Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 05, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
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 | 7,075,125 | |
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, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 7,339 | $ 5,357 |
Interest-earning deposits with banks | 110,039 | 109,224 |
Cash and cash equivalents | 117,378 | 114,581 |
Securities available for sale, at fair value (amortized cost $366,492 and $365,936, respectively) | 331,154 | 324,683 |
Securities held to maturity, at amortized cost (fair value $26,596 and $27,178 respectively) | 29,227 | 30,306 |
Less allowance for credit losses on securities held to maturity | (63) | |
Net securities held to maturity | 29,164 | 30,306 |
Equity security, at fair value | 326 | 292 |
Loans held for sale | 4,089 | 2,774 |
Loans held for investment | 516,394 | 497,889 |
Less allowance for credit losses on loans | (4,596) | (2,290) |
Net loans held for investment | 511,798 | 495,599 |
Premises and equipment, net | 14,544 | 14,735 |
Interest receivable | 3,837 | 3,633 |
Restricted stock | 1,468 | 1,428 |
Bank-owned life insurance | 7,686 | 7,652 |
Deferred income tax benefit | 9,928 | 10,726 |
Loan servicing assets | 4,746 | 4,931 |
Mortgage banking derivatives | 374 | |
Other assets | 8,920 | 8,150 |
Total assets | 1,045,412 | 1,019,490 |
Deposits: | ||
Demand noninterest-bearing | 279,097 | 261,882 |
Interest checking and money market accounts | 457,121 | 486,548 |
Savings deposits | 101,625 | 104,301 |
Time deposits, $250,000 and over | 54,133 | 35,979 |
Other time deposits | 68,822 | 51,146 |
Total deposits | 960,798 | 939,856 |
Short-term borrowed funds | 982 | 1,044 |
Long-term debt | 29,376 | 29,607 |
Mortgage banking derivatives | 166 | 175 |
Other liabilities | 12,247 | 11,411 |
Total liabilities | 1,003,569 | 982,093 |
Off balance sheet items, commitments and contingencies (Note 10) | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, $1.25 par value: 20,000,000 shares authorized; shares issued and outstanding 7,075,125 at March 31, 2023 and December 31, 2022 | 8,844 | 8,844 |
Additional paid-in capital | 12,633 | 12,633 |
Undivided profits | 36,930 | 37,030 |
Accumulated other comprehensive loss | (27,219) | (31,765) |
Total Uwharrie Capital Corp shareholders’ equity | 31,188 | 26,742 |
Noncontrolling interest | 10,655 | 10,655 |
Total shareholders’ equity | 41,843 | 37,397 |
Total liabilities and shareholders’ equity | $ 1,045,412 | $ 1,019,490 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Securities available for sale, at amortized cost | $ 366,492 | $ 365,936 |
Securities held to maturity, at fair value | $ 26,596 | $ 27,178 |
Common stock, par value | $ 1.25 | $ 1.25 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 7,075,125 | 7,075,125 |
Common stock, shares outstanding | 7,075,125 | 7,075,125 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest Income | ||
Loans, including fees | $ 6,367 | $ 5,107 |
Investment securities | ||
Investment securities, taxable | 2,492 | 1,015 |
Investment securities, non-taxable | 370 | 358 |
Equity Securities | 5 | 5 |
Interest-earning deposits with banks and federal funds sold | 1,070 | 40 |
Total interest income | 10,304 | 6,525 |
Interest Expense | ||
Interest checking and money market accounts | 1,422 | 113 |
Savings deposits | 80 | 18 |
Time deposits, $250,000 and over | 296 | 14 |
Other time deposits | 318 | 32 |
Short-term borrowed funds | 9 | 1 |
Long-term debt | 334 | 336 |
Total interest expense | 2,459 | 514 |
Net interest income | 7,845 | 6,011 |
Provision for credit losses | 284 | 118 |
Net interest income after provision for credit losses | 7,561 | 5,893 |
Noninterest Income | ||
Service charges on deposit accounts | 249 | 243 |
Other service fees and commissions | 889 | 901 |
Interchange and card transaction fees, net | 304 | 238 |
Loss on sale of securities | (51) | (91) |
Realized/unrealized gain (loss) on equity securities | 34 | (9) |
Income from mortgage banking | 694 | 1,267 |
Supplemental executive retirement plan loss | (335) | (48) |
Other income | 198 | 128 |
Total noninterest income | 1,982 | 2,629 |
Noninterest Expense | ||
Salaries and employee benefits | 4,744 | 5,016 |
Net occupancy expense | 453 | 425 |
Equipment expense | 188 | 188 |
Data processing costs | 204 | 212 |
Loan costs | 93 | 169 |
Professional fees and services | 258 | 212 |
Marketing and donations | 382 | 334 |
Electronic banking expense | 129 | 111 |
Software amortization and maintenance | 307 | 311 |
FDIC insurance | 117 | 62 |
Supplemental executive retirement plan loss | (335) | (48) |
Other noninterest expense | 578 | 561 |
Total noninterest expense | 7,118 | 7,553 |
Income before income taxes | 2,425 | 969 |
Income taxes | 471 | 168 |
Net income | 1,954 | 801 |
Less: net income attributable to noncontrolling interest | (139) | (139) |
Net income attributable to Uwharrie Capital Corp and common shareholders | $ 1,815 | $ 662 |
Net income per common share | ||
Basic | $ 0.26 | $ 0.09 |
Diluted | $ 0.26 | $ 0.09 |
Weighted average shares outstanding | ||
Basic | 7,075,125 | 7,125,760 |
Diluted | 7,075,125 | 7,125,760 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 1,954 | $ 801 |
Unrealized gain (loss) on available for sale securities | 5,864 | (18,322) |
Related tax effect | (1,359) | 4,213 |
Reclassification of loss recognized in net income | 51 | 91 |
Related tax effect | (10) | (19) |
Total other comprehensive income (loss) | 4,546 | (14,037) |
Comprehensive income (loss) | 6,500 | (13,236) |
Less: Comprehensive income attributable to noncontrolling interest | (139) | (139) |
Comprehensive income (loss) attributable to Uwharrie Capital Corp | $ 6,361 | $ (13,375) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | 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 Income (Loss) [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] Series B [Member] | Noncontrolling Interest [Member] Series C [Member] |
Beginning balance at Dec. 31, 2021 | $ 60,787 | $ 8,700 | $ 12,032 | $ 30,551 | $ (1,151) | $ 10,655 | |||||||
Beginning balance, shares at Dec. 31, 2021 | 6,959,556 | ||||||||||||
Net Income | 801 | 662 | 139 | ||||||||||
Repurchase of common stock | (254) | (36) | (218) | ||||||||||
Repurchase of common stock, shares | (28,839) | ||||||||||||
Other comprehensive income (loss) | (14,037) | (14,037) | |||||||||||
Record preferred stock dividend (noncontrolling interest) | $ (103) | $ (36) | $ (103) | $ (36) | |||||||||
Ending balance at Mar. 31, 2022 | 47,158 | 8,664 | 11,814 | 31,213 | (15,188) | 10,655 | |||||||
Ending balance, shares at Mar. 31, 2022 | 6,930,717 | ||||||||||||
Beginning balance at Dec. 31, 2022 | 37,397 | $ (1,915) | 8,844 | 12,633 | 37,030 | $ (1,915) | (31,765) | 10,655 | |||||
Beginning balance, shares at Dec. 31, 2022 | 7,075,125 | ||||||||||||
Accounting Standards Update [Extensible Enumeration] | ASU 2016-13 [Member] | ASU 2016-13 [Member] | |||||||||||
Net Income | 1,954 | 1,815 | 139 | ||||||||||
Other comprehensive income (loss) | 4,546 | 4,546 | |||||||||||
Record preferred stock dividend (noncontrolling interest) | $ (103) | $ (36) | $ (103) | $ (36) | |||||||||
Ending balance at Mar. 31, 2023 | $ 41,843 | $ 8,844 | $ 12,633 | $ 36,930 | $ (27,219) | $ 10,655 | |||||||
Ending balance, shares at Mar. 31, 2023 | 7,075,125 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net income | $ 1,954 | $ 801 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 276 | 287 |
Right of use asset amortization | 93 | 85 |
Provision for credit losses | 284 | 118 |
Loss on sale of securities available for sale | 51 | 91 |
Gain on sale of premises and equipment | (37) | |
Gain on sale of mortgage loans | (109) | (386) |
Realized/unrealized (gain) loss on equity securities | (34) | 9 |
Net amortization of premium on investment securities available for sale | 474 | 733 |
Net amortization of premium on investment securities held to maturity | 35 | 37 |
Amortization of loan servicing rights | 293 | 336 |
Originations and purchases of mortgage loans for sale | (13,703) | (41,137) |
Proceeds from sales of mortgage loans for sale | 12,497 | 51,297 |
Mortgage banking derivatives | (383) | (266) |
Loan servicing assets | (107) | (493) |
Accrued interest receivable | (204) | (177) |
Prepaid assets | (504) | (211) |
Cash surrender value of life insurance | (34) | (29) |
Miscellaneous other assets | (64) | (284) |
Accrued interest payable | 86 | 61 |
Miscellaneous other liabilities | 741 | 650 |
Net cash provided by operating activities | 1,605 | 11,522 |
Cash flows from investing activities | ||
Proceeds from sales of investment securities available for sale | 6,793 | 8,398 |
Proceeds from maturities, calls and paydowns of securities available for sale | 6,656 | 9,007 |
Proceeds from maturities, calls and paydowns of securities held to maturity | 1,044 | 42 |
Purchase of investment securities available for sale | (14,530) | (28,391) |
Purchase of investments in other assets | (61) | (172) |
Net change in restricted stock | (40) | (507) |
Net increase in loans | (19,039) | (25,133) |
Purchase of premises and equipment | (160) | (82) |
Proceeds from sale of premises and equipment | 38 | |
Net cash used by investing activities | (19,299) | (36,838) |
Cash flows from financing activities | ||
Net increase in deposit accounts | 20,942 | 46,746 |
Net increase (decrease) in federal funds purchased and other short-term borrowings | (62) | 263 |
Repayment of long-term borrowings | (250) | |
Repurchase of common stock, net | (254) | |
Dividends paid on preferred stock (noncontrolling interest) | (139) | (139) |
Net cash provided by financing activities | 20,491 | 46,616 |
Increase in cash and cash equivalents | 2,797 | 21,300 |
Cash and cash equivalents, beginning of period | 114,581 | 94,410 |
Cash and cash equivalents, end of period | 117,378 | 115,710 |
Supplemental disclosures of cash flow information | ||
Interest paid | 2,352 | 432 |
Supplemental schedule of non-cash activities | ||
Net change in fair value of securities available for sale, net of tax | (4,546) | $ (14,037) |
Loans transferred to foreclosed real estate | $ 142 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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 2022 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 8, 2023. 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, Reclassifications and Restatements Certain amounts in the 2022 financial statements have been reclassified to conform to the 2023 presentation. These reclassifications 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, 2022 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, 2022, except for the following: Accounting Standards Adopted in 2023 On January 1, 2023, the Company adopted Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC 326”). This standard replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held to maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. In addition, CECL made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities. In concurrence with the adoption of CECL, the Company also adopted ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” effective January 1, 2023. The amendments in ASU 2022-02 enhanced disclosures for loan modifications made for borrowers experiencing financial difficulty and eliminated the Troubled Debt Restructurings (“TDR”) accounting guidance for financial institutions that have adopted CECL. See Note 8 (Modifications to Borrowers Experiencing Financial Difficulty) to the Company’s Notes to Consolidated Financial Statements for additional discussion of the adoption of ASU 2022-02. The Company adopted ASC 326 and all related subsequent amendments thereto effective January 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The transition adjustment of the adoption of CECL included an increase in the allowance for credit losses on loans of $2.41 million, which is presented as a reduction to net loans held for investment , and an increase in the allowance for credit losses on unfunded loan commitments of $ 9,000 , which is recorded within Other Liabilities. The Company recorded an allowance for credit losses for held to maturity securities of $ 70,000 , which is presented as a reduction to securities held to maturity. The Company recorded a net decrease to retained earnings of $ 1.9 million as of January 1, 2023 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Results for reporting periods beginning after January 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with previously a pplicable accounting standards (“Incurred Loss”). As a practical expedient, the Company has excluded interest receivable from the credit loss analysis under CECL for all applicable financial instruments. The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2023. As of December 31, 2022, the Company did not have any other-than-temporarily impaired investment securities. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on available for sale securities was not necessary. Allowance for credit losses January 1, 2023 As Reported Under ASC 326 December 31, 2022 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (dollars in thousands) Assets Securities held to maturity State and political subdivisions $ 3 $ — $ 3 Corporate bonds 67 — 67 Securities held to maturity, total 70 — 70 Loans held for investment Commercial 1,137 435 702 Real estate - commercial 1,777 760 1,017 Other real estate construction 306 177 129 Real estate 1-4 family construction 14 — 14 Real estate - residential 635 561 74 Home equity 652 277 375 Consumer loans 167 76 91 Other loans 9 4 5 Loans held for investment, total 4,697 2,290 2,407 Liabilities Allowance for credit losses for unfunded commitments 150 141 9 Total $ 4,847 $ 2,431 $ 2,416 Allowance for Credit Losses – Available for Sale Securities Management evaluates all available for sale securities in an unrealized loss position on a quarterly basis, or more frequently if economic or market conditions warrant. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security, the security is written down to fair value and the entire loss is recorded in earnings. If either of the above criteria is not met, the Company evaluates whether the decline in fair value is the result of credit losses or other factors. In making the assessment, the Company may consider various factors including the length of time and extent to which the security has been in a loss position, performance of any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled principal or interest payments and adverse conditions specifically related to the security. If the evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess is recorded as an allowance for credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the allowance for credit loss are recorded as provision for (or recovery of) credit loss expense. Losses are charged against the allowance for credit loss when management believes an available for sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At March 31, 2023, there was no allowance for credit loss related to the available for sale portfolio. Accrued interest receivable on available for sale debt securities, included in Interest Receivable in the consolidated balance sheets, totaled $2.0 million at March 31, 2023 and was excluded from the estimate of credit losses. Allowance for Credit Losses – Held to Maturity Securities Management measures expected credit losses on held to maturity debt securities on a collective basis by major security type. Accrued interest receivable on held to maturity debt securities, included in Interest Receivable in the consolidated balance sheets, totaled $358,000 at March 31, 2023 and was excluded from the estimate of credit losses. The estimate of expected credit losses is primarily based on the ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The Company then multiplies those loss rates, as adjusted for any modifications to reflect current conditions and reasonable and supportable forecasts as considered necessary, by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Management classifies the held to maturity portfolio into the following major security types: U.S. government agencies, state and political subdivisions and corporate bonds. All of the U.S. government agencies securities are issued by government-sponsored agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. As a result, no allowance for credit losses was recorded for these securities at March 31, 2023. The state and political subdivisions securities held by the Company are highly rated by major rating agencies. As such, there was minimal allowance for credit losses recorded at March 31, 2023 for state and political subdivisions securities. Allowance for Credit Losses – Loans The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off. Accrued interest receivable is excluded from the estimate of credit losses. The allowance for credit losses represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company has identified segments for Consumer loans based on credit score and collateral and for Commercial loans based on risk grade and collateral. The allowance for credit losses for each segment is calculated using a Non-Discounted Cash Flow methodology. The Non-Discounted Cash Flow methodology incorporates macroeconomic forecasts to project expected losses. Significant macroeconomic factors used in estimating the expected losses include the National Unemployment Rate and the 10-Year T-Bill. A third-party forecast is utilized to project defaults for two years followed by a one year reversion period to the historical long run average economic forecast for the remainder of the portfolio life. The Company individually reviews loans that are experiencing financial difficulty with total relationship exposure greater than or equal to $100,000 that are determined to be collateral dependent. These collateral dependent loans are evaluated based on the fair value of the underlying collateral as repayment of the loan is expected to be made through the operation or sale of the collateral. Loans that do not share risk characteristics are evaluated on an individual basis. When management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are based on the fair value of collateral at the reporting date unadjusted for selling costs as appropriate. Additionally, the allowance for credit losses calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may increase or reduce reserve levels and include adjustments for lending management experience and risk tolerance, loan review and audit results, asset quality and portfolio trends, loan portfolio growth, industry concentrations, trends in underlying collateral, external factors and economic conditions not already captured. Allowance for Credit Losses – Unfunded Commitments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for unfunded commitments in the Company’s income statements. The allowance for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third-party guarantees. The allowance for unfunded commitments is included in other liabilities on the Company’s consolidated balance sheets. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
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 income (loss) for the three months ended March 31, 2023 and 2022: For the three months ended March 31, 2023 2022 (dollars in thousands) Beginning balance $ (31,765 ) $ (1,151 ) Other comprehensive income (loss) before reclassifications, net of ($1,359) and $4,213 tax effect, respectively 4,505 (14,109 ) Amounts reclassified from accumulated other net of ($17) and ($19) tax effect, respectively 41 72 Net current-period other comprehensive income (loss) 4,546 (14,037 ) Ending balance $ (27,219 ) $ (15,188 ) |
Noncontrolling Interest
Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 | |
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, 2023 or December 31, 2022. The number of shares and earnings per share for the 2022 periods have been adjusted for the 2.5% stock dividend declared on October 18, 2022. 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 7,075,125 for the three-month period ended March 31, 2023 compared to 7,125,760 for the three-month period ended March 31, 2022. |
Investment and Equity Securitie
Investment and Equity Securities | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 54,957 $ — $ 3,605 $ 51,352 U.S. government agencies 40,280 54 913 39,421 GSE - Mortgage-backed securities and CMOs 129,524 15 14,714 114,825 Asset-backed securities 34,930 155 441 34,644 State and political subdivisions 100,801 54 15,335 85,520 Corporate bonds 6,000 — 608 5,392 Total securities available for sale $ 366,492 $ 278 $ 35,616 $ 331,154 March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (dollars in thousands) Securities held to maturity U.S. government agencies $ 143 $ — $ 3 $ 140 $ — State and political subdivisions 14,084 — 1,199 12,885 — Corporate bonds 15,000 — 1,429 13,571 63 Total securities held to maturity $ 29,227 $ — $ 2,631 $ 26,596 $ 63 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 54,948 $ — $ 4,318 $ 50,630 U.S. government agencies 34,746 64 1,048 33,762 GSE - Mortgage-backed securities and CMOs 132,059 — 16,064 115,995 Asset-backed securities 37,228 70 612 36,686 State and political subdivisions 100,955 — 18,689 82,266 Corporate bonds 6,000 — 656 5,344 Total securities available for sale $ 365,936 $ 134 $ 41,387 $ 324,683 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities held to maturity U.S. government agencies $ 152 $ — $ 5 $ 147 State and political subdivisions 15,154 — 1,775 13,379 Corporate bonds 15,000 — 1,348 13,652 Total securities held to maturity $ 30,306 $ — $ 3,128 $ 27,178 The Company owned Federal Reserve Bank (FRB) stock reported at cost of $959,000 at March 31, 2023 and December 31, 2022. The Company owned Federal Home Loan Bank (FHLB) stock reported at cost of $509,000 and $469,000 at March 31, 2023 and December 31, 2022, 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, 2023. 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, 2023. U.S. government agencies State and political subdivisions Corporate bonds (dollars in thousands) Balance, December 31, 2022 $ — $ — $ — Cumulative effect of change in accounting principle — 3 67 Provision for (recovery of) credit losses — (3 ) (4 ) Charge-offs of securities — — — Recoveries — — — Balance, March 31, 2023 $ — $ — $ 63 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. U.S. government agency bonds are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The following table summarizes the credit ratings of debt securities held to maturity, presented at amortized cost, by major security type at March 31, 2023. March 31, 2023 U.S. government agencies State and political subdivisions Corporate bonds Total (dollars in thousands) Aaa $ — $ 1,173 $ — $ 1,173 Aa1/Aa2/Aa3 — 12,911 — 12,911 A1/A2 — — — — BBB — — — — Not rated 143 — 15,000 15,143 Total $ 143 $ 14,084 $ 15,000 $ 29,227 At March 31, 2023, 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, 2023. Results from sales of securities available for sale for the three-month periods ended March 31, 2023 and 2022, respectively, were as follows: Three Months Ended March 31, 2023 2022 (dollars in thousands) Gross proceeds from sales $ 6,793 $ 8,398 Realized gains from sales $ 6 $ 52 Realized losses from sales 57 143 Net realized gains (losses) $ (51 ) $ (91 ) At March 31, 2023 and December 31, 2022, securities available for sale with a carrying amount of $153.4 million and $153.3 million, respectively, were pledged as collateral on public deposits and for other purposes as required or permitted by law. 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. At March 31, 2023, the unrealized losses on available for sale securities less than twelve months related to one U.S. Treasury bond, six government agency bonds, eleven government-sponsored enterprise (GSE) mortgage-backed securities, five asset-backed securities and eight state and political subdivision bonds. At March 31, 2023, the Company had eight U.S. Treasury bonds, sixteen government agency bonds, fifty-one GSE mortgage-backed securities, nine asset-backed securities, fifty-five state and political subdivision bonds and three corporate bonds that were classified as available for sale and in a loss position for twelve months or more. 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, 2023. Less than 12 Months 12 Months or More Total March 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 19,689 $ 55 $ 31,663 $ 3,550 $ 51,352 $ 3,605 U.S. government agencies 13,185 67 26,236 846 39,421 913 GSE-Mortgage-backed securities and CMOs 16,896 591 97,929 14,123 114,825 14,714 Asset-backed securities 9,128 83 25,517 358 34,645 441 State and political subdivisions 10,680 135 74,839 15,200 85,519 15,335 Corporate bonds — — 5,392 608 5,392 608 Total securities available for sale $ 69,578 $ 931 $ 261,576 $ 34,685 $ 331,154 $ 35,616 At December 31, 2022, the unrealized losses on available for sale securities less than twelve months related to Less than 12 Months 12 Months or More Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 27,991 $ 509 $ 22,639 $ 3,809 $ 50,630 $ 4,318 U.S. government agencies 8,580 69 13,994 979 22,574 1,048 GSE-Mortgage-backed securities and CMOs 35,657 2,021 77,799 14,043 113,456 16,064 Asset-backed securities 22,828 315 7,326 297 30,154 612 State and political subdivisions 19,381 688 61,359 18,001 80,740 18,689 Corporate bonds — — 5,344 656 5,344 656 Total securities available for sale $ 114,437 $ 3,602 $ 188,461 $ 37,785 $ 302,898 $ 41,387 Less than 12 Months 12 Months or More Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities held to maturity temporary impairment U.S. government agencies $ 147 $ 5 $ — $ — $ 147 $ 5 State and political subdivisions 12,354 1,621 1,025 154 13,379 1,775 Corporate bonds 6,383 367 7,269 981 13,652 1,348 Total securities held to maturity $ 18,884 $ 1,993 $ 8,294 $ 1,135 $ 27,178 $ 3,128 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 losses, 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 the 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, but that the losses are temporary in nature. At March 31, 2023, the Company does not intend to sell and is 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, 2023: March 31, 2023 Amortized Cost Estimated Fair Value Book Yield (dollars in thousands) Securities available for sale Due within twelve months 4,168 4,111 7.31 % Due after one but within five years 45,995 44,363 3.14 % Due after five but within ten years 86,917 77,384 2.12 % Due after ten years 229,412 205,296 3.17 % $ 366,492 $ 331,154 2.97 % March 31, 2023 Amortized Cost Estimated Fair Value Book Yield (dollars in thousands) Securities held to maturity Due within twelve months 653 648 2.74 % Due after one but within five years 383 381 3.02 % Due after five but within ten years 15,000 13,572 4.57 % Due after ten years 13,191 11,995 3.28 % $ 29,227 $ 26,596 3.93 % The portion of unrealized gains and losses for the three months ended March 31, 2023 and 2022 Three Months Ended March 31, 2023 2022 (dollars in thousands) Gross proceeds from sales $ — $ — Net gains (losses) recognized during the period on equity securities $ 34 $ (9 ) Less: Net gains (losses) recognized from equity securities sold during the period — — Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date $ 34 $ (9 ) |
Loans Held for Investment
Loans Held for Investment | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and December 31, 2022 is as follows: March 31, 2023 December 31, 2022 (dollars in thousands) Commercial Commercial $ 80,974 $ 85,917 SBA Paycheck Protection Program (PPP) 270 545 Real estate - commercial 196,892 183,550 Other real estate construction loans 36,965 37,077 Other loans 6,533 6,666 Noncommercial Real estate 1-4 family construction 8,802 6,613 Real estate - residential 115,966 108,669 Home equity 59,017 58,186 Consumer loans 10,044 9,762 515,463 496,985 Less: Allowance for credit losses (4,596 ) (2,290 ) Deferred loan costs (fees) net 931 904 Loans held for investment, net $ 511,798 $ 495,599 T he Paycheck Protection Program (“PPP”), which is administered by the Small Business Administration (“SBA”), was created as part of the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. The Company participated in assisting its customers with applications for funds through the program. PPP loans have a two-year five-year |
Allowance for Credit Losses on
Allowance for Credit Losses on Loans | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Loans | Note 7 – Allowance for Credit Losses on Loans The following table summarizes the activity related to the allowance for credit losses on loans for the three months ended March 31, 2023 under the CECL methodology. Commercial Loans Noncommercial Loans (dollars in thousands) Commercial Real estate - commercial Other real estate construction Other loans Real estate 1-4 family construction Real estate - residential Home equity Consumer Total Loans 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 Prior to the adoption of ASU 2016-13 on January 1, 2023, the Company calculated the allowance for loan losses under the incurred loss methodology. The following tables are disclosures related to the allowance for loan losses in prior periods. Allowance for loan losses and loan balances Individually Evaluated Collectively Evaluated Total as of December 31, 2022 Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 40 $ 704 $ 1,336 $ 313,181 $ 1,376 $ 313,885 Non-Commercial 133 2,368 781 181,636 914 184,004 Total $ 173 $ 3,072 $ 2,117 $ 494,817 $ 2,290 $ 497,889 Allowance for loan losses for the t hree months ended March 31, 2022 Commercial Non-Commercial Total (dollars in thousands) Balance, beginning of period $ 2,429 $ 1,597 $ 4,026 Provision for (recovery of) loan losses 190 (72 ) 118 Charge-offs — (6 ) (6 ) Recoveries 7 11 18 Net (charge-offs) recoveries 7 5 12 Balance at end of period $ 2,626 $ 1,530 $ 4,156 Allowance for loan losses and loan balances Individually Evaluated Collectively Evaluated Total as of March 31, 2022 Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 130 $ 2,146 $ 2,496 $ 288,416 $ 2,626 $ 290,562 Non-Commercial 113 1,945 1,417 153,417 1,530 155,362 Total $ 243 $ 4,091 $ 3,913 $ 441,833 $ 4,156 $ 445,924 Past due loan information is used by management when assessing the adequacy of the allowance for loan losses. The following tables summarize the past due information of the loan portfolio by class as of the dates indicated: March 31, 2023 Loans 30-89 Days Past Due Nonaccrual Loans Total Past Due Loans Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing (dollars in thousands) Commercial $ — $ 53 $ 53 $ 80,921 $ 80,974 $ — SBA Paycheck Protection Program (PPP) — — — 264 264 — Real estate - commercial 132 — 132 196,900 197,032 — Other real estate construction — — — 36,965 36,965 — Real estate 1-4 family construction — — — 8,802 8,802 — Real estate - residential 517 479 996 115,767 116,763 — Home equity 15 27 42 58,975 59,017 — Consumer loans 43 — 43 10,001 10,044 — Other loans — — — 6,533 6,533 — Total $ 707 $ 559 $ 1,266 $ 515,128 $ 516,394 $ — December 31, 2022 Loans 30-89 Days Past Due Nonaccrual Loans Total Past Due Loans Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing (dollars in thousands) Commercial $ — $ 71 $ 71 $ 85,846 $ 85,917 $ — SBA Paycheck Protection Program (PPP) 252 — 252 279 531 — Real estate - commercial 230 — 230 183,464 183,694 — Other real estate construction — 183 183 36,894 37,077 — Real estate 1-4 family construction — — — 6,613 6,613 — Real estate - residential 507 117 624 108,819 109,443 — Home equity 107 28 135 58,051 58,186 — Consumer loan 29 — 29 9,733 9,762 — Other loans — — — 6,666 6,666 — Total $ 1,125 $ 399 $ 1,524 $ 496,365 $ 497,889 $ — 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 Company had $0 in foreclosed residential real estate and $0 of residential real estate in process of foreclosure at March 31, 2023 and December 31, 2022. The composition of nonaccrual loans by class as of March 31, 2023 and December 31, 2022 was as follows: CECL Three Months Ended Incurred Loss March 31, 2023 March 31, 2023 December 31, 2022 Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Interest Nonaccrual Loans (dollars in thousands) Commercial $ — $ 53 $ 53 $ — $ 71 SBA Paycheck Protection Program (PPP) — — — — — Real estate - commercial — — — — — Other real estate construction — — — — 183 Real estate 1-4 family construction — — — — — Real estate - residential 187 292 479 7 117 Home equity — 27 27 — 28 Consumer loans — — — — — Other loans — — — — — $ 