. The Company held no other real estate owned at March 31, 2022 and December 31, 2021. The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis at March 31, 2022 and December 31, 2021: Quantitative information about Level 3 Fair Value Measurements March 31, 2022 Valuation Technique(s) Unobservable Input Range Weighted Average (1) Assets: Impaired loans Discounted appraised value Selling cost 12% 12% Impaired loans Present value of cash flows Discount rate 4% - 6% 5% Quantitative information about Level 3 Fair Value Measurements December 31, 2021 Valuation Technique(s) Unobservable Input Range Weighted Average (1) Assets: Impaired loans Discounted appraised value Selling cost 12% 12% Impaired loans Present value of cash flows Discount rate 4% - 6% 5% (1) Unobservable inputs were weighted by the relative fair values of the instruments. The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at March 31, 2022 and December 31, 2021: Carrying value at March 31, 2022 Balance as of Identical Assets Observable Inputs Unobservable Inputs March 31, 2022 (Level 1) (Level 2) (Level 3) (in thousands) Financial Assets: Impaired loans $ 739 $ — $ — $ 739 Carrying value at December 31, 2021 Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2021 (Level 1) (Level 2) (Level 3) (in thousands) Financial Assets: Impaired loans $ 746 $ — $ — $ 746 The carrying value and fair value of the Company’s financial instruments at March 31, 2022 and December 31, 2021 were as follows: Fair Value Measurements at March 31, 2022 Using Carrying Value as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value as of March 31, 2022 (Level 1) (Level 2) (Level 3) March 31, 2022 (in thousands) Financial assets: Cash and short-term investments $ 95,910 $ 95,910 $ — $ — $ 95,910 Securities 193,355 — 193,355 — 193,355 Restricted Investments 1,199 — 1,199 — 1,199 Loans held for sale 843 843 — 843 Loans, net 1,012,144 — — 1,004,771 1,004,771 Bank owned life insurance 23,415 — 23,415 — 23,415 Accrued interest receivable 2,668 — 2,668 — 2,668 Interest rate swap 110 — 110 — 110 Financial liabilities: Deposits $ 1,231,323 $ — $ 1,231,667 $ — $ 1,231,667 Subordinated debt, net of unamortized issuance costs 29,327 — 30,000 — 30,000 Accrued interest payable 66 — 66 — 66 Interest rate swap 110 — 110 — 110 Fair Value Measurements at December 31, 2021 Using Carrying Value as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value as of December 31, 2021 (Level 1) (Level 2) (Level 3) December 31, 2021 (in thousands) Financial assets: Cash and short-term investments $ 64,068 $ 64,068 $ — $ — $ 64,068 Securities 192,321 — 192,321 — 192,321 Restricted Investments 1,049 — 1,049 — 1,049 Loans held for sale 876 876 — 876 Loans, net 976,933 — — 969,612 969,612 Bank owned life insurance 23,236 — 23,236 — 23,236 Accrued interest receivable 2,634 — 2,634 — 2,634 Interest rate swap 58 — 58 — 58 Financial liabilities: Deposits $ 1,177,235 $ — $ 1,177,582 $ — $ 1,177,582 Accrued interest payable 67 — 67 — 67 Interest rate swap 58 — 58 — 58 |
Change in Accumulated Other Com
Change in Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Change in Accumulated Other Comprehensive Income | NOTE 10. Change in Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) includes unrealized gains and losses on available for sale securities and changes in benefit obligations and plan assets for the post retirement benefit plan. Changes to accumulated other comprehensive income (loss) are presented net of their tax effect as a component of equity. Reclassifications out of accumulated other comprehensive income (loss) are recorded in the Consolidated Statements of Income either as a gain or loss. Changes to accumulated other comprehensive income (loss) by component are shown in the following table for the periods indicated: Three Months Ended March 31, 2022 2021 Unrealized Gains and Losses on Available for Sale Securities Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan Total Unrealized Gains and Losses on Available for Sale Securities Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan Total (dollars in thousands) (dollars in thousands) January 1 $ (174 ) $ 19 $ (155 ) $ 3,260 $ 19 $ 3,279 Other comprehensive (loss) before reclassifications (13,454 ) — (13,454 ) (2,699 ) — (2,699 ) Reclassifications — — — (76 ) — (76 ) Tax effect of current period changes 2,826 — 2,826 582 — 582 Current period changes net of taxes (10,628 ) — (10,628 ) (2,193 ) — (2,193 ) March 31 $ (10,802 ) $ 19 $ (10,783 ) $ 1,067 $ 19 $ 1,086 For the three months ended March 31, 2021, $76 thousand was reclassified out of accumulated other comprehensive income (loss) and appeared as gain on sale of securities in the Consolidated Statements of Income. The tax related to this reclassification was $16 thousand, which is included in income tax expense in the Consolidated Statements of Income. There were no reclassifications out of accumulated other comprehensive income (loss) during the three months ended March 31, 2022. |
Other Real Estate Owned (Notes)
Other Real Estate Owned (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate Owned | NOTE 11. Other Real Estate Owned The following table is a summary of other real estate owned ("OREO") activity for the three months ended March 31, 2022 and 2021 and the year ended December 31, 2021: Three Months Ended Year Ended Three Months Ended March 31, December 31, March 31, 2022 2021 2021 (in thousands) Balance, beginning $ — $ 607 $ 607 Transfer from loans — 266 73 Gain on foreclosures — — — Sales — (781 ) (165 ) Valuation adjustments — (92 ) — Balance, ending $ — $ — $ 515 There were no consumer mortgage loans collateralized by residential real estate in the process of foreclosure at March 31, 2022 and December 31, 2021. |
Qualified Affordable Housing Pr
Qualified Affordable Housing Project Investments (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Federal Home Loan Banks [Abstract] | |
Qualified Affordable Housing Project Investments | NOTE 12. Qualified Affordable Housing Project Investments The Company invests in qualified affordable housing projects. The general purpose of these investments is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia, develop and implement strategies to maintain projects as low-income housing, provide tax credits and other tax benefits to investors, and to preserve and protect project assets. At March 31, 2022 and December 31, 2021, the balance of the investment for qualified affordable housing projects was $2.5 million and $2.6 million, respectively. These balances are reflected in Other assets on the Consolidated Balance Sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $11 thousand at both March 31, 2022 and December 31, 2021. These balances are reflected in Other liabilities on the Consolidated Balance Sheets. The Company expects to fulfill these commitments by December 31, 2023, in accordance with the terms of the individual agreements. During each of the three months ended March 31, 2022 and March 31, 2021, the Company recognized amortization expense of $57 thousand. The amortization expense was included in Other operating expenses on the Consolidated Statements of Income. Total estimated credits to be received during 2022 are $394 thousand based on the most recent quarterly estimates received from the funds. Total tax credits and other tax benefits recognized during the three months ended March 31, 2022 and 2021, were $90 thousand and $91 thousand, respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Other Authoritative Guidance | 3 Months Ended |
Mar. 31, 2022 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements and Other Authoritative Guidance | NOTE 13. Recent Accounting Pronouncements and Other Authoritative Guidance In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. At the FASB’s October 16, 2019 meeting, the Board affirmed its decision to amend the effective date of this ASU for many companies. Smaller reporting companies who file with the U.S. Securities and Exchange Commission (“SEC”), such as the Company, and all other entities who do not file with the SEC are required to apply the guidance for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. Effective November 25, 2019, the SEC adopted Staff Accounting Bulletin (“SAB”) 119. SAB 119 updated portions of SEC interpretative guidance to align with FASB ASC 326, “Financial Instruments - Credit Losses.” It covers topics including (1) measuring current expected credit losses; (2) development, governance, and documentation of a systematic methodology; (3) documenting the results of a systematic methodology; and (4) validating a systematic methodology. In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The amendments in this ASU should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not yet adopted ASU 2016-13, the effective dates for ASU 2022-02 are the same as the effective dates in ASU 2016-13. Early adoption is permitted if an entity has adopted ASU 2016-13. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company is currently assessing the impact that ASU 2022-02 will have on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. Subsequently, in January 2021, the FASB issued ASU No. 2021-01 “Reference Rate Reform (Topic 848): Scope.” This ASU clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. An entity may elect to apply ASU No. 2021-01 on contract modifications that change the interest rate used for margining, discounting, or contract price alignment retrospectively as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications from any date within the interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. An entity may elect to apply ASU No. 2021-01 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020, and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020.The Company is assessing ASU 2020-04 and its impact on the Company’s transition away from LIBOR for its loans and other financial instruments. |
