Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | UWHARRIE CAPITAL CORP | |
Entity Central Index Key | 0000898171 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 7,100,791 | |
Entity File Number | 000-22062 | |
Entity Tax Identification Number | 56-1814206 | |
Entity Address, Address Line One | 132 NORTH FIRST STREET | |
Entity Address, City or Town | ALBEMARLE | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28001 | |
City Area Code | 704 | |
Local Phone Number | 983-6181 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | NC |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 11,446 | $ 7,407 |
Interest-earning deposits with banks | 51,203 | 56,027 |
Cash and cash equivalents | 62,649 | 63,434 |
Securities available for sale, at fair value (amortized cost $372,479 and $369,301 respectively) | 338,447 | 336,714 |
Securities held to maturity, at amortized cost (fair value $25,583 and $25,736 respectively) | 28,430 | 28,600 |
Less allowance for credit losses on securities held to maturity | (66) | (56) |
Net securities held to maturity | 28,364 | 28,544 |
Equity securities, at fair value | 343 | 302 |
Loans held for sale | 5,299 | 4,695 |
Loans held for investment | 613,808 | 592,071 |
Less allowance for credit losses on loans | (5,523) | (5,561) |
Net loans held for investment | 608,285 | 586,510 |
Premises and equipment, net | 14,894 | 15,089 |
Interest receivable | 4,765 | 4,393 |
Restricted stock | 1,709 | 1,672 |
Bank-owned life insurance | 7,828 | 7,793 |
Deferred income tax benefit | 9,034 | 8,910 |
Loan servicing assets | 4,180 | 4,287 |
Mortgage banking derivatives | 1,091 | 852 |
Other assets | 9,778 | 9,396 |
Total assets | 1,096,666 | 1,072,591 |
Deposits: | ||
Demand noninterest-bearing | 284,856 | 269,998 |
Interest checking and money market accounts | 407,211 | 417,318 |
Savings deposits | 100,093 | 101,193 |
Time deposits, $250,000 and over | 86,047 | 78,046 |
Other time deposits | 121,616 | 115,158 |
Total deposits | 999,823 | 981,713 |
Short-term borrowed funds | 6,290 | 1,379 |
Long-term debt | 29,123 | 29,104 |
Mortgage banking derivatives | 56 | 288 |
Other liabilities | 10,971 | 10,666 |
Total liabilities | 1,046,263 | 1,023,150 |
Off balance sheet items, commitments and contingencies (Note 9) | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, $1.25 par value: 20,000,000 shares authorized; shares issued and outstanding 7,103,003 and 7,124,438 at March 31, 2024 and December 31, 2023, respectively | 8,879 | 8,905 |
Additional paid-in capital | 12,735 | 12,876 |
Undivided profits | 44,347 | 42,105 |
Accumulated other comprehensive loss | (26,213) | (25,100) |
Total Uwharrie Capital Corp shareholders’ equity | 39,748 | 38,786 |
Noncontrolling interest | 10,655 | 10,655 |
Total shareholders’ equity | 50,403 | 49,441 |
Total liabilities and shareholders’ equity | $ 1,096,666 | $ 1,072,591 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, at amortized cost | $ 372,479 | $ 369,301 |
Securities held to maturity, at fair value | $ 25,583 | $ 25,736 |
Common stock, par value | $ 1.25 | $ 1.25 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 7,103,003 | 7,124,438 |
Common stock, shares outstanding | 7,103,003 | 7,124,438 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Income | ||
Loans, including fees | $ 8,794 | $ 6,367 |
Investment securities | ||
Investment securities, taxable | 2,921 | 2,492 |
Investment securities, non-taxable | 312 | 370 |
Equity Securities | 5 | 5 |
Interest-earning deposits with banks and federal funds sold | 626 | 1,070 |
Total interest income | 12,658 | 10,304 |
Interest Expense | ||
Interest checking and money market accounts | 1,599 | 1,422 |
Savings deposits | 139 | 80 |
Time deposits, $250,000 and over | 858 | 296 |
Other time deposits | 1,133 | 318 |
Short-term borrowed funds | 61 | 9 |
Long-term debt | 330 | 334 |
Total interest expense | 4,120 | 2,459 |
Net interest income | 8,538 | 7,845 |
Provision for (recovery of) credit losses on: | ||
Loans | (5) | 291 |
Securities held to maturity | 10 | (7) |
Unfunded loan commitments | (35) | (7) |
Total provision for (recovery of) credit losses | (30) | 277 |
Net interest income after provision for (recovery of) credit losses | 8,568 | 7,568 |
Noninterest Income | ||
Service charges on deposit accounts | 268 | 249 |
Other service fees and commissions | 931 | 889 |
Interchange and card transaction fees, net | 288 | 304 |
Loss on sale/call of securities | (148) | (51) |
Realized/unrealized gain on equity securities | 41 | 34 |
Income from mortgage banking | 834 | 694 |
Supplemental executive retirement plan loss | (12) | (335) |
Other income | 127 | 198 |
Total noninterest income | 2,329 | 1,982 |
Noninterest Expense | ||
Salaries and employee benefits | 5,214 | 4,744 |
Net occupancy expense | 425 | 453 |
Equipment expense | 207 | 188 |
Data processing costs | 230 | 204 |
Loan costs | 33 | 100 |
Professional fees and services | 264 | 258 |
Marketing and donations | 366 | 382 |
Electronic banking expense | 100 | 129 |
Software amortization and maintenance | 330 | 307 |
FDIC insurance | 123 | 117 |
Supplemental executive retirement plan loss | (12) | (335) |
Other noninterest expense | 602 | 578 |
Total noninterest expense | 7,882 | 7,125 |
Income before income taxes | 3,015 | 2,425 |
Income taxes | 632 | 471 |
Net income | 2,383 | 1,954 |
Less: net income attributable to noncontrolling interest | (141) | (139) |
Net income attributable to Uwharrie Capital Corp and common shareholders | $ 2,242 | $ 1,815 |
Net income per common share | ||
Basic | $ 0.31 | $ 0.25 |
Diluted | $ 0.31 | $ 0.25 |
Weighted average common shares outstanding | ||
Basic | 7,122,475 | 7,216,628 |
Diluted | 7,122,475 | 7,216,628 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 2,383 | $ 1,954 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on available for sale securities | (1,445) | 5,864 |
Related tax effect | 332 | (1,359) |
Reclassification of loss recognized in net income | 51 | |
Related tax effect | (10) | |
Total other comprehensive income (loss) | (1,113) | 4,546 |
Comprehensive income | 1,270 | 6,500 |
Less: Comprehensive income attributable to noncontrolling interest | (141) | (139) |
Comprehensive income attributable to Uwharrie Capital Corp | $ 1,129 | $ 6,361 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) | Total | Cumulative Effect, Period of Adoption [Member] | Series B [Member] | Series C [Member] | Number of Common Shares Issued [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Undivided Profits [Member] | Undivided Profits [Member] Cumulative Effect, Period of Adoption [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] Series B [Member] | Noncontrolling Interest [Member] Series C [Member] |
Beginning balance at Dec. 31, 2022 | $ 37,397,000 | $ 8,844,000 | $ 12,633,000 | $ 37,030,000 | $ (31,765,000) | $ 10,655,000 | |||||||
Beginning balance, shares at Dec. 31, 2022 | 7,075,125 | ||||||||||||
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||
Net Income | 1,954,000 | 1,815,000 | 139,000 | ||||||||||
Other comprehensive income (loss) | 4,546,000 | 4,546,000 | |||||||||||
Record preferred stock dividend (noncontrolling interest) | $ (103,000) | $ (36,000) | $ (103,000) | $ (36,000) | |||||||||
Ending balance at Mar. 31, 2023 | 41,843,000 | $ (1,915) | 8,844,000 | 12,633,000 | 36,930,000 | $ (1,915) | (27,219,000) | 10,655,000 | |||||
Ending balance, shares at Mar. 31, 2023 | 7,075,125 | ||||||||||||
Beginning balance at Dec. 31, 2023 | 49,441,000 | 8,905,000 | 12,876,000 | 42,105,000 | (25,100,000) | 10,655,000 | |||||||
Beginning balance, shares at Dec. 31, 2023 | 7,124,438 | ||||||||||||
Net Income | 2,383,000 | 2,242,000 | 141,000 | ||||||||||
Repurchase of common stock | (167,000) | (26,000) | (141,000) | ||||||||||
Repurchase of common stock, shares | (21,435) | ||||||||||||
Other comprehensive income (loss) | (1,113,000) | (1,113,000) | |||||||||||
Record preferred stock dividend (noncontrolling interest) | $ (104,000) | $ (37,000) | $ (104,000) | $ (37,000) | |||||||||
Ending balance at Mar. 31, 2024 | $ 50,403,000 | $ 8,879,000 | $ 12,735,000 | $ 44,347,000 | $ (26,213,000) | $ 10,655,000 | |||||||
Ending balance, shares at Mar. 31, 2024 | 7,103,003 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income | $ 2,383 | $ 1,954 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 278 | 276 |
Right of use asset amortization | 96 | 93 |
Provision for (recovery of) credit losses | (30) | 277 |
Loss on sale of securities available for sale | 0 | 51 |
Loss on call of securities held to maturity | 148 | |
Gain on sale of premises and equipment | (37) | |
Gain on sale of mortgage loans | (54) | (109) |
Realized/unrealized gain on equity securities | (41) | (34) |
Net amortization of premium on investment securities available for sale | 438 | 474 |
Net amortization of premium on investment securities held to maturity | 36 | 35 |
Amortization of loan servicing assets | 288 | 293 |
Originations and purchases of mortgage loans for sale | (21,457) | (13,703) |
Proceeds from sales of mortgage loans for sale | 20,907 | 12,497 |
Mortgage banking derivatives | (471) | (383) |
Loan servicing assets | (181) | (107) |
Accrued interest receivable | (372) | (204) |
Prepaid assets | (352) | (504) |
Cash surrender value of life insurance | (35) | (34) |
Miscellaneous other assets | 281 | (64) |
Accrued interest payable | 143 | 86 |
Miscellaneous other liabilities | 49 | 748 |
Net cash provided by operating activities | 2,054 | 1,605 |
Cash flows from investing activities | ||
Proceeds from sale of investment securities available for sale | 0 | 6,793 |
Proceeds from maturities, calls and paydowns of securities available for sale | 9,650 | 6,656 |
Proceeds from maturities, calls and paydowns of securities held to maturity | 134 | 1,044 |
Purchase of investment securities available for sale | (13,266) | (14,530) |
Purchase of investments in other assets | (200) | (61) |
Proceeds from sale of investments in other assets | 97 | |
Net change in restricted stock | (37) | (40) |
Net increase in loans | (21,770) | (19,039) |
Purchase of premises and equipment | (160) | (160) |
Proceeds from sale of premises and equipment | 38 | |
Net cash used by investing activities | (25,552) | (19,299) |
Cash flows from financing activities | ||
Net increase in deposit accounts | 18,110 | 20,942 |
Net increase (decrease) in federal funds purchased and other short-term borrowings | 4,911 | (62) |
Repayment of long-term borrowings | (250) | |
Repurchase of common stock, net | (167) | |
Dividends paid on preferred stock (noncontrolling interest) | (141) | (139) |
Net cash provided by financing activities | 22,713 | 20,491 |
Increase (decrease) in cash and cash equivalents | (785) | 2,797 |
Cash and cash equivalents, beginning of period | 63,434 | 114,581 |
Cash and cash equivalents, end of period | 62,649 | 117,378 |
Supplemental disclosures of cash flow information | ||
Interest paid | 3,956 | 2,352 |
Income taxes paid | 993 | |
Supplemental schedule of non-cash activities | ||
Net change in fair value of securities available for sale, net of tax | $ (1,113) | (4,546) |
Loans transferred to foreclosed real estate | $ 142 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The financial statements and accompanying notes are presented on a consolidated basis including Uwharrie Capital Corp (the “Company”) and its subsidiaries, Uwharrie Bank (the “Bank”), Uwharrie Investment Advisors, Inc. (“UIA”), and Uwharrie Mortgage, Inc. The Bank consolidates its subsidiaries, the Strategic Alliance Corporation, BOS Agency, Inc. and Gateway Mortgage, Inc., each of which is wholly owned by the Bank. The information contained in the consolidated financial statements is unaudited. In the opinion of management, the consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and material adjustments necessary for a fair presentation of results of interim periods, all of which are of a normal recurring nature, have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for an entire year. Management is not aware of additional economic events, outside influences or changes in concentrations of business that would require additional clarification or disclosure in the consolidated financial statements. The organization and business of the Company, accounting policies followed by the Company and other information are contained in the notes to consolidated financial statements filed as part of the Company’s 2023 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 6, 2024. This Quarterly Report should be read in conjunction with such Annual Report. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses. Accounting Changes and Reclassifications Certain amounts in the 2023 financial statements have been reclassified to conform to the 2024 presentation. The recovery of credit losses on unfunded loan commitments has been reclassified from other noninterest expense for periods prior to 2024. The reclassification did not have an impact on net income or shareholders’ equity. The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 1 of the audited financial statements for the year ended December 31, 2023 and are contained in the Company’s Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2023. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | Note 2 – Comprehensive Income (Loss) The Company reports as comprehensive income all changes in shareholders’ equity during the year from sources other than shareholders. Other comprehensive income refers to all components (revenues, expenses, gains, and losses) of comprehensive income that are excluded from net income. The Company’s only component of other comprehensive income is unrealized gains and losses, net of income tax, on investment securities available for sale. The following table presents the changes in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 (dollars in thousands) Beginning balance $ ( 25,100 ) $ ( 31,765 ) Other comprehensive income (loss) before reclassifications, 332 and ($ 1,359 ) tax effect, respectively ( 1,113 ) 4,505 Amounts reclassified from accumulated other comprehensive loss, 0 and ($ 10 ) tax effect, respectively — 41 Net current-period other comprehensive income (loss) ( 1,113 ) 4,546 Ending balance $ ( 26,213 ) $ ( 27,219 ) |
Noncontrolling Interest
Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Note 3 – Noncontrolling Interest In 2013, the Company’s subsidiary bank issued a total of $ 10.7 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series B and Series C. The preferred stock qualifies as Tier 1 capital at the Bank and pays dividends at an annual rate of 5.30 %. The preferred stock has no voting rights . This capital is presented as noncontrolling interest in the consolidated balance sheets. Dividends declared on this preferred stock are presented as earnings allocated to the noncontrolling interest in the consolidated statements of income. |
Per Share Data
Per Share Data | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Per Share Data | Note 4 – Per Share Data Basic and diluted net income per common share is computed based on the weighted average number of shares outstanding during each period after retroactively adjusting for stock dividends. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income of the Company. The Company had no stock options outstanding at March 31, 2024 or December 31, 2023 . The number of shares and earnings per share for the 2023 periods have been adjusted for the 2 % stock dividend declared on October 17, 2023 . Basic and diluted net income per common share have been computed based upon net income available to common shareholders as presented in the accompanying consolidated statements of income divided by the weighted average number of common shares outstanding or assumed to be outstanding. The weighted average number of common shares outstanding was 7,122,475 for the three-month period ended March 31, 2024 compared to 7,216,628 for the three-month period ended March 31, 2023 . |
Investment and Equity Securitie
Investment and Equity Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment and Equity Securities | Note 5 – Investment and Equity Securities Carrying amounts and fair values of securities available for sale and held to maturity are summarized below: March 31, 2024 Amortized Gross Gross Fair (dollars in thousands) Securities available for sale: U.S. Treasury $ 54,994 $ — $ 3,680 $ 51,314 U.S. government agencies 45,734 80 1,065 44,749 GSE - Mortgage-backed securities and CMOs 140,742 1 14,188 126,555 Asset-backed securities 29,625 343 83 29,885 State and political subdivisions 95,384 3 14,993 80,394 Corporate bonds 6,000 — 450 5,550 Total securities available for sale $ 372,479 $ 427 $ 34,459 $ 338,447 March 31, 2024 Amortized Gross Gross Fair Allowance for Net Carrying (dollars in thousands) Securities held to maturity: State and political subdivisions 13,430 — 1,167 12,263 — 13,430 Corporate bonds 15,000 — 1,680 13,320 66 14,934 Total securities held to maturity $ 28,430 $ — $ 2,847 $ 25,583 $ 66 $ 28,364 December 31, 2023 Amortized Gross Gross Fair (dollars in thousands) Securities available for sale: U.S. Treasury $ 54,984 $ — $ 3,479 $ 51,505 U.S. government agencies 43,921 66 969 43,018 GSE - Mortgage-backed securities and CMOs 137,346 170 13,729 123,787 Asset-backed securities 31,469 244 200 31,513 State and political subdivisions 95,581 15 14,196 81,400 Corporate bonds 6,000 — 509 5,491 Total securities available for sale $ 369,301 $ 495 $ 33,082 $ 336,714 December 31, 2023 Amortized Gross Gross Fair Allowance for Net Carrying (dollars in thousands) Securities held to maturity: U.S. government agencies $ 133 $ — $ 1 $ 132 $ — $ 133 State and political subdivisions 13,467 — 985 12,482 — 13,467 Corporate bonds 15,000 — 1,878 13,122 56 14,944 Total securities held to maturity $ 28,600 $ — $ 2,864 $ 25,736 $ 56 $ 28,544 The Company owned Federal Reserve Bank (FRB) stock reported at cost of $ 959,000 at March 31, 2024 and December 31, 2023 . The Company owned Federal Home Loan Bank (FHLB) stock reported at cost of $ 750,000 and $ 712,000 at March 31, 2024 and December 31, 2023, respectively. The investments in FRB stock and FHLB stock are required investments related to the Company’s membership in, and borrowings with, these banks and are classified as restricted stock on the consolidated balance sheet. These investments are carried at cost since there is no ready market and redemption has historically been made at par value. The Company estimated that the fair value approximated cost and that these investments were not impaired at March 31, 2024. There is no allowance for credit losses on available for sale securities. The following table shows a rollforward of the allowance for credit losses on held to maturity securities for the three months ended March 31, 2024. State and political subdivisions Corporate bonds Total (dollars in thousands) Balance, December 31, 2023 $ — $ 56 $ 56 Provision for credit losses — 10 10 Charge-offs of securities — — — Recoveries — — — Balance, March 31, 2024 $ — $ 66 $ 66 On a quarterly basis, the Company monitors the credit quality of the debt securities held to maturity through the use of credit ratings. For unrated securities, primarily corporate bonds consisting of