187 $ 372 $ 559 $ 7 $ 399 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 uncollectable. The following table details the amortized cost of collateral dependent loans and any related allowance at March 31, 2023. March 31, 2023 Amortized Cost Allowance for Credit Losses (dollars in thousands) Commercial $ — $ — SBA Paycheck Protection Program (PPP) — — Real estate - commercial — — Other real estate construction — — Real estate 1-4 family construction — — Real estate - residential 176 — Home equity — — Consumer loans — — Other loans — — Total $ 176 $ — 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, 2023: March 31, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total (dollars in thousands) Commercial (including SBA PPP) Pass $ 3,450 $ 24,376 $ 17,337 $ 9,164 $ 3,006 $ 12,737 $ 11,062 $ 81,132 Watch — 29 — — — — — 29 Special Mention — — — — — 24 — 24 Substandard — — — — 53 — — 53 Total commercial (including SBA PPP) 3,450 24,405 17,337 9,164 3,059 12,761 11,062 81,238 Real estate - commercial Pass 20,627 45,291 37,950 26,947 16,664 44,314 3,681 195,474 Watch — — — — 81 — — 81 Special Mention — — 1,002 127 182 166 — 1,477 Substandard — — — — — — — — Total real estate - commercial 20,627 45,291 38,952 27,074 16,927 44,480 3,681 197,032 Other real estate construction Pass 6,452 13,329 5,518 8,220 638 2,242 392 36,791 Watch — — — — — 49 — 49 Special Mention — — — — — — — — Substandard — — — — — 125 — 125 Total other real estate construction 6,452 13,329 5,518 8,220 638 2,416 392 36,965 Real estate 1-4 family construction Pass 828 7,474 500 — — — — 8,802 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total real estate 1-4 family construction 828 7,474 500 — — — — 8,802 Real estate - residential Pass 10,364 41,502 26,522 12,641 3,696 18,250 792 113,767 Watch — — 210 85 125 732 — 1,152 Special Mention — 560 385 — 86 334 — 1,365 Substandard — — 126 206 — 147 — 479 Total real estate - residential 10,364 42,062 27,243 12,932 3,907 19,463 792 116,763 Home equity Pass 145 317 177 238 155 1,905 55,945 58,882 Watch — — — — 19 89 — 108 Special Mention — — — — — — — — Substandard — — — — — 27 — 27 Total home equity 145 317 177 238 174 2,021 55,945 59,017 Consumer loans Pass 1,477 3,292 1,266 233 302 448 2,980 9,998 Watch — — — — — — — — Special Mention — 46 — — — — — 46 Substandard — — — — — — — — Total consumer loans 1,477 3,338 1,266 233 302 448 2,980 10,044 Other loans Pass — 1,625 3,037 1,380 3 488 — 6,533 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total other loans — 1,625 3,037 1,380 3 488 — 6,533 Total loans $ 43,343 $ 137,841 $ 94,030 $ 59,241 $ 25,010 $ 82,077 $ 74,852 $ 516,394 During the three-month period ended March 31, 2023, nine loans totaling $395,000 were converted from revolving to term loans. The following table presents gross charge-offs by origin ation date as of March 31, 2023: March 31, 2023 Gross Loan Charge-offs by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total (dollars in thousands) Commercial Commercial $ — $ — $ — $ — $ 272 $ 71 $ — $ 343 SBA Paycheck Protection Program (PPP) — — — — — — — — 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 — 14 — — — 4 18 36 Total charge-offs $ — $ 56 $ — $ — $ 272 $ 75 $ 18 $ 421 The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2022: December 31, 2022 Pass Watch Substandard Doubtful Total (dollars in thousands) Commercial $ 85,789 $ 57 $ 71 $ — $ 85,917 SBA Paycheck Protection Program (PPP) 531 — — — 531 Real estate - commercial 182,110 1,584 — — 183,694 Other real estate construction 36,717 51 309 — 37,077 Real estate 1-4 family construction 6,613 — — — 6,613 Real estate - residential 106,968 2,359 116 — 109,443 Home equity 58,050 108 28 — 58,186 Consumer loans 9,715 47 — — 9,762 Other loans 6,666 — — — 6,666 Total $ 493,159 $ 4,206 $ 524 $ — $ 497,889 Loans that are in nonaccrual status or 90 days past due and still accruing are considered to be nonperforming. At both March 31, 2023 and December 31, 2022 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, 2023 and December 31, 2022: March 31, 2023 Performing Non- Performing Total (dollars in thousands) Commercial $ 80,921 $ 53 $ 80,974 SBA Paycheck Protection Program (PPP) 264 — 264 Real estate - commercial 197,032 — 197,032 Other real estate construction 36,965 — 36,965 Real estate 1-4 family construction 8,802 — 8,802 Real estate - residential 116,284 479 116,763 Home equity 58,990 27 59,017 Consumer loans 10,044 — 10,044 Other loans 6,533 — 6,533 Total $ 515,835 $ 559 $ 516,394 December 31, 2022 Performing Non- Performing Total (dollars in thousands) Commercial $ 85,846 $ 71 $ 85,917 SBA Paycheck Protection Program (PPP) 531 — 531 Real estate - commercial 183,694 — 183,694 Other real estate construction 36,894 183 37,077 Real estate 1-4 family construction 6,613 — 6,613 Real estate - residential 109,326 117 109,443 Home equity 58,158 28 58,186 Consumer loans 9,762 — 9,762 Other loans 6,666 — 6,666 Total $ 497,490 $ 399 $ 497,889 Prior to the adoption of ASU 2016-13, loans were considered impaired when, based on current information and events, it was probable the Company would be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement. Impaired loans include loans on nonaccrual status and troubled debt restructurings. The Company individually assessed for impairment all nonaccrual loans and troubled debt restructurings. If a loan was deemed impaired, a specific valuation allowance was allocated, if necessary, so that the loan was reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment was expected solely from the collateral. The table below summarizes the loans deemed impaired and the amount of specific reserves allocated by class at December 31, 2022. December 31, 2022 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Related Allowance (dollars in thousands) Commercial $ 18 $ — $ 18 $ 22 SBA Paycheck Protection Program (PPP) — — — — Real estate - commercial 503 — 503 18 Other real estate construction 183 183 — — Real estate 1-4 family construction — — — — Real estate - residential 2,318 572 1,746 131 Home equity 28 28 — — Consumer loans 22 — 22 2 Other loans — — — — Total $ 3,072 $ 783 $ 2,289 $ 173 The table below shows interest income received on impaired loans by class for the three months ended March 31, 2022. Three Months Ended March 31, 2022 Average Recorded Investment Interest Income (dollars in thousands) Commercial $ 969 $ 4 SBA Paycheck Protection Program (PPP) — — Real estate - commercial 1,391 24 Other real estate construction — — Real estate 1-4 family construction — — Real estate - residential 2,008 63 Home equity 32 — Consumer loans — — Other loans — — Total $ 4,400 $ 91 |
Modifications to Borrowers Expe
Modifications to Borrowers Experiencing Financial Difficulty | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Modifications to Borrowers Experiencing Financial Difficulty | Note 8 – Modifications to Borrowers Experiencing Financial Difficulty The Company adopted ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” effective January 1, 2023. The amendments in ASU 2022-02 enhanced disclosures for loan modifications made for borrowers experiencing financial difficulty and eliminated the Troubled Debt Restructurings (“TDR”) accounting guidance for financial institutions that have adopted CECL. 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 because of 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, capitalizing accrued interest, reducing interest rates to below current market rates or principal forgiveness. The Company did not modify any loans for borrowers experiencing financial difficulty during the three-month period ended March 31, 2023. Accordingly, the Company did not have any loans made to borrowers experiencing financial difficulty that were modified during the first quarter of 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. Prior to adoption of ASU 2016-13, modification of a loan constituted a troubled debt restructuring when a borrower was experiencing financial difficulty and the modification involved providing a concession to the existing loan contract. The Company offered various types of concessions when modifying loans to troubled borrowers, however, forgiveness of principal was rarely granted. Concessions offered were term extensions, capitalizing accrued interest, reducing interest rates to below current market rates or a combination of any of these. Combinations from time to time included allowing a customer to be placed on interest-only payments. The presentations below in the “other” category are TDRs with a combination of concessions. At the time of a TDR, additional collateral or a guarantor may have been requested. Loans modified as TDRs were typically already on nonaccrual status and in some cases, partial charge-offs may have already been taken against the outstanding loan balance. The Company classified TDR loans as impaired loans and evaluated the need for an allowance for loan loss on a loan-by-loan basis. An allowance was based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the estimated fair value of the underlying collateral less any selling costs, if the loan was deemed to be collateral dependent. At December 31, 2022, the Company had $2.8 million in TDRs outstanding, of which two with balances totaling $52,000 were on a nonaccrual basis. There were no loans modified as TDRs during the three-month period ended March 31, 2022. The following table presents as of March 31, 2022, the status of the types of loans modified as TDRs within the twelve months preceding such date. Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/Default March 31, 2022 Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments (dollars in thousands) Below market interest rate 1 $ 218 — $ — — $ — — $ — Extended payment terms — — — — — — — — Forgiveness of principal/other 6 814 6 2,339 — — — — Total 7 $ 1,032 6 $ 2,339 — $ — — $ — |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Lessee Disclosure [Abstract] | |
Leases | Note 9 - 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. Our leases relate to four office locations, three of which are branch locations, with remaining terms of four 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, 2023, operating lease ROU assets were $1.8 million and the lease liability was $1.9 million, compared to ROU assets of $2.0 million and a lease liability of $2.1 million at March 31, 2022. Lease costs associated with all leases was $106,000 and $99,000 for the three months ended March 31, 2023 and 2022, respectively. The table below summarizes other information related to our operating leases: Three Months Ended March 31, 2023 2022 (in thousands except percent and period data) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 107 $ 99 Right-of-use assets obtained in exchange for new operating lease liabilities 1,779 2,015 Weighted-average remaining lease term - operating leases, in years 4.7 5.6 Weighted-average discount rate - operating leases 2.55 % 2.47 % The table below summarizes the maturity of remaining lease liabilities: March 31, 2023 (in thousands) 2023 $ 328 2024 446 2025 455 2026 416 2027 260 2028 and thereafter 117 Total lease payments 2,022 Less: Interest (123 ) Present value of lease liabilities 1,899 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10 - 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, 2023 and December 31, 2022, outstanding financial instruments whose contract amounts represent credit risk were approximately: March 31, 2023 December 31, 2022 (dollars in thousands) Commitments to extend credit $ 195,670 $ 165,992 Credit card commitments 20,651 20,376 Standby letters of credit 7,988 8,135 Total commitments $ 224,309 $ 194,503 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 cancellable. 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 $143,000 and $141,000 at March 31, 2023 and December 31, 2022, 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, 2023. Total Allowance for Credit Losses - Unfunded Commitments (dollars in thousands) Balance, December 31, 2022 $ 141 Cumulative effect of change in accounting principle 9 Provision for (recovery of) credit losses (7 ) Balance, March 31, 2023 $ 143 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Note 11 – 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 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, impaired 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 comprised 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, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment by using one of several methods including collateral value, fair value of similar debt or discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the present value of the expected repayments or fair value of collateral exceed the recorded investments in such loans. The Company typically bases the fair value of the collateral on appraised values which the Company considers Level 3 valuations. 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, 2023 and December 31, 2022: March 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 51,352 $ 51,352 $ — $ — U.S. government agencies 39,421 — 39,421 — GSE - Mortgage-backed securities and CMOs 114,825 — 110,819 4,006 Asset-backed securities 34,644 — 34,644 — State and political subdivisions 85,520 — 85,520 — Corporate bonds 5,392 — 5,392 — Equity securities 326 326 — — Mortgage banking derivatives 374 — 10 364 Total assets at fair value on a recurring basis $ 331,854 $ 51,678 $ 275,806 $ 4,370 Mortgage banking derivatives $ 166 $ — $ 166 $ — Total liabilities at fair value on a recurring basis $ 166 $ — $ 166 $ — December 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 50,630 $ 50,630 $ — $ — U.S. government agencies 33,762 — 33,762 — GSE - Mortgage-backed securities and CMOs 115,995 — 111,996 3,999 Asset-backed securities 36,686 — 36,686 — State and political subdivisions 82,266 — 82,266 — Corporate bonds 5,344 — 5,344 — Equity securities 292 292 — — Mortgage banking derivatives — — — — Total assets at fair value on a recurring basis $ 324,975 $ 50,922 $ 270,054 $ 3,999 Mortgage banking derivatives $ 175 $ — $ 80 $ 95 Total liabilities at fair value on a recurring basis $ 175 $ — $ 80 $ 95 The following table provides a rollforward for recurring Level 3 fair value measurements: March 31, 2023 Mortgage banking derivatives: Interest rate lock commitments Securities available for sale: GSE mortgage-backed securities and CMOs Total (dollars in thousands) Balance at December 31, 2022 $ (95 ) $ 3,999 $ 3,904 Change in fair value: Included in income from mortgage banking 459 — 459 Included in accumulated other comprehensive income (loss) — 7 7 Change in observability of significant inputs: Included in income from mortgage banking — — — Included in accumulated other comprehensive income (loss) — — — Balance at March 31, 2023 $ 364 $ 4,006 $ 4,370 During the fourth quarter of 2022, the Company had one mortgage-backed security that was transferred from Level 2 to Level 3 due to changes in the observability of significant inputs. At December 31, 2022, the Company was unable to observe a credit rating, pricing or recent trade history for the security or other such similar assets. At March 31, 2023, there were no significant observable inputs, and the fair value of the security remained classified as Level 3. The fair value of mortgage IRLCs at March 31, 2023 was calculated based on a notional amount of $19.0 million. Significant unobservable inputs are used to determine the fair value of these derivatives. At March 31, 2023, 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 80.49% determined by loan product, loan stage, and loan purpose. The fair value of mortgage IRLCs at December 31, 2022 was calculated based on a notional amount of $8.9 million. Significant unobservable inputs were the same as those used for the three months ended March 31, 2023 and assumed a projected pull-through rate of 92.98% at December 31, 2022. 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, 2023 and December 31, 2022: March 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 Individually evaluated loans $ — $ — $ — $ — OREO — — — — Total assets at fair value on a nonrecurring basis $ — $ — $ — $ — December 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 2,116 $ — $ — $ 2,116 Total assets at fair value on a nonrecurring basis $ 2,116 $ — $ — $ 2,116 Quantitative Information about Level 3 Fair Value Measurements March 31, 2023 Valuation Technique Unobservable Input General Range Nonrecurring measurements: Individually evaluated loans Discounted appraisals Collateral discounts and estimated costs to sell 0 - 25% OREO Discounted appraisals Collateral discounts and estimated costs to sell 0 - 10% December 31, 2022 Valuation Technique Unobservable Input General Range Nonrecurring measurements: Impaired loans Discounted appraisals Collateral discounts and estimated costs to sell 0 - 25% Discounted cash flows Discount rates 4% - 8.75% At March 31, 2023, individually evaluated loans were being evaluated with discounted appraisals for individually assessed nonaccrual loans deemed collateral dependent. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Investments All Other Investments [Abstract] | |