Subordinated Debt
Subordinated Debt | 3 Months Ended |
Mar. 31, 2022 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Subordinated Debt | NOTE 14. Subordinated Debt On March 31, 2022, the Company entered into Subordinated Note Purchase Agreements with certain purchasers pursuant to which the Company issued and sold $30.0 million in aggregate principal amount of its 4.50% Fixed-to-Floating Rate Subordinated Notes due April 1, 2032 (the “Notes”). The Company plans to use the net proceeds of the Notes offering for general corporate purposes, organic growth and to support the Bank’s regulatory capital ratios. The Notes were structured to qualify as Tier 2 capital for regulatory capital purposes at the holding company and bear an initial interest rate of 4.50% until April 1, 2027, with interest during this period payable semi-annually in arrears. From and including April 1, 2027, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to three-month SOFR, plus 2.35%, with interest during this period payable quarterly in arrears. The Notes are redeemable by the Company at its option, in whole or in part, on or after April 1, 2027. Initial debt issuance costs were $673 thousand. The debt balance of $30.0 million is presented net of unamortized issuance costs of $673 thousand at March 31, 2022. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | NOTE 15. Derivatives The Company uses derivative financial instruments primarily to manage risks to the Company associated with changing interest rates, and to assist customers with their risk management objectives. Derivative contracts that are not designated in a qualifying hedging relationships include customer accommodation loan swaps. The Company enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Bank simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and offsetting terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Company receives a floating rate. These back-to-back loan swaps are derivative financial instruments and are reported at fair value in “other assets” and “other liabilities” in the Consolidated Balance Sheets. Changes in the fair value of loan swaps are recorded in other noninterest income and sum to zero because of the offsetting terms of swaps with borrowers and swaps with dealer counterparties. The following table summarize key elements of the Company's derivative instruments at March 31, 2022 and December 31, 2021. March 31, 2022 Notional Amount Assets Liabilities (in thousands) Customer-related interest rate swap contracts: Matched interest rate swaps with borrower $ 4,133 $ 110 $ — Matched interest rate swaps with counterparty 4,133 — 110 December 31, 2021 Notional Amount Assets Liabilities (in thousands) Customer-related interest rate swap contracts: Matched interest rate swaps with borrower $ 2,391 $ 58 $ — Matched interest rate swaps with counterparty 2,391 — 58 |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share Based Compensation [Abstract] | |
Restricted Stock Activity | The following table presents restricted stock activity for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested, beginning of period 31,738 $ 30.70 20,928 $ 29.98 Granted 24,331 35.25 21,630 29.69 Vested (12,468 ) 30.00 (10,258 ) 31.11 Forfeited (810 ) 29.69 (425 ) 31.05 Nonvested, end of period 42,791 $ 33.51 31,875 $ 29.41 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Weighted Average Number Of Shares Used In Computing Earnings Per Share | The following table shows the weighted average number of shares used in computing earnings per share for the three months ended March 31, 2022 and 2021. During 2022 and 2021, there were no potentially dilutive securities outstanding. Three Months Ended March 31, 2022 2021 Average number of common shares outstanding used to calculate basic and diluted earnings per share 3,472,332 3,426,839 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Available For Sale Securities [Abstract] | |
Amortized Costs And Fair Values Of Securities Available For Sale | Amortized costs and fair values of securities available for sale at March 31, 2022 and December 31, 2021 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value March 31, 2022 (in thousands) Obligations of U.S. government corporations and agencies $ 14,658 $ 27 $ (450 ) $ 14,235 Mortgage-backed securities 169,280 12 (13,175 ) 156,117 Obligations of states and political subdivisions 19,339 175 (138 ) 19,376 Subordinated debt 3,750 — (123 ) 3,627 $ 207,027 $ 214 $ (13,886 ) $ 193,355 December 31, 2021 (in thousands) Obligations of U.S. government corporations and agencies $ 14,541 $ 417 $ (37 ) $ 14,921 U.S. treasury notes 2,003 — — 2,003 Mortgage-backed securities 152,391 753 (2,132 ) 151,012 Obligations of states and political subdivisions 21,104 773 — 21,877 Subordinated debt 2,500 11 (3 ) 2,508 $ 192,539 $ 1,954 $ (2,172 ) $ 192,321 |
Fair Value And Gross Unrealized Losses For Securities Available For Sale | The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at March 31, 2022 and December 31, 2021 were as follows: Less than 12 months 12 months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses March 31, 2022 (in thousands) Obligations of U.S. government corporations and agencies $ 12,219 $ 450 $ — $ — $ 12,219 $ 450 Mortgage-backed securities 117,432 8,838 37,281 4,337 154,713 13,175 Obligations of states and political subdivisions 5,491 138 — — 5,491 138 Subordinated debt 2,877 123 — — 2,877 123 $ 138,019 $ 9,549 $ 37,281 $ 4,337 $ 175,300 $ 13,886 Less than 12 months 12 months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2021 (in thousands) Obligations of U.S. government corporations and agencies $ 2,616 $ 37 $ — $ — $ 2,616 $ 37 Mortgage-backed securities 101,080 1,214 29,555 918 130,635 2,132 Subordinated debt 247 3 — — 247 3 $ 103,943 $ 1,254 $ 29,555 $ 918 $ 133,498 $ 2,172 |
Schedule Composition Of Restricted Investments | The composition of restricted investments at March 31, 2022 and December 31, 2021 was as follows: March 31, 2022 December 31, 2021 (in thousands) Federal Reserve Bank Stock $ 344 $ 344 Federal Home Loan Bank Stock 715 565 Community Bankers’ Bank Stock 140 140 $ 1,199 $ 1,049 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule Of Composition Of Loans | The composition of loans at March 31, 2022 and December 31, 2021 was as follows: March 31, December 31, 2022 2021 (in thousands) Mortgage loans on real estate: Construction and land development $ 73,223 $ 71,191 Secured by farmland 14,728 13,710 Secured by 1-4 family residential properties 258,007 263,723 Multifamily 29,308 29,093 Commercial 405,714 377,051 Commercial and industrial loans 144,769 143,378 Consumer installment loans 75,307 67,281 All other loans 16,486 16,798 Total loans $ 1,017,542 $ 982,225 Net deferred loan costs and premiums 3,917 3,495 Allowance for loan losses (9,315 ) (8,787 ) $ 1,012,144 $ 976,933 |
Changes In Allowance For Loan Losses | Changes in the allowance for loan losses for the three months ended March 31, 2022 and 2021 and the year ended December 31, 2021 were as follows: Three Months Ended Year Ended Three Months Ended March 31, December 31, March 31, 2022 2021 2021 (in thousands) Balance, beginning $ 8,787 $ 7,096 $ 7,096 Provision for loan losses 540 1,483 599 Recoveries added to the allowance 35 318 66 Loan losses charged to the allowance (47 ) (110 ) (5 ) Balance, ending $ 9,315 $ 8,787 $ 7,756 |
Nonaccrual And Past Due Loans By Class | Nonaccrual and past due loans by class at March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 (in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Loans 90 or More Days Past Due Still Accruing Nonaccrual Loans Commercial - Non Real Estate: Commercial & Industrial $ 48 $ 247 $ — $ 295 $ 144,474 $ 144,769 $ — $ 77 Commercial Real Estate: Owner Occupied 93 — — 93 193,023 193,116 — 117 Non-owner occupied — — — — 212,598 212,598 — 1,374 Construction and Farmland: Residential — — — — 10,766 10,766 — — Commercial — — 106 106 77,079 77,185 — 228 Consumer: Installment 189 — — 189 75,118 75,307 — 2 Residential: Equity Lines 71 — — 71 36,469 36,540 — 28 Single family 372 70 382 824 220,643 221,467 — 780 Multifamily — — — — 29,308 29,308 — — All Other Loans — — — — 16,486 16,486 — — Total $ 773 $ 317 $ 488 $ 1,578 $ 1,015,964 $ 1,017,542 $ — $ 2,606 December 31, 2021 (in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Loans 90 or More Past Due Still Accruing Nonaccrual Loans Commercial - Non Real Estate: Commercial & Industrial $ 8 $ 7 $ — $ 15 $ 143,363 $ 143,378 $ — $ — Commercial Real Estate: Owner Occupied — — — — 188,839 188,839 — 124 Non-owner occupied 146 — 130 276 187,936 188,212 — 1,547 Construction and Farmland: Residential — — — — 10,077 10,077 — — Commercial — 126 108 234 74,590 74,824 — 234 Consumer: Installment 6 — — 6 67,275 67,281 — 3 Residential: Equity Lines 13 — — 13 35,849 35,862 — 29 Single family 409 238 434 1,081 226,780 227,861 43 786 Multifamily — — — — 29,093 29,093 — — All Other Loans — — — — 16,798 16,798 — — Total $ 582 $ 371 $ 672 $ 1,625 $ 980,600 $ 982,225 $ 43 $ 2,723 |