subordinated debt of bank holding companies, individual financial reports are reviewed quarterly. Capital, profitability, liquidity and other ratios are reviewed to assist in determining credit quality. The following table summarizes the credit ratings of debt securities held to maturity, presented at amortized cost, by major security type at March 31, 2024. March 31, 2024 State and political subdivisions Corporate bonds Total (dollars in thousands) Aaa $ 1,148 $ — $ 1,148 Aa1/Aa2/Aa3 12,282 — 12,282 A1/A2 — — — BBB — — — Not rated — 15,000 15,000 Total $ 13,430 $ 15,000 $ 28,430 At March 31, 2024 , the Company had no securities held to maturity that were past due 30 days or more as to principal or interest payments. The Company had no securities held to maturity classified as nonaccrual for the three months ended March 31, 2024. Results from sales of securities available for sale for the three-month periods ended March 31, 2024 and 2023, respectively, were as follows: Three Months Ended March 31, 2024 2023 (dollars in thousands) Gross proceeds from sales $ — $ 6,793 Realized gains from sales $ — $ 6 Realized losses from sales — 57 Net realized losses $ — $ ( 51 ) At March 31, 2024 and December 31, 2023 , securities available for sale with a carrying amount of $ 129.4 million and $ 137.1 million, respectively, were pledged as collateral on public deposits and for other purposes as required or permitted by law. At March 31, 2024, securities available for sale with a carrying amount of $ 6.8 million were pledged as collateral on a borrowing established with the Federal Reserve Bank in January 2024. More information regarding short-term borrowings can be found in Note 14 (Short-Term Debt) to the Company's Notes to Consolidated Financial Statements. We believe the unrealized losses on investment securities are a result of a volatile market and fluctuations in market prices due to a rise in interest rates, which will adjust if rates decline. Management does not believe these fluctuations are a reflection of the credit quality of the investments. The following table shows the gross unrealized losses and estimated fair value of available for sale securities, for which an allowance has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024. Less than 12 Months 12 Months or More Total March 31, 2024 Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Securities available for sale: U.S. Treasury — $ — $ — 8 $ 49,314 $ 3,680 $ 49,314 $ 3,680 U.S. government agencies 12 13,721 189 22 21,535 876 35,256 1,065 GSE-Mortgage-backed securities and CMOs 14 25,610 222 59 99,703 13,966 125,313 14,188 Asset-backed securities 1 637 2 5 7,992 81 8,629 83 State and political subdivisions 1 2,230 3 61 76,748 14,990 78,978 14,993 Corporate bonds — — — 3 5,550 450 5,550 450 Total securities available for sale 28 $ 42,198 $ 416 158 $ 260,842 $ 34,043 $ 303,040 $ 34,459 The following tables show the gross unrealized losses and estimated fair value of available for sale securities, for which an allowance has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2023. Less than 12 Months 12 Months or More Total December 31, 2023 Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Securities available for sale U.S. Treasury — $ — $ — 9 $ 51,505 $ 3,479 $ 51,505 $ 3,479 U.S. government agencies 12 16,865 107 18 14,705 862 31,570 969 GSE-Mortgage-backed securities and CMOs 5 7,907 103 59 100,765 13,626 108,672 13,729 Asset-backed securities 2 1,711 5 7 10,140 195 11,851 200 State and political subdivisions 2 2,496 23 60 76,352 14,173 78,848 14,196 Corporate bonds — — — 3 5,491 509 5,491 509 Total securities available for sale 21 $ 28,979 $ 238 156 $ 258,958 $ 32,844 $ 287,937 $ 33,082 Declines in the fair value of the available for sale investment portfolio are believed by management to be temporary in nature. When evaluating an investment for credit loss, management considers, among other things, the length of time and the extent to which the fair value has been in a loss position; the financial condition of the issuer through the review of credit ratings and, if necessary, corporate financial statements; adverse conditions specifically related to the security such as past due principal or interest; underlying assets that collateralize the debt security; other economic conditions and demographics; and the intent and ability of the Company to hold the investment until the loss position is recovered. Any unrealized losses were largely due to increases in market interest rates over the yields available at the time of purchase. The fair value is expected to recover as the bonds approach their maturity date or market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. At March 31, 2024, the Company did not intend to sell and believed it was not likely to be required to sell the available for sale securities that were in a loss position prior to full recovery. The following tables show contractual maturities of the investment portfolio as of March 31, 2024: March 31, 2024 Amortized Estimated Book (dollars in thousands) Securities available for sale: Due within twelve months 22,028 21,937 3.82 % Due after one but within five years 46,925 42,936 2.04 % Due after five but within ten years 64,512 56,787 2.56 % Due after ten years 239,014 216,787 3.67 % $ 372,479 $ 338,447 3.28 % March 31, 2024 Amortized Estimated Book (dollars in thousands) Securities held to maturity: Due within twelve months 380 379 2.99 % Due after five but within ten years 18,820 16,753 4.17 % Due after ten years 9,230 8,451 3.42 % $ 28,430 $ 25,583 3.91 % The portion of unrealized gains and losses for the three months ended March 31, 2024 and 2023 related to equity securities still held at the reporting date is calculated as follows: Three Months Ended March 31, 2024 2023 (dollars in thousands) Gross proceeds from sales $ — $ — Net gains recognized during the period on equity securities $ 41 $ 34 Less: Net gains (losses) recognized from equity securities sold during the period — — Unrealized gains recognized during the period on equity securities still held at the reporting date $ 41 $ 34 |
Loans Held for Investment
Loans Held for Investment | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans Held for Investment | Note 6 – Loans Held for Investment The composition of net loans held for investment by class as of March 31, 2024 and December 31, 2023 was as follows: March 31, 2024 December 31, 2023 (dollars in thousands) Commercial Commercial $ 105,592 $ 102,366 Real estate - commercial 226,535 213,397 Other real estate construction loans 36,600 40,872 Other loans 6,080 6,214 Noncommercial Real estate 1-4 family construction 15,103 12,481 Real estate - residential 149,952 143,697 Home equity 61,444 60,599 Consumer loans 11,648 11,581 612,954 591,207 Less: Allowance for credit losses ( 5,523 ) ( 5,561 ) Deferred loan costs net 854 864 Loans held for investment, net $ 608,285 $ 586,510 |
Allowance for Credit Losses on
Allowance for Credit Losses on Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Loans | Note 7 – Allowance for Credit Losses on Loans The following tables summarize the activity related to the allowance for credit losses on loans for the three months ended March 31, 2024 and 2023. Commercial Loans Noncommercial Loans Commercial Real estate Other Other Real estate Real estate Home Consumer Total (dollars in thousands) Balance, December 31, 2023 $ 1,493 $ 2,057 $ 389 $ 9 $ 31 $ 796 $ 582 $ 204 $ 5,561 Provision for (recovery of) credit losses ( 16 ) ( 24 ) ( 66 ) 2 3 58 18 20 ( 5 ) Charge-offs — — — — — — — ( 45 ) ( 45 ) Recoveries 3 — — — — 1 — 8 12 Net (charge-offs) recoveries 3 — — — — 1 — ( 37 ) ( 33 ) Balance, March 31, 2024 $ 1,480 $ 2,033 $ 323 $ 11 $ 34 $ 855 $ 600 $ 187 $ 5,523 Commercial Loans Noncommercial Loans Commercial Real estate Other Other Real estate Real estate Home Consumer Total (dollars in thousands) Balance, December 31, 2022 $ 435 $ 760 $ 177 $ 4 $ — $ 561 $ 277 $ 76 $ 2,290 Cumulative effect of change in accounting principle 702 1,017 143 5 — 74 375 91 2,407 Provision for (recovery of) credit losses 213 83 47 ( 2 ) — 21 ( 86 ) 15 291 Charge-offs ( 343 ) — ( 42 ) — — — — ( 36 ) ( 421 ) Recoveries 3 — — — — 1 1 24 29 Net (charge-offs) recoveries ( 340 ) — ( 42 ) — — 1 1 ( 12 ) ( 392 ) Balance, March 31, 2023 $ 1,010 $ 1,860 $ 325 $ 7 $ — $ 657 $ 567 $ 170 $ 4,596 Past due loan information is used by management when assessing the adequacy of the allowance for credit losses. The following tables summarize the past due information of the loan portfolio by class as of the dates indicated: March 31, 2024 Loans Nonaccrual Loans Total Past Current Total Accruing Loans 90 Days or More Past Due (dollars in thousands) Commercial $ 28 $ 167 $ 195 $ 105,393 $ 105,588 $ — Real estate - commercial 45 401 446 226,212 226,658 — Other real estate construction — — — 36,600 36,600 — Real estate 1-4 family construction — — — 15,103 15,103 — Real estate - residential 388 828 1,216 149,471 150,687 — Home equity 85 181 266 61,179 61,445 — Consumer loans 62 — 62 11,586 11,648 — Other loans — — — 6,079 6,079 — Total $ 608 $ 1,577 $ 2,185 $ 611,623 $ 613,808 $ — December 31, 2023 Loans Nonaccrual Loans Total Past Current Total Accruing Loans 90 Days or More Past Due (dollars in thousands) Commercial $ 46 $ 154 $ 200 $ 102,162 $ 102,362 $ — Real estate - commercial 588 488 1,076 212,447 213,523 — Other real estate construction — — — 40,872 40,872 — Real estate 1-4 family construction — — — 12,481 12,481 — Real estate - residential 715 278 993 143,445 144,438 — Home equity 115 181 296 60,304 60,600 — Consumer loan 84 — 84 11,497 11,581 — Other loans — — — 6,214 6,214 — Total $ 1,548 $ 1,101 $ 2,649 $ 589,422 $ 592,071 $ — Once a loan becomes 90 days past due, the loan is automatically transferred to a nonaccrual status. The exception to this policy is credit card loans that remain in accruing status 90 days or more until they are paid current or charged off. The carrying value of foreclosed properties held as other real estate was $ 141,000 at March 31, 2024 and December 31, 2023. The Company had no foreclosed residential real estate and $ 132,000 of residential real estate in process of foreclosure at March 31, 2024. At December 31, 2023, the Company had no foreclosed residential real estate and no residential real estate in process of foreclosure. The composition of nonaccrual loans by class as of March 31, 2024 and December 31, 2023 was as follows: Three Months Ended March 31, 2024 March 31, 2024 Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Interest Income (dollars in thousands) Commercial $ — $ 167 $ 167 $ — Real estate - commercial 401 — 401 — Other real estate construction — — — — Real estate 1-4 family construction — — — — Real estate - residential 177 651 828 10 Home equity — 181 181 — Consumer loans — — — — Other loans — — — — $ 578 $ 999 $ 1,577 $ 10 Three Months Ended December 31, 2023 March 31, 2023 Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Interest Income (dollars in thousands) Commercial $ — $ 154 $ 154 $ — Real estate - commercial 400 88 488 — Other real estate construction — — — — Real estate 1-4 family construction — — — — Real estate - residential 181 97 278 7 Home equity — 181 181 — Consumer loans — — — — Other loans — — — — $ 581 $ 520 $ 1,101 $ 7 A loan may be individually assessed for determining the allowance for credit losses when it is determined that it does not share similar risk characteristics with other assets. Loans that are on nonaccrual status will be reviewed to determine if they will be individually, rather than collectively, assessed. If the loan is deemed to be collateral dependent and the relationship’s outstanding balance is $ 100,000 or greater, it will be individually assessed. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Collateral dependent loans require an analysis of the collateral. The fair value of the collateral is discounted by liquidation costs. If the discounted fair value of the collateral is greater than the amortized loan balance, no allowance is required. Otherwise the difference between the balance and the collateral is charged off if deemed uncollectible. The following table details the amortized cost of collateral dependent loans and any related allowance at March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 Amortized Cost Allowance for Amortized Cost Allowance for (dollars in thousands) Commercial $ 149 $ 97 $ 154 $ 95 Real estate - commercial 401 — 400 — Other real estate construction — — — — Real estate 1-4 family construction — — — — Real estate - residential 736 70 181 — Home equity 132 — 132 3 Consumer loans — — — — Other loans — — — — Total $ 1,418 $ 167 $ 867 $ 98 Management uses a risk-grading program to facilitate the evaluation of probable inherent loan losses and to measure the adequacy of the allowance for credit losses on loans. In this program, risk grades are initially assigned by the loan officers and reviewed and monitored by the lenders and credit administration. The program has nine risk grades summarized in six categories as follows: Pass : Loans that are pass grade credits include loans that are fundamentally sound, with risk factors that are reasonable and acceptable. They generally conform to policy with only minor exceptions; any major exceptions are clearly mitigated by other economic factors. Watch : Loans that are acceptable but show signs of weakness in either adequate sources of repayment or collateral but have demonstrated mitigating factors that minimize the risk of delinquency or loss. These loans may deserve management’s attention. Special Mention : Loans that exhibit potential weakness that deserves management’s close attention. Credits within this category exhibit risk that is increasing beyond the point where the loan would have been originally approved. Substandard : Loans that are considered substandard are loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or the value of the collateral pledged. All nonaccrual loans are graded as substandard. Doubtful : Loans that are considered to be doubtful have all weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make the collection or liquidation in full on the basis of current existing facts, conditions and values highly questionable and improbable. Loss : Loans that are considered to be a loss are considered to be uncollectible and of such little value that their continuance as bankable assets is not warranted. The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of March 31, 2024: March 31, 2024 Term Loans by Year of Origination 2024 2023 2022 2021 2020 Prior Revolving Total (dollars in thousands) Commercial Pass $ 6,977 $ 21,263 $ 20,569 $ 15,938 $ 4,377 $ 12,559 $ 22,647 $ 104,330 Watch — 175 518 — — — 382 1,075 Special Mention — 16 — — — — — 16 Substandard — — — — 167 — — 167 Total commercial 6,977 21,454 21,087 15,938 4,544 12,559 23,029 105,588 Real estate - commercial Pass 11,145 51,418 50,589 37,890 22,383 47,890 3,857 225,172 Watch — — — — — 70 — 70 Special Mention — — — 576 119 320 — 1,015 Substandard — — — 401 — — — 401 Total real estate - commercial 11,145 51,418 50,589 38,867 22,502 48,280 3,857 226,658 Other real estate construction Pass 1,465 20,164 5,435 2,766 3,661 2,553 509 36,553 Watch — — — — — 47 — 47 Special Mention — — — — — — — — Substandard — — — — — — — — Total other real estate construction 1,465 20,164 5,435 2,766 3,661 2,600 509 36,600 Real estate 1-4 family construction Pass 1,162 12,908 533 500 — — — 15,103 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total real estate 1-4 family construction 1,162 12,908 533 500 — — — 15,103 Real estate - residential Pass 10,875 45,839 37,947 22,666 10,904 17,296 1,534 147,061 Watch 504 — — 209 379 784 — 1,876 Special Mention — 107 — 497 — 318 — 922 Substandard — 558 — — 193 77 — 828 Total real estate - residential 11,379 46,504 37,947 23,372 11,476 18,475 1,534 150,687 Home equity Pass — 135 205 45 406 1,274 58,794 60,859 Watch — — — 109 — 146 149 404 Special Mention — — — — — — — — Substandard — — — — — 181 — 181 Total home equity — 135 205 154 406 1,601 58,943 61,444 Consumer loans Pass 1,594 3,578 1,704 473 94 433 3,747 11,623 Watch — — — — — — — — Special Mention — 25 — — — — — 25 Substandard — — — — — — — — Total consumer loans 1,594 3,603 1,704 473 94 433 3,747 11,648 Other loans Pass — — 1,607 2,779 1,285 409 — 6,080 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total other loans — — 1,607 2,779 1,285 409 — 6,080 Total Pass 33,218 155,305 118,589 83,057 43,110 82,414 91,088 606,781 Total Watch 504 175 518 318 379 1,047 531 3,472 Total Special Mention — 148 — 1,073 119 638 — 1,978 Total Substandard — 558 — 401 360 258 — 1,577 Total loans $ 33,722 $ 156,186 $ 119,107 $ 84,849 $ 43,968 $ 84,357 $ 91,619 $ 613,808 During three months ended March 31, 2024 , thirty-two loans totaling $ 974,000 were converted from revolving to term loans. The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of December 31, 2023: December 31, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total (dollars in thousands) Commercial Pass $ 23,611 $ 21,731 $ 16,587 $ 5,868 $ 2,553 $ 10,634 $ 20,089 $ 101,073 Watch 183 22 — — — — 914 1,119 Special Mention 16 — — — — — — 16 Substandard — — — 154 — — — 154 Total commercial 23,810 21,753 16,587 6,022 2,553 10,634 21,003 102,362 Real estate - commercial Pass 51,543 46,563 38,267 23,031 15,727 33,949 2,844 211,924 Watch — — — — 74 — — 74 Special Mention — — 588 121 171 157 — 1,037 Substandard — — 400 88 — — — 488 Total real estate - commercial 51,543 46,563 39,255 23,240 15,972 34,106 2,844 213,523 Other real estate construction Pass 20,458 10,368 3,050 3,711 542 2,148 548 40,825 Watch — — — — — 47 — 47 Special Mention — — — — — — — — Substandard — — — — — — — — Total other real estate construction 20,458 10,368 3,050 3,711 542 2,195 548 40,872 Real estate 1-4 family construction Pass 10,628 1,353 500 — — — — 12,481 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total real estate 1-4 family construction 10,628 1,353 500 — — — — 12,481 Real estate - residential Pass 46,470 40,558 23,259 11,182 3,528 15,208 1,082 141,287 Watch — — 209 384 122 669 — 1,384 Special Mention 666 — 501 — — 322 — 1,489 Substandard — — — 196 — 82 — 278 Total real estate - residential 47,136 40,558 23,969 11,762 3,650 16,281 1,082 144,438 Home equity Pass 173 134 95 407 94 1,309 57,800 60,012 Watch — — 109 — 19 130 149 407 Special Mention — — — — — — — — Substandard — — — — — 181 — 181 Total home equity 173 134 204 407 113 1,620 57,949 60,600 Consumer loans Pass 4,302 2,089 609 121 129 352 3,936 11,538 Watch — — — — — — — — Special Mention 25 18 — — — — — 43 Substandard — — — — — — — — Total consumer loans 4,327 2,107 609 121 129 352 3,936 11,581 Other loans Pass 5 1,611 2,864 1,306 — 428 — 6,214 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total other loans 5 1,611 2,864 1,306 — 428 — 6,214 Total Pass 157,190 124,407 85,231 45,626 22,573 64,028 86,299 585,354 Total Watch 183 22 318 384 215 846 1,063 3,031 Total Special Mention 707 18 1,089 121 171 479 — 2,585 Total Substandard — — 400 438 — 263 — 1,101 Total loans $ 158,080 $ 124,447 $ 87,038 $ 46,569 $ 22,959 $ 65,616 $ 87,362 $ 592,071 The following tables present gross charge-offs by origination date as of March 31, 2024 and December 31, 2023: March 31, 2024 Gross Loan Charge-offs by Year of Origination 2024 2023 2022 2021 2020 Prior Revolving Total (dollars in thousands) Commercial Commercial $ — $ — $ — $ — $ — $ — $ — $ — Real estate - commercial — — — — — — — — Other real estate construction — — — — — — — — Other loans — — — — — — — — Noncommercial Real estate 1-4 family construction — — — — — — — — Real estate - residential — — — — — — — — Home equity — — — — — — — — Consumer loans — 28 3 — 6 — 8 45 Total charge-offs $ — $ 28 $ 3 $ — $ 6 $ — $ 8 $ 45 December 31, 2023 Gross Loan Charge-offs by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total (dollars in thousands) Commercial Commercial $ — $ 49 $ — $ 159 $ 315 $ 71 $ 9 $ 603 Real estate - commercial — — — — — — — — Other real estate construction — 42 — — — — — 42 Other loans — — — — — — — — Noncommercial Real estate 1-4 family construction — — — — — — — — Real estate - residential — — — — — — — — Home equity — — — — — — — — Consumer loans — 34 4 3 — 4 64 109 Total charge-offs $ — $ 125 $ 4 $ 162 $ 315 $ 75 $ 73 $ 754 Loans that are in nonaccrual status or 90 days past due and still accruing are considered to be nonperforming. At both March 31, 2024 and December 31, 2023 there were no loans 90 days past due and still accruing. The following tables show the breakdown between performing and nonperforming loans by class at March 31, 2024 and December 31, 2023: March 31, 2024 Performing Non- Total (dollars in thousands) Commercial $ 105,421 $ 167 $ 105,588 Real estate - commercial 226,257 401 226,658 Other real estate construction 36,600 — 36,600 Real estate 1-4 family construction 15,103 — 15,103 Real estate - residential 149,859 828 150,687 Home equity 61,264 181 61,445 Consumer loans 11,648 — 11,648 Other loans 6,079 — 6,079 Total $ 612,231 $ 1,577 $ 613,808 December 31, 2023 Performing Non- Total (dollars in thousands) Commercial $ 102,208 $ 154 $ 102,362 Real estate - commercial 213,035 488 213,523 Other real estate construction 40,872 — 40,872 Real estate 1-4 family construction 12,481 — 12,481 Real estate - residential 144,160 278 144,438 Home equity 60,419 181 60,600 Consumer loans 11,581 — 11,581 Other loans 6,214 — 6,214 Total $ 590,970 $ 1,101 $ 592,071 Modifications to Borrowers Experiencing Financial Difficulty The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses due to the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. The Company rarely modifies loans by providing principal forgiveness. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. In some cases, the Company will modify a loan by providing multiple types of concessions. Typically one type of concession is granted initially. If the borrower continues to experience financial difficulty, another concession may be granted. Types of concessions include term extensions beyond customary terms, capitalization of accrued interest, interest rate reductions to below current market rates, payment deferrals or principal forgiveness. There were no loans modified to borrowers experiencing financial difficulty during the three months ended March 31, 2024 . The following table shows the amortized cost basis of loans modified for borrowers experiencing financial difficulty, disaggregated by class of loans and type of concession granted, during the twelve months ended December 31, 2023. Payment Deferrals Amortized % of Total Cost Basis Loan Type Financial Effect (dollars in thousands) Real estate - residential $ 560 0.37 % Provided additional payment deferral to borrowers in the form of interest-only payments Total $ 560 The Company did no t have any loans made to borrowers experiencing financial difficulty that were modified during the twelve months ended December 31, 2023 that subsequently defaulted. A default on a modified loan is defined as being past due 90 days or being out of compliance with the modification agreement. The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that were modified during the twelve-month period ended December 31, 2023: Payment Status (Amortized Cost Basis) 30-89 Days 90+ Days Current Past Due Past Due (dollars in thousands) Real estate - residential $ 560 $ — $ — Total $ 560 $ — $ — |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Lessee Disclosure [Abstract] | |
Leases | Note 8 - Leases Operating leases in which we are the lessee are recorded as operating lease right of use (“ROU”) assets and operating lease liabilities, included in premises and equipment and other liabilities, respectively, on our consolidated balance sheets. Operating lease ROU assets represent our right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental collateralized borrowing rate at the lease commencement date. ROU assets are further adjusted for any lease incentives. Operating lease expense, which is composed of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term and is recorded in the net occupancy expense in the consolidated statements of income. We do not currently have any finance leases in which we are the lessee. Our leases relate to four office locations, three of which are branch locations, with remaining terms of three to six years . Certain lease arrangements contain extension options which range from five to ten years at the then fair market rental rates. As these extension options are not generally considered reasonably certain of exercise, they are not included in the lease term. As of March 31, 2024 , operating lease ROU assets were $ 1.4 million and the operating lease liability was $ 1.5 million, compared to operating lease ROU assets of $ 1.8 million and an operating lease liability of $ 1.9 million at March 31, 2023. Lease costs associated with all leases was $ 106,000 f or the three months ended March 31, 2024 and 2023. The table below summarizes other information related to our operating leases: Three Months Ended March 31, 2024 2023 (in thousands except percent and period data) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 110 $ 107 Right-of-use assets obtained in exchange for new operating lease liabilities — — Weighted-average remaining lease term - operating leases, in years 3.7 4.7 Weighted-average discount rate - operating leases 2.60 % 2.55 % The table below summarizes the maturity of remaining lease liabilities: March 31, 2024 (dollars in thousands) 2024 $ 336 2025 455 2026 416 2027 260 2028 97 2029 and thereafter 20 Total lease payments 1,584 Less: Interest ( 79 ) Present value of lease liabilities 1,505 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 - Commitments and Contingencies The Company’s subsidiary bank is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, lines of credit and standby letters of credit. These instruments involve elements of credit risk in excess of amounts recognized in the accompanying financial statements. The Bank’s risk of loss with unfunded loans and lines of credit or standby letters of credit is represented by the contractual amount of these instruments. The Bank uses the same credit policies in making commitments under such instruments as it does for on-balance sheet instruments. The amount of collateral obtained, if any, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include accounts receivable, inventory, real estate and time deposits with financial institutions. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Credit card commitments are unsecured. At March 31, 2024 and December 31, 2023, outstanding financial instruments whose contract amounts represent credit risk were approximately: March 31, 2024 December 31, 2023 (dollars in thousands) Commitments to extend credit $ 223,003 $ 204,163 Credit card commitments 25,616 25,647 Standby letters of credit 7,907 7,878 Total commitments $ 256,526 $ 237,688 The Company maintains an allowance for off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancelable. The allowance for off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans. The allowance for credit losses for unfunded loan commitments of $ 149,000 and $ 184,000 at March 31, 2024 and December 31, 2023, respectively, is separately classified on the balance sheet within Other Liabilities. The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three months ended March 31, 2024. Total Allowance for Credit Losses - (dollars in thousands) Balance, December 31, 2023 $ 184 Provision for (recovery of) credit losses ( 35 ) Balance, March 31, 2024 $ 149 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Note 10 – Fair Value Disclosures Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements but clarifies and standardizes some divergent practices that have emerged since prior guidance was issued. ASC 820 creates a three-level hierarchy under which individual fair value estimates are to be ranked based on the relative reliability of the inputs used in the valuation. ASC 820 defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which those assets or liabilities are sold and considers assumptions that market participants would use when pricing those assets or liabilities. Fair values determined using Level 1 inputs rely on active and observable markets to price identical assets or liabilities. In situations where identical assets and liabilities are not traded in active markets, fair values may be determined based on Level 2 inputs, which exist when observable data exists for similar assets and liabilities. Fair values for assets and liabilities for which identical or similar assets and liabilities are not actively traded in observable markets are based on Level 3 inputs, which are considered to be unobservable. Among the Company’s assets and liabilities, investment securities available for sale and mortgage banking derivatives are reported at their fair values on a recurring basis. Certain other assets are adjusted to their fair value on a nonrecurring basis, including other real estate owned, individually evaluated loans, loans held for sale, which are carried at the lower of cost or market, and loan servicing rights, where fair value is determined using similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Deposits, short-term borrowings and long-term obligations are not reported at fair value. Prices for U.S. Treasury and marketable equity securities are readily available in the active markets in which those securities are traded, and the resulting fair values are shown in the Level 1 input column. Prices for government agency securities, mortgage-backed securities, asset-backed securities and state, county and municipal securities are obtained for similar securities, and the resulting fair values are shown in the Level 2 input column. Prices for all other non-marketable investments are determined based on various assumptions that are not observable. The fair values for these investment securities are shown in the Level 3 input column. Non-marketable investment securities, which are carried at their purchase price, include those that may only be redeemed by the issuer. The changes in securities between Level 1 and Level 2 were related to the purchase and sale of several securities and not the transfer of securities. Mortgage banking derivatives, which are composed of interest rate lock commitments, or IRLCs, mortgage forward sales commitments and to-be-announced mortgage-backed securities trades (TBAs), are recorded at fair value on a recurring basis. Fair value of the IRLCs is based on projected pull-through rates and anticipated margins based on changes in market interest rates. The Company considers these to be Level 3 valuations. The fair value of mortgage forward sales commitments and TBAs is based on the gain or loss that would occur if the Company were to pair-off the transaction at the measurement date and is considered to be a Level 2 input. The Company does not record loans at fair value on a recurring basis. However, certain nonaccrual loans are individually evaluated for determining the allowance for credit losses. If the loan is deemed to be collateral dependent and the relationship’s outstanding 100,000 or greater, it will be individually evaluated. Collateral dependent loans are loans for which the repayment is Foreclosed assets are adjusted to fair value upon transfer of the loans to other real estate owned. Real estate acquired in settlement of loans is recorded initially at the estimated fair value of the property less estimated selling costs at the date of foreclosure. The initial recorded value may be subsequently reduced by additional allowances, which are charged to earnings if the estimated fair value of the property less estimated selling costs declines below the initial recorded value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. The Company typically bases the fair value of the collateral on appraised values, which the Company considers Level 3 valuations. Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate, based on secondary market prices. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. These loans are recorded in Level 2. The following tables provide fair value information for assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: March 31, 2024 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 51,314 $ 51,314 $ — $ — U.S. government agencies 44,749 — 44,749 — GSE - Mortgage-backed securities and CMOs 126,555 — 126,555 — Asset-backed securities 29,885 — 29,885 — State and political subdivisions 80,394 — 80,394 — Corporate bonds 5,550 — 5,550 — Equity securities 343 343 — — Mortgage banking derivatives 1,091 — 23 1,068 Total assets at fair value on a recurring basis $ 339,881 $ 51,657 $ 287,156 $ 1,068 Mortgage banking derivatives $ 56 $ — $ 56 $ — Total liabilities at fair value on a recurring basis $ 56 $ — $ 56 $ — December 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 51,505 $ 51,505 $ — $ — U.S. government agencies 43,018 — 43,018 — GSE - Mortgage-backed securities and CMOs 123,787 — 123,787 — Asset-backed securities 31,513 — 31,513 — State and political subdivisions 81,400 — 81,400 — Corporate bonds 5,491 — 5,491 — Equity securities 302 302 — — Mortgage banking derivatives 852 — 46 806 Total assets at fair value on a recurring basis $ 337,868 $ 51,807 $ 285,255 $ 806 Mortgage banking derivatives $ 288 $ — $ 288 $ — Total liabilities at fair value on a recurring basis $ 288 $ — $ 288 $ — The following table provides a rollforward for recurring Level 3 fair value measurements: March 31, 2024 Mortgage banking derivatives: Total (dollars in thousands) Balance at December 31, 2023 $ 806 $ 806 Change in fair value: Included in income from mortgage banking 262 262 Included in accumulated other comprehensive income (loss) — — Change in observability of significant inputs: Included in income from mortgage banking — — Included in accumulated other comprehensive income (loss) — — Balance at March 31, 2024 $ 1,068 $ 1,068 The fair value of mortgage IRLCs at March 31, 2024 was calculated based on a notional amount of $ 32.0 million. Significant unobservable inputs are used to determine the fair value of these derivatives. At March 31, 2024 , such inputs included anticipated margins to be earned based on market movement from the original lock date and an overall projected pull-through rate of 84.2 % determined by loan product, loan stage, and loan purpose. The fair value of mortgage IRLCs at December 31, 2023 was calculated based on a notional amount of $ 21.8 million. Significant unobservable inputs were the same as those used for the three months ended March 31, 2024 and assumed a projected pull-through rate of 82.7 % at December 31, 2023. Changes in interest rates and other assumptions could significantly change these estimated values. The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. generally accepted accounting principles. These include assets that are measured at the lower of cost or market value that were recognized at fair value less cost to sell at the end of the period. Assets measured at fair value on a nonrecurring basis are included in the table below as of March 31, 2024 and December 31, 2023: March 31, 2024 (dollars in thousands) Total Level 1 Level 2 Level 3 Individually evaluated loans $ 673 $ — $ — $ 673 Total assets at fair value on a nonrecurring basis $ 673 $ — $ — $ 673 December 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 Individually evaluated loans $ 187 $ — $ — $ 187 Total assets at fair value on a nonrecurring basis $ 187 $ — $ — $ 187 Quantitative Information about Level 3 Fair Value Measurements March 31, 2024 Valuation Technique Unobservable Input General Nonrecurring measurements: Individually evaluated loans Discounted appraisals Collateral discounts and estimated costs to sell 0 - 25 % December 31, 2023 Valuation Technique Unobservable Input General Nonrecurring measurements: Individually evaluated loans Discounted appraisals Collateral discounts and estimated costs to sell 0 - 25 % At March 31, 2024 , individually evaluated loans were being evaluated with discounted appraisals for individually evaluated nonaccrual loans deemed collateral dependent. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Fair Values of Financial Instruments | Note 11 – Fair Values of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those that are not measured and reported at fair value on a recurring basis or non-recurring basis. The fair value estimates presented at March 31, 2024 and December 31, 2023 are based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price an asset could be sold at or the price at which a liability could be settled. However, given there is no active market or observable market transactions for many of the Company’s financial instruments, the Company has made estimates of many of these fair values which are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimated values. The estimated fair values disclosed in the following table do not represent market values of all assets and liabilities of the Company and should not be interpreted to represent the underlying value of the Company. The following tables reflect a comparison of carrying amounts and the estimated fair value of the financial instruments as of March 31, 2024 and December 31, 2023 : March 31, 2024 Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 62,649 $ 62,649 $ 62,649 $ — $ — Securities available for sale 338,447 338,447 51,314 287,133 — Securities held to maturity 28,430 28,364 — 15,044 13,320 Equity securities 343 343 343 — — Loans held for investment, net 608,285 566,982 — — 566,982 Loans held for sale 5,299 5,299 — 5,299 — Restricted stock 1,709 1,709 1,709 — — Loan servicing assets 4,180 7,269 — 7,269 — Mortgage banking derivatives 1,091 1,091 — 23 1,068 Accrued interest receivable 4,765 4,765 — — 4,765 FINANCIAL LIABILITIES Deposits $ 999,823 998,577 — 998,577 — Short-term borrowings 6,290 6,290 — 6,290 — Long-term borrowings 29,123 25,209 — — 25,209 Mortgage banking derivatives 56 56 — 56 — Accrued interest payable 557 557 — — 557 December 31, 2023 Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 63,434 $ 63,434 $ 63,434 $ — $ — Securities available for sale 336,714 336,714 51,505 285,209 — Securities held to maturity 28,600 28,544 — 15,422 13,122 Equity securities 302 302 302 — — Loans held for investment, net 586,510 544,985 — — 544,985 Loans held for sale 4,695 4,695 — 4,695 — Restricted stock 1,672 1,672 1,672 — — Loan servicing assets 4,287 7,030 — 7,030 — Mortgage banking derivatives 852 852 — 46 806 Accrued interest receivable 4,393 4,393 — — 4,393 FINANCIAL LIABILITIES Deposits $ 981,713 $ 980,534 $ — $ 980,534 $ — Short-term borrowings 1,379 1,379 — 1,379 — Long-term borrowings 29,104 25,102 — — 25,102 Mortgage banking derivatives 288 288 — 288 — Accrued interest payable 414 414 — — 414 At March 31, 2024 the Company’s subsidiary bank had outstanding standby letters of credit and commitments to extend credit. These off-balance sheet financial instruments are generally exercisable at the market rate prevailing at the date the underlying transaction will be completed; therefore, the fair value is the fee the Bank is expected to receive. This amount is deemed immaterial by management. See Note 9 (Commitments and Contingencies) to the Company's Notes to Consolidated Financial Statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Other Changes | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements and Other Changes | Note 12 – Recent Accounting Pronouncements and Other Changes ASC 848, “Reference Rate Reform,” was set forth to eliminate certain reference rates and introduce new reference rates that are based on a larger, more liquid population of observable transactions that are less vulnerable to manipulation. The reference rate reform discontinues the use of certain widely used reference rates such as the London Interbank Offered Rate, or LIBOR. In response to likely challenges arising from contract modifications due to reference rate reform, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” in March 2020 to provide optional expedients and exceptions for applying GAAP to contract modifications. As such, modifications to debt contracts may be accounted for as a continuation of the existing contract by prospectively adjusting the effective interest rate. This amendment could be applied beginning March 12, 2020 through a sunset date of December 31, 2022. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” These amendments extend the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. The objective of the guidance in Topic 848 is to provide relief during the temporary transition period, so the FASB included a sunset provision based on expectations of when LIBOR would cease being published. In 2021, the UK Financial Conduct Authority delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. To ensure the relief provided in Topic 848 covers the period of time during which a significant number of modifications may take place, ASU 2022-06 defers the sunset date from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. ASU 2022-06 was effective upon issuance. The Company no longer holds or issues loan contracts that reference LIBOR. As of July 1, 2023, all loan contracts that previously referenced LIBOR had been modified. The Company does not anticipate a material financial impact as a result of these modifications. ASU 2023-01 “Leases (Topic 842) – Common Control Arrangements” requires entities to determine whether a related party arrangement between entities under common control is a lease. If the arrangement is determined to be a lease, an entity must classify and account for the lease on the same basis as an arrangement with a related party (on the basis of legally enforceable terms and conditions). ASU 2023-01 was effective January 1, 2024 and did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments apply to all public entities that are required to report segment information in accordance with FASB ASC Topic 280, Segment Reporting. The amendments in the ASU are intended to improve disclosures about a public entity's reportable segments through enhanced disclosures about a segment's expenses. The amendments require, on and interim and annual basis, disclosures of significant expenses and other segment items that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, as well as any other key measure of performance used for segment management decisions. The Amendments require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses key profitability measures in assessing segment performance and deciding how to allocate resources. The ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the potential impacts related to the adoption of the ASU. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which enhances income tax disclosure requirements. Under the new guidance, entities must disclose additional information in specified categories for federal, state and foreign income taxes with respect to the reconciliation of the effective tax rate to the statutory rate (rate reconciliation). Greater detail is also required about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. Additionally, the amendments require that entities must disaggregate income taxes paid, net of refunds received, for federal, state and foreign taxes and further disaggregate for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. The quantitative threshold is equal to 5% or more of the amount determined by multiplying pretax income (loss) from continuing operations by the applicable statutory rate. Public business entities must apply the guidance to annual periods beginning after December 15, 2024. ASU 2023-09 is effective for the Company on January 1, 2025, though early adoption is permitted. Entities may apply the amendments prospectively or may elect retrospective application. The Company is currently evaluating the potential impacts related to the adoption of this ASU. From time to time the FASB issues exposure drafts of proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of the Company and monitors the status of changes to and proposed effective dates of exposure drafts. |
Mortgage Banking Derivatives
Mortgage Banking Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Mortgage Banking [Abstract] | |
Mortgage Banking Derivatives | Note 13 – Mortgage Banking Derivatives The Company enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding, otherwise known as Interest Rate Lock Commitments (IRLCs). IRLCs on mortgage loans that will be held for resale are considered to be derivatives and must be accounted for at fair value on the balance sheet. Accordingly, such commitments are recorded at fair value in the mortgage banking derivatives asset or liability with changes in fair value recorded in income from mortgage banking within the consolidated statement of income. Fair value is based on anticipated margins determined by market movement from the original lock date and projected pull-through rates on each loan by loan product, loan stage, and loan purpose. During the term of the IRLC, the Company is exposed to the risk that the interest rate will change from the rate quoted to the borrower. In an effort to mitigate interest rate risk, the Company also enters into mortgage forward sales commitments on a mandatory basis for future delivery of residential mortgage loans after an interest rate lock is committed to the borrower. Mandatory commitments require that the loan must be delivered to the investor or a pair-off fee be paid. These forward commitments are recorded at fair value in the mortgage banking derivatives asset or liability, and changes in fair value are recorded to income from mortgage banking within the consolidated statement of income. The fair value of the forward commitments is based on the gain or loss that would occur if the Company were to pair-off the transaction at the measurement date. The Company also enters into purchase and sale agreements of to-be-announced mortgage-backed securities trades (TBAs). A TBA trade is a contract to buy or sell mortgage-backed securities on a specific date while the underlying mortgages are not announced until just prior to settlement. These TBA trades provide an economic hedge against the effect of changes in interest rates resulting from IRLCs. TBAs are accounted for as derivatives when either of the following conditions exist: (i) when settlement of the TBA trade is not expected to occur at the next regular settlement date (which is typically the next month) or (ii) a mechanism exists to settle the contract on a net basis. As a result, these instruments are recorded at fair value in the mortgage banking derivatives asset or liability with changes in fair value recorded in income from mortgage banking within the consolidated statement of income. The fair value of the TBA trades is based on the gain or loss that would occur if the Company were to pair-off the trade at the measurement date. The following table reflects the notional amount and fair value of mortgage banking derivatives included in the balance sheet at fair value as of March 31, 2024 and December 31, 2023. Notional Amount Fair Value (dollars in thousands) Balance at March 31, 2024 Included in mortgage banking derivatives asset: Interest rate lock commitments $ 31,961 $ 1,068 Forward sales commitments 841 23 Included in mortgage banking derivatives liability: To-be-announced mortgage-backed securities trades 41,500 56 Balance at December 31, 2023 Included in mortgage banking derivatives asset: Interest rate lock commitments $ 21,791 $ 806 Forward sales commitments 1,826 46 Included in mortgage banking derivatives liability: To-be-announced mortgage-backed securities trades 23,000 288 |
Short-Term Borrowed Funds
Short-Term Borrowed Funds | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowed Funds | Note 14 – Short-Term Borrowed Funds During the first quarter of 2024, the Company borrowed $ 5.0 million through the Federal Reserve Bank's Bank Term Funding Program ( “BTFP”). The BTFP was established as an additional source of liquidity against high-quality securities valued at par. The program offered loans of up to one year in length to banks pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. The note matures on January 22, 2025 and charges interest at a rate of 4.93 %. The borrowing is secured by three available for sale agency securities issued by the Small Business Administration with par value totaling $ 7.5 million. At March 31, 2024, the fair value of the pledged bonds was $ 6.8 million. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The financial statements and accompanying notes are presented on a consolidated basis including Uwharrie Capital Corp (the “Company”) and its subsidiaries, Uwharrie Bank (the “Bank”), Uwharrie Investment Advisors, Inc. (“UIA”), and Uwharrie Mortgage, Inc. The Bank consolidates its subsidiaries, the Strategic Alliance Corporation, BOS Agency, Inc. and Gateway Mortgage, Inc., each of which is wholly owned by the Bank. The information contained in the consolidated financial statements is unaudited. In the opinion of management, the consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and material adjustments necessary for a fair presentation of results of interim periods, all of which are of a normal recurring nature, have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for an entire year. Management is not aware of additional economic events, outside influences or changes in concentrations of business that would require additional clarification or disclosure in the consolidated financial statements. The organization and business of the Company, accounting policies followed by the Company and other information are contained in the notes to consolidated financial statements filed as part of the Company’s 2023 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 6, 2024. This Quarterly Report should be read in conjunction with such Annual Report. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses. |
Accounting Changes and Reclassifications | Accounting Changes and Reclassifications Certain amounts in the 2023 financial statements have been reclassified to conform to the 2024 presentation. The recovery of credit losses on unfunded loan commitments has been reclassified from other noninterest expense for periods prior to 2024. The reclassification did not have an impact on net income or shareholders’ equity. The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 1 of the audited financial statements for the year ended December 31, 2023 and are contained in the Company’s Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2023. |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (loss) | The following table presents the changes in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 (dollars in thousands) Beginning balance $ ( 25,100 ) $ ( 31,765 ) Other comprehensive income (loss) before reclassifications, 332 and ($ 1,359 ) tax effect, respectively ( 1,113 ) 4,505 Amounts reclassified from accumulated other comprehensive loss, 0 and ($ 10 ) tax effect, respectively — 41 Net current-period other comprehensive income (loss) ( 1,113 ) 4,546 Ending balance $ ( 26,213 ) $ ( 27,219 ) |
Investment and Equity Securit_2
Investment and Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Carrying Amounts and Fair Values of Securities Available for Sale and Held to Maturity | Carrying amounts and fair values of securities available for sale and held to maturity are summarized below: March 31, 2024 Amortized Gross Gross Fair (dollars in thousands) Securities available for sale: U.S. Treasury $ 54,994 $ — $ 3,680 $ 51,314 U.S. government agencies 45,734 80 1,065 44,749 GSE - Mortgage-backed securities and CMOs 140,742 1 14,188 126,555 Asset-backed securities 29,625 343 83 29,885 State and political subdivisions 95,384 3 14,993 80,394 Corporate bonds 6,000 — 450 5,550 Total securities available for sale $ 372,479 $ 427 $ 34,459 $ 338,447 March 31, 2024 Amortized Gross Gross Fair Allowance for Net Carrying (dollars in thousands) Securities held to maturity: State and political subdivisions 13,430 — 1,167 12,263 — 13,430 Corporate bonds 15,000 — 1,680 13,320 66 14,934 Total securities held to maturity $ 28,430 $ — $ 2,847 $ 25,583 $ 66 $ 28,364 December 31, 2023 Amortized Gross Gross Fair (dollars in thousands) Securities available for sale: U.S. Treasury $ 54,984 $ — $ 3,479 $ 51,505 U.S. government agencies 43,921 66 969 43,018 GSE - Mortgage-backed securities and CMOs 137,346 170 13,729 123,787 Asset-backed securities 31,469 244 200 31,513 State and political subdivisions 95,581 15 14,196 81,400 Corporate bonds 6,000 — 509 5,491 Total securities available for sale $ 369,301 $ 495 $ 33,082 $ 336,714 December 31, 2023 Amortized Gross Gross Fair Allowance for Net Carrying (dollars in thousands) Securities held to maturity: U.S. government agencies $ 133 $ — $ 1 $ 132 $ — $ 133 State and political subdivisions 13,467 — 985 12,482 — 13,467 Corporate bonds 15,000 — 1,878 13,122 56 14,944 Total securities held to maturity $ 28,600 $ — $ 2,864 $ 25,736 $ 56 $ 28,544 |
Allowance for Credit Losses on Held to Maturity Securities | The following table shows a rollforward of the allowance for credit losses on held to maturity securities for the three months ended March 31, 2024. State and political subdivisions Corporate bonds Total (dollars in thousands) Balance, December 31, 2023 $ — $ 56 $ 56 Provision for credit losses — 10 10 Charge-offs of securities — — — Recoveries — — — Balance, March 31, 2024 $ — $ 66 $ 66 |
Summary of Amortized Cost of Debt Securities Held to Maturity | The following table summarizes the credit ratings of debt securities held to maturity, presented at amortized cost, by major security type at March 31, 2024. March 31, 2024 State and political subdivisions Corporate bonds Total (dollars in thousands) Aaa $ 1,148 $ — $ 1,148 Aa1/Aa2/Aa3 12,282 — 12,282 A1/A2 — — — BBB — — — Not rated — 15,000 15,000 Total $ 13,430 $ 15,000 $ 28,430 |
Sales of Securities Available for Sale | Results from sales of securities available for sale for the three-month periods ended March 31, 2024 and 2023, respectively, were as follows: Three Months Ended March 31, 2024 2023 (dollars in thousands) Gross proceeds from sales $ — $ 6,793 Realized gains from sales $ — $ 6 Realized losses from sales — 57 Net realized losses $ — $ ( 51 ) |
Gross Unrealized Losses and Fair Value of Investments | The following table shows the gross unrealized losses and estimated fair value of available for sale securities, for which an allowance has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024. Less than 12 Months 12 Months or More Total March 31, 2024 Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Securities available for sale: U.S. Treasury — $ — $ — 8 $ 49,314 $ 3,680 $ 49,314 $ 3,680 U.S. government agencies 12 13,721 189 22 21,535 876 35,256 1,065 GSE-Mortgage-backed securities and CMOs 14 25,610 222 59 99,703 13,966 125,313 14,188 Asset-backed securities 1 637 2 5 7,992 81 8,629 83 State and political subdivisions 1 2,230 3 61 76,748 14,990 78,978 14,993 Corporate bonds — — — 3 5,550 450 5,550 450 Total securities available for sale 28 $ 42,198 $ 416 158 $ 260,842 $ 34,043 $ 303,040 $ 34,459 The following tables show the gross unrealized losses and estimated fair value of available for sale securities, for which an allowance has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2023. Less than 12 Months 12 Months or More Total December 31, 2023 Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Securities available for sale U.S. Treasury — $ — $ — 9 $ 51,505 $ 3,479 $ 51,505 $ 3,479 U.S. government agencies 12 16,865 107 18 14,705 862 31,570 969 GSE-Mortgage-backed securities and CMOs 5 7,907 103 59 100,765 13,626 108,672 13,729 Asset-backed securities 2 1,711 5 7 10,140 195 11,851 200 State and political subdivisions 2 2,496 23 60 76,352 14,173 78,848 14,196 Corporate bonds — — — 3 5,491 509 5,491 509 Total securities available for sale 21 $ 28,979 $ 238 156 $ 258,958 $ 32,844 $ 287,937 $ 33,082 |
Amortized Cost and Fair Value of Available for Sale Securities Portfolio | The following tables show contractual maturities of the investment portfolio as of March 31, 2024: March 31, 2024 Amortized Estimated Book (dollars in thousands) Securities available for sale: Due within twelve months 22,028 21,937 3.82 % Due after one but within five years 46,925 42,936 2.04 % Due after five but within ten years 64,512 56,787 2.56 % Due after ten years 239,014 216,787 3.67 % $ 372,479 $ 338,447 3.28 % March 31, 2024 Amortized Estimated Book (dollars in thousands) Securities held to maturity: Due within twelve months 380 379 2.99 % Due after five but within ten years 18,820 16,753 4.17 % Due after ten years 9,230 8,451 3.42 % $ 28,430 $ 25,583 3.91 % |
Unrealized Gains and Losses Related to Equity Securities | The portion of unrealized gains and losses for the three months ended March 31, 2024 and 2023 related to equity securities still held at the reporting date is calculated as follows: Three Months Ended March 31, 2024 2023 (dollars in thousands) Gross proceeds from sales $ — $ — Net gains recognized during the period on equity securities $ 41 $ 34 Less: Net gains (losses) recognized from equity securities sold during the period — — Unrealized gains recognized during the period on equity securities still held at the reporting date $ 41 $ 34 |
Loans Held for Investment (Tabl