Fair Values of Financial Instruments | Note 12 – 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, 2023 and December 31, 2022 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 table reflects a comparison of carrying amounts and the estimated fair value of the financial instruments as of March 31, 2023 and December 31, 2022: March 31, 2023 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 117,378 $ 117,378 $ 117,378 $ — $ — Securities available for sale 331,154 331,154 51,352 275,796 4,006 Securities held to maturity 29,227 26,596 — 13,025 13,571 Equity securities 326 326 326 — — Loans held for investment, net 511,798 477,252 — — 477,252 Loans held for sale 4,089 4,089 — 4,089 — Restricted stock 1,468 1,468 1,468 — — Loan servicing rights 4,746 6,870 — 6,870 — Mortgage banking derivatives 374 374 — 10 364 Accrued interest receivable 3,837 3,837 — — 3,837 FINANCIAL LIABILITIES Deposits $ 960,798 959,200 — 959,200 — Short-term borrowings 982 982 — 982 — Long-term borrowings 29,376 25,167 — — 25,167 Mortgage banking derivatives 166 166 — 166 — Accrued interest payable 70 70 — — 70 December 31, 2022 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 114,581 $ 114,581 $ 114,581 $ — $ — Securities available for sale 324,683 324,683 50,630 270,054 3,999 Securities held to maturity 30,306 27,178 — 13,526 13,652 Equity securities 292 292 292 — — Loans held for investment, net 495,599 458,479 — — 458,479 Loans held for sale 2,774 2,774 — 2,774 — Restricted stock 1,428 1,428 1,428 — — Loan servicing rights 4,931 6,972 — 6,972 — Accrued interest receivable 3,633 3,633 — — 3,633 FINANCIAL LIABILITIES Deposits $ 939,856 $ 938,114 $ — $ 938,114 $ — Short-term borrowings 1,044 1,044 — 1,044 — Long-term borrowings 29,607 25,869 — — 25,869 Mortgage banking derivatives 175 175 — 80 95 Accrued interest payable 108 108 — — 108 At March 31, 2023 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 10 (Commitments and Contingencies) to the Notes to Consolidated Financial Statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Other Changes | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements and Other Changes | Note 13 – 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 will discontinue 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 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, 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 currently holds, but no longer issues, loan contracts that reference LIBOR. The Company is evaluating the most effective manner in which to modify those contracts, but does not anticipate material financial impact. The Inflation Reduction Act of 2022 (“IRA”) created a new nondeductible 1% excise tax on repurchases of corporate stock by certain publicly traded corporations or their specified affiliates after December 31, 2022. The tax is imposed on the fair value of the stock of a covered corporation that is repurchased in a given year, less the fair market value of any stock issued in that year. A “covered corporation” is any domestic corporation whose stock is traded on an established securities market, such as an OTC market. The excise tax applies to all of the stock of a covered corporation regardless of whether the corporation has profits or losses. The act contains several exceptions to the excise tax, including, but not limited to, any repurchase of stock: in which the total value of the repurchased stock in a given year does not exceed $1,000,000; that is contributed to an employer-sponsored retirement plan or other similar stock compensation plan; that is taxed as a dividend. The impact of the IRA on our consolidated financial statements will be dependent on the 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 is effective January 1, 2024 and is not expected to have an impact on our consolidated financial statements. 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, 2023 | |
Mortgage Banking [Abstract] | |
Mortgage Banking Derivatives | Note 14 – 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 under FASB ASC 815 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, 2023 and December 31, 2022. Notional Amount Fair Value (dollars in thousands) Balance at March 31, 2023 Included in mortgage banking derivatives asset: Interest rate lock commitments $ 19,003 $ 364 Forward sales commitments 373 10 To-be-announced mortgage-backed securities trades — — Included in mortgage banking derivatives liability: Interest rate lock commitments — — Forward sales commitments — — To-be-announced mortgage-backed securities trades 27,000 166 Balance at December 31, 2022 Included in mortgage banking derivatives asset: Interest rate lock commitments — — Forward sales commitments — — To-be-announced mortgage-backed securities trades — — Included in mortgage banking derivatives liability: Interest rate lock commitments 8,863 95 Forward sales commitments — — To-be-announced mortgage-backed securities trades 10,000 80 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 2022 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 8, 2023. 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, Reclassifications and Restatements | Accounting Changes, Reclassifications and Restatements Certain amounts in the 2022 financial statements have been reclassified to conform to the 2023 presentation. These reclassifications 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, 2022 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, 2022, except for the following: Accounting Standards Adopted in 2023 On January 1, 2023, the Company adopted Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC 326”). This standard replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held to maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. In addition, CECL made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities. In concurrence with the adoption of CECL, the Company also adopted ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” effective January 1, 2023. The amendments in ASU 2022-02 enhanced disclosures for loan modifications made for borrowers experiencing financial difficulty and eliminated the Troubled Debt Restructurings (“TDR”) accounting guidance for financial institutions that have adopted CECL. See Note 8 (Modifications to Borrowers Experiencing Financial Difficulty) to the Company’s Notes to Consolidated Financial Statements for additional discussion of the adoption of ASU 2022-02. The Company adopted ASC 326 and all related subsequent amendments thereto effective January 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The transition adjustment of the adoption of CECL included an increase in the allowance for credit losses on loans of $2.41 million, which is presented as a reduction to net loans held for investment , and an increase in the allowance for credit losses on unfunded loan commitments of $ 9,000 , which is recorded within Other Liabilities. The Company recorded an allowance for credit losses for held to maturity securities of $ 70,000 , which is presented as a reduction to securities held to maturity. The Company recorded a net decrease to retained earnings of $ 1.9 million as of January 1, 2023 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Results for reporting periods beginning after January 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with previously a pplicable accounting standards (“Incurred Loss”). As a practical expedient, the Company has excluded interest receivable from the credit loss analysis under CECL for all applicable financial instruments. The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2023. As of December 31, 2022, the Company did not have any other-than-temporarily impaired investment securities. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on available for sale securities was not necessary. Allowance for credit losses January 1, 2023 As Reported Under ASC 326 December 31, 2022 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (dollars in thousands) Assets Securities held to maturity State and political subdivisions $ 3 $ — $ 3 Corporate bonds 67 — 67 Securities held to maturity, total 70 — 70 Loans held for investment Commercial 1,137 435 702 Real estate - commercial 1,777 760 1,017 Other real estate construction 306 177 129 Real estate 1-4 family construction 14 — 14 Real estate - residential 635 561 74 Home equity 652 277 375 Consumer loans 167 76 91 Other loans 9 4 5 Loans held for investment, total 4,697 2,290 2,407 Liabilities Allowance for credit losses for unfunded commitments 150 141 9 Total $ 4,847 $ 2,431 $ 2,416 Allowance for Credit Losses – Available for Sale Securities Management evaluates all available for sale securities in an unrealized loss position on a quarterly basis, or more frequently if economic or market conditions warrant. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security, the security is written down to fair value and the entire loss is recorded in earnings. If either of the above criteria is not met, the Company evaluates whether the decline in fair value is the result of credit losses or other factors. In making the assessment, the Company may consider various factors including the length of time and extent to which the security has been in a loss position, performance of any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled principal or interest payments and adverse conditions specifically related to the security. If the evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess is recorded as an allowance for credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the allowance for credit loss are recorded as provision for (or recovery of) credit loss expense. Losses are charged against the allowance for credit loss when management believes an available for sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At March 31, 2023, there was no allowance for credit loss related to the available for sale portfolio. Accrued interest receivable on available for sale debt securities, included in Interest Receivable in the consolidated balance sheets, totaled $2.0 million at March 31, 2023 and was excluded from the estimate of credit losses. Allowance for Credit Losses – Held to Maturity Securities Management measures expected credit losses on held to maturity debt securities on a collective basis by major security type. Accrued interest receivable on held to maturity debt securities, included in Interest Receivable in the consolidated balance sheets, totaled $358,000 at March 31, 2023 and was excluded from the estimate of credit losses. The estimate of expected credit losses is primarily based on the ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The Company then multiplies those loss rates, as adjusted for any modifications to reflect current conditions and reasonable and supportable forecasts as considered necessary, by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Management classifies the held to maturity portfolio into the following major security types: U.S. government agencies, state and political subdivisions and corporate bonds. All of the U.S. government agencies securities are issued by government-sponsored agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. As a result, no allowance for credit losses was recorded for these securities at March 31, 2023. The state and political subdivisions securities held by the Company are highly rated by major rating agencies. As such, there was minimal allowance for credit losses recorded at March 31, 2023 for state and political subdivisions securities. Allowance for Credit Losses – Loans The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off. Accrued interest receivable is excluded from the estimate of credit losses. The allowance for credit losses represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company has identified segments for Consumer loans based on credit score and collateral and for Commercial loans based on risk grade and collateral. The allowance for credit losses for each segment is calculated using a Non-Discounted Cash Flow methodology. The Non-Discounted Cash Flow methodology incorporates macroeconomic forecasts to project expected losses. Significant macroeconomic factors used in estimating the expected losses include the National Unemployment Rate and the 10-Year T-Bill. A third-party forecast is utilized to project defaults for two years followed by a one year reversion period to the historical long run average economic forecast for the remainder of the portfolio life. The Company individually reviews loans that are experiencing financial difficulty with total relationship exposure greater than or equal to $100,000 that are determined to be collateral dependent. These collateral dependent loans are evaluated based on the fair value of the underlying collateral as repayment of the loan is expected to be made through the operation or sale of the collateral. Loans that do not share risk characteristics are evaluated on an individual basis. When management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are based on the fair value of collateral at the reporting date unadjusted for selling costs as appropriate. Additionally, the allowance for credit losses calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may increase or reduce reserve levels and include adjustments for lending management experience and risk tolerance, loan review and audit results, asset quality and portfolio trends, loan portfolio growth, industry concentrations, trends in underlying collateral, external factors and economic conditions not already captured. Allowance for Credit Losses – Unfunded Commitments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for unfunded commitments in the Company’s income statements. The allowance for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third-party guarantees. The allowance for unfunded commitments is included in other liabilities on the Company’s consolidated balance sheets. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Total Allowance for Credit Losses | The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2023. As of December 31, 2022, the Company did not have any other-than-temporarily impaired investment securities. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on available for sale securities was not necessary. Allowance for credit losses January 1, 2023 As Reported Under ASC 326 December 31, 2022 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (dollars in thousands) Assets Securities held to maturity State and political subdivisions $ 3 $ — $ 3 Corporate bonds 67 — 67 Securities held to maturity, total 70 — 70 Loans held for investment Commercial 1,137 435 702 Real estate - commercial 1,777 760 1,017 Other real estate construction 306 177 129 Real estate 1-4 family construction 14 — 14 Real estate - residential 635 561 74 Home equity 652 277 375 Consumer loans 167 76 91 Other loans 9 4 5 Loans held for investment, total 4,697 2,290 2,407 Liabilities Allowance for credit losses for unfunded commitments 150 141 9 Total $ 4,847 $ 2,431 $ 2,416 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (loss) | The following table presents the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and 2022: For the three months ended March 31, 2023 2022 (dollars in thousands) Beginning balance $ (31,765 ) $ (1,151 ) Other comprehensive income (loss) before reclassifications, net of ($1,359) and $4,213 tax effect, respectively 4,505 (14,109 ) Amounts reclassified from accumulated other net of ($17) and ($19) tax effect, respectively 41 72 Net current-period other comprehensive income (loss) 4,546 (14,037 ) Ending balance $ (27,219 ) $ (15,188 ) |