Allowance For Loan Losses By Segment | Allowance for loan losses by segment at March 31, 2022 and December 31, 2021 were as follows: As of and For the Three Months Ended March 31, 2022 (in thousands) Construction and Farmland Residential Real Estate Commercial Real Estate Commercial Consumer All Other Loans Unallocated Total Allowance for credit losses: Beginning Balance $ 2,794 $ 1,750 $ 1,650 $ 1,656 $ 646 $ 291 $ — $ 8,787 Charge-Offs — — — — (24 ) (23 ) — (47 ) Recoveries 2 24 — 2 3 4 — 35 Provision 89 (26 ) 168 200 95 14 — 540 Ending balance $ 2,885 $ 1,748 $ 1,818 $ 1,858 $ 720 $ 286 $ — $ 9,315 Ending balance: Individually evaluated for impairment $ — $ 38 $ — $ 77 $ — $ — $ — $ 115 Ending balance: collectively evaluated for impairment $ 2,885 $ 1,710 $ 1,818 $ 1,781 $ 720 $ 286 $ — $ 9,200 Loans: Ending balance $ 87,951 $ 287,315 $ 405,714 $ 144,769 $ 75,307 $ 16,486 $ — $ 1,017,542 Ending balance individually evaluated for impairment $ 250 $ 2,708 $ 2,113 $ 176 $ 14 $ — $ — $ 5,261 Ending balance collectively evaluated for impairment $ 87,701 $ 284,607 $ 403,601 $ 144,593 $ 75,293 $ 16,486 $ — $ 1,012,281 December 31, 2021 (in thousands) Construction and Farmland Residential Real Estate Commercial Real Estate Commercial Consumer All Other Loans Unallocated Total Allowance for credit losses: Beginning Balance $ 1,604 $ 1,929 $ 1,645 $ 1,374 $ 198 $ 346 $ — $ 7,096 Charge-Offs — (13 ) — (10 ) (19 ) (68 ) — (110 ) Recoveries 12 240 7 18 29 12 — 318 Provision 1,178 (406 ) (2 ) 274 438 1 — 1,483 Ending balance $ 2,794 $ 1,750 $ 1,650 $ 1,656 $ 646 $ 291 $ — $ 8,787 Ending balance: Individually evaluated for impairment $ — $ 39 $ — $ — $ — $ — $ — $ 39 Ending balance: collectively evaluated for impairment $ 2,794 $ 1,711 $ 1,650 $ 1,656 $ 646 $ 291 $ — $ 8,748 Loans: Ending balance $ 84,901 $ 292,816 $ 377,051 $ 143,378 $ 67,281 $ 16,798 $ — $ 982,225 Ending balance individually evaluated for impairment $ 257 $ 2,778 $ 2,295 $ 108 $ 16 $ — $ — $ 5,454 Ending balance collectively evaluated for impairment $ 84,644 $ 290,038 $ 374,756 $ 143,270 $ 67,265 $ 16,798 $ — $ 976,771 |
Impaired Loans By Class | Impaired loans by class as of and for the periods ended March 31, 2022 and December 31, 2021 were as follows: As of March 31, 2022 (in thousands) Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance: Commercial - Non Real Estate: Commercial & Industrial $ 111 $ 99 $ — $ 104 $ 1 Commercial Real Estate: Owner Occupied 142 117 — 119 — Non-owner occupied 2,280 1,997 — 1,998 14 Construction and Farmland: Residential — — — — — Commercial 268 250 — 251 — Consumer: Installment 15 14 — 15 — Residential Equity lines 34 28 — 29 — Single family 2,006 1,915 — 1,927 14 Multifamily — — — — — Other Loans — — — — — $ 4,856 $ 4,420 $ — $ 4,443 $ 29 With an allowance recorded: Commercial - Non Real Estate: Commercial & Industrial $ 77 $ 77 $ 77 $ 77 $ 1 Commercial Real Estate: Owner Occupied — — — — — Non-owner occupied — — — — — Construction and Farmland: Residential — — — — — Commercial — — — — — Consumer: Installment — — — — — Residential Equity lines — — — — — Single family 804 779 38 783 7 Multifamily — — — — — Other Loans — — — — — $ 881 $ 856 $ 115 $ 860 $ 8 Total: Commercial $ 188 $ 176 $ 77 $ 181 $ 2 Commercial Real Estate 2,422 2,114 — 2,117 14 Construction and Farmland 268 250 — 251 — Consumer 15 14 — 15 — Residential 2,844 2,722 38 2,739 21 Other — — — — — Total $ 5,737 $ 5,276 $ 115 $ 5,303 $ 37 (1) Recorded investment is defined as the summation of the outstanding principal balance, accrued interest, net deferred loan fees or costs, and any partial charge-offs. Accrued interest and net deferred loan fees or costs totaled $15 thousand at March 31, 2022. As of December 31, 2021 (in thousands) Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance: Commercial - Non Real Estate: Commercial & Industrial $ 143 $ 109 $ — $ 166 $ 11 Commercial Real Estate: Owner Occupied 148 124 — 142 — Non-owner occupied 2,539 2,177 — 2,186 — Construction and Farmland: Residential — — — — — Commercial 271 257 — 267 9 Consumer: Installment 17 16 — 19 1 Residential: Equity lines 35 29 — 32 — Single family 2,088 1,974 — 2,012 62 Multifamily — — — — — Other Loans — — — — — $ 5,241 $ 4,686 $ — $ 4,824 $ 83 With an allowance recorded: Commercial - Non Real Estate: Commercial & Industrial $ — $ — $ — $ — $ — Commercial Real Estate: Owner Occupied — — — — — Non-owner occupied — — — — — Construction and Farmland: Residential — — — — — Commercial — — — — — Consumer: Installment — — — — — Residential: Equity lines — — — — — Single family 811 787 39 802 30 Multifamily — — — — — Other Loans — — — — — $ 811 $ 787 $ 39 $ 802 $ 30 Total: Commercial $ 143 $ 109 $ — $ 166 $ 11 Commercial Real Estate 2,687 2,301 — 2,328 — Construction and Farmland 271 257 — 267 9 Consumer 17 16 — 19 1 Residential 2,934 2,790 39 2,846 92 Other — — — — — Total $ 6,052 $ 5,473 $ 39 $ 5,626 $ 113 (1) Recorded investment is defined as the summation of the outstanding principal balance, accrued interest, net deferred loan fees or costs, and any partial charge-offs. Accrued interest and net deferred loan fees or costs totaled $19 thousand at December 31, 2021. |
Credit Quality Information By Class | Credit quality information by class at March 31, 2022 and December 31, 2021 was as follows: As of March 31, 2022 (in thousands) INTERNAL RISK RATING GRADES Pass Special Mention Substandard Doubtful Loss Total Commercial - Non Real Estate: Commercial & Industrial $ 140,031 $ 4,661 $ 77 $ — $ — $ 144,769 Commercial Real Estate: Owner Occupied 185,535 7,464 117 — — 193,116 Non-owner occupied 209,837 999 1,762 — — 212,598 Construction and Farmland: Residential 10,766 — — — — 10,766 Commercial 66,401 10,486 298 — — 77,185 Residential: Equity Lines 36,512 — 28 — — 36,540 Single family 218,475 1,312 1,564 116 — 221,467 Multifamily 29,308 — — — — 29,308 All other loans 16,486 — — — — 16,486 Total $ 913,351 $ 24,922 $ 3,846 $ 116 $ — $ 942,235 Performing Nonperforming Consumer Credit Exposure by Payment Activity $ 75,118 $ 189 As of December 31, 2021 (in thousands) INTERNAL RISK RATING GRADES Pass Special Mention Substandard Doubtful Loss Total Commercial - Non Real Estate: Commercial & Industrial $ 143,197 $ 176 $ 5 $ — $ — $ 143,378 Commercial Real Estate: Owner Occupied 185,978 2,703 158 — — 188,839 Non-owner occupied 180,830 4,819 2,563 — — 188,212 Construction and Farm land: Residential 10,077 — — — — 10,077 Commercial 59,318 15,198 308 — — 74,824 Residential: Equity Lines 35,832 — 30 — — 35,862 Single family 224,510 1,601 1,633 117 — 227,861 Multifamily 26,952 2,141 — — — 29,093 All other loans 16,798 — — — — 16,798 Total $ 883,492 $ 26,638 $ 4,697 $ 117 $ — $ 914,944 Performing Nonperforming Consumer Credit Exposure by Payment Activity $ 67,275 $ 6 |
Troubled Debt Restructurings (T
Troubled Debt Restructurings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule Of Troubled Debt Restructurings On Financing Receivables | The following table sets forth information on the Company’s troubled debt restructurings by class of loans occurring during the three months ended March 31, 2021. During the three months ended March 31, 2022, the Company classified no additional loans as troubled debt restructurings. Three Months Ended March 31, 2021 (in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Consumer: Installment 1 $ 11 $ 11 Residential: Single family 1 98 98 Total 2 $ 109 $ 109 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Composition Of Deposits | The composition of deposits at March 31, 2022 and December 31, 2021 was as follows: March 31, 2022 December 31, 2021 (in thousands) Noninterest bearing demand deposits $ 489,426 $ 470,355 Savings and interest bearing demand deposits: NOW accounts $ 169,131 $ 162,690 Money market accounts 265,281 251,862 Regular savings accounts 184,812 168,744 $ 619,224 $ 583,296 Time deposits: Balances of less than $250,000 $ 57,982 $ 58,427 Balances of $250,000 and more 64,691 65,157 $ 122,673 $ 123,584 $ 1,231,323 $ 1,177,235 |
Lease (Tables)
Lease (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | The following tables present information about the Company’s leases: (dollars in thousands) March 31, 2022 December 31, 2021 Lease liabilities $ 5,212 $ 5,289 Right-of-use assets $ 5,047 $ 5,139 Weighted average remaining lease term 15 years 15 years Weighted average discount rate 3.00 % 2.99 % Three Months Ended Lease Cost March 31, 2022 March 31, 2021 Operating lease cost $ 132 $ 65 Short-term lease cost 4 4 Total lease cost $ 136 $ 69 Cash paid for amounts included in the measurement of lease liabilities $ 115 $ 55 |