Loans Held for Investment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Composition of Net Loans Held for Investment by Class | The composition of net loans held for investment by class as of March 31, 2024 and December 31, 2023 was as follows: March 31, 2024 December 31, 2023 (dollars in thousands) Commercial Commercial $ 105,592 $ 102,366 Real estate - commercial 226,535 213,397 Other real estate construction loans 36,600 40,872 Other loans 6,080 6,214 Noncommercial Real estate 1-4 family construction 15,103 12,481 Real estate - residential 149,952 143,697 Home equity 61,444 60,599 Consumer loans 11,648 11,581 612,954 591,207 Less: Allowance for credit losses ( 5,523 ) ( 5,561 ) Deferred loan costs net 854 864 Loans held for investment, net $ 608,285 $ 586,510 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Summary of Activity Related to Allowance for Credit Losses on Loans | The following tables summarize the activity related to the allowance for credit losses on loans for the three months ended March 31, 2024 and 2023. Commercial Loans Noncommercial Loans Commercial Real estate Other Other Real estate Real estate Home Consumer Total (dollars in thousands) Balance, December 31, 2023 $ 1,493 $ 2,057 $ 389 $ 9 $ 31 $ 796 $ 582 $ 204 $ 5,561 Provision for (recovery of) credit losses ( 16 ) ( 24 ) ( 66 ) 2 3 58 18 20 ( 5 ) Charge-offs — — — — — — — ( 45 ) ( 45 ) Recoveries 3 — — — — 1 — 8 12 Net (charge-offs) recoveries 3 — — — — 1 — ( 37 ) ( 33 ) Balance, March 31, 2024 $ 1,480 $ 2,033 $ 323 $ 11 $ 34 $ 855 $ 600 $ 187 $ 5,523 Commercial Loans Noncommercial Loans Commercial Real estate Other Other Real estate Real estate Home Consumer Total (dollars in thousands) Balance, December 31, 2022 $ 435 $ 760 $ 177 $ 4 $ — $ 561 $ 277 $ 76 $ 2,290 Cumulative effect of change in accounting principle 702 1,017 143 5 — 74 375 91 2,407 Provision for (recovery of) credit losses 213 83 47 ( 2 ) — 21 ( 86 ) 15 291 Charge-offs ( 343 ) — ( 42 ) — — — — ( 36 ) ( 421 ) Recoveries 3 — — — — 1 1 24 29 Net (charge-offs) recoveries ( 340 ) — ( 42 ) — — 1 1 ( 12 ) ( 392 ) Balance, March 31, 2023 $ 1,010 $ 1,860 $ 325 $ 7 $ — $ 657 $ 567 $ 170 $ 4,596 |
Past Due Information of Loan Portfolio by Class | Past due loan information is used by management when assessing the adequacy of the allowance for credit losses. The following tables summarize the past due information of the loan portfolio by class as of the dates indicated: March 31, 2024 Loans Nonaccrual Loans Total Past Current Total Accruing Loans 90 Days or More Past Due (dollars in thousands) Commercial $ 28 $ 167 $ 195 $ 105,393 $ 105,588 $ — Real estate - commercial 45 401 446 226,212 226,658 — Other real estate construction — — — 36,600 36,600 — Real estate 1-4 family construction — — — 15,103 15,103 — Real estate - residential 388 828 1,216 149,471 150,687 — Home equity 85 181 266 61,179 61,445 — Consumer loans 62 — 62 11,586 11,648 — Other loans — — — 6,079 6,079 — Total $ 608 $ 1,577 $ 2,185 $ 611,623 $ 613,808 $ — December 31, 2023 Loans Nonaccrual Loans Total Past Current Total Accruing Loans 90 Days or More Past Due (dollars in thousands) Commercial $ 46 $ 154 $ 200 $ 102,162 $ 102,362 $ — Real estate - commercial 588 488 1,076 212,447 213,523 — Other real estate construction — — — 40,872 40,872 — Real estate 1-4 family construction — — — 12,481 12,481 — Real estate - residential 715 278 993 143,445 144,438 — Home equity 115 181 296 60,304 60,600 — Consumer loan 84 — 84 11,497 11,581 — Other loans — — — 6,214 6,214 — Total $ 1,548 $ 1,101 $ 2,649 $ 589,422 $ 592,071 $ — |
Composition of Nonaccrual Loans by Class | The composition of nonaccrual loans by class as of March 31, 2024 and December 31, 2023 was as follows: Three Months Ended March 31, 2024 March 31, 2024 Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Interest Income (dollars in thousands) Commercial $ — $ 167 $ 167 $ — Real estate - commercial 401 — 401 — Other real estate construction — — — — Real estate 1-4 family construction — — — — Real estate - residential 177 651 828 10 Home equity — 181 181 — Consumer loans — — — — Other loans — — — — $ 578 $ 999 $ 1,577 $ 10 Three Months Ended December 31, 2023 March 31, 2023 Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Interest Income (dollars in thousands) Commercial $ — $ 154 $ 154 $ — Real estate - commercial 400 88 488 — Other real estate construction — — — — Real estate 1-4 family construction — — — — Real estate - residential 181 97 278 7 Home equity — 181 181 — Consumer loans — — — — Other loans — — — — $ 581 $ 520 $ 1,101 $ 7 |
Summary of Amortized Cost of Collateral Dependent Loans | The following table details the amortized cost of collateral dependent loans and any related allowance at March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 Amortized Cost Allowance for Amortized Cost Allowance for (dollars in thousands) Commercial $ 149 $ 97 $ 154 $ 95 Real estate - commercial 401 — 400 — Other real estate construction — — — — Real estate 1-4 family construction — — — — Real estate - residential 736 70 181 — Home equity 132 — 132 3 Consumer loans — — — — Other loans — — — — Total $ 1,418 $ 167 $ 867 $ 98 |
Summary of Credit Quality Indicators by Year of Origination | The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of March 31, 2024: March 31, 2024 Term Loans by Year of Origination 2024 2023 2022 2021 2020 Prior Revolving Total (dollars in thousands) Commercial Pass $ 6,977 $ 21,263 $ 20,569 $ 15,938 $ 4,377 $ 12,559 $ 22,647 $ 104,330 Watch — 175 518 — — — 382 1,075 Special Mention — 16 — — — — — 16 Substandard — — — — 167 — — 167 Total commercial 6,977 21,454 21,087 15,938 4,544 12,559 23,029 105,588 Real estate - commercial Pass 11,145 51,418 50,589 37,890 22,383 47,890 3,857 225,172 Watch — — — — — 70 — 70 Special Mention — — — 576 119 320 — 1,015 Substandard — — — 401 — — — 401 Total real estate - commercial 11,145 51,418 50,589 38,867 22,502 48,280 3,857 226,658 Other real estate construction Pass 1,465 20,164 5,435 2,766 3,661 2,553 509 36,553 Watch — — — — — 47 — 47 Special Mention — — — — — — — — Substandard — — — — — — — — Total other real estate construction 1,465 20,164 5,435 2,766 3,661 2,600 509 36,600 Real estate 1-4 family construction Pass 1,162 12,908 533 500 — — — 15,103 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total real estate 1-4 family construction 1,162 12,908 533 500 — — — 15,103 Real estate - residential Pass 10,875 45,839 37,947 22,666 10,904 17,296 1,534 147,061 Watch 504 — — 209 379 784 — 1,876 Special Mention — 107 — 497 — 318 — 922 Substandard — 558 — — 193 77 — 828 Total real estate - residential 11,379 46,504 37,947 23,372 11,476 18,475 1,534 150,687 Home equity Pass — 135 205 45 406 1,274 58,794 60,859 Watch — — — 109 — 146 149 404 Special Mention — — — — — — — — Substandard — — — — — 181 — 181 Total home equity — 135 205 154 406 1,601 58,943 61,444 Consumer loans Pass 1,594 3,578 1,704 473 94 433 3,747 11,623 Watch — — — — — — — — Special Mention — 25 — — — — — 25 Substandard — — — — — — — — Total consumer loans 1,594 3,603 1,704 473 94 433 3,747 11,648 Other loans Pass — — 1,607 2,779 1,285 409 — 6,080 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total other loans — — 1,607 2,779 1,285 409 — 6,080 Total Pass 33,218 155,305 118,589 83,057 43,110 82,414 91,088 606,781 Total Watch 504 175 518 318 379 1,047 531 3,472 Total Special Mention — 148 — 1,073 119 638 — 1,978 Total Substandard — 558 — 401 360 258 — 1,577 Total loans $ 33,722 $ 156,186 $ 119,107 $ 84,849 $ 43,968 $ 84,357 $ 91,619 $ 613,808 During three months ended March 31, 2024 , thirty-two loans totaling $ 974,000 were converted from revolving to term loans. The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of December 31, 2023: December 31, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total (dollars in thousands) Commercial Pass $ 23,611 $ 21,731 $ 16,587 $ 5,868 $ 2,553 $ 10,634 $ 20,089 $ 101,073 Watch 183 22 — — — — 914 1,119 Special Mention 16 — — — — — — 16 Substandard — — — 154 — — — 154 Total commercial 23,810 21,753 16,587 6,022 2,553 10,634 21,003 102,362 Real estate - commercial Pass 51,543 46,563 38,267 23,031 15,727 33,949 2,844 211,924 Watch — — — — 74 — — 74 Special Mention — — 588 121 171 157 — 1,037 Substandard — — 400 88 — — — 488 Total real estate - commercial 51,543 46,563 39,255 23,240 15,972 34,106 2,844 213,523 Other real estate construction Pass 20,458 10,368 3,050 3,711 542 2,148 548 40,825 Watch — — — — — 47 — 47 Special Mention — — — — — — — — Substandard — — — — — — — — Total other real estate construction 20,458 10,368 3,050 3,711 542 2,195 548 40,872 Real estate 1-4 family construction Pass 10,628 1,353 500 — — — — 12,481 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total real estate 1-4 family construction 10,628 1,353 500 — — — — 12,481 Real estate - residential Pass 46,470 40,558 23,259 11,182 3,528 15,208 1,082 141,287 Watch — — 209 384 122 669 — 1,384 Special Mention 666 — 501 — — 322 — 1,489 Substandard — — — 196 — 82 — 278 Total real estate - residential 47,136 40,558 23,969 11,762 3,650 16,281 1,082 144,438 Home equity Pass 173 134 95 407 94 1,309 57,800 60,012 Watch — — 109 — 19 130 149 407 Special Mention — — — — — — — — Substandard — — — — — 181 — 181 Total home equity 173 134 204 407 113 1,620 57,949 60,600 Consumer loans Pass 4,302 2,089 609 121 129 352 3,936 11,538 Watch — — — — — — — — Special Mention 25 18 — — — — — 43 Substandard — — — — — — — — Total consumer loans 4,327 2,107 609 121 129 352 3,936 11,581 Other loans Pass 5 1,611 2,864 1,306 — 428 — 6,214 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total other loans 5 1,611 2,864 1,306 — 428 — 6,214 Total Pass 157,190 124,407 85,231 45,626 22,573 64,028 86,299 585,354 Total Watch 183 22 318 384 215 846 1,063 3,031 Total Special Mention 707 18 1,089 121 171 479 — 2,585 Total Substandard — — 400 438 — 263 — 1,101 Total loans $ 158,080 $ 124,447 $ 87,038 $ 46,569 $ 22,959 $ 65,616 $ 87,362 $ 592,071 The following tables present gross charge-offs by origination date as of March 31, 2024 and December 31, 2023: March 31, 2024 Gross Loan Charge-offs by Year of Origination 2024 2023 2022 2021 2020 Prior Revolving Total (dollars in thousands) Commercial Commercial $ — $ — $ — $ — $ — $ — $ — $ — Real estate - commercial — — — — — — — — Other real estate construction — — — — — — — — Other loans — — — — — — — — Noncommercial Real estate 1-4 family construction — — — — — — — — Real estate - residential — — — — — — — — Home equity — — — — — — — — Consumer loans — 28 3 — 6 — 8 45 Total charge-offs $ — $ 28 $ 3 $ — $ 6 $ — $ 8 $ 45 December 31, 2023 Gross Loan Charge-offs by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total (dollars in thousands) Commercial Commercial $ — $ 49 $ — $ 159 $ 315 $ 71 $ 9 $ 603 Real estate - commercial — — — — — — — — Other real estate construction — 42 — — — — — 42 Other loans — — — — — — — — Noncommercial Real estate 1-4 family construction — — — — — — — — Real estate - residential — — — — — — — — Home equity — — — — — — — — Consumer loans — 34 4 3 — 4 64 109 Total charge-offs $ — $ 125 $ 4 $ 162 $ 315 $ 75 $ 73 $ 754 |
Summary of Performing and Nonperforming Loans by Class | The following tables show the breakdown between performing and nonperforming loans by class at March 31, 2024 and December 31, 2023: March 31, 2024 Performing Non- Total (dollars in thousands) Commercial $ 105,421 $ 167 $ 105,588 Real estate - commercial 226,257 401 226,658 Other real estate construction 36,600 — 36,600 Real estate 1-4 family construction 15,103 — 15,103 Real estate - residential 149,859 828 150,687 Home equity 61,264 181 61,445 Consumer loans 11,648 — 11,648 Other loans 6,079 — 6,079 Total $ 612,231 $ 1,577 $ 613,808 December 31, 2023 Performing Non- Total (dollars in thousands) Commercial $ 102,208 $ 154 $ 102,362 Real estate - commercial 213,035 488 213,523 Other real estate construction 40,872 — 40,872 Real estate 1-4 family construction 12,481 — 12,481 Real estate - residential 144,160 278 144,438 Home equity 60,419 181 60,600 Consumer loans 11,581 — 11,581 Other loans 6,214 — 6,214 Total $ 590,970 $ 1,101 $ 592,071 |
Breakdown of Types of Concessions Made by Loan Class | The following table shows the amortized cost basis of loans modified for borrowers experiencing financial difficulty, disaggregated by class of loans and type of concession granted, during the twelve months ended December 31, 2023. Payment Deferrals Amortized % of Total Cost Basis Loan Type Financial Effect (dollars in thousands) Real estate - residential $ 560 0.37 % Provided additional payment deferral to borrowers in the form of interest-only payments Total $ 560 |
Summary Of Depicts The Performance Of Loans That Have Been Modified | The following table depicts the performance of loans that were modified during the twelve-month period ended December 31, 2023: Payment Status (Amortized Cost Basis) 30-89 Days 90+ Days Current Past Due Past Due (dollars in thousands) Real estate - residential $ 560 $ — $ — Total $ 560 $ — $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Lessee Disclosure [Abstract] | |
Summary of Other Information Related to Operating Leases | The table below summarizes other information related to our operating leases: Three Months Ended March 31, 2024 2023 (in thousands except percent and period data) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 110 $ 107 Right-of-use assets obtained in exchange for new operating lease liabilities — — Weighted-average remaining lease term - operating leases, in years 3.7 4.7 Weighted-average discount rate - operating leases 2.60 % 2.55 % |
Summary of Maturity of Remaining Lease Liabilities | The table below summarizes the maturity of remaining lease liabilities: March 31, 2024 (dollars in thousands) 2024 $ 336 2025 455 2026 416 2027 260 2028 97 2029 and thereafter 20 Total lease payments 1,584 Less: Interest ( 79 ) Present value of lease liabilities 1,505 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk | At March 31, 2024 and December 31, 2023, outstanding financial instruments whose contract amounts represent credit risk were approximately: March 31, 2024 December 31, 2023 (dollars in thousands) Commitments to extend credit $ 223,003 $ 204,163 Credit card commitments 25,616 25,647 Standby letters of credit 7,907 7,878 Total commitments $ 256,526 $ 237,688 |
Summary of Balance and Activity in Allowance for Credit Losses for Unfunded Loan Commitments | The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three months ended March 31, 2024. Total Allowance for Credit Losses - (dollars in thousands) Balance, December 31, 2023 $ 184 Provision for (recovery of) credit losses ( 35 ) Balance, March 31, 2024 $ 149 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information for Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables provide fair value information for assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: March 31, 2024 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 51,314 $ 51,314 $ — $ — U.S. government agencies 44,749 — 44,749 — GSE - Mortgage-backed securities and CMOs 126,555 — 126,555 — Asset-backed securities 29,885 — 29,885 — State and political subdivisions 80,394 — 80,394 — Corporate bonds 5,550 — 5,550 — Equity securities 343 343 — — Mortgage banking derivatives 1,091 — 23 1,068 Total assets at fair value on a recurring basis $ 339,881 $ 51,657 $ 287,156 $ 1,068 Mortgage banking derivatives $ 56 $ — $ 56 $ — Total liabilities at fair value on a recurring basis $ 56 $ — $ 56 $ — December 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 51,505 $ 51,505 $ — $ — U.S. government agencies 43,018 — 43,018 — GSE - Mortgage-backed securities and CMOs 123,787 — 123,787 — Asset-backed securities 31,513 — 31,513 — State and political subdivisions 81,400 — 81,400 — Corporate bonds 5,491 — 5,491 — Equity securities 302 302 — — Mortgage banking derivatives 852 — 46 806 Total assets at fair value on a recurring basis $ 337,868 $ 51,807 $ 285,255 $ 806 Mortgage banking derivatives $ 288 $ — $ 288 $ — Total liabilities at fair value on a recurring basis $ 288 $ — $ 288 $ — |
Schedule of Reconciliation for Recurring Level 3 Fair Value Measurements | The following table provides a rollforward for recurring Level 3 fair value measurements: March 31, 2024 Mortgage banking derivatives: Total (dollars in thousands) Balance at December 31, 2023 $ 806 $ 806 Change in fair value: Included in income from mortgage banking 262 262 Included in accumulated other comprehensive income (loss) — — Change in observability of significant inputs: Included in income from mortgage banking — — Included in accumulated other comprehensive income (loss) — — Balance at March 31, 2024 $ 1,068 $ 1,068 |
Assets Measured at Fair Value on Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis are included in the table below as of March 31, 2024 and December 31, 2023: March 31, 2024 (dollars in thousands) Total Level 1 Level 2 Level 3 Individually evaluated loans $ 673 $ — $ — $ 673 Total assets at fair value on a nonrecurring basis $ 673 $ — $ — $ 673 December 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 Individually evaluated loans $ 187 $ — $ — $ 187 Total assets at fair value on a nonrecurring basis $ 187 $ — $ — $ 187 |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements March 31, 2024 Valuation Technique Unobservable Input General Nonrecurring measurements: Individually evaluated loans Discounted appraisals Collateral discounts and estimated costs to sell 0 - 25 % December 31, 2023 Valuation Technique Unobservable Input General Nonrecurring measurements: Individually evaluated loans Discounted appraisals Collateral discounts and estimated costs to sell 0 - 25 % |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments | The following tables reflect a comparison of carrying amounts and the estimated fair value of the financial instruments as of March 31, 2024 and December 31, 2023 : March 31, 2024 Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 62,649 $ 62,649 $ 62,649 $ — $ — Securities available for sale 338,447 338,447 51,314 287,133 — Securities held to maturity 28,430 28,364 — 15,044 13,320 Equity securities 343 343 343 — — Loans held for investment, net 608,285 566,982 — — 566,982 Loans held for sale 5,299 5,299 — 5,299 — Restricted stock 1,709 1,709 1,709 — — Loan servicing assets 4,180 7,269 — 7,269 — Mortgage banking derivatives 1,091 1,091 — 23 1,068 Accrued interest receivable 4,765 4,765 — — 4,765 FINANCIAL LIABILITIES Deposits $ 999,823 998,577 — 998,577 — Short-term borrowings 6,290 6,290 — 6,290 — Long-term borrowings 29,123 25,209 — — 25,209 Mortgage banking derivatives 56 56 — 56 — Accrued interest payable 557 557 — — 557 December 31, 2023 Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 63,434 $ 63,434 $ 63,434 $ — $ — Securities available for sale 336,714 336,714 51,505 285,209 — Securities held to maturity 28,600 28,544 — 15,422 13,122 Equity securities 302 302 302 — — Loans held for investment, net 586,510 544,985 — — 544,985 Loans held for sale 4,695 4,695 — 4,695 — Restricted stock 1,672 1,672 1,672 — — Loan servicing assets 4,287 7,030 — 7,030 — Mortgage banking derivatives 852 852 — 46 806 Accrued interest receivable 4,393 4,393 — — 4,393 FINANCIAL LIABILITIES Deposits $ 981,713 $ 980,534 $ — $ 980,534 $ — Short-term borrowings 1,379 1,379 — 1,379 — Long-term borrowings 29,104 25,102 — — 25,102 Mortgage banking derivatives 288 288 — 288 — Accrued interest payable 414 414 — — 414 |