Investment and Equity Securit_2
Investment and Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 54,957 $ — $ 3,605 $ 51,352 U.S. government agencies 40,280 54 913 39,421 GSE - Mortgage-backed securities and CMOs 129,524 15 14,714 114,825 Asset-backed securities 34,930 155 441 34,644 State and political subdivisions 100,801 54 15,335 85,520 Corporate bonds 6,000 — 608 5,392 Total securities available for sale $ 366,492 $ 278 $ 35,616 $ 331,154 March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (dollars in thousands) Securities held to maturity U.S. government agencies $ 143 $ — $ 3 $ 140 $ — State and political subdivisions 14,084 — 1,199 12,885 — Corporate bonds 15,000 — 1,429 13,571 63 Total securities held to maturity $ 29,227 $ — $ 2,631 $ 26,596 $ 63 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 54,948 $ — $ 4,318 $ 50,630 U.S. government agencies 34,746 64 1,048 33,762 GSE - Mortgage-backed securities and CMOs 132,059 — 16,064 115,995 Asset-backed securities 37,228 70 612 36,686 State and political subdivisions 100,955 — 18,689 82,266 Corporate bonds 6,000 — 656 5,344 Total securities available for sale $ 365,936 $ 134 $ 41,387 $ 324,683 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities held to maturity U.S. government agencies $ 152 $ — $ 5 $ 147 State and political subdivisions 15,154 — 1,775 13,379 Corporate bonds 15,000 — 1,348 13,652 Total securities held to maturity $ 30,306 $ — $ 3,128 $ 27,178 |
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, 2023. U.S. government agencies State and political subdivisions Corporate bonds (dollars in thousands) Balance, December 31, 2022 $ — $ — $ — Cumulative effect of change in accounting principle — 3 67 Provision for (recovery of) credit losses — (3 ) (4 ) Charge-offs of securities — — — Recoveries — — — Balance, March 31, 2023 $ — $ — $ 63 |
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, 2023. March 31, 2023 U.S. government agencies State and political subdivisions Corporate bonds Total (dollars in thousands) Aaa $ — $ 1,173 $ — $ 1,173 Aa1/Aa2/Aa3 — 12,911 — 12,911 A1/A2 — — — — BBB — — — — Not rated 143 — 15,000 15,143 Total $ 143 $ 14,084 $ 15,000 $ 29,227 |
Sales of Securities Available for Sale | Results from sales of securities available for sale for the three-month periods ended March 31, 2023 and 2022, respectively, were as follows: Three Months Ended March 31, 2023 2022 (dollars in thousands) Gross proceeds from sales $ 6,793 $ 8,398 Realized gains from sales $ 6 $ 52 Realized losses from sales 57 143 Net realized gains (losses) $ (51 ) $ (91 ) |
Gross Unrealized Losses and Fair Value of Investments | Less than 12 Months 12 Months or More Total March 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 19,689 $ 55 $ 31,663 $ 3,550 $ 51,352 $ 3,605 U.S. government agencies 13,185 67 26,236 846 39,421 913 GSE-Mortgage-backed securities and CMOs 16,896 591 97,929 14,123 114,825 14,714 Asset-backed securities 9,128 83 25,517 358 34,645 441 State and political subdivisions 10,680 135 74,839 15,200 85,519 15,335 Corporate bonds — — 5,392 608 5,392 608 Total securities available for sale $ 69,578 $ 931 $ 261,576 $ 34,685 $ 331,154 $ 35,616 Less than 12 Months 12 Months or More Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 27,991 $ 509 $ 22,639 $ 3,809 $ 50,630 $ 4,318 U.S. government agencies 8,580 69 13,994 979 22,574 1,048 GSE-Mortgage-backed securities and CMOs 35,657 2,021 77,799 14,043 113,456 16,064 Asset-backed securities 22,828 315 7,326 297 30,154 612 State and political subdivisions 19,381 688 61,359 18,001 80,740 18,689 Corporate bonds — — 5,344 656 5,344 656 Total securities available for sale $ 114,437 $ 3,602 $ 188,461 $ 37,785 $ 302,898 $ 41,387 Less than 12 Months 12 Months or More Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities held to maturity temporary impairment U.S. government agencies $ 147 $ 5 $ — $ — $ 147 $ 5 State and political subdivisions 12,354 1,621 1,025 154 13,379 1,775 Corporate bonds 6,383 367 7,269 981 13,652 1,348 Total securities held to maturity $ 18,884 $ 1,993 $ 8,294 $ 1,135 $ 27,178 $ 3,128 |
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, 2023: March 31, 2023 Amortized Cost Estimated Fair Value Book Yield (dollars in thousands) Securities available for sale Due within twelve months 4,168 4,111 7.31 % Due after one but within five years 45,995 44,363 3.14 % Due after five but within ten years 86,917 77,384 2.12 % Due after ten years 229,412 205,296 3.17 % $ 366,492 $ 331,154 2.97 % March 31, 2023 Amortized Cost Estimated Fair Value Book Yield (dollars in thousands) Securities held to maturity Due within twelve months 653 648 2.74 % Due after one but within five years 383 381 3.02 % Due after five but within ten years 15,000 13,572 4.57 % Due after ten years 13,191 11,995 3.28 % $ 29,227 $ 26,596 3.93 % |
Unrealized Gains and Losses Related to Equity Securities | The portion of unrealized gains and losses for the three months ended March 31, 2023 and 2022 Three Months Ended March 31, 2023 2022 (dollars in thousands) Gross proceeds from sales $ — $ — Net gains (losses) recognized during the period on equity securities $ 34 $ (9 ) Less: Net gains (losses) recognized from equity securities sold during the period — — Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date $ 34 $ (9 ) |
Loans Held for Investment (Tabl
Loans Held for Investment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and December 31, 2022 is as follows: March 31, 2023 December 31, 2022 (dollars in thousands) Commercial Commercial $ 80,974 $ 85,917 SBA Paycheck Protection Program (PPP) 270 545 Real estate - commercial 196,892 183,550 Other real estate construction loans 36,965 37,077 Other loans 6,533 6,666 Noncommercial Real estate 1-4 family construction 8,802 6,613 Real estate - residential 115,966 108,669 Home equity 59,017 58,186 Consumer loans 10,044 9,762 515,463 496,985 Less: Allowance for credit losses (4,596 ) (2,290 ) Deferred loan costs (fees) net 931 904 Loans held for investment, net $ 511,798 $ 495,599 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Summary of Activity Related to Allowance for Credit Losses on Loans | The following table summarizes the activity related to the allowance for credit losses on loans for the three months ended March 31, 2023 under the CECL methodology. Commercial Loans Noncommercial Loans (dollars in thousands) Commercial Real estate - commercial Other real estate construction Other loans Real estate 1-4 family construction Real estate - residential Home equity Consumer Total Loans 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 Allowance for loan losses for the t hree months ended March 31, 2022 Commercial Non-Commercial Total (dollars in thousands) Balance, beginning of period $ 2,429 $ 1,597 $ 4,026 Provision for (recovery of) loan losses 190 (72 ) 118 Charge-offs — (6 ) (6 ) Recoveries 7 11 18 Net (charge-offs) recoveries 7 5 12 Balance at end of period $ 2,626 $ 1,530 $ 4,156 |
Schedule of Allowance for Loan Losses | The following tables are disclosures related to the allowance for loan losses in prior periods. Allowance for loan losses and loan balances Individually Evaluated Collectively Evaluated Total as of December 31, 2022 Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 40 $ 704 $ 1,336 $ 313,181 $ 1,376 $ 313,885 Non-Commercial 133 2,368 781 181,636 914 184,004 Total $ 173 $ 3,072 $ 2,117 $ 494,817 $ 2,290 $ 497,889 Allowance for loan losses and loan balances Individually Evaluated Collectively Evaluated Total as of March 31, 2022 Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 130 $ 2,146 $ 2,496 $ 288,416 $ 2,626 $ 290,562 Non-Commercial 113 1,945 1,417 153,417 1,530 155,362 Total $ 243 $ 4,091 $ 3,913 $ 441,833 $ 4,156 $ 445,924 |
Past Due Information of Loan Portfolio by Class | Past due loan information is used by management when assessing the adequacy of the allowance for loan losses. The following tables summarize the past due information of the loan portfolio by class as of the dates indicated: March 31, 2023 Loans 30-89 Days Past Due Nonaccrual Loans Total Past Due Loans Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing (dollars in thousands) Commercial $ — $ 53 $ 53 $ 80,921 $ 80,974 $ — SBA Paycheck Protection Program (PPP) — — — 264 264 — Real estate - commercial 132 — 132 196,900 197,032 — Other real estate construction — — — 36,965 36,965 — Real estate 1-4 family construction — — — 8,802 8,802 — Real estate - residential 517 479 996 115,767 116,763 — Home equity 15 27 42 58,975 59,017 — Consumer loans 43 — 43 10,001 10,044 — Other loans — — — 6,533 6,533 — Total $ 707 $ 559 $ 1,266 $ 515,128 $ 516,394 $ — December 31, 2022 Loans 30-89 Days Past Due Nonaccrual Loans Total Past Due Loans Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing (dollars in thousands) Commercial $ — $ 71 $ 71 $ 85,846 $ 85,917 $ — SBA Paycheck Protection Program (PPP) 252 — 252 279 531 — Real estate - commercial 230 — 230 183,464 183,694 — Other real estate construction — 183 183 36,894 37,077 — Real estate 1-4 family construction — — — 6,613 6,613 — Real estate - residential 507 117 624 108,819 109,443 — Home equity 107 28 135 58,051 58,186 — Consumer loan 29 — 29 9,733 9,762 — Other loans — — — 6,666 6,666 — Total $ 1,125 $ 399 $ 1,524 $ 496,365 $ 497,889 $ — |
Composition of Nonaccrual Loans by Class | The composition of nonaccrual loans by class as of March 31, 2023 and December 31, 2022 was as follows: CECL Three Months Ended Incurred Loss March 31, 2023 March 31, 2023 December 31, 2022 Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Interest Nonaccrual Loans (dollars in thousands) Commercial $ — $ 53 $ 53 $ — $ 71 SBA Paycheck Protection Program (PPP) — — — — — Real estate - commercial — — — — — Other real estate construction — — — — 183 Real estate 1-4 family construction — — — — — Real estate - residential 187 292 479 7 117 Home equity — 27 27 — 28 Consumer loans — — — — — Other loans — — — — — $ 187 $ 372 $ 559 $ 7 $ 399 |
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, 2023. March 31, 2023 Amortized Cost Allowance for Credit Losses (dollars in thousands) Commercial $ — $ — SBA Paycheck Protection Program (PPP) — — Real estate - commercial — — Other real estate construction — — Real estate 1-4 family construction — — Real estate - residential 176 — Home equity — — Consumer loans — — Other loans — — Total $ 176 $ — |
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, 2023: March 31, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total (dollars in thousands) Commercial (including SBA PPP) Pass $ 3,450 $ 24,376 $ 17,337 $ 9,164 $ 3,006 $ 12,737 $ 11,062 $ 81,132 Watch — 29 — — — — — 29 Special Mention — — — — — 24 — 24 Substandard — — — — 53 — — 53 Total commercial (including SBA PPP) 3,450 24,405 17,337 9,164 3,059 12,761 11,062 81,238 Real estate - commercial Pass 20,627 45,291 37,950 26,947 16,664 44,314 3,681 195,474 Watch — — — — 81 — — 81 Special Mention — — 1,002 127 182 166 — 1,477 Substandard — — — — — — — — Total real estate - commercial 20,627 45,291 38,952 27,074 16,927 44,480 3,681 197,032 Other real estate construction Pass 6,452 13,329 5,518 8,220 638 2,242 392 36,791 Watch — — — — — 49 — 49 Special Mention — — — — — — — — Substandard — — — — — 125 — 125 Total other real estate construction 6,452 13,329 5,518 8,220 638 2,416 392 36,965 Real estate 1-4 family construction Pass 828 7,474 500 — — — — 8,802 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total real estate 1-4 family construction 828 7,474 500 — — — — 8,802 Real estate - residential Pass 10,364 41,502 26,522 12,641 3,696 18,250 792 113,767 Watch — — 210 85 125 732 — 1,152 Special Mention — 560 385 — 86 334 — 1,365 Substandard — — 126 206 — 147 — 479 Total real estate - residential 10,364 42,062 27,243 12,932 3,907 19,463 792 116,763 Home equity Pass 145 317 177 238 155 1,905 55,945 58,882 Watch — — — — 19 89 — 108 Special Mention — — — — — — — — Substandard — — — — — 27 — 27 Total home equity 145 317 177 238 174 2,021 55,945 59,017 Consumer loans Pass 1,477 3,292 1,266 233 302 448 2,980 9,998 Watch — — — — — — — — Special Mention — 46 — — — — — 46 Substandard — — — — — — — — Total consumer loans 1,477 3,338 1,266 233 302 448 2,980 10,044 Other loans Pass — 1,625 3,037 1,380 3 488 — 6,533 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total other loans — 1,625 3,037 1,380 3 488 — 6,533 Total loans $ 43,343 $ 137,841 $ 94,030 $ 59,241 $ 25,010 $ 82,077 $ 74,852 $ 516,394 During the three-month period ended March 31, 2023, nine loans totaling $395,000 were converted from revolving to term loans. The following table presents gross charge-offs by origin ation date as of March 31, 2023: March 31, 2023 Gross Loan Charge-offs by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total (dollars in thousands) Commercial Commercial $ — $ — $ — $ — $ 272 $ 71 $ — $ 343 SBA Paycheck Protection Program (PPP) — — — — — — — — 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 — 14 — — — 4 18 36 Total charge-offs $ — $ 56 $ — $ — $ 272 $ 75 $ 18 $ 421 The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2022: December 31, 2022 Pass Watch Substandard Doubtful Total (dollars in thousands) Commercial $ 85,789 $ 57 $ 71 $ — $ 85,917 SBA Paycheck Protection Program (PPP) 531 — — — 531 Real estate - commercial 182,110 1,584 — — 183,694 Other real estate construction 36,717 51 309 — 37,077 Real estate 1-4 family construction 6,613 — — — 6,613 Real estate - residential 106,968 2,359 116 — 109,443 Home equity 58,050 108 28 — 58,186 Consumer loans 9,715 47 — — 9,762 Other loans 6,666 — — — 6,666 Total $ 493,159 $ 4,206 $ 524 $ — $ 497,889 |
Summary of Performing and Nonperforming Loans by Class | The following tables show the breakdown between performing and nonperforming loans by class at March 31, 2023 and December 31, 2022: March 31, 2023 Performing Non- Performing Total (dollars in thousands) Commercial $ 80,921 $ 53 $ 80,974 SBA Paycheck Protection Program (PPP) 264 — 264 Real estate - commercial 197,032 — 197,032 Other real estate construction 36,965 — 36,965 Real estate 1-4 family construction 8,802 — 8,802 Real estate - residential 116,284 479 116,763 Home equity 58,990 27 59,017 Consumer loans 10,044 — 10,044 Other loans 6,533 — 6,533 Total $ 515,835 $ 559 $ 516,394 December 31, 2022 Performing Non- Performing Total (dollars in thousands) Commercial $ 85,846 $ 71 $ 85,917 SBA Paycheck Protection Program (PPP) 531 — 531 Real estate - commercial 183,694 — 183,694 Other real estate construction 36,894 183 37,077 Real estate 1-4 family construction 6,613 — 6,613 Real estate - residential 109,326 117 109,443 Home equity 58,158 28 58,186 Consumer loans 9,762 — 9,762 Other loans 6,666 — 6,666 Total $ 497,490 $ 399 $ 497,889 |
Summary of Loans Deemed Impaired and Specific Reserves Allocated by Class | The table below summarizes the loans deemed impaired and the amount of specific reserves allocated by class at December 31, 2022. December 31, 2022 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Related Allowance (dollars in thousands) Commercial $ 18 $ — $ 18 $ 22 SBA Paycheck Protection Program (PPP) — — — — Real estate - commercial 503 — 503 18 Other real estate construction 183 183 — — Real estate 1-4 family construction — — — — Real estate - residential 2,318 572 1,746 131 Home equity 28 28 — — Consumer loans 22 — 22 2 Other loans — — — — Total $ 3,072 $ 783 $ 2,289 $ 173 The table below shows interest income received on impaired loans by class for the three months ended March 31, 2022. Three Months Ended March 31, 2022 Average Recorded Investment Interest Income (dollars in thousands) Commercial $ 969 $ 4 SBA Paycheck Protection Program (PPP) — — Real estate - commercial 1,391 24 Other real estate construction — — Real estate 1-4 family construction — — Real estate - residential 2,008 63 Home equity 32 — Consumer loans — — Other loans — — Total $ 4,400 $ 91 |
Modifications to Borrowers Ex_2