Lessee, Operating Lease, Liability, Maturity | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liabilities is as follows: As of Lease payments due March 31, 2022 Twelve months ending March 31, 2023 $ 467 Twelve months ending March 31, 2024 475 Twelve months ending March 31, 2025 482 Twelve months ending March 31, 2026 484 Twelve months ending March 31, 2027 393 Thereafter 4,442 Total undiscounted cash flows $ 6,743 Discount (1,531 ) Lease liabilities $ 5,212 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021: Fair Value Measurements at March 31, 2022 Using Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2022 (Level 1) (Level 2) (Level 3) (in thousands) Assets: Securities available for sale Obligations of U.S. government corporations and agencies $ 14,235 $ — $ 14,235 $ — Mortgage-backed securities 156,117 — 156,117 — Obligations of states and political subdivisions 19,376 — 19,376 — Subordinated debt 3,627 — 3,627 — Derivative: Interest rate swap 110 — 110 — Total assets at fair value $ 193,465 $ — $ 193,465 $ — Liabilities: Interest rate swap $ 110 $ — $ 110 $ — Total liabilities at fair value $ 110 $ — $ 110 $ — Fair Value Measurements at December 31, 2021 Using Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2021 (Level 1) (Level 2) (Level 3) (in thousands) Assets: Securities available for sale Obligations of U.S. government corporations and agencies $ 14,921 $ — $ 14,921 $ — U.S. treasury notes 2,003 — 2,003 — Mortgage-backed securities 151,012 — 151,012 — Obligations of states and political subdivisions 21,877 — 21,877 — Subordinated debt 2,508 — 2,508 — Derivative: Interest rate swap 58 — 58 — Total assets at fair value $ 192,379 $ — $ 192,379 $ — Liabilities: Interest rate swap $ 58 $ — $ 58 $ — Total liabilities at fair value $ 58 $ — $ 58 $ — |
Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets | The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis at March 31, 2022 and December 31, 2021: Quantitative information about Level 3 Fair Value Measurements March 31, 2022 Valuation Technique(s) Unobservable Input Range Weighted Average (1) Assets: Impaired loans Discounted appraised value Selling cost 12% 12% Impaired loans Present value of cash flows Discount rate 4% - 6% 5% Quantitative information about Level 3 Fair Value Measurements December 31, 2021 Valuation Technique(s) Unobservable Input Range Weighted Average (1) Assets: Impaired loans Discounted appraised value Selling cost 12% 12% Impaired loans Present value of cash flows Discount rate 4% - 6% 5% (1) Unobservable inputs were weighted by the relative fair values of the instruments. |
Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis | The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at March 31, 2022 and December 31, 2021: Carrying value at March 31, 2022 Balance as of Identical Assets Observable Inputs Unobservable Inputs March 31, 2022 (Level 1) (Level 2) (Level 3) (in thousands) Financial Assets: Impaired loans $ 739 $ — $ — $ 739 Carrying value at December 31, 2021 Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2021 (Level 1) (Level 2) (Level 3) (in thousands) Financial Assets: Impaired loans $ 746 $ — $ — $ 746 |
Company's Financial Instruments | The carrying value and fair value of the Company’s financial instruments at March 31, 2022 and December 31, 2021 were as follows: Fair Value Measurements at March 31, 2022 Using Carrying Value as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value as of March 31, 2022 (Level 1) (Level 2) (Level 3) March 31, 2022 (in thousands) Financial assets: Cash and short-term investments $ 95,910 $ 95,910 $ — $ — $ 95,910 Securities 193,355 — 193,355 — 193,355 Restricted Investments 1,199 — 1,199 — 1,199 Loans held for sale 843 843 — 843 Loans, net 1,012,144 — — 1,004,771 1,004,771 Bank owned life insurance 23,415 — 23,415 — 23,415 Accrued interest receivable 2,668 — 2,668 — 2,668 Interest rate swap 110 — 110 — 110 Financial liabilities: Deposits $ 1,231,323 $ — $ 1,231,667 $ — $ 1,231,667 Subordinated debt, net of unamortized issuance costs 29,327 — 30,000 — 30,000 Accrued interest payable 66 — 66 — 66 Interest rate swap 110 — 110 — 110 Fair Value Measurements at December 31, 2021 Using Carrying Value as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value as of December 31, 2021 (Level 1) (Level 2) (Level 3) December 31, 2021 (in thousands) Financial assets: Cash and short-term investments $ 64,068 $ 64,068 $ — $ — $ 64,068 Securities 192,321 — 192,321 — 192,321 Restricted Investments 1,049 — 1,049 — 1,049 Loans held for sale 876 876 — 876 Loans, net 976,933 — — 969,612 969,612 Bank owned life insurance 23,236 — 23,236 — 23,236 Accrued interest receivable 2,634 — 2,634 — 2,634 Interest rate swap 58 — 58 — 58 Financial liabilities: Deposits $ 1,177,235 $ — $ 1,177,582 $ — $ 1,177,582 Accrued interest payable 67 — 67 — 67 Interest rate swap 58 — 58 — 58 |
Change in Accumulated Other C_2
Change in Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Changes To Accumulated Other Comprehensive Income By Components | Changes to accumulated other comprehensive income (loss) by component are shown in the following table for the periods indicated: Three Months Ended March 31, 2022 2021 Unrealized Gains and Losses on Available for Sale Securities Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan Total Unrealized Gains and Losses on Available for Sale Securities Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan Total (dollars in thousands) (dollars in thousands) January 1 $ (174 ) $ 19 $ (155 ) $ 3,260 $ 19 $ 3,279 Other comprehensive (loss) before reclassifications (13,454 ) — (13,454 ) (2,699 ) — (2,699 ) Reclassifications — — — (76 ) — (76 ) Tax effect of current period changes 2,826 — 2,826 582 — 582 Current period changes net of taxes (10,628 ) — (10,628 ) (2,193 ) — (2,193 ) March 31 $ (10,802 ) $ 19 $ (10,783 ) $ 1,067 $ 19 $ 1,086 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
Other Real Estate, [Roll Forward] | The following table is a summary of other real estate owned ("OREO") activity for the three months ended March 31, 2022 and 2021 and the year ended December 31, 2021: Three Months Ended Year Ended Three Months Ended March 31, December 31, March 31, 2022 2021 2021 (in thousands) Balance, beginning $ — $ 607 $ 607 Transfer from loans — 266 73 Gain on foreclosures — — — Sales — (781 ) (165 ) Valuation adjustments — (92 ) — Balance, ending $ — $ — $ 515 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summarize Key Elements of Derivative Instruments | The following table summarize key elements of the Company's derivative instruments at March 31, 2022 and December 31, 2021. March 31, 2022 Notional Amount Assets Liabilities (in thousands) Customer-related interest rate swap contracts: Matched interest rate swaps with borrower $ 4,133 $ 110 $ — Matched interest rate swaps with counterparty 4,133 — 110 December 31, 2021 Notional Amount Assets Liabilities (in thousands) Customer-related interest rate swap contracts: Matched interest rate swaps with borrower $ 2,391 $ 58 $ — Matched interest rate swaps with counterparty 2,391 — 58 |
General (Details)
General (Details) | Mar. 31, 2022 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Ownership percentage in subsidiaries | 100.00% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock incentive plan, authorized common stock | shares | 500,000 |
Unrecognized compensation cost related to unvested Restricted Stock | $ | $ 897 |
Service Period [Member] | Officer [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting service period of grants | 3 years |
Performance Measure [Member] | Executive Officer [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting service period of grants | 1 year |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plan (Restricted Stock Activity) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation [Abstract] | ||
Shares, Nonvested, beginning of period | 31,738 | 20,928 |
Shares, Granted | 24,331 | 21,630 |
Shares, Vested | (12,468) | (10,258) |
Shares, Forfeited | (810) | (425) |
Shares, Nonvested, end of period | 42,791 | 31,875 |
Weighted Average Grant Date Fair Value, Nonvested, beginning of period | $ 30.70 | $ 29.98 |
Weighted Average Grant Date Fair Value, Granted | 35.25 | 29.69 |
Weighted Average Grant Date Fair Value, Vested | 30 | 31.11 |
Weighted average Grant Date Fair Value, Forfeited | 29.69 | 31.05 |
Weighted Average Grant Date Fair Value, Nonvested, end of period | $ 33.51 | $ 29.41 |
Earnings Per Common Share (Weig
Earnings Per Common Share (Weighted Average Number Of Shares Used In Computing Earnings Per Share) (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive securities outstanding | 0 | 0 |
Average number of common shares outstanding used to calculate basic and diluted earnings per share | 3,472,332 | 3,426,839 |
Securities (Amortized Costs And
Securities (Amortized Costs And Fair Values Of Securities Available For Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 207,027 | $ 192,539 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 214 | 1,954 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (13,886) | (2,172) |
Securities available for sale, at fair value | 193,355 | 192,321 |