Mortgage Banking Derivatives (T
Mortgage Banking Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Mortgage Banking [Abstract] | |
Summary of Notional Amount and Fair Value of Mortgage Banking Derivatives | The following table reflects the notional amount and fair value of mortgage banking derivatives included in the balance sheet at fair value as of March 31, 2024 and December 31, 2023. Notional Amount Fair Value (dollars in thousands) Balance at March 31, 2024 Included in mortgage banking derivatives asset: Interest rate lock commitments $ 31,961 $ 1,068 Forward sales commitments 841 23 Included in mortgage banking derivatives liability: To-be-announced mortgage-backed securities trades 41,500 56 Balance at December 31, 2023 Included in mortgage banking derivatives asset: Interest rate lock commitments $ 21,791 $ 806 Forward sales commitments 1,826 46 Included in mortgage banking derivatives liability: To-be-announced mortgage-backed securities trades 23,000 288 |
Comprehensive Income (Loss) - A
Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | $ 49,441 | $ 37,397 |
Total other comprehensive income (loss) | (1,113) | 4,546 |
Ending balance | 50,403 | 41,843 |
Unrealized Holding Gains on Available-for-Sale Securities (Net) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (25,100) | (31,765) |
Other comprehensive income (loss) before reclassifications, net of $332 and ($1,359) tax effect, respectively | (1,113) | 4,505 |
Amounts reclassified from accumulated other comprehensive loss, net of $0 and ($10) tax effect, respectively | 41 | |
Total other comprehensive income (loss) | (1,113) | 4,546 |
Ending balance | $ (26,213) | $ (27,219) |
Comprehensive Income (Loss) -_2
Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Tax effect on amount reclassified from accumulated other comprehensive loss | $ (10) | |
Unrealized Holding Gains on Available-for-Sale Securities (Net) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Tax effect on Other Comprehensive income (loss) before reclassifications | $ 332 | (1,359) |
Tax effect on amount reclassified from accumulated other comprehensive loss | $ 0 | $ (10) |
Noncontrolling Interest - Addit
Noncontrolling Interest - Additional Information (Detail) - Preferred Stock Series B and Series C [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2013 | Mar. 31, 2024 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Preferred stock issued | $ 10.7 | |
Dividends rate | 5.30% | |
Voting rights | The preferred stock has no voting rights |
Per Share Data - Additional Inf
Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | 12 Months Ended | ||
Oct. 17, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Earnings Per Share Basic And Dilutive [Line Items] | ||||
Stock dividend, percentage | 2% | |||
Dividends declared date | Oct. 17, 2023 | |||
Stock options outstanding | 0 | 0 | ||
Basic | 7,122,475 | 7,216,628 |
Investment and Equity Securit_3
Investment and Equity Securities - Carrying Amounts and Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 372,479 | $ 369,301 |
Available-for-sale Securities, Gross Unrealized Gains | 427 | 495 |
Available-for-sale Securities, Gross Unrealized Losses | 34,459 | 33,082 |
Securities available for sale | 338,447 | 336,714 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 54,994 | 54,984 |
Available-for-sale Securities, Gross Unrealized Losses | 3,680 | 3,479 |
Securities available for sale | 51,314 | 51,505 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 45,734 | 43,921 |
Available-for-sale Securities, Gross Unrealized Gains | 80 | 66 |
Available-for-sale Securities, Gross Unrealized Losses | 1,065 | 969 |
Securities available for sale | 44,749 | 43,018 |
GSE - Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 140,742 | 137,346 |
Available-for-sale Securities, Gross Unrealized Gains | 1 | 170 |
Available-for-sale Securities, Gross Unrealized Losses | 14,188 | 13,729 |
Securities available for sale | 126,555 | 123,787 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 29,625 | 31,469 |
Available-for-sale Securities, Gross Unrealized Gains | 343 | 244 |
Available-for-sale Securities, Gross Unrealized Losses | 83 | 200 |
Securities available for sale | 29,885 | 31,513 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 95,384 | 95,581 |
Available-for-sale Securities, Gross Unrealized Gains | 3 | 15 |
Available-for-sale Securities, Gross Unrealized Losses | 14,993 | 14,196 |
Securities available for sale | 80,394 | 81,400 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 6,000 | 6,000 |
Available-for-sale Securities, Gross Unrealized Losses | 450 | 509 |
Securities available for sale | $ 5,550 | $ 5,491 |
Investment and Equity Securit_4
Investment and Equity Securities - Carrying Amounts and Fair Values of Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $ 28,430 | $ 28,600 |
Held-to-maturity Securities, Gross Unrealized Losses | 2,847 | 2,864 |
Held-to-maturity Securities, Fair Value | 25,583 | 25,736 |
Allowance for credit losses for held to maturity securities | 66 | 56 |
Held-to-maturity Securities, Net Carrying Amount | 28,364 | 28,544 |
U.S. Government Agencies [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 133 | |
Held-to-maturity Securities, Gross Unrealized Losses | 1 | |
Held-to-maturity Securities, Fair Value | 132 | |
Held-to-maturity Securities, Net Carrying Amount | 133 | |
State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 13,430 | 13,467 |
Held-to-maturity Securities, Gross Unrealized Losses | 1,167 | 985 |
Held-to-maturity Securities, Fair Value | 12,263 | 12,482 |
Held-to-maturity Securities, Net Carrying Amount | 13,430 | 13,467 |
Corporate Bonds [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 15,000 | 15,000 |
Held-to-maturity Securities, Gross Unrealized Losses | 1,680 | 1,878 |
Held-to-maturity Securities, Fair Value | 13,320 | 13,122 |
Allowance for credit losses for held to maturity securities | 66 | 56 |
Held-to-maturity Securities, Net Carrying Amount | $ 14,934 | $ 14,944 |
Investment and Equity Securit_5
Investment and Equity Securities - Additional Information (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Federal Reserve stock owned by Company | $ 959,000 | $ 959,000 |
Federal Home Loan Bank stock (FHLB) | 750,000 | 712,000 |
Allowance for credit losses for available for sale securities | 0 | |
Securities held to maturity | 0 | |
Securities available for sale pledged as collateral on public deposits/short-term borrowings | 129,400,000 | $ 137,100,000 |
Federal Reserve Bank | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale pledged as collateral on public deposits/short-term borrowings | 6,800,000 | |
Past Due 30 Days or More | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity current | $ 0 |
Investment and Equity Securit_6
Investment and Equity Securities - Allowance for Credit Losses on Held to Maturity Securities (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Balance, December 31, 2023 | $ 56 |
Provision of credit losses | 10 |
Balance, March 31, 2024 | 66 |
Corporate Bonds [Member] | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Balance, December 31, 2023 | 56 |
Provision of credit losses | 10 |
Balance, March 31, 2024 | $ 66 |
Investment and Equity Securit_7
Investment and Equity Securities - Summary of Amortized Cost of Debt Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | $ 28,430 | $ 28,600 |
U.S. Government Agencies [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 133 | |
State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 13,430 | $ 13,467 |
Corporate Bonds [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 15,000 | |
Aaa | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 1,148 | |
Aaa | State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 1,148 | |
Aa1/Aa2/Aa3 | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 12,282 | |
Aa1/Aa2/Aa3 | State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 12,282 | |
Not rated | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 15,000 | |
Not rated | Corporate Bonds [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | $ 15,000 |
Investment and Equity Securit_8
Investment and Equity Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross proceeds from sales | $ 0 | $ 6,793 |
Realized gains from sales | 6 | |
Realized losses from sales | 57 | |
Net realized losses | $ (51) |
Investment and Equity Securit_9
Investment and Equity Securities - Gross Unrealized Losses and Fair Value of Investments (Detail) $ in Thousands | Mar. 31, 2024 USD ($) Security | Dec. 31, 2023 USD ($) Security |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Number of Securities | Security | 28 | 21 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | $ 42,198 | $ 28,979 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | $ 416 | $ 238 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Number of Securities | Security | 158 | 156 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | $ 260,842 | $ 258,958 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 34,043 | 32,844 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 303,040 | 287,937 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | $ 34,459 | $ 33,082 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Number of Securities | Security | 8 | 9 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | $ 49,314 | $ 51,505 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 3,680 | 3,479 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 49,314 | 51,505 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | $ 3,680 | $ 3,479 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Number of Securities | Security | 12 | 12 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | $ 13,721 | $ 16,865 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | $ 189 | $ 107 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Number of Securities | Security | 22 | 18 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | $ 21,535 | $ 14,705 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 876 | 862 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 35,256 | 31,570 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | $ 1,065 | $ 969 |
GSE - Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Number of Securities | Security | 14 | 5 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | $ 25,610 | $ 7,907 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | $ 222 | $ 103 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Number of Securities | Security | 59 | 59 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | $ 99,703 | $ 100,765 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 13,966 | 13,626 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 125,313 | 108,672 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | $ 14,188 | $ 13,729 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Number of Securities | Security | 1 | 2 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | $ 637 | $ 1,711 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | $ 2 | $ 5 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Number of Securities | Security | 5 | 7 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | $ 7,992 | $ 10,140 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 81 | 195 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 8,629 | 11,851 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | $ 83 | $ 200 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Number of Securities | Security | 1 | 2 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | $ 2,230 | $ 2,496 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | $ 3 | $ 23 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Number of Securities | Security | 61 | 60 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | $ 76,748 | $ 76,352 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 14,990 | 14,173 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 78,978 | 78,848 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | $ 14,993 | $ 14,196 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Number of Securities | Security | 3 | 3 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | $ 5,550 | $ 5,491 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 450 | 509 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 5,550 | 5,491 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | $ 450 | $ 509 |
Investment and Equity Securi_10
Investment and Equity Securities - Amortized Cost and Fair Value of Available for Sale Securities Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within twelve months, Amortized cost | $ 22,028 | |
Due after one but within five years, Amortized Cost | 46,925 | |
Due after five but within ten years, Amortized Cost | 64,512 | |
Due after ten years, Amortized Cost | 239,014 | |
Available-for-sale Securities, Amortized Cost | 372,479 | $ 369,301 |
Due within twelve months, Estimated Fair Value | 21,937 | |
Due after one but within five years, Estimated Fair Value | 42,936 | |
Due after five but within ten years, Estimated Fair Value | 56,787 | |
Due after ten years, Estimated Fair Value | 216,787 | |
Available-for-sale Securities, Estimated Fair Value | $ 338,447 | $ 336,714 |
Due within twelve months, Book Yield | 3.82% | |
Due after one but within five years, Book Yield | 2.04% | |
Due after five but within ten years, Book Yield | 2.56% | |
Due after ten years, Book Yield | 3.67% | |
Total securities available for sale, Book Yield | 3.28% |
Investment and Equity Securi_11
Investment and Equity Securities - Amortized Cost and Fair Value of Held to Maturity Securities Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within twelve months, Amortized Cost | $ 380 | |
Due after five but within ten years, Amortized Cost | 18,820 | |
Due after ten years, Amortized cost | 9,230 | |
Total Securities held for maturity, Amortized Cost | 28,430 | |
Due within twelve months, Estimated Fair Value | 379 | |
Due after five but within ten years, Estimated Fair Value | 16,753 | |
Due after ten years, Estimated Fair Value | 8,451 | |
Total Securities held for maturity, Estimated Fair Value | $ 25,583 | $ 25,736 |
Due within twelve months, Book Yield | 2.99% | |
Due after five but within ten years, Book Yield | 4.17% | |
Due after ten years, Book Yield | 3.42% | |
Total Securities held for maturity, Book Yield | 3.91% |
Investment and Equity Securi_12
Investment and Equity Securities - Unrealized Gain and Losses related to Equity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net gains recognized during the period on equity securities | $ 41 | $ 34 |
Less: Net gains (losses) recognized from equity securities sold during the period | 0 | |
Unrealized gains recognized during the period on equity securities still held at the reporting date | $ 41 | $ 34 |
Loans Held for Investment - Com
Loans Held for Investment - Composition of Net Loans Held for Investment by Class (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | $ 612,954 | $ 591,207 | ||
Less: | ||||
Less allowance for credit losses on loans | (5,523) | (5,561) | $ (4,596) | $ (2,290) |
Deferred loan costs (fees) net | 854 | 864 | ||
Net loans held for investment | 608,285 | 586,510 | ||
Commercial [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 105,592 | 102,366 | ||
Commercial [Member] | Real Estate - Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 226,535 | 213,397 | ||
Commercial [Member] | Other Real Estate Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 36,600 | 40,872 | ||
Less: | ||||
Less allowance for credit losses on loans | (323) | (389) | (325) | (177) |
Commercial [Member] | Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 6,080 | 6,214 | ||
Less: | ||||
Less allowance for credit losses on loans | (11) | (9) | (7) | (4) |
Non-Commercial [Member] | Consumer Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 11,648 | 11,581 | ||
Non-Commercial [Member] | Real Estate 1 - 4 Family Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 15,103 | 12,481 | ||
Less: | ||||
Less allowance for credit losses on loans | (34) | (31) | ||
Non-Commercial [Member] | Real Estate - Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 149,952 | 143,697 | ||
Less: | ||||
Less allowance for credit losses on loans | (855) | (796) | (657) | (561) |
Non-Commercial [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 61,444 | 60,599 | ||
Less: | ||||
Less allowance for credit losses on loans | $ (600) | $ (582) | $ (567) | $ (277) |
Allowance for Credit Losses o_3
Allowance for Credit Losses on Loans - Summary of Activity Related to Allowance for Credit Losses on Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | $ 5,561 | $ 2,290 | $ 2,290 |
Provision for (recovery of) credit losses | (5) | 291 | |
Charge-offs | (45) | (421) | (754) |
Recoveries | 12 | 29 | |
Net (charge-offs) recoveries | (33) | (392) | |
Balance, end of period | 5,523 | 4,596 | 5,561 |
Cumulative Effect of Change in Accounting Principle [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 2,407 | 2,407 | |
Commercial [Member] | Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 1,493 | 435 | 435 |
Provision for (recovery of) credit losses | (16) | 213 | |
Charge-offs | (343) | ||
Recoveries | 3 | 3 | |
Net (charge-offs) recoveries | 3 | (340) | |
Balance, end of period | 1,480 | 1,010 | 1,493 |
Commercial [Member] | Commercial [Member] | Cumulative Effect of Change in Accounting Principle [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 702 | 702 | |
Real Estate Commercial [Member] | Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 2,057 | 760 | 760 |
Provision for (recovery of) credit losses | (24) | 83 | |
Balance, end of period | 2,033 | 1,860 | 2,057 |
Real Estate Commercial [Member] | Commercial [Member] | Cumulative Effect of Change in Accounting Principle [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 1,017 | 1,017 | |
Other Real Estate Construction [Member] | Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 389 | 177 | 177 |
Provision for (recovery of) credit losses | (66) | 47 | |
Charge-offs | (42) | ||
Net (charge-offs) recoveries | (42) | ||
Balance, end of period | 323 | 325 | 389 |
Other Real Estate Construction [Member] | Commercial [Member] | Cumulative Effect of Change in Accounting Principle [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 143 | 143 | |
Other Loans [Member] | Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 9 | 4 | 4 |
Provision for (recovery of) credit losses | 2 | (2) | |
Balance, end of period | 11 | 7 | 9 |
Other Loans [Member] | Commercial [Member] | Cumulative Effect of Change in Accounting Principle [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 5 | 5 | |
Real Estate 1 - 4 Family Construction [Member] | Non-Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 31 | ||
Provision for (recovery of) credit losses | 3 | ||
Balance, end of period | 34 | 31 | |
Real Estate - Residential [Member] | Non-Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 796 | 561 | 561 |
Provision for (recovery of) credit losses | 58 | 21 | |
Recoveries | 1 | 1 | |
Net (charge-offs) recoveries | 1 | 1 | |
Balance, end of period | 855 | 657 | 796 |
Real Estate - Residential [Member] | Non-Commercial [Member] | Cumulative Effect of Change in Accounting Principle [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 74 | 74 | |