Modifications to Borrowers Experiencing Financial Difficulty (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Status of Types of Debt Restructuring | The following table presents as of March 31, 2022, the status of the types of loans modified as TDRs within the twelve months preceding such date. Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/Default March 31, 2022 Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments (dollars in thousands) Below market interest rate 1 $ 218 — $ — — $ — — $ — Extended payment terms — — — — — — — — Forgiveness of principal/other 6 814 6 2,339 — — — — Total 7 $ 1,032 6 $ 2,339 — $ — — $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 (in thousands except percent and period data) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 107 $ 99 Right-of-use assets obtained in exchange for new operating lease liabilities 1,779 2,015 Weighted-average remaining lease term - operating leases, in years 4.7 5.6 Weighted-average discount rate - operating leases 2.55 % 2.47 % |
Summary of Maturity of Remaining Lease Liabilities | The table below summarizes the maturity of remaining lease liabilities: March 31, 2023 (in thousands) 2023 $ 328 2024 446 2025 455 2026 416 2027 260 2028 and thereafter 117 Total lease payments 2,022 Less: Interest (123 ) Present value of lease liabilities 1,899 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk | At March 31, 2023 and December 31, 2022, outstanding financial instruments whose contract amounts represent credit risk were approximately: March 31, 2023 December 31, 2022 (dollars in thousands) Commitments to extend credit $ 195,670 $ 165,992 Credit card commitments 20,651 20,376 Standby letters of credit 7,988 8,135 Total commitments $ 224,309 $ 194,503 |
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, 2023. Total Allowance for Credit Losses - Unfunded Commitments (dollars in thousands) Balance, December 31, 2022 $ 141 Cumulative effect of change in accounting principle 9 Provision for (recovery of) credit losses (7 ) Balance, March 31, 2023 $ 143 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and December 31, 2022: March 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 51,352 $ 51,352 $ — $ — U.S. government agencies 39,421 — 39,421 — GSE - Mortgage-backed securities and CMOs 114,825 — 110,819 4,006 Asset-backed securities 34,644 — 34,644 — State and political subdivisions 85,520 — 85,520 — Corporate bonds 5,392 — 5,392 — Equity securities 326 326 — — Mortgage banking derivatives 374 — 10 364 Total assets at fair value on a recurring basis $ 331,854 $ 51,678 $ 275,806 $ 4,370 Mortgage banking derivatives $ 166 $ — $ 166 $ — Total liabilities at fair value on a recurring basis $ 166 $ — $ 166 $ — December 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 50,630 $ 50,630 $ — $ — U.S. government agencies 33,762 — 33,762 — GSE - Mortgage-backed securities and CMOs 115,995 — 111,996 3,999 Asset-backed securities 36,686 — 36,686 — State and political subdivisions 82,266 — 82,266 — Corporate bonds 5,344 — 5,344 — Equity securities 292 292 — — Mortgage banking derivatives — — — — Total assets at fair value on a recurring basis $ 324,975 $ 50,922 $ 270,054 $ 3,999 Mortgage banking derivatives $ 175 $ — $ 80 $ 95 Total liabilities at fair value on a recurring basis $ 175 $ — $ 80 $ 95 |
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, 2023 Mortgage banking derivatives: Interest rate lock commitments Securities available for sale: GSE mortgage-backed securities and CMOs Total (dollars in thousands) Balance at December 31, 2022 $ (95 ) $ 3,999 $ 3,904 Change in fair value: Included in income from mortgage banking 459 — 459 Included in accumulated other comprehensive income (loss) — 7 7 Change in observability of significant inputs: Included in income from mortgage banking — — — Included in accumulated other comprehensive income (loss) — — — Balance at March 31, 2023 $ 364 $ 4,006 $ 4,370 |
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, 2023 and December 31, 2022: March 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 Individually evaluated loans $ — $ — $ — $ — OREO — — — — Total assets at fair value on a nonrecurring basis $ — $ — $ — $ — December 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 2,116 $ — $ — $ 2,116 Total assets at fair value on a nonrecurring basis $ 2,116 $ — $ — $ 2,116 |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements March 31, 2023 Valuation Technique Unobservable Input General Range Nonrecurring measurements: Individually evaluated loans Discounted appraisals Collateral discounts and estimated costs to sell 0 - 25% OREO Discounted appraisals Collateral discounts and estimated costs to sell 0 - 10% December 31, 2022 Valuation Technique Unobservable Input General Range Nonrecurring measurements: Impaired loans Discounted appraisals Collateral discounts and estimated costs to sell 0 - 25% Discounted cash flows Discount rates 4% - 8.75% |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments All Other Investments [Abstract] | |
Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments | The following table reflects a comparison of carrying amounts and the estimated fair value of the financial instruments as of March 31, 2023 and December 31, 2022: March 31, 2023 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 117,378 $ 117,378 $ 117,378 $ — $ — Securities available for sale 331,154 331,154 51,352 275,796 4,006 Securities held to maturity 29,227 26,596 — 13,025 13,571 Equity securities 326 326 326 — — Loans held for investment, net 511,798 477,252 — — 477,252 Loans held for sale 4,089 4,089 — 4,089 — Restricted stock 1,468 1,468 1,468 — — Loan servicing rights 4,746 6,870 — 6,870 — Mortgage banking derivatives 374 374 — 10 364 Accrued interest receivable 3,837 3,837 — — 3,837 FINANCIAL LIABILITIES Deposits $ 960,798 959,200 — 959,200 — Short-term borrowings 982 982 — 982 — Long-term borrowings 29,376 25,167 — — 25,167 Mortgage banking derivatives 166 166 — 166 — Accrued interest payable 70 70 — — 70 December 31, 2022 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 114,581 $ 114,581 $ 114,581 $ — $ — Securities available for sale 324,683 324,683 50,630 270,054 3,999 Securities held to maturity 30,306 27,178 — 13,526 13,652 Equity securities 292 292 292 — — Loans held for investment, net 495,599 458,479 — — 458,479 Loans held for sale 2,774 2,774 — 2,774 — Restricted stock 1,428 1,428 1,428 — — Loan servicing rights 4,931 6,972 — 6,972 — Accrued interest receivable 3,633 3,633 — — 3,633 FINANCIAL LIABILITIES Deposits $ 939,856 $ 938,114 $ — $ 938,114 $ — Short-term borrowings 1,044 1,044 — 1,044 — Long-term borrowings 29,607 25,869 — — 25,869 Mortgage banking derivatives 175 175 — 80 95 Accrued interest payable 108 108 — — 108 |
Mortgage Banking Derivatives (T
Mortgage Banking Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and December 31, 2022. Notional Amount Fair Value (dollars in thousands) Balance at March 31, 2023 Included in mortgage banking derivatives asset: Interest rate lock commitments $ 19,003 $ 364 Forward sales commitments 373 10 To-be-announced mortgage-backed securities trades — — Included in mortgage banking derivatives liability: Interest rate lock commitments — — Forward sales commitments — — To-be-announced mortgage-backed securities trades 27,000 166 Balance at December 31, 2022 Included in mortgage banking derivatives asset: Interest rate lock commitments — — Forward sales commitments — — To-be-announced mortgage-backed securities trades — — Included in mortgage banking derivatives liability: Interest rate lock commitments 8,863 95 Forward sales commitments — — To-be-announced mortgage-backed securities trades 10,000 80 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||
Jan. 01, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
CECL, allowance for credit losses | $ 4,596,000 | $ 2,290,000 | $ 4,156,000 | $ 4,026,000 | |
Allowance for credit losses for held to maturity securities | 63,000 | ||||
Undivided profits | 36,930,000 | $ 37,030,000 | |||
Allowance for credit losses for available for sale securities | 0 | ||||
Debt securities available for sale securities accrued interest allowance for credit loss | 2,000,000 | ||||
Debt securities held-to-maturity accrued interest allowance for credit loss | $ 358,000 | ||||
Project defaults utilization period for third-party forecast | 2 years | ||||
Reversion period to average economic forecast for remainder for portfolio life | 1 year | ||||
Review threshold of loans experiencing financial difficulty with relationship exposure for collateral dependent | $ 100,000 | ||||
T-Bill [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Debt instrument term | 10 years | ||||
U.S. Government Agencies [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Allowance for credit losses for held to maturity securities | $ 0 | ||||
ASU 2016-13 [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 | ||||
Change in accounting principle, accounting standards update, adopted | true | ||||
CECL, allowance for credit losses | $ 4,847,000 | ||||
Allowance for credit losses for held to maturity securities | 70,000 | ||||
ASU 2016-13 [Member] | Unfunded Loan Commitment [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
CECL, allowance for credit losses | 150,000 | ||||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
CECL, allowance increase | 2,410,000 | ||||
Allowance for credit losses for held to maturity securities | 70,000 | ||||
Undivided profits | 1,900,000 | ||||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption [Member] | Unfunded Loan Commitment [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
CECL, allowance for credit losses | $ 9,000 | ||||
ASU 2022-02 [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 | ||||
Change in accounting principle, accounting standards update, adopted | true |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Total Allowance for Credit Losses (Detail) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Securities held to maturity | $ 63,000 | ||||
Total allowance for credit losses | 4,596,000 | $ 2,290,000 | $ 4,156,000 | $ 4,026,000 | |
Pre Adoption [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 2,290,000 | ||||
Total allowance for credit losses | 2,431,000 | ||||
Pre Adoption [Member] | Commercial [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 435,000 | ||||
Pre Adoption [Member] | Real Estate - Commercial [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 760,000 | ||||
Pre Adoption [Member] | Other Real Estate Construction [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 177,000 | ||||
Pre Adoption [Member] | Real Estate - Residential [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 561,000 | ||||
Pre Adoption [Member] | Home Equity [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 277,000 | ||||
Pre Adoption [Member] | Consumer Loans [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 76,000 | ||||
Pre Adoption [Member] | Other Loans [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 4,000 | ||||
Unfunded Loan Commitment [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 143,000 | 141,000 | |||
Unfunded Loan Commitment [Member] | Pre Adoption [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total allowance for credit losses | $ 141,000 | ||||
ASU 2016-13 [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Securities held to maturity | $ 70,000 | ||||
Loans held for investment | 4,697,000 | ||||
Total allowance for credit losses | 4,847,000 | ||||
ASU 2016-13 [Member] | State and Political Subdivisions [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Securities held to maturity | 3,000 | ||||
ASU 2016-13 [Member] | Corporate Bonds [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Securities held to maturity | 67,000 | ||||
ASU 2016-13 [Member] | Commercial [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 1,137,000 | ||||
ASU 2016-13 [Member] | Real Estate - Commercial [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 1,777,000 | ||||
ASU 2016-13 [Member] | Other Real Estate Construction [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 306,000 | ||||
ASU 2016-13 [Member] | Real Estate 1-4 Family Construction [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 14,000 | ||||
ASU 2016-13 [Member] | Real Estate - Residential [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 635,000 | ||||
ASU 2016-13 [Member] | Home Equity [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 652,000 | ||||
ASU 2016-13 [Member] | Consumer Loans [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 167,000 | ||||
ASU 2016-13 [Member] | Other Loans [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 9,000 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Securities held to maturity | 70,000 | ||||
Loans held for investment | 2,407,000 | ||||
Total allowance for credit losses | 2,416,000 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | State and Political Subdivisions [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Securities held to maturity | 3,000 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Corporate Bonds [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Securities held to maturity | 67,000 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Commercial [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 702,000 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Real Estate - Commercial [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 1,017,000 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Other Real Estate Construction [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 129,000 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Real Estate 1-4 Family Construction [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 14,000 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Real Estate - Residential [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 74,000 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Home Equity [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 375,000 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Consumer Loans [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 91,000 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Other Loans [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Loans held for investment | 5,000 | ||||
ASU 2016-13 [Member] | Unfunded Loan Commitment [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total allowance for credit losses | $ 150,000 | ||||
ASU 2016-13 [Member] | Unfunded Loan Commitment [Member] | Impact of Adoption [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total allowance for credit losses | $ 9,000 |
Comprehensive Income (Loss) - A
Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | $ 37,397 | $ 60,787 |
Total other comprehensive income (loss) | 4,546 | (14,037) |
Ending balance | 41,843 | 47,158 |
Unrealized Holding Gains on Available-for-Sale Securities (Net) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (31,765) | (1,151) |
Other comprehensive income (loss) before reclassifications, net of ($1,359) and $4,213 tax effect, respectively | 4,505 | (14,109) |
Amounts reclassified from accumulated other comprehensive income, net of ($17) and ($19) tax effect, respectively | 41 | 72 |
Total other comprehensive income (loss) | 4,546 | (14,037) |
Ending balance | $ (27,219) | $ (15,188) |
Comprehensive Income (Loss) -_2
Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Tax effect on amount reclassified from accumulated other comprehensive income | $ (10) | $ (19) |
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 | (1,359) | 4,213 |
Tax effect on amount reclassified from accumulated other comprehensive income | $ (17) | $ (19) |
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, 2023 | |
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. 18, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Earnings Per Share Basic And Dilutive [Line Items] | ||||
Stock dividend, percentage | 2.50% | |||
Dividends declared date | Oct. 18, 2022 | |||
Stock options outstanding | 0 | 0 | ||
Basic | 7,075,125 | 7,125,760 |
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, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 366,492 | $ 365,936 |
Available-for-sale Securities, Gross Unrealized Gains | 278 | 134 |
Available-for-sale Securities, Gross Unrealized Losses | 35,616 | 41,387 |
Available-for-sale Securities, Fair Value | 331,154 | 324,683 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 54,957 | 54,948 |
Available-for-sale Securities, Gross Unrealized Losses | 3,605 | 4,318 |