Obligations Of U.S. Government Corporations And Agencies [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 14,658 | 14,541 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 27 | 417 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (450) | (37) |
Securities available for sale, at fair value | 14,235 | 14,921 |
US Treasury Notes [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,003 | |
Securities available for sale, at fair value | 2,003 | |
Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 169,280 | 152,391 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 12 | 753 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (13,175) | (2,132) |
Securities available for sale, at fair value | 156,117 | 151,012 |
Obligations Of States And Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 19,339 | 21,104 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 175 | 773 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (138) | |
Securities available for sale, at fair value | 19,376 | 21,877 |
Subordinated Debt [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 3,750 | 2,500 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 11 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (123) | (3) |
Securities available for sale, at fair value | $ 3,627 | $ 2,508 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2022USD ($)Security | Mar. 31, 2021USD ($) | Dec. 31, 2021Security | |
Available For Sale Securities [Abstract] | |||
Sales of securities available for sale | $ 0 | $ 2,978,000 | |
Available-for-sale Securities, Gross Realized Gains | 76,000 | ||
Available-for-sale Securities, Gross Realized Losses | $ 0 | ||
Debt securities included in gross unrealized losses on available for sale securities | Security | 102 | 41 | |
Carrying value of securities pledged as collateral | $ 8,000,000 |
Securities (Fair Value And Gros
Securities (Fair Value And Gross Unrealized Losses For Securities Available For Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value, Less than 12 months | $ 138,019 | $ 103,943 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9,549 | 1,254 |
Fair Value, 12 months or more | 37,281 | 29,555 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4,337 | 918 |
Fair Value, Total | 175,300 | 133,498 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 13,886 | 2,172 |
Obligations Of U.S. Government Corporations And Agencies [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 12,219 | 2,616 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 450 | 37 |
Fair Value, Total | 12,219 | 2,616 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 450 | 37 |
Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 117,432 | 101,080 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8,838 | 1,214 |
Fair Value, 12 months or more | 37,281 | 29,555 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4,337 | 918 |
Fair Value, Total | 154,713 | 130,635 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 13,175 | 2,132 |
Obligations Of States And Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 5,491 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 138 | |
Fair Value, Total | 5,491 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 138 | |
Subordinated Debt [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 2,877 | 247 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 123 | 3 |
Fair Value, Total | 2,877 | 247 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 123 | $ 3 |
Securities (Restricted Investme
Securities (Restricted Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted Investments | $ 1,199 | $ 1,049 |
Federal Reserve Bank Stock [Member] | ||
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted Investments | 344 | 344 |
Federal Home Loan Bank Stock [Member] | ||
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted Investments | 715 | 565 |
Community Bankers' Bank Stock [Member] | ||
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted Investments | $ 140 | $ 140 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Schedule of Composition of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans | $ 1,017,542 | $ 982,225 |
Net deferred loan costs and premiums | 3,917 | 3,495 |
Allowance for loan losses | (9,315) | (8,787) |
Net Loans | 1,012,144 | 976,933 |
Construction and land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans | 73,223 | 71,191 |
Secured by farmland | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans | 14,728 | 13,710 |
Secured by 1-4 family residential properties | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans | 258,007 | 263,723 |
Multifamily | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans | 29,308 | 29,093 |
Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans | 405,714 | 377,051 |
Commercial and industrial loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans | 144,769 | 143,378 |
Consumer installment loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans | 75,307 | 67,281 |
All other loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans | $ 16,486 | $ 16,798 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 1,017,542 | $ 982,225 |
Other Assets | ||
Financing Receivable Recorded Investment [Line Items] | ||
Net servicing assets | 192 | |
Marine Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 129,000 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses (Changes In Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Beginning Balance | $ 8,787 | $ 7,096 | $ 7,096 |
Provision for loan losses | 540 | 599 | 1,483 |
Recoveries added to the allowance | 35 | 66 | 318 |
Loan losses charged to the allowance | (47) | (5) | (110) |
Ending Balance | $ 9,315 | $ 7,756 | $ 8,787 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses (Nonaccrual And Past Due Loans By Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | $ 942,235 | $ 914,944 |
Total Loans | 1,017,542 | 982,225 |
90 or More Days Past Due Still Accruing | 43 | |
Nonaccrual Loans | 2,606 | 2,723 |
Commercial and industrial loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 144,769 | 143,378 |
Nonaccrual Loans | 77 | |
Commercial Real Estate Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 193,116 | 188,839 |
Nonaccrual Loans | 117 | 124 |
Commercial Real Estate Non-Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 212,598 | 188,212 |
Nonaccrual Loans | 1,374 | 1,547 |
Construction And Farmland Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 10,766 | 10,077 |
Construction And Farmland Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 77,185 | 74,824 |
Nonaccrual Loans | 228 | 234 |
Consumer Installment | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 75,307 | 67,281 |
Nonaccrual Loans | 2 | 3 |
Residential Equity Lines | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 36,540 | 35,862 |
Nonaccrual Loans | 28 | 29 |
Residential Single Family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 221,467 | 227,861 |
90 or More Days Past Due Still Accruing | 43 | |
Nonaccrual Loans | 780 | 786 |
Residential Multifamily | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 29,308 | 29,093 |
All Other Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 16,486 | 16,798 |
Financial Asset, Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 773 | 582 |
Financial Asset, Not Past Due | Commercial and industrial loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 48 | 8 |
Financial Asset, Not Past Due | Commercial Real Estate Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 93 | |
Financial Asset, Not Past Due | Commercial Real Estate Non-Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 146 | |
Financial Asset, Not Past Due | Consumer Installment | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 189 | 6 |
Financial Asset, Not Past Due | Residential Equity Lines | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 71 | 13 |
Financial Asset, Not Past Due | Residential Single Family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 372 | 409 |
60 - 89 Days Past due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 317 | 371 |
60 - 89 Days Past due | Commercial and industrial loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 247 | 7 |
60 - 89 Days Past due | Construction And Farmland Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 126 | |
60 - 89 Days Past due | Residential Single Family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 70 | 238 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 488 | 672 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial Real Estate Non-Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 130 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | Construction And Farmland Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 106 | 108 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Residential Single Family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 382 | 434 |
Financial Asset, Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 1,578 | 1,625 |
Financial Asset, Past Due | Commercial and industrial loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 295 | 15 |
Financial Asset, Past Due | Commercial Real Estate Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 93 | |