Home Equity [Member] | Non-Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 582 | 277 | 277 |
Provision for (recovery of) credit losses | 18 | (86) | |
Recoveries | 1 | ||
Net (charge-offs) recoveries | 1 | ||
Balance, end of period | 600 | 567 | 582 |
Home Equity [Member] | Non-Commercial [Member] | Cumulative Effect of Change in Accounting Principle [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 375 | 375 | |
Consumers Loans [Member] | Non-Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 204 | 76 | 76 |
Provision for (recovery of) credit losses | 20 | 15 | |
Charge-offs | (45) | (36) | |
Recoveries | 8 | 24 | |
Net (charge-offs) recoveries | (37) | (12) | |
Balance, end of period | $ 187 | 170 | 204 |
Consumers Loans [Member] | Non-Commercial [Member] | Cumulative Effect of Change in Accounting Principle [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | $ 91 | $ 91 |
Allowance for Credit Losses o_4
Allowance for Credit Losses on Loans - Past Due Information of Loan Portfolio by Class (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | $ 613,808,000 | $ 592,071,000 |
Total Loans | 613,808,000 | 592,071,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 608,000 | 1,548,000 |
Nonaccrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 1,577,000 | 1,101,000 |
Financial Asset, Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 2,185,000 | 2,649,000 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 611,623,000 | 589,422,000 |
Real Estate - Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 226,658,000 | 213,523,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real Estate - Commercial [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 45,000 | 588,000 |
Real Estate - Commercial [Member] | Nonaccrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 401,000 | 488,000 |
Real Estate - Commercial [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 446,000 | 1,076,000 |
Real Estate - Commercial [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 226,212,000 | 212,447,000 |
Other Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 36,600,000 | 40,872,000 |
Total Loans | 36,600,000 | 40,872,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Other Real Estate Construction [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 0 | |
Other Real Estate Construction [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 36,600,000 | 40,872,000 |
Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 15,103,000 | 12,481,000 |
Total Loans | 15,103,000 | 12,481,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real Estate 1 - 4 Family Construction [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 15,103,000 | 12,481,000 |
Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 150,687,000 | 144,438,000 |
Total Loans | 150,687,000 | 144,438,000 |
Accruing Loans 90 or More Days Past Due | 0 | |
Real Estate - Residential [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 388,000 | 715,000 |
Real Estate - Residential [Member] | Nonaccrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 828,000 | 278,000 |
Real Estate - Residential [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 1,216,000 | 993,000 |
Real Estate - Residential [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 149,471,000 | 143,445,000 |
Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 61,444,000 | 60,600,000 |
Total Loans | 61,445,000 | 60,600,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Home Equity [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 85,000 | 115,000 |
Home Equity [Member] | Nonaccrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 181,000 | 181,000 |
Home Equity [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 266,000 | 296,000 |
Home Equity [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 61,179,000 | 60,304,000 |
Other Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 6,080,000 | 6,214,000 |
Total Loans | 6,079,000 | 6,214,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Other Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 6,079,000 | 6,214,000 |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 105,588,000 | 102,362,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Commercial [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 28,000 | 46,000 |
Commercial [Member] | Nonaccrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 167,000 | 154,000 |
Commercial [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 195,000 | 200,000 |
Commercial [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 105,393,000 | 102,162,000 |
Consumer Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 11,648,000 | 11,581,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Consumer Loans [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 62,000 | 84,000 |
Consumer Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 62,000 | 84,000 |
Consumer Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | $ 11,586,000 | $ 11,497,000 |
Allowance for Credit Losses o_5
Allowance for Credit Losses on Loans - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) Loan | Dec. 31, 2023 USD ($) Loan | |
Allowance For Loan Losses [Line Items] | ||
Financing receivable recorded investment number of days past due | 90 days | |
Carrying value of foreclosed properties | $ 141,000 | $ 141,000 |
Collateral dependent loans balance minimum threshold for individual assessment | 100,000 | |
Financing receivable, Revolving, converted to term loans | $ 974,000 | |
Number of loans issued to borrowers | Loan | 0 | 0 |
TDR is defined as being past due | 90 days | |
Accruing Loans 90 or More Days Past Due | $ 0 | $ 0 |
Real Estate - Residential [Member] | ||
Allowance For Loan Losses [Line Items] | ||
Foreclosed residential real estate, loan amount | 0 | |
Real estate in process of foreclosure, loan amount | 132,000 | |
Accruing Loans 90 or More Days Past Due | $ 0 |
Allowance for Credit Losses o_6
Allowance for Credit Losses on Loans - Composition of Nonaccrual Loans by Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable Impaired [Line Items] | |||
Nonaccrual Loans with No Allowance | $ 578 | $ 581 | |
Nonaccrual Loans with an Allowance | 999 | 520 | |
Nonaccrual Loans | 1,577 | 1,101 | |
Interest Income | 10 | $ 7 | |
Real Estate - Commercial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Nonaccrual Loans with No Allowance | 401 | 400 | |
Nonaccrual Loans with an Allowance | 88 | ||
Nonaccrual Loans | 401 | 488 | |
Real Estate - Residential [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Nonaccrual Loans with No Allowance | 177 | 181 | |
Nonaccrual Loans with an Allowance | 651 | 97 | |
Nonaccrual Loans | 828 | 278 | |
Interest Income | 10 | $ 7 | |
Home Equity [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Nonaccrual Loans with an Allowance | 181 | 181 | |
Nonaccrual Loans | 181 | 181 | |
Commercial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Nonaccrual Loans with an Allowance | 167 | 154 | |
Nonaccrual Loans | $ 167 | $ 154 |
Allowance for Credit Losses o_7
Allowance for Credit Losses on Loans - Summary of Amortized Cost of Collateral Dependent Loans and Any Related Allowance (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | $ 613,808 | $ 592,071 |
Other Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 36,600 | 40,872 |
Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 15,103 | 12,481 |
Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 150,687 | 144,438 |
Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 61,444 | 60,600 |
Other Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 6,080 | 6,214 |
Collateral Dependent Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 1,418 | 867 |
Financing Receivable, Allowance for Credit Loss | 167 | 98 |
Collateral Dependent Loans [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 401 | 400 |
Collateral Dependent Loans [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 736 | 181 |
Financing Receivable, Allowance for Credit Loss | 70 | |
Collateral Dependent Loans [Member] | Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 132 | 132 |
Financing Receivable, Allowance for Credit Loss | 3 | |
Commercial [Member] | Collateral Dependent Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 149 | 154 |
Financing Receivable, Allowance for Credit Loss | $ 97 | $ 95 |
Allowance for Credit Losses o_8
Allowance for Credit Losses on Loans - Summary of Credit Quality Indicators by Year of Origination (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | $ 33,722 | $ 158,080 |
Term loan by orgination fiscal year before current fiscal year | 156,186 | 124,447 |
Term loan by orgination two years before current fiscal year | 119,107 | 87,038 |
Term loan by orgination three years before current fiscal year | 84,849 | 46,569 |
Term loan by orgination four years before current fiscal year | 43,968 | 22,959 |
Prior | 84,357 | 65,616 |
Revolving | 91,619 | 87,362 |
Total | 613,808 | 592,071 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 33,218 | 157,190 |
Term loan by orgination fiscal year before current fiscal year | 155,305 | 124,407 |
Term loan by orgination two years before current fiscal year | 118,589 | 85,231 |
Term loan by orgination three years before current fiscal year | 83,057 | 45,626 |
Term loan by orgination four years before current fiscal year | 43,110 | 22,573 |
Prior | 82,414 | 64,028 |
Revolving | 91,088 | 86,299 |
Total | 606,781 | 585,354 |
Watches [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 504 | 183 |
Term loan by orgination fiscal year before current fiscal year | 175 | 22 |
Term loan by orgination two years before current fiscal year | 518 | 318 |
Term loan by orgination three years before current fiscal year | 318 | 384 |
Term loan by orgination four years before current fiscal year | 379 | 215 |
Prior | 1,047 | 846 |
Revolving | 531 | 1,063 |
Total | 3,472 | 3,031 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 707 | |
Term loan by orgination fiscal year before current fiscal year | 148 | 18 |
Term loan by orgination two years before current fiscal year | 1,089 | |
Term loan by orgination three years before current fiscal year | 1,073 | 121 |
Term loan by orgination four years before current fiscal year | 119 | 171 |
Prior | 638 | 479 |
Total | 1,978 | 2,585 |
Sub-standard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination fiscal year before current fiscal year | 558 | |
Term loan by orgination two years before current fiscal year | 400 | |
Term loan by orgination three years before current fiscal year | 401 | 438 |
Term loan by orgination four years before current fiscal year | 360 | |
Prior | 258 | 263 |
Total | 1,577 | 1,101 |
Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 6,977 | 23,810 |
Term loan by orgination fiscal year before current fiscal year | 21,454 | 21,753 |
Term loan by orgination two years before current fiscal year | 21,087 | 16,587 |
Term loan by orgination three years before current fiscal year | 15,938 | 6,022 |
Term loan by orgination four years before current fiscal year | 4,544 | 2,553 |
Prior | 12,559 | 10,634 |
Revolving | 23,029 | 21,003 |
Total | 105,588 | 102,362 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 6,977 | 23,611 |
Term loan by orgination fiscal year before current fiscal year | 21,263 | 21,731 |
Term loan by orgination two years before current fiscal year | 20,569 | 16,587 |
Term loan by orgination three years before current fiscal year | 15,938 | 5,868 |
Term loan by orgination four years before current fiscal year | 4,377 | 2,553 |
Prior | 12,559 | 10,634 |
Revolving | 22,647 | 20,089 |
Total | 104,330 | 101,073 |
Commercial [Member] | Watches [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 183 | |
Term loan by orgination fiscal year before current fiscal year | 175 | 22 |
Term loan by orgination two years before current fiscal year | 518 | |
Revolving | 382 | 914 |
Total | 1,075 | 1,119 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 16 | |
Term loan by orgination fiscal year before current fiscal year | 16 | |
Total | 16 | 16 |
Commercial [Member] | Sub-standard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination three years before current fiscal year | 154 | |
Term loan by orgination four years before current fiscal year | 167 | |
Total | 167 | 154 |
Real Estate Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 11,145 | 51,543 |
Term loan by orgination fiscal year before current fiscal year | 51,418 | 46,563 |
Term loan by orgination two years before current fiscal year | 50,589 | 39,255 |
Term loan by orgination three years before current fiscal year | 38,867 | 23,240 |
Term loan by orgination four years before current fiscal year | 22,502 | 15,972 |
Prior | 48,280 | 34,106 |
Revolving | 3,857 | 2,844 |
Total | 226,658 | 213,523 |
Real Estate Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 11,145 | 51,543 |
Term loan by orgination fiscal year before current fiscal year | 51,418 | 46,563 |
Term loan by orgination two years before current fiscal year | 50,589 | 38,267 |
Term loan by orgination three years before current fiscal year | 37,890 | 23,031 |
Term loan by orgination four years before current fiscal year | 22,383 | 15,727 |
Prior | 47,890 | 33,949 |
Revolving | 3,857 | 2,844 |
Total | 225,172 | 211,924 |
Real Estate Commercial [Member] | Watches [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination four years before current fiscal year | 74 | |
Prior | 70 | |
Total | 70 | 74 |
Real Estate Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination two years before current fiscal year | 588 | |
Term loan by orgination three years before current fiscal year | 576 | 121 |
Term loan by orgination four years before current fiscal year | 119 | 171 |
Prior | 320 | 157 |
Total | 1,015 | 1,037 |
Real Estate Commercial [Member] | Sub-standard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination two years before current fiscal year | 400 | |
Term loan by orgination three years before current fiscal year | 401 | 88 |
Total | 401 | 488 |
Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 1,465 | 20,458 |
Term loan by orgination fiscal year before current fiscal year | 20,164 | 10,368 |
Term loan by orgination two years before current fiscal year | 5,435 | 3,050 |
Term loan by orgination three years before current fiscal year | 2,766 | 3,711 |
Term loan by orgination four years before current fiscal year | 3,661 | 542 |
Prior | 2,600 | 2,195 |
Revolving | 509 | 548 |
Total | 36,600 | 40,872 |
Other Real Estate Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 1,465 | 20,458 |
Term loan by orgination fiscal year before current fiscal year | 20,164 | 10,368 |
Term loan by orgination two years before current fiscal year | 5,435 | 3,050 |
Term loan by orgination three years before current fiscal year | 2,766 | 3,711 |
Term loan by orgination four years before current fiscal year | 3,661 | 542 |
Prior | 2,553 | 2,148 |
Revolving | 509 | 548 |
Total | 36,553 | 40,825 |
Other Real Estate Construction [Member] | Watches [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Prior | 47 | 47 |
Total | 47 | 47 |
Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 1,162 | 10,628 |
Term loan by orgination fiscal year before current fiscal year | 12,908 | 1,353 |
Term loan by orgination two years before current fiscal year | 533 | 500 |
Term loan by orgination three years before current fiscal year | 500 | |
Total | 15,103 | 12,481 |
Real Estate 1 - 4 Family Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 1,162 | 10,628 |
Term loan by orgination fiscal year before current fiscal year | 12,908 | 1,353 |
Term loan by orgination two years before current fiscal year | 533 | 500 |
Term loan by orgination three years before current fiscal year | 500 | |
Total | 15,103 | 12,481 |
Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 11,379 | 47,136 |
Term loan by orgination fiscal year before current fiscal year | 46,504 | 40,558 |
Term loan by orgination two years before current fiscal year | 37,947 | 23,969 |
Term loan by orgination three years before current fiscal year | 23,372 | 11,762 |
Term loan by orgination four years before current fiscal year | 11,476 | 3,650 |
Prior | 18,475 | 16,281 |
Revolving | 1,534 | 1,082 |
Total | 150,687 | 144,438 |
Real Estate - Residential [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 10,875 | 46,470 |
Term loan by orgination fiscal year before current fiscal year | 45,839 | 40,558 |
Term loan by orgination two years before current fiscal year | 37,947 | 23,259 |
Term loan by orgination three years before current fiscal year | 22,666 | 11,182 |
Term loan by orgination four years before current fiscal year | 10,904 | 3,528 |
Prior | 17,296 | 15,208 |
Revolving | 1,534 | 1,082 |
Total | 147,061 | 141,287 |
Real Estate - Residential [Member] | Watches [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 504 | |
Term loan by orgination two years before current fiscal year | 209 | |
Term loan by orgination three years before current fiscal year | 209 | 384 |
Term loan by orgination four years before current fiscal year | 379 | 122 |
Prior | 784 | 669 |
Total | 1,876 | 1,384 |
Real Estate - Residential [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 666 | |
Term loan by orgination fiscal year before current fiscal year | 107 | |
Term loan by orgination two years before current fiscal year | 501 | |
Term loan by orgination three years before current fiscal year | 497 | |
Prior | 318 | 322 |
Total | 922 | 1,489 |
Real Estate - Residential [Member] | Sub-standard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination fiscal year before current fiscal year | 558 | |
Term loan by orgination three years before current fiscal year | 196 | |
Term loan by orgination four years before current fiscal year | 193 | |
Prior | 77 | 82 |
Total | 828 | 278 |
Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 173 | |
Term loan by orgination fiscal year before current fiscal year | 135 | 134 |
Term loan by orgination two years before current fiscal year | 205 | 204 |
Term loan by orgination three years before current fiscal year | 154 | 407 |
Term loan by orgination four years before current fiscal year | 406 | 113 |
Prior | 1,601 | 1,620 |
Revolving | 58,943 | 57,949 |
Total | 61,444 | 60,600 |
Home Equity [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 173 | |
Term loan by orgination fiscal year before current fiscal year | 135 | 134 |
Term loan by orgination two years before current fiscal year | 205 | 95 |
Term loan by orgination three years before current fiscal year | 45 | 407 |
Term loan by orgination four years before current fiscal year | 406 | 94 |
Prior | 1,274 | 1,309 |
Revolving | 58,794 | 57,800 |
Total | 60,859 | 60,012 |
Home Equity [Member] | Watches [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination two years before current fiscal year | 109 | |
Term loan by orgination three years before current fiscal year | 109 | |
Term loan by orgination four years before current fiscal year | 19 | |
Prior | 146 | 130 |
Revolving | 149 | 149 |
Total | 404 | 407 |
Home Equity [Member] | Sub-standard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Prior | 181 | 181 |
Total | 181 | 181 |
Consumers Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 1,594 | 4,327 |