Available-for-sale Securities, Fair Value | 51,352 | 50,630 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 40,280 | 34,746 |
Available-for-sale Securities, Gross Unrealized Gains | 54 | 64 |
Available-for-sale Securities, Gross Unrealized Losses | 913 | 1,048 |
Available-for-sale Securities, Fair Value | 39,421 | 33,762 |
GSE - Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 129,524 | 132,059 |
Available-for-sale Securities, Gross Unrealized Gains | 15 | |
Available-for-sale Securities, Gross Unrealized Losses | 14,714 | 16,064 |
Available-for-sale Securities, Fair Value | 114,825 | 115,995 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 34,930 | 37,228 |
Available-for-sale Securities, Gross Unrealized Gains | 155 | 70 |
Available-for-sale Securities, Gross Unrealized Losses | 441 | 612 |
Available-for-sale Securities, Fair Value | 34,644 | 36,686 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 100,801 | 100,955 |
Available-for-sale Securities, Gross Unrealized Gains | 54 | |
Available-for-sale Securities, Gross Unrealized Losses | 15,335 | 18,689 |
Available-for-sale Securities, Fair Value | 85,520 | 82,266 |
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 | 608 | 656 |
Available-for-sale Securities, Fair Value | $ 5,392 | $ 5,344 |
Investment and Equity Securit_4
Investment and Equity Securities - Carrying Amounts and Fair Values of Securities Held to Maturity (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $ 29,227,000 | $ 30,306,000 |
Held-to-maturity Securities, Gross Unrealized Losses | 2,631,000 | 3,128,000 |
Held-to-maturity Securities, Fair Value | 26,596,000 | 27,178,000 |
Allowance for credit losses for held to maturity securities | 63,000 | |
U.S. Government Agencies [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 143,000 | 152,000 |
Held-to-maturity Securities, Gross Unrealized Losses | 3,000 | 5,000 |
Held-to-maturity Securities, Fair Value | 140,000 | 147,000 |
Allowance for credit losses for held to maturity securities | 0 | |
State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 14,084,000 | 15,154,000 |
Held-to-maturity Securities, Gross Unrealized Losses | 1,199,000 | 1,775,000 |
Held-to-maturity Securities, Fair Value | 12,885,000 | 13,379,000 |
Corporate Bonds [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 15,000,000 | 15,000,000 |
Held-to-maturity Securities, Gross Unrealized Losses | 1,429,000 | 1,348,000 |
Held-to-maturity Securities, Fair Value | 13,571,000 | $ 13,652,000 |
Allowance for credit losses for held to maturity securities | $ 63,000 |
Investment and Equity Securit_5
Investment and Equity Securities - Additional Information (Detail) | Mar. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security |
Schedule of Available-for-sale Securities [Line Items] | ||
Federal Reserve stock owned by Company | $ | $ 959,000 | $ 959,000 |
Federal Home Loan Bank stock (FHLB) | $ | 509,000 | 469,000 |
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 | $ | $ 153,400,000 | $ 153,300,000 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of available for sale securities related to unrealized losses less than twelve months | 1 | 4 |
Number of available for sale securities related to unrealized losses more than twelve months | 8 | 5 |
U.S. Government Agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of available for sale securities related to unrealized losses less than twelve months | 6 | 6 |
Number of available for sale securities related to unrealized losses more than twelve months | 16 | 14 |
Number of held to maturity securities related to unrealized losses less than twelve months | 1 | |
GSE - Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of available for sale securities related to unrealized losses less than twelve months | 11 | 28 |
Number of available for sale securities related to unrealized losses more than twelve months | 51 | 34 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of available for sale securities related to unrealized losses less than twelve months | 5 | 12 |
Number of available for sale securities related to unrealized losses more than twelve months | 9 | 5 |
U S States And Political [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of available for sale securities related to unrealized losses less than twelve months | 8 | 14 |
Number of available for sale securities related to unrealized losses more than twelve months | 55 | 50 |
Number of held to maturity securities related to unrealized losses less than twelve months | 9 | |
Number of held to maturity securities related to unrealized losses more than twelve months | 1 | |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of available for sale securities related to unrealized losses more than twelve months | 3 | 3 |
Number of held to maturity securities related to unrealized losses less than twelve months | 4 | |
Number of held to maturity securities related to unrealized losses more than twelve months | 10 |
Investment and Equity Securit_6
Investment and Equity Securities - Allowance for Credit Losses on Held to Maturity Securities (Detail) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Balance, March 31, 2023 | $ 63,000 |
U.S. Government Agencies [Member] | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Balance, March 31, 2023 | 0 |
State and Political Subdivisions [Member] | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Cumulative effect of change in accounting principle | 3,000 |
Provision for (recovery of) credit losses | (3,000) |
Corporate Bonds [Member] | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Cumulative effect of change in accounting principle | 67,000 |
Provision for (recovery of) credit losses | (4,000) |
Balance, March 31, 2023 | $ 63,000 |
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, 2023 | Dec. 31, 2022 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | $ 29,227 | $ 30,306 |
U.S. Government Agencies [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 143 | 152 |
State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 14,084 | $ 15,154 |
Corporate Bonds [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 15,000 | |
Aaa | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 1,173 | |
Aaa | State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 1,173 | |
Aa1/Aa2/Aa3 | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 12,911 | |
Aa1/Aa2/Aa3 | State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 12,911 | |
Not rated | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 15,143 | |
Not rated | U.S. Government Agencies [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total | 143 | |
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, 2023 | Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | ||
Gross proceeds from sales | $ 6,793 | $ 8,398 |
Realized gains from sales | 6 | 52 |
Realized losses from sales | 57 | 143 |
Net realized gains (losses) | $ (51) | $ (91) |
Investment and Equity Securit_9
Investment and Equity Securities - Gross Unrealized Losses and Fair Value of Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | $ 69,578 | $ 114,437 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 931 | 3,602 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 261,576 | 188,461 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 34,685 | 37,785 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 331,154 | 302,898 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 35,616 | 41,387 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 19,689 | 27,991 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 55 | 509 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 31,663 | 22,639 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 3,550 | 3,809 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 51,352 | 50,630 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 3,605 | 4,318 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 13,185 | 8,580 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 67 | 69 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 26,236 | 13,994 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 846 | 979 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 39,421 | 22,574 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 913 | 1,048 |
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, Fair Value | 16,896 | 35,657 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 591 | 2,021 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 97,929 | 77,799 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 14,123 | 14,043 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 114,825 | 113,456 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 14,714 | 16,064 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 9,128 | 22,828 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 83 | 315 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 25,517 | 7,326 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 358 | 297 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 34,645 | 30,154 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 441 | 612 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 10,680 | 19,381 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 135 | 688 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 74,839 | 61,359 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 15,200 | 18,001 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 85,519 | 80,740 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 15,335 | 18,689 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 5,392 | 5,344 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 608 | 656 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 5,392 | 5,344 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | $ 608 | $ 656 |
Investment and Equity Securi_10
Investment and Equity Securities - Investment Securities - Gross Unrealized Losses and Fair Value of Investments (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Schedule Of Held To Maturity Securities [Line Items] | |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Fair Value | $ 18,884 |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 1,993 |
Securities held to maturity, Gross unrealized losses, Twelve Months or More, Fair Value | 8,294 |
Securities held to maturity, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 1,135 |
Securities held to maturity, Gross unrealized losses, Fair Value | 27,178 |
Securities held to maturity, Gross unrealized losses, Unrealized Losses | 3,128 |
U.S. Government Agencies [Member] | |
Schedule Of Held To Maturity Securities [Line Items] | |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Fair Value | 147 |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 5 |
Securities held to maturity, Gross unrealized losses, Fair Value | 147 |
Securities held to maturity, Gross unrealized losses, Unrealized Losses | 5 |
State and Political Subdivisions [Member] | |
Schedule Of Held To Maturity Securities [Line Items] | |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Fair Value | 12,354 |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 1,621 |
Securities held to maturity, Gross unrealized losses, Twelve Months or More, Fair Value | 1,025 |
Securities held to maturity, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 154 |
Securities held to maturity, Gross unrealized losses, Fair Value | 13,379 |
Securities held to maturity, Gross unrealized losses, Unrealized Losses | 1,775 |
Corporate Bonds [Member] | |
Schedule Of Held To Maturity Securities [Line Items] | |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Fair Value | 6,383 |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 367 |
Securities held to maturity, Gross unrealized losses, Twelve Months or More, Fair Value | 7,269 |
Securities held to maturity, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 981 |
Securities held to maturity, Gross unrealized losses, Fair Value | 13,652 |
Securities held to maturity, Gross unrealized losses, Unrealized Losses | $ 1,348 |
Investment and Equity Securi_11
Investment and Equity Securities - Amortized Cost and Fair Value of Available for Sale Securities Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments Debt And Equity Securities [Abstract] | ||
Due within twelve months, Amortized cost | $ 4,168 | |
Due after one but within five years, Amortized Cost | 45,995 | |
Due after five but within ten years, Amortized Cost | 86,917 | |
Due after ten years, Amortized Cost | 229,412 | |
Available-for-sale Securities, Amortized Cost | 366,492 | $ 365,936 |
Due within twelve months, Estimated Fair Value | 4,111 | |
Due after one but within five years, Estimated Fair Value | 44,363 | |
Due after five but within ten years, Estimated Fair Value | 77,384 | |
Due after ten years, Estimated Fair Value | 205,296 | |
Available-for-sale Securities, Estimated Fair Value | $ 331,154 | $ 324,683 |
Due within twelve months, Book Yield | 7.31% | |
Due after one but within five years, Book Yield | 3.14% | |
Due after five but within ten years, Book Yield | 2.12% | |
Due after ten years, Book Yield | 3.17% | |
Total securities available for sale, Book Yield | 2.97% |
Investment and Equity Securi_12
Investment and Equity Securities - Amortized Cost and Fair Value of Held to Maturity Securities Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments Debt And Equity Securities [Abstract] | ||
Due within twelve months, Amortized Cost | $ 653 | |
Due after one but within five years, Amortized Cost | 383 | |
Due after five but within ten years, Amortized Cost | 15,000 | |
Due after ten years, Amortized cost | 13,191 | |
Total Securities held for maturity, Amortized Cost | 29,227 | |
Due within twelve months, Estimated Fair Value | 648 | |
Due after one but within five years, Estimated Fair Value | 381 | |
Due after five but within ten years, Estimated Fair Value | 13,572 | |
Due after ten years, Estimated Fair Value | 11,995 | |
Total Securities held for maturity, Estimated Fair Value | $ 26,596 | $ 27,178 |
Due within twelve months, Book Yield | 2.74% | |
Due after one but within five years, Book Yield | 3.02% | |
Due after five but within ten years, Book Yield | 4.57% | |
Due after ten years, Book Yield | 3.28% | |
Total Securities held for maturity, Book Yield | 3.93% |
Investment and Equity Securi_13
Investment and Equity Securities - Unrealized Gain and Losses related to Equity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | ||
Net gains (losses) recognized during the period on equity securities | $ 34 | $ (9) |
Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date | $ 34 | $ (9) |
Loans Held for Investment - Com
Loans Held for Investment - Composition of Net Loans Held for Investment by Class (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | $ 515,463 | $ 496,985 | ||
Less: | ||||
Less allowance for credit losses on loans | (4,596) | (2,290) | $ (4,156) | $ (4,026) |
Deferred loan costs (fees) net | 931 | 904 | ||
Net loans held for investment | 511,798 | 495,599 | ||
Commercial [Member] | ||||
Less: | ||||
Less allowance for credit losses on loans | (1,376) | (2,626) | (2,429) | |
Commercial [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 80,974 | 85,917 | ||
Commercial [Member] | SBA Paycheck Protection Program (PPP) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 270 | 545 | ||
Commercial [Member] | Real Estate - Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 196,892 | 183,550 | ||
Commercial [Member] | Other Real Estate Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 36,965 | 37,077 | ||
Less: | ||||
Less allowance for credit losses on loans | (325) | (177) | ||
Commercial [Member] | Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 6,533 | 6,666 | ||
Less: | ||||
Less allowance for credit losses on loans | (7) | (4) | ||
Non-Commercial [Member] | ||||
Less: | ||||
Less allowance for credit losses on loans | (914) | $ (1,530) | $ (1,597) | |
Non-Commercial [Member] | Consumer Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 10,044 | 9,762 | ||
Non-Commercial [Member] | Real Estate 1 - 4 Family Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 8,802 | 6,613 | ||
Non-Commercial [Member] | Real Estate - Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 115,966 | 108,669 | ||
Less: | ||||
Less allowance for credit losses on loans | (657) | (561) | ||