Financial Asset, Past Due | Commercial Real Estate Non-Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 276 | |
Financial Asset, Past Due | Construction And Farmland Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 106 | 234 |
Financial Asset, Past Due | Consumer Installment | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 189 | 6 |
Financial Asset, Past Due | Residential Equity Lines | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 71 | 13 |
Financial Asset, Past Due | Residential Single Family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 824 | 1,081 |
Financial Asset, Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 1,015,964 | 980,600 |
Financial Asset, Not Past Due | Commercial and industrial loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 144,474 | 143,363 |
Financial Asset, Not Past Due | Commercial Real Estate Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 193,023 | 188,839 |
Financial Asset, Not Past Due | Commercial Real Estate Non-Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 212,598 | 187,936 |
Financial Asset, Not Past Due | Construction And Farmland Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 10,766 | 10,077 |
Financial Asset, Not Past Due | Construction And Farmland Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 77,079 | 74,590 |
Financial Asset, Not Past Due | Consumer Installment | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 75,118 | 67,275 |
Financial Asset, Not Past Due | Residential Equity Lines | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 36,469 | 35,849 |
Financial Asset, Not Past Due | Residential Single Family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 220,643 | 226,780 |
Financial Asset, Not Past Due | Residential Multifamily | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | 29,308 | 29,093 |
Financial Asset, Not Past Due | All Other Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due | $ 16,486 | $ 16,798 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses (Allowance For Loan Losses By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable Impaired [Line Items] | |||
Beginning Balance | $ 8,787 | $ 7,096 | $ 7,096 |
Charge-Offs | (47) | (5) | (110) |
Recoveries | 35 | 66 | 318 |
Provision | 540 | 599 | 1,483 |
Ending Balance | 9,315 | 7,756 | 8,787 |
Ending balance: Individually evaluated for impairment | 115 | 39 | |
Ending balance: collectively evaluated for impairment | 9,200 | 8,748 | |
Ending balance | 1,017,542 | 982,225 | |
Ending balance individually evaluated for impairment | 5,261 | 5,454 | |
Ending balance collectively evaluated for impairment | 1,012,281 | 976,771 | |
Construction And Farmland Financing Receivable | |||
Financing Receivable Impaired [Line Items] | |||
Beginning Balance | 2,794 | 1,604 | 1,604 |
Recoveries | 2 | 12 | |
Provision | 89 | 1,178 | |
Ending Balance | 2,885 | 2,794 | |
Ending balance: collectively evaluated for impairment | 2,885 | 2,794 | |
Ending balance | 87,951 | 84,901 | |
Ending balance individually evaluated for impairment | 250 | 257 | |
Ending balance collectively evaluated for impairment | 87,701 | 84,644 | |
Residential Real Estate | |||
Financing Receivable Impaired [Line Items] | |||
Beginning Balance | 1,750 | 1,929 | 1,929 |
Charge-Offs | (13) | ||
Recoveries | 24 | 240 | |
Provision | (26) | (406) | |
Ending Balance | 1,748 | 1,750 | |
Ending balance: Individually evaluated for impairment | 38 | 39 | |
Ending balance: collectively evaluated for impairment | 1,710 | 1,711 | |
Ending balance | 287,315 | 292,816 | |
Ending balance individually evaluated for impairment | 2,708 | 2,778 | |
Ending balance collectively evaluated for impairment | 284,607 | 290,038 | |
Commercial Real Estate | |||
Financing Receivable Impaired [Line Items] | |||
Beginning Balance | 1,650 | 1,645 | 1,645 |
Recoveries | 7 | ||
Provision | 168 | (2) | |
Ending Balance | 1,818 | 1,650 | |
Ending balance: collectively evaluated for impairment | 1,818 | 1,650 | |
Ending balance | 405,714 | 377,051 | |
Ending balance individually evaluated for impairment | 2,113 | 2,295 | |
Ending balance collectively evaluated for impairment | 403,601 | 374,756 | |
Commercial Portfolio Segment | |||
Financing Receivable Impaired [Line Items] | |||
Beginning Balance | 1,656 | 1,374 | 1,374 |
Charge-Offs | (10) | ||
Recoveries | 2 | 18 | |
Provision | 200 | 274 | |
Ending Balance | 1,858 | 1,656 | |
Ending balance: Individually evaluated for impairment | 77 | ||
Ending balance: collectively evaluated for impairment | 1,781 | 1,656 | |
Ending balance | 144,769 | 143,378 | |
Ending balance individually evaluated for impairment | 176 | 108 | |
Ending balance collectively evaluated for impairment | 144,593 | 143,270 | |
Consumer Portfolio Segment | |||
Financing Receivable Impaired [Line Items] | |||
Beginning Balance | 646 | 198 | 198 |
Charge-Offs | (24) | (19) | |
Recoveries | 3 | 29 | |
Provision | 95 | 438 | |
Ending Balance | 720 | 646 | |
Ending balance: collectively evaluated for impairment | 720 | 646 | |
Ending balance | 75,307 | 67,281 | |
Ending balance individually evaluated for impairment | 14 | 16 | |
Ending balance collectively evaluated for impairment | 75,293 | 67,265 | |
All Other Loans | |||
Financing Receivable Impaired [Line Items] | |||
Beginning Balance | 291 | $ 346 | 346 |
Charge-Offs | (23) | (68) | |
Recoveries | 4 | 12 | |
Provision | 14 | 1 | |
Ending Balance | 286 | 291 | |
Ending balance: collectively evaluated for impairment | 286 | 291 | |
Ending balance | 16,486 | 16,798 | |
Ending balance collectively evaluated for impairment | $ 16,486 | $ 16,798 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses (Impaired Loans By Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Unpaid Principal Balance | ||
Total | $ 5,737 | $ 6,052 |
Recorded Investment | ||
Total | 5,276 | 5,473 |
Related Allowance | ||
With no related allowance: | 115 | 39 |
Average Recorded Investment | ||
Total | 5,303 | 5,626 |
Interest Income Recognized | ||
Total | 37 | 113 |
Consumer Installment | ||
Unpaid Principal Balance | ||
Total | 15 | 17 |
Recorded Investment | ||
Total | 14 | 16 |
Average Recorded Investment | ||
Total | 15 | 19 |
Interest Income Recognized | ||
Total | 1 | |
Commercial Portfolio Segment | ||
Unpaid Principal Balance | ||
Total | 188 | 143 |
Recorded Investment | ||
Total | 176 | 109 |
Related Allowance | ||
With no related allowance: | 77 | |
Average Recorded Investment | ||
Total | 181 | 166 |
Interest Income Recognized | ||
Total | 2 | 11 |
Commercial Real Estate | ||
Unpaid Principal Balance | ||
Total | 2,422 | 2,687 |
Recorded Investment | ||
Total | 2,114 | 2,301 |
Average Recorded Investment | ||
Total | 2,117 | 2,328 |
Interest Income Recognized | ||
Total | 14 | |
Construction And Farmland Financing Receivable | ||
Unpaid Principal Balance | ||
Total | 268 | 271 |
Recorded Investment | ||
Total | 250 | 257 |
Average Recorded Investment | ||
Total | 251 | 267 |
Interest Income Recognized | ||
Total | 9 | |
Residential | ||
Unpaid Principal Balance | ||
Total | 2,844 | 2,934 |
Recorded Investment | ||
Total | 2,722 | 2,790 |
Related Allowance | ||
With no related allowance: | 38 | 39 |
Average Recorded Investment | ||
Total | 2,739 | 2,846 |
Interest Income Recognized | ||
Total | 21 | 92 |
With No Related Allowance | ||
Unpaid Principal Balance | ||
With no related allowance: | 4,856 | 5,241 |
Recorded Investment | ||
With no related allowance: | 4,420 | 4,686 |
Average Recorded Investment | ||
With no related allowance: | 4,443 | 4,824 |
Interest Income Recognized | ||
With no related allowance: | 29 | 83 |
With No Related Allowance | Commercial - Non Real Estate: - Commercial Real Estate: | ||
Unpaid Principal Balance | ||
With no related allowance: | 111 | 143 |
Recorded Investment | ||
With no related allowance: | 99 | 109 |
Average Recorded Investment | ||
With no related allowance: | 104 | 166 |
Interest Income Recognized | ||
With no related allowance: | 1 | 11 |
With No Related Allowance | Commercial Real Estate Owner Occupied | ||
Unpaid Principal Balance | ||
With no related allowance: | 142 | 148 |
Recorded Investment | ||
With no related allowance: | 117 | 124 |
Average Recorded Investment | ||
With no related allowance: | 119 | 142 |
With No Related Allowance | Commercial Real Estate Non-Owner Occupied | ||
Unpaid Principal Balance | ||
With no related allowance: | 2,280 | 2,539 |
Recorded Investment | ||
With no related allowance: | 1,997 | 2,177 |
Average Recorded Investment | ||
With no related allowance: | 1,998 | 2,186 |
Interest Income Recognized | ||
With no related allowance: | 14 | |
With No Related Allowance | Construction And Farmland Commercial | ||
Unpaid Principal Balance | ||
With no related allowance: | 268 | 271 |
Recorded Investment | ||
With no related allowance: | 250 | 257 |
Average Recorded Investment | ||
With no related allowance: | 251 | 267 |
Interest Income Recognized | ||
With no related allowance: | 9 | |
With No Related Allowance | Consumer Installment | ||
Unpaid Principal Balance | ||
With no related allowance: | 15 | 17 |
Recorded Investment | ||
With no related allowance: | 14 | 16 |
Average Recorded Investment | ||