Term loan by orgination fiscal year before current fiscal year | 3,603 | 2,107 |
Term loan by orgination two years before current fiscal year | 1,704 | 609 |
Term loan by orgination three years before current fiscal year | 473 | 121 |
Term loan by orgination four years before current fiscal year | 94 | 129 |
Prior | 433 | 352 |
Revolving | 3,747 | 3,936 |
Total | 11,648 | 11,581 |
Consumers Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 1,594 | 4,302 |
Term loan by orgination fiscal year before current fiscal year | 3,578 | 2,089 |
Term loan by orgination two years before current fiscal year | 1,704 | 609 |
Term loan by orgination three years before current fiscal year | 473 | 121 |
Term loan by orgination four years before current fiscal year | 94 | 129 |
Prior | 433 | 352 |
Revolving | 3,747 | 3,936 |
Total | 11,623 | 11,538 |
Consumers Loans [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 25 | |
Term loan by orgination fiscal year before current fiscal year | 25 | 18 |
Total | 25 | 43 |
Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 5 | |
Term loan by orgination fiscal year before current fiscal year | 1,611 | |
Term loan by orgination two years before current fiscal year | 1,607 | 2,864 |
Term loan by orgination three years before current fiscal year | 2,779 | 1,306 |
Term loan by orgination four years before current fiscal year | 1,285 | |
Prior | 409 | 428 |
Total | 6,080 | 6,214 |
Other Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term loan by orgination current fiscal year | 5 | |
Term loan by orgination fiscal year before current fiscal year | 1,611 | |
Term loan by orgination two years before current fiscal year | 1,607 | 2,864 |
Term loan by orgination three years before current fiscal year | 2,779 | 1,306 |
Term loan by orgination four years before current fiscal year | 1,285 | |
Prior | 409 | 428 |
Total | $ 6,080 | $ 6,214 |
Allowance for Credit Losses o_9
Allowance for Credit Losses on Loans - Schedule of Gross Charge-Offs by Origination (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable Recorded Investment [Line Items] | |||
Gross loans charge offs originated in fiscal year before latest fiscal year | $ 28 | $ 125 | |
Gross loans charge offs originated two years before latest fiscal year | 3 | 4 | |
Gross loans charge offs originated three years before latest fiscal year | 162 | ||
Gross loans charge offs originated four years before latest fiscal year | 6 | 315 | |
Prior | 75 | ||
Revolving | 8 | 73 | |
Total | 45 | $ 421 | 754 |
Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Gross loans charge offs originated in fiscal year before latest fiscal year | 49 | ||
Gross loans charge offs originated three years before latest fiscal year | 159 | ||
Gross loans charge offs originated four years before latest fiscal year | 315 | ||
Prior | 71 | ||
Revolving | 9 | ||
Total | 603 | ||
Commercial [Member] | Other Real Estate Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Gross loans charge offs originated in fiscal year before latest fiscal year | 42 | ||
Total | 42 | ||
Consumer Loans [Member] | Non-Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Gross loans charge offs originated in fiscal year before latest fiscal year | 28 | 34 | |
Gross loans charge offs originated two years before latest fiscal year | 3 | 4 | |
Gross loans charge offs originated three years before latest fiscal year | 3 | ||
Gross loans charge offs originated four years before latest fiscal year | 6 | ||
Prior | 4 | ||
Revolving | 8 | 64 | |
Total | $ 45 | $ 109 |
Allowance for Credit Losses _10
Allowance for Credit Losses on Loans - Summary of Performing and Nonperforming Loans by Class (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 613,808 | $ 592,071 |
Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 226,658 | 213,523 |
Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 36,600 | 40,872 |
Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 15,103 | 12,481 |
Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 150,687 | 144,438 |
Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 61,445 | 60,600 |
Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 6,079 | 6,214 |
Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 105,588 | 102,362 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 11,648 | 11,581 |
Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 612,231 | 590,970 |
Performing [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 226,257 | 213,035 |
Performing [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 36,600 | 40,872 |
Performing [Member] | Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 15,103 | 12,481 |
Performing [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 149,859 | 144,160 |
Performing [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 61,264 | 60,419 |
Performing [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 6,079 | 6,214 |
Performing [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 105,421 | 102,208 |
Performing [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 11,648 | 11,581 |
Non-Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,577 | 1,101 |
Non-Performing [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 401 | 488 |
Non-Performing [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 828 | 278 |
Non-Performing [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 181 | 181 |
Non-Performing [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 167 | $ 154 |
Allowance for Credit Losses _11
Allowance for Credit Losses on Loans - Summary Of Breakdown of Types of Concessions Made by Loan Class (Details) - Payment Deferrals [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financing Receivable, Modified [Line Items] | |
Amortized Cost Basis | $ 560 |
Real Estate - Residential [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized Cost Basis | $ 560 |
% of Total Loan Type | 0.37% |
Allowance for Credit Losses _12
Allowance for Credit Losses on Loans - Summary Of Depicts The Performance Of Loans That Have Been Modified (Details) - Financial Asset, Not Past Due [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financing Receivable, Modified [Line Items] | |
Modified | $ 560 |
Real Estate - Residential [Member] | |
Financing Receivable, Modified [Line Items] | |
Modified | $ 560 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2024 USD ($) OfficeLocation Branch | Mar. 31, 2023 USD ($) | |
Lessee Lease Description [Line Items] | ||
Number of office locations leased | OfficeLocation | 4 | |
Number of branch locations leased | Branch | 3 | |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | |
Description of option to extend | Certain lease arrangements contain extension options which range from five to ten years at the then fair market rental rates. | |
Operating lease liability | $ 1,505,000 | |
Operating lease costs | 106,000 | $ 106,000 |
ASU 2016-02 [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 1,400,000 | $ 1,800,000 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Premises and equipment, net | Premises and equipment, net |
Operating lease liability | $ 1,500,000 | $ 1,900,000 |
Minimum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating leases remaining term | 3 years | |
Option to extend term | 5 years | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating leases remaining term | 6 years | |
Option to extend term | 10 years |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 110 | $ 107 |
Weighted-average remaining lease term - operating leases, in years | 3 years 8 months 12 days | 4 years 8 months 12 days |
Weighted-average discount rate - operating leases | 2.60% | 2.55% |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Remaining Lease Liabilities (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | |
2024 | $ 336 |
2025 | 455 |
2026 | 416 |
2027 | 260 |
2028 | 97 |
2029 and thereafter | 20 |
Total lease payments | 1,584 |
Less: Interest | (79) |
Operating lease liability | $ 1,505 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilitiesNoncurrent |
Commitments and Contingencies -
Commitments and Contingencies - Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Total commitments | $ 256,526 | $ 237,688 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | 223,003 | 204,163 |
Credit Card Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | 25,616 | 25,647 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | $ 7,907 | $ 7,878 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Unfunded Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Loans held for investment | $ 149,000 | $ 184,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Balance and Activity in Allowance for Credit Losses for Unfunded Loan Commitments (Detail) - Unfunded Commitments [Member] | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Loss Contingencies [Line Items] | |
Balance, December 31, 2023 | $ 184,000 |
Provision for (recovery of) credit losses | (35,000) |
Balance, March 31, 2024 | $ 149,000 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Information for Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | $ 338,447 | $ 336,714 |
Mortgage banking derivative asset, fair value | 1,091 | 852 |
Mortgage banking derivative liability, fair value | 56 | 288 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 51,314 | 51,505 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 287,133 | 285,209 |
Fair Value on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 339,881 | 337,868 |
Mortgage banking derivative liability, fair value | 56 | 288 |
Fair Value on a Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 51,657 | 51,807 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 287,156 | 285,255 |
Mortgage banking derivative liability, fair value | 56 | 288 |
Fair Value on a Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 1,068 | 806 |
Mortgage banking derivative liability, fair value | 0 | |
Fair Value on a Recurring Basis [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 51,314 | 51,505 |
Fair Value on a Recurring Basis [Member] | U.S. Treasury [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 51,314 | 51,505 |
Fair Value on a Recurring Basis [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 44,749 | 43,018 |
Fair Value on a Recurring Basis [Member] | U.S. Government Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 44,749 | 43,018 |
Fair Value on a Recurring Basis [Member] | GSE - Mortgage-backed Securities and CMO's [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 126,555 | 123,787 |
Fair Value on a Recurring Basis [Member] | GSE - Mortgage-backed Securities and CMO's [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 126,555 | 123,787 |
Fair Value on a Recurring Basis [Member] | GSE - Mortgage-backed Securities and CMO's [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 0 | |
Fair Value on a Recurring Basis [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 29,885 | 31,513 |
Fair Value on a Recurring Basis [Member] | Asset-backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 29,885 | 31,513 |
Fair Value on a Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 80,394 | 81,400 |
Fair Value on a Recurring Basis [Member] | State and Political Subdivisions [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 80,394 | 81,400 |
Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 5,550 | 5,491 |
Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 5,550 | 5,491 |
Fair Value on a Recurring Basis [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 343 | 302 |
Fair Value on a Recurring Basis [Member] | Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 343 | 302 |
Fair Value on a Recurring Basis [Member] | Mortgage Banking Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative asset, fair value | 1,091 | 852 |
Mortgage banking derivative liability, fair value | 56 | 288 |
Fair Value on a Recurring Basis [Member] | Mortgage Banking Derivatives [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative asset, fair value | 23 | 46 |
Mortgage banking derivative liability, fair value | 56 | 288 |
Fair Value on a Recurring Basis [Member] | Mortgage Banking Derivatives [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage banking derivative asset, fair value | $ 1,068 | 806 |
Mortgage banking derivative liability, fair value | $ 0 |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Reconciliation for Recurring Level 3 Fair Value Measurements (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Beginning Balance | $ 806 |
Change in fair value: | |
Included in income from mortgage banking | 262 |
Change in observability of significant inputs: | |
Ending Balance | 1,068 |
Interest Rate Lock Commitments [Member] | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Beginning Balance | 806 |
Change in fair value: | |
Included in income from mortgage banking | 262 |
Change in observability of significant inputs: | |
Ending Balance | $ 1,068 |
Fair Value Disclosure (Detail)
Fair Value Disclosure (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Collateral dependent loans balance minimum threshold for individual assessment | $ 100,000 | |
Fair value of notional amount | $ 32,000,000 | $ 21,800,000 |
Projected pull-through rate | 84.20% | 82.70% |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value on a Nonrecurring Basis [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | $ 673 | $ 187 |
Total assets at fair value on a nonrecurring basis | 673 | 187 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 673 | 187 |
Total assets at fair value on a nonrecurring basis | $ 673 | $ 187 |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative Information about Level 3 Fair Value Measurements (Detail) - Individually Evaluated Loans | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted appraisals | Discounted appraisals |
Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 0% | 0% |
Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 25% | 25% |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
FINANCIAL ASSETS | ||
Securities available for sale | $ 338,447 | $ 336,714 |
Securities held to maturity | 25,583 | 25,736 |
Equity securities | 343 | 302 |
Loans held for investment, net | 608,285 | 586,510 |
Loan servicing assets | 4,180 | 4,287 |
Accrued interest receivable | 4,765 | 4,393 |
FINANCIAL LIABILITIES | ||
Long-term borrowings | 29,123 | 29,104 |
Carrying Value [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 62,649 | 63,434 |
Securities available for sale | 338,447 | 336,714 |
Securities held to maturity | 28,430 | 28,600 |
Equity securities | 343 | 302 |
Loans held for investment, net | 608,285 | 586,510 |
Loans held for sale | 5,299 | 4,695 |
Restricted stock | 1,709 | 1,672 |
Loan servicing assets | 4,180 | 4,287 |
Mortgage banking derivatives | 1,091 | 852 |
Accrued interest receivable | 4,765 | 4,393 |
FINANCIAL LIABILITIES | ||
Deposits | 999,823 | 981,713 |
Short-term borrowings | 6,290 | 1,379 |
Long-term borrowings | 29,123 | 29,104 |
Mortgage banking derivatives | 56 | 288 |
Accrued interest payable | 557 | 414 |
Estimated Fair Value [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 62,649 | 63,434 |
Securities available for sale | 338,447 | 336,714 |
Securities held to maturity | 28,364 | 28,544 |
Equity securities | 343 | 302 |
Loans held for investment, net | 566,982 | 544,985 |
Loans held for sale | 5,299 | 4,695 |
Restricted stock | 1,709 | 1,672 |
Loan servicing assets | 7,269 | 7,030 |
Mortgage banking derivatives | 1,091 | 852 |
Accrued interest receivable | 4,765 | 4,393 |
FINANCIAL LIABILITIES | ||
Deposits | 998,577 | 980,534 |
Short-term borrowings | 6,290 | 1,379 |
Long-term borrowings | 25,209 | 25,102 |
Mortgage banking derivatives | 56 | 288 |
Accrued interest payable | 557 | 414 |
Level 1 [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 62,649 | 63,434 |
Securities available for sale | 51,314 | 51,505 |
Equity securities | 343 | 302 |
Restricted stock | 1,709 | 1,672 |
Level 2 [Member] | ||
FINANCIAL ASSETS | ||
Securities available for sale | 287,133 | 285,209 |
Securities held to maturity | 15,044 | 15,422 |
Loans held for sale | 5,299 | 4,695 |
Loan servicing assets | 7,269 | 7,030 |
Mortgage banking derivatives | 23 | 46 |
FINANCIAL LIABILITIES | ||
Deposits | 998,577 | 980,534 |
Short-term borrowings | 6,290 | 1,379 |
Mortgage banking derivatives | 56 | 288 |
Level 3 [Member] | ||
FINANCIAL ASSETS | ||
Securities held to maturity | 13,320 | 13,122 |
Loans held for investment, net | 566,982 | 544,985 |
Mortgage banking derivatives | 1,068 | 806 |
Accrued interest receivable | 4,765 | 4,393 |
FINANCIAL LIABILITIES | ||
Long-term borrowings | 25,209 | 25,102 |
Accrued interest payable | $ 557 | $ 414 |
Mortgage Banking Derivatives -
Mortgage Banking Derivatives - Summary of Notional Amount and Fair Value of Mortgage Banking Derivatives (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Included in mortgage banking derivatives asset: | ||
Mortgage banking derivative asset, fair value | $ 1,091 | $ 852 |
Included in mortgage banking derivatives liability: | ||
Mortgage banking derivative liability, fair value | 56 | 288 |
Interest Rate Lock Commitments [Member] | ||
Included in mortgage banking derivatives asset: | ||
Derivative asset, notional amount | 31,961 | 21,791 |
Included in mortgage banking derivatives asset: | ||
Mortgage banking derivative asset, fair value | 1,068 | 806 |
Forward Sale And Commitments [Member] | ||
Included in mortgage banking derivatives asset: | ||
Derivative asset, notional amount | 841 | 1,826 |
Included in mortgage banking derivatives asset: | ||
Mortgage banking derivative asset, fair value | 23 | 46 |
To-be-announced Mortgage-backed Securities Trades [Member] | ||
Included in mortgage banking derivatives liability: | ||
Derivative liability, notional amount | 41,500 | 23,000 |
Included in mortgage banking derivatives liability: | ||
Mortgage banking derivative liability, fair value | $ 56 | $ 288 |
Short-Term Borrowed Funds - Add
Short-Term Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Short-Term Debt [Line Items] | ||
Short-term borrowed funds | $ 6,290 | $ 1,379 |
Fair value of available for sale securities that collateralize debt | 129,400 | $ 137,100 |
Federal Reserve Bank's Bank Term Funding Program (BTFP) | ||
Short-Term Debt [Line Items] | ||
Short-term borrowed funds | $ 5,000 | |
Short-term debt description | The program offered loans of up to one year in length to banks pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. The note matures on January 22, 2025 and charges interest at a rate of 4.93%. | |
Debt instrument term | 1 year | |
Note maturity date | Jan. 22, 2025 | |
Interest rate | 4.93% | |
Federal Reserve Bank's Bank Term Funding Program (BTFP) | Asset Pledged as Collateral [Member] | ||
Short-Term Debt [Line Items] | ||
Par value of available for sale securities that collateralize debt | $ 7,500 | |
Fair value of available for sale securities that collateralize debt | $ 6,800 | |
Federal Reserve Bank's Bank Term Funding Program (BTFP) | U.S. Government Agencies [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Securities, Available-for-Sale, Restriction Type [Extensible Enumeration] | Asset Pledged as Collateral [Member] |