With no related allowance: | 15 | 19 |
Interest Income Recognized | ||
With no related allowance: | 1 | |
With No Related Allowance | Residential Equity Lines | ||
Unpaid Principal Balance | ||
With no related allowance: | 34 | 35 |
Recorded Investment | ||
With no related allowance: | 28 | 29 |
Average Recorded Investment | ||
With no related allowance: | 29 | 32 |
With No Related Allowance | Residential Single Family | ||
Unpaid Principal Balance | ||
With no related allowance: | 2,006 | 2,088 |
Recorded Investment | ||
With no related allowance: | 1,915 | 1,974 |
Average Recorded Investment | ||
With no related allowance: | 1,927 | 2,012 |
Interest Income Recognized | ||
With no related allowance: | 14 | 62 |
With An Allowance Recorded | ||
Unpaid Principal Balance | ||
With an allowance recorded: | 881 | 811 |
Recorded Investment | ||
With an allowance recorded: | 856 | 787 |
Related Allowance | ||
With no related allowance: | 115 | 39 |
Average Recorded Investment | ||
With an allowance recorded: | 860 | 802 |
Interest Income Recognized | ||
With an allowance recorded: | 8 | 30 |
With An Allowance Recorded | Commercial - Non Real Estate: - Commercial Real Estate: | ||
Unpaid Principal Balance | ||
With an allowance recorded: | 77 | |
Recorded Investment | ||
With an allowance recorded: | 77 | |
Related Allowance | ||
With no related allowance: | 77 | |
Average Recorded Investment | ||
With an allowance recorded: | 77 | |
Interest Income Recognized | ||
With an allowance recorded: | 1 | |
With An Allowance Recorded | Residential Single Family | ||
Unpaid Principal Balance | ||
With an allowance recorded: | 804 | 811 |
Recorded Investment | ||
With an allowance recorded: | 779 | 787 |
Related Allowance | ||
With no related allowance: | 38 | 39 |
Average Recorded Investment | ||
With an allowance recorded: | 783 | 802 |
Interest Income Recognized | ||
With an allowance recorded: | $ 7 | $ 30 |
Loans and Allowance for loan _9
Loans and Allowance for loan losses (Impaired loans by class) (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Accrued interests and net deferred loan fees | $ 15 | $ 19 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses (Credit Quality Information By Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | $ 942,235 | $ 914,944 |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 913,351 | 883,492 |
Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 24,922 | 26,638 |
Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 3,846 | 4,697 |
Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 116 | 117 |
Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 75,118 | 67,275 |
Nonperforming | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 189 | 6 |
Commercial Real Estate Owner Occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 193,116 | 188,839 |
Commercial Real Estate Owner Occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 185,535 | 185,978 |
Commercial Real Estate Owner Occupied | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 7,464 | 2,703 |
Commercial Real Estate Owner Occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 117 | 158 |
Commercial Real Estate Non-Owner Occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 212,598 | 188,212 |
Commercial Real Estate Non-Owner Occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 209,837 | 180,830 |
Commercial Real Estate Non-Owner Occupied | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 999 | 4,819 |
Commercial Real Estate Non-Owner Occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 1,762 | 2,563 |
Construction And Farmland Residential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 10,766 | 10,077 |
Construction And Farmland Residential | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 10,766 | 10,077 |
Construction And Farmland Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 77,185 | 74,824 |
Construction And Farmland Commercial | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 66,401 | 59,318 |
Construction And Farmland Commercial | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 10,486 | 15,198 |
Construction And Farmland Commercial | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 298 | 308 |
Residential Equity Lines | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 36,540 | 35,862 |
Residential Equity Lines | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 36,512 | 35,832 |
Residential Equity Lines | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 28 | 30 |
Residential Single Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 221,467 | 227,861 |
Residential Single Family | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 218,475 | 224,510 |
Residential Single Family | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 1,312 | 1,601 |
Residential Single Family | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 1,564 | 1,633 |
Residential Single Family | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 116 | 117 |
Residential Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 29,308 | 29,093 |
Residential Multifamily | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 29,308 | 26,952 |
Residential Multifamily | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 2,141 | |
All Other Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 16,486 | 16,798 |
All Other Loans | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 16,486 | 16,798 |
Commercial - Non Real Estate: - Commercial Real Estate: | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 144,769 | 143,378 |
Commercial - Non Real Estate: - Commercial Real Estate: | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 140,031 | 143,197 |
Commercial - Non Real Estate: - Commercial Real Estate: | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | 4,661 | 176 |
Commercial - Non Real Estate: - Commercial Real Estate: | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivables | $ 77 | $ 5 |
Troubled Debt Restructurings (N
Troubled Debt Restructurings (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)loancontract | Mar. 31, 2021USD ($)loancontract | Dec. 31, 2021USD ($)loan | |
Financing Receivable Modifications [Line Items] | |||
Number of troubled debt restructured loans | loan | 17 | 17 | |
Financing Receivable, Modifications, Nonaccrual, Number of Contracts | loan | 2 | 2 | |
Financing Receivable, Modifications, Nonaccrual, Recorded Investment | $ | $ 145 | $ 149 | |
Total troubled debt restructured loans | $ | $ 2,600 | $ 2,700 | |
Number of deferral loans of interest and principal payments | loan | 2 | ||
Number of contractions modified by granting concession | contract | 2 | ||
Number of payment defaults | contract | 0 | 0 | |
Residential Single Family | |||
Financing Receivable Modifications [Line Items] | |||
Loan is considered payment default | 30 days | ||
Payment Deferral [Member] | CARES Act [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Deferrals on outstanding loan balances | $ | $ 41 |
Troubled Debt Restructurings (S
Troubled Debt Restructurings (Schedule of Troubled Debt Restructurings on Financing Receivables) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)contract | |
Troubled Debt Restructuring Subsequent Periods [Line Items] | |
Number of Contracts | contract | 2 |
Pre-Modification Outstanding Recorded Investment | $ 109 |
Post-Modification Outstanding Recorded Investment | $ 109 |
Consumer Installment | |
Troubled Debt Restructuring Subsequent Periods [Line Items] | |
Number of Contracts | contract | 1 |
Pre-Modification Outstanding Recorded Investment | $ 11 |
Post-Modification Outstanding Recorded Investment | $ 11 |
Residential Single Family [Member] | |
Troubled Debt Restructuring Subsequent Periods [Line Items] | |
Number of Contracts | contract | 1 |
Pre-Modification Outstanding Recorded Investment | $ 98 |
Post-Modification Outstanding Recorded Investment | $ 98 |
Deposits (Composition Of Deposi
Deposits (Composition Of Deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Noninterest bearing demand deposits | $ 489,426 | $ 470,355 |
NOW accounts | 169,131 | 162,690 |
Money market accounts | 265,281 | 251,862 |
Regular savings accounts | 184,812 | 168,744 |
Savings and interest bearing demand deposits | 619,224 | 583,296 |
Balances of less than $250,000 | 57,982 | 58,427 |
Balances of $250,000 and more | 64,691 | 65,157 |
Time deposits | 122,673 | 123,584 |
Total deposits | $ 1,231,323 | $ 1,177,235 |
Lease - Schedule of Lease Infor
Lease - Schedule of Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Lessee Lease Description [Line Items] | |||
Weighted average remaining lease term | 15 years | 15 years | |
Weighted average discount rate | 3.00% | 2.99% | |
Lease Cost | |||
Operating lease cost | $ 132 | $ 65 | |
Short-term lease cost | 4 | 4 | |
Total lease cost | 136 | 69 | |
Cash paid for amounts included in the measurement of lease liabilities | 115 | $ 55 | |
Other Liabilities [Member] | |||
Lessee Lease Description [Line Items] | |||
Lease liabilities | 5,212 | $ 5,289 | |
Other Assets [Member] | |||
Lessee Lease Description [Line Items] | |||
Right-of-use assets | $ 5,047 | $ 5,139 |
Lease - Schedule of Maturity of
Lease - Schedule of Maturity of Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Twelve months ending March 31, 2023 | $ 467 | |
Twelve months ending March 31, 2024 | 475 | |
Twelve months ending March 31, 2025 | 482 | |
Twelve months ending March 31, 2026 | 484 | |
Twelve months ending March 31, 2027 | 393 | |
Thereafter | 4,442 | |
Total undiscounted cash flows | 6,743 | |
Discount | (1,531) | |
Other Liabilities [Member] | ||
Lease liabilities | $ 5,212 | $ 5,289 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Securities available for sale | ||
Total assets at fair value | $ 193,465 | $ 192,379 |
Derivative: | ||
Interest rate swap | 110 | 58 |
Liabilities: | ||
Interest rate swap | 110 | 58 |
Total liabilities at fair value | 110 | 58 |
Obligations Of U.S. Government Corporations And Agencies [Member] | ||
Securities available for sale | ||
Total assets at fair value | 14,235 | 14,921 |
U.S. Treasury Notes [Member] | ||
Securities available for sale | ||
Total assets at fair value | 2,003 | |
Mortgage-Backed Securities [Member] | ||
Securities available for sale | ||
Total assets at fair value | 156,117 | 151,012 |
Obligations Of States And Political Subdivisions [Member] | ||
Securities available for sale | ||
Total assets at fair value | 19,376 | 21,877 |
Subordinated Debt [Member] | ||
Securities available for sale | ||
Total assets at fair value | 3,627 | 2,508 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale | ||
Total assets at fair value | 193,465 | 192,379 |
Derivative: | ||
Interest rate swap | 110 | 58 |
Liabilities: | ||
Interest rate swap | 110 | 58 |
Total liabilities at fair value | 110 | 58 |
Significant Other Observable Inputs (Level 2) [Member] | Obligations Of U.S. Government Corporations And Agencies [Member] | ||
Securities available for sale | ||
Total assets at fair value | 14,235 | 14,921 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Notes [Member] | ||
Securities available for sale | ||
Total assets at fair value | 2,003 | |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities [Member] | ||
Securities available for sale | ||
Total assets at fair value | 156,117 | 151,012 |
Significant Other Observable Inputs (Level 2) [Member] | Obligations Of States And Political Subdivisions [Member] | ||
Securities available for sale | ||
Total assets at fair value | 19,376 | 21,877 |
Significant Other Observable Inputs (Level 2) [Member] | Subordinated Debt [Member] | ||
Securities available for sale | ||
Total assets at fair value | $ 3,627 | $ 2,508 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Loans Held For Sale [Member] | Changes Measurement | Fair Value Measurements Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value adjustments | $ 0 | $ 0 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets) (Details) - Impaired Loans [Member] - Level 3 [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Measurement Input, Cost to Sell | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Quantitative information about Level 3 Fair Value Measurements | 12.00% | 12.00% |
Measurement Input, Discount Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Quantitative information about Level 3 Fair Value Measurements | 5.00% | 5.00% |
Measurement Input, Discount Rate | Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Quantitative information about Level 3 Fair Value Measurements | 4.00% | 4.00% |
Measurement Input, Discount Rate | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Quantitative information about Level 3 Fair Value Measurements | 6.00% | 6.00% |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis) (Details) - Fair Value Measurements Nonrecurring [Member] - Financial Assets [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Impaired loans | $ 739 | $ 746 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial Assets: | ||
Impaired loans | $ 739 | $ 746 |
Fair Value Measurements (Compan
Fair Value Measurements (Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Cash and short-term investments | $ 95,910 | $ 64,068 |
Securities | 193,355 | 192,321 |
Restricted Investments | 1,199 | 1,049 |
Loans held for sale | 843 | 876 |
Loans, net | 1,012,144 | 976,933 |
Bank owned life insurance | 23,415 | 23,236 |
Accrued interest receivable | 2,668 | 2,634 |
Interest rate swap | 110 | 58 |
Financial liabilities: | ||
Deposits | 1,231,323 | 1,177,235 |
Subordinated debt, net of unamortized issuance costs | 29,327 | |
Accrued interest payable | 66 | 67 |
Interest rate swap | 110 | 58 |
Fair Value [Member] | ||
Financial Assets: | ||
Cash and short-term investments | 95,910 | 64,068 |
Securities | 193,355 | 192,321 |
Restricted Investments | 1,199 | 1,049 |
Loans held for sale | 843 | 876 |
Loans, net | 1,004,771 | 969,612 |
Bank owned life insurance | 23,415 | 23,236 |
Accrued interest receivable | 2,668 | 2,634 |
Interest rate swap | 110 | 58 |
Financial liabilities: | ||
Deposits | 1,231,667 | 1,177,582 |
Subordinated debt, net of unamortized issuance costs | 30,000 | |
Accrued interest payable | 66 | 67 |
Interest rate swap | 110 | 58 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Financial Assets: | ||
Cash and short-term investments | 95,910 | 64,068 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial Assets: | ||
Securities | 193,355 | 192,321 |
Restricted Investments | 1,199 | 1,049 |
Loans held for sale | 843 | 876 |
Bank owned life insurance | 23,415 | 23,236 |
Accrued interest receivable | 2,668 | 2,634 |
Interest rate swap | 110 | 58 |
Financial liabilities: | ||
Deposits | 1,231,667 | 1,177,582 |
Subordinated debt, net of unamortized issuance costs | 30,000 | |
Accrued interest payable | 66 | 67 |
Interest rate swap | 110 | 58 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial Assets: | ||
Loans, net | $ 1,004,771 | $ 969,612 |
Change in Accumulated Other C_3
Change in Accumulated Other Comprehensive Income (Loss) (Changes To Accumulated Other Comprehensive Income By Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | $ (155) | $ 3,279 |
Other comprehensive (loss) before reclassifications | (13,454) | (2,699) |
Reclassifications | (76) | |
Tax effect of current period changes | 2,826 | 582 |
Total other comprehensive (loss) | (10,628) | (2,193) |
Ending balance | (10,783) | 1,086 |
Unrealized Gains And Losses On Available For Sale Securities [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (174) | 3,260 |
Other comprehensive (loss) before reclassifications | (13,454) | (2,699) |
Reclassifications | 0 | (76) |
Tax effect of current period changes | 2,826 | 582 |
Total other comprehensive (loss) | (10,628) | (2,193) |
Ending balance | (10,802) | 1,067 |
Change In Benefit Obligations And Plan Assets For The Post Retirement Benefit Plan [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | 19 | 19 |
Ending balance | $ 19 | $ 19 |
Change in Accumulated Other C_4
Change in Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Reclassification adjustments | $ 76 | |
Unrealized Gains And Losses On Available For Sale Securities [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Reclassification adjustments | $ 0 | 76 |
Tax expense related to reclassification | $ 16 |
Other Real Estate Owned - Other
Other Real Estate Owned - Other Real Estate Owned Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2021 | |
Real Estate [Abstract] | ||
Balance, beginning | $ 607 | $ 607 |
Transfer from loans | 73 | 266 |
Sales | (165) | (781) |
Valuation adjustments | $ (92) | |
Balance, ending | $ 515 |
Other Real Estate Owned Narrati
Other Real Estate Owned Narrative (Details) - contract | Mar. 31, 2022 | Dec. 31, 2021 |
Real Estate [Abstract] | ||
Mortgage Loans In Process Of Foreclosure Number | 0 | 0 |
Qualified Affordable Housing _2
Qualified Affordable Housing Project Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |||
Amortization Method Qualified Affordable Housing Project Investments | $ 2,500 | $ 2,600 | |
Qualified Affordable Housing Project Investments, Commitment | 11 | $ 11 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 57 | $ 57 | |
Affordable Housing Tax Credits and Other Tax Benefits Expected to Be Received | 394 | ||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ 90 | $ 91 |
Subordinated Debt (Narrative) (
Subordinated Debt (Narrative) (Details) $ in Thousands | 1 Months Ended |
Mar. 31, 2022USD ($) | |
Debt Instrument [Line Items] | |
Fixed floating rate | 4.50% |
Debt, maturity date | Apr. 1, 2027 |
Debt issuance costs | $ 673 |
Debt balance | 30,000 |
Unamortized debt issuance cost | $ 673 |
SOFR | |
Debt Instrument [Line Items] | |
Redemption interest rate | 2.35% |
Debt, redemption date | Apr. 1, 2027 |
Subordinated Notes due April 1, 2032 | |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 30,000 |
Fixed floating rate | 4.50% |
Derivative (Summarize Key Eleme
Derivative (Summarize Key Elements of Derivative Instruments) (Details) - Customer-related interest rate swap contracts - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Matched interest rate swaps with borrower | ||
Derivative [Line Items] | ||
Notional Amount | $ 4,133 | $ 2,391 |
Assets | 110 | 58 |
Matched interest rate swaps with counterparty | ||
Derivative [Line Items] | ||
Notional Amount | 4,133 | 2,391 |
Liabilities | $ 110 | $ 58 |