Non-Commercial [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 59,017 | 58,186 | ||
Less: | ||||
Less allowance for credit losses on loans | $ (567) | $ (277) |
Loans Held for Investment - Add
Loans Held for Investment - Additional Information (Detail) $ in Millions | 3 Months Ended | ||
Jun. 05, 2020 | Jun. 04, 2020 | Mar. 31, 2023 USD ($) PPPLoan | |
Paycheck Protection Program [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan Term | 5 years | 2 years | |
Interest earn on loan | 1% | ||
Number of Loans | PPPLoan | 1,202 | ||
Recorded Investments | $ | $ 81 | ||
Number of loans paid off or forgiven | PPPLoan | 1,196 | ||
Loan balances | $ | $ 80.8 | ||
Second Round Paycheck Protection Program [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan balances | $ | $ 46.2 | ||
Number of loans | PPPLoan | 879 | ||
Amount of additional loans funded | $ | $ 46.4 | ||
Number of PPP loans forgiven or paid off | PPPLoan | 866 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | $ 2,290 | $ 4,026 |
Provision for (recovery of) credit losses | 291 | 118 |
Charge-offs | (421) | (6) |
Recoveries | 29 | 18 |
Net (charge-offs) recoveries | (392) | 12 |
Balance, beginning of year | 4,596 | 4,156 |
Cumulative Effect of Change in Accounting Principle [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 2,407 | |
Commercial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 1,376 | 2,429 |
Provision for (recovery of) credit losses | 190 | |
Recoveries | 7 | |
Net (charge-offs) recoveries | 7 | |
Balance, beginning of year | 2,626 | |
Non-Commercial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 914 | 1,597 |
Provision for (recovery of) credit losses | (72) | |
Charge-offs | (6) | |
Recoveries | 11 | |
Net (charge-offs) recoveries | 5 | |
Balance, beginning of year | $ 1,530 | |
Commercial [Member] | Commercial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 435 | |
Provision for (recovery of) credit losses | 213 | |
Charge-offs | (343) | |
Recoveries | 3 | |
Net (charge-offs) recoveries | (340) | |
Balance, beginning of year | 1,010 | |
Commercial [Member] | Commercial [Member] | Cumulative Effect of Change in Accounting Principle [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 702 | |
Real Estate Commercial [Member] | Commercial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 760 | |
Provision for (recovery of) credit losses | 83 | |
Balance, beginning of year | 1,860 | |
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 year | 1,017 | |
Other Real Estate Construction [Member] | Commercial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 177 | |
Provision for (recovery of) credit losses | 47 | |
Charge-offs | (42) | |
Net (charge-offs) recoveries | (42) | |
Balance, beginning of year | 325 | |
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 year | 143 | |
Other Loans [Member] | Commercial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 4 | |
Provision for (recovery of) credit losses | (2) | |
Balance, beginning of year | 7 | |
Other Loans [Member] | Commercial [Member] | Cumulative Effect of Change in Accounting Principle [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 5 | |
Real Estate - Residential [Member] | Non-Commercial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 561 | |
Provision for (recovery of) credit losses | 21 | |
Recoveries | 1 | |
Net (charge-offs) recoveries | 1 | |
Balance, beginning of year | 657 | |
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 year | 74 | |
Home Equity [Member] | Non-Commercial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 277 | |
Provision for (recovery of) credit losses | (86) | |
Recoveries | 1 | |
Net (charge-offs) recoveries | 1 | |
Balance, beginning of year | 567 | |
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 year | 375 | |
Consumers Loans [Member] | Non-Commercial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance, beginning of year | 76 | |
Provision for (recovery of) credit losses | 15 | |
Charge-offs | (36) | |
Recoveries | 24 | |
Net (charge-offs) recoveries | (12) | |
Balance, beginning of year | 170 | |
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 year | $ 91 |
Allowance for Credit Losses o_4
Allowance for Credit Losses on Loans - Schedule of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Individually Evaluated, Reserve | $ 173 | $ 243 | ||
Individually Evaluated, Loans | 3,072 | 4,091 | ||
Collectively Evaluated, Reserve | 2,117 | 3,913 | ||
Collectively Evaluated, Loans | 494,817 | 441,833 | ||
Total Reserve | $ 4,596 | 2,290 | 4,156 | $ 4,026 |
Total Loans | $ 516,394 | 497,889 | 445,924 | |
Commercial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Individually Evaluated, Reserve | 40 | 130 | ||
Individually Evaluated, Loans | 704 | 2,146 | ||
Collectively Evaluated, Reserve | 1,336 | 2,496 | ||
Collectively Evaluated, Loans | 313,181 | 288,416 | ||
Total Reserve | 1,376 | 2,626 | 2,429 | |
Total Loans | 313,885 | 290,562 | ||
Non-Commercial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Individually Evaluated, Reserve | 133 | 113 | ||
Individually Evaluated, Loans | 2,368 | 1,945 | ||
Collectively Evaluated, Reserve | 781 | 1,417 | ||
Collectively Evaluated, Loans | 181,636 | 153,417 | ||
Total Reserve | 914 | 1,530 | $ 1,597 | |
Total Loans | $ 184,004 | $ 155,362 |
Allowance for Credit Losses o_5
Allowance for Credit Losses on Loans - Past Due Information of Loan Portfolio by Class (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | $ 516,394,000 | ||
Total Loans | 516,394,000 | $ 497,889,000 | $ 445,924,000 |
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 | 707,000 | 1,125,000 | |
Nonaccrual Loans | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 559,000 | 399,000 | |
Financial Asset, Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 1,266,000 | 1,524,000 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 515,128,000 | 496,365,000 | |
Real Estate - Commercial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 197,032,000 | 183,694,000 | |
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 | 132,000 | 230,000 | |
Real Estate - Commercial [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 132,000 | 230,000 | |
Real Estate - Commercial [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 196,900,000 | 183,464,000 | |
Other Real Estate Construction [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 36,965,000 | ||
Total Loans | 36,965,000 | 37,077,000 | |
Accruing Loans 90 or More Days Past Due | 0 | 0 | |
Other Real Estate Construction [Member] | Nonaccrual Loans | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 183,000 | ||
Other Real Estate Construction [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 183,000 | ||
Other Real Estate Construction [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 36,965,000 | 36,894,000 | |
Real Estate 1 - 4 Family Construction [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 8,802,000 | ||
Total Loans | 8,802,000 | 6,613,000 | |
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 | 8,802,000 | 6,613,000 | |
Real Estate - Residential [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 116,763,000 | ||
Total Loans | 116,763,000 | 109,443,000 | |
Accruing Loans 90 or More Days Past Due | 0 | 0 | |
Real Estate - Residential [Member] | Loans 30-89 Days Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 517,000 | 507,000 | |
Real Estate - Residential [Member] | Nonaccrual Loans | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 479,000 | 117,000 | |
Real Estate - Residential [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 996,000 | 624,000 | |
Real Estate - Residential [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 115,767,000 | 108,819,000 | |
Home Equity [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 59,017,000 | ||
Total Loans | 59,017,000 | 58,186,000 | |
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 | 15,000 | 107,000 | |
Home Equity [Member] | Nonaccrual Loans | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 27,000 | 28,000 | |
Home Equity [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 42,000 | 135,000 | |
Home Equity [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 58,975,000 | 58,051,000 | |
Other Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 6,533,000 | ||
Total Loans | 6,533,000 | 6,666,000 | |
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 | 6,533,000 | 6,666,000 | |
Paycheck Protection Program [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 264,000 | 531,000 | |
Accruing Loans 90 or More Days Past Due | 0 | 0 | |
Paycheck Protection Program [Member] | Loans 30-89 Days Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 252,000 | ||
Paycheck Protection Program [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 252,000 | ||
Paycheck Protection Program [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 264,000 | 279,000 | |
Commercial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 80,974,000 | 85,917,000 | |
Accruing Loans 90 or More Days Past Due | 0 | 0 | |
Commercial [Member] | Nonaccrual Loans | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 53,000 | 71,000 | |
Commercial [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 53,000 | 71,000 | |
Commercial [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 80,921,000 | 85,846,000 | |
Consumer Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 10,044,000 | 9,762,000 | |
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 | 43,000 | 29,000 | |
Consumer Loans [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | 43,000 | 29,000 | |
Consumer Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total Past Due Loans | $ 10,001,000 | $ 9,733,000 |
Allowance for Credit Losses o_6
Allowance for Credit Losses on Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Allowance For Loan Losses [Line Items] | ||
Financing receivable recorded investment number of days past due | 90 days | |
Collateral dependent loans balance minimum threshold for individual assessment | $ 100,000 | |
Financing receivable, Revolving, converted to term loans | 395,000 | |
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 | 0 |
Real estate in process of foreclosure, loan amount | 0 | 0 |
Accruing Loans 90 or More Days Past Due | $ 0 | $ 0 |
Allowance for Credit Losses o_7
Allowance for Credit Losses on Loans - Composition of Nonaccrual Loans by Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable Impaired [Line Items] | ||
Nonaccrual Loans with No Allowance | $ 187 | |
Nonaccrual Loans with an Allowance | 372 | |
Nonaccrual Loans | 559 | $ 399 |
Interest Income | 7 | |
Other Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Nonaccrual Loans | 183 | |
Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Nonaccrual Loans with No Allowance | 187 | |
Nonaccrual Loans with an Allowance | 292 | |
Nonaccrual Loans | 479 | 117 |
Interest Income | 7 | |
Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Nonaccrual Loans with an Allowance | 27 | |
Nonaccrual Loans | 27 | 28 |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Nonaccrual Loans with an Allowance | 53 | |
Nonaccrual Loans | $ 53 | $ 71 |
Allowance for Credit Losses o_8
Allowance for Credit Losses on Loans - Summary of Amortized Cost of Collateral Dependent Loans and Any Related Allowance (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | $ 559 | $ 399 |
Other Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 183 | |
Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 479 | 117 |
Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 27 | 28 |
Collateral Dependent Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 176 | |
Collateral Dependent Loans [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | 176 | |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Amortized cost of loans | $ 53 | $ 71 |
Allowance for Credit Losses o_9
Allowance for Credit Losses on Loans - Summary of Credit Quality Indicators by Year of Origination (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Financing Receivable Recorded Investment [Line Items] | |
2023 | $ 43,343 |
2022 | 137,841 |
2021 | 94,030 |
2020 | 59,241 |
2019 | 25,010 |
Prior | 82,077 |
Revolving | 74,852 |
Total | 516,394 |
Commercial [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 3,450 |
2022 | 24,405 |
2021 | 17,337 |
2020 | 9,164 |
2019 | 3,059 |
Prior | 12,761 |
Revolving | 11,062 |
Total | 81,238 |
Commercial [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 3,450 |
2022 | 24,376 |
2021 | 17,337 |
2020 | 9,164 |
2019 | 3,006 |
Prior | 12,737 |
Revolving | 11,062 |
Total | 81,132 |
Commercial [Member] | Watches [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2022 | 29 |
Total | 29 |
Commercial [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Prior | 24 |
Total | 24 |
Commercial [Member] | Substandard | |
Financing Receivable Recorded Investment [Line Items] | |
2019 | 53 |
Total | 53 |
Real Estate Commercial [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 20,627 |
2022 | 45,291 |
2021 | 38,952 |
2020 | 27,074 |
2019 | 16,927 |
Prior | 44,480 |
Revolving | 3,681 |
Total | 197,032 |
Real Estate Commercial [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 20,627 |
2022 | 45,291 |
2021 | 37,950 |
2020 | 26,947 |
2019 | 16,664 |
Prior | 44,314 |
Revolving | 3,681 |
Total | 195,474 |
Real Estate Commercial [Member] | Watches [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2019 | 81 |
Total | 81 |
Real Estate Commercial [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2021 | 1,002 |
2020 | 127 |
2019 | 182 |
Prior | 166 |
Total | 1,477 |
Other Real Estate Construction [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 6,452 |
2022 | 13,329 |
2021 | 5,518 |
2020 | 8,220 |
2019 | 638 |
Prior | 2,416 |
Revolving | 392 |
Total | 36,965 |
Other Real Estate Construction [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 6,452 |
2022 | 13,329 |
2021 | 5,518 |
2020 | 8,220 |
2019 | 638 |
Prior | 2,242 |
Revolving | 392 |
Total | 36,791 |
Other Real Estate Construction [Member] | Watches [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Prior | 49 |
Total | 49 |
Other Real Estate Construction [Member] | Substandard | |
Financing Receivable Recorded Investment [Line Items] | |
Prior | 125 |
Total | 125 |
Real Estate 1 - 4 Family Construction [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 828 |
2022 | 7,474 |
2021 | 500 |
Total | 8,802 |
Real Estate 1 - 4 Family Construction [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 828 |
2022 | 7,474 |
2021 | 500 |
Total | 8,802 |
Real Estate - Residential [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 10,364 |
2022 | 42,062 |
2021 | 27,243 |
2020 | 12,932 |
2019 | 3,907 |
Prior | 19,463 |
Revolving | 792 |
Total | 116,763 |
Real Estate - Residential [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 10,364 |
2022 | 41,502 |
2021 | 26,522 |
2020 | 12,641 |
2019 | 3,696 |
Prior | 18,250 |
Revolving | 792 |
Total | 113,767 |
Real Estate - Residential [Member] | Watches [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2021 | 210 |
2020 | 85 |
2019 | 125 |
Prior | 732 |
Total | 1,152 |
Real Estate - Residential [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2022 | 560 |
2021 | 385 |
2019 | 86 |
Prior | 334 |
Total | 1,365 |
Real Estate - Residential [Member] | Substandard | |
Financing Receivable Recorded Investment [Line Items] | |
2021 | 126 |
2020 | 206 |
Prior | 147 |
Total | 479 |
Home Equity [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 145 |
2022 | 317 |
2021 | 177 |
2020 | 238 |
2019 | 174 |
Prior | 2,021 |
Revolving | 55,945 |
Total | 59,017 |
Home Equity [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 145 |
2022 | 317 |
2021 | 177 |
2020 | 238 |
2019 | 155 |
Prior | 1,905 |
Revolving | 55,945 |
Total | 58,882 |
Home Equity [Member] | Watches [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2019 | 19 |
Prior | 89 |
Total | 108 |
Home Equity [Member] | Substandard | |
Financing Receivable Recorded Investment [Line Items] | |
Prior | 27 |
Total | 27 |
Consumers Loans [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 1,477 |
2022 | 3,338 |
2021 | 1,266 |
2020 | 233 |
2019 | 302 |
Prior | 448 |
Revolving | 2,980 |
Total | 10,044 |
Consumers Loans [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2023 | 1,477 |
2022 | 3,292 |
2021 | 1,266 |
2020 | 233 |
2019 | 302 |
Prior | 448 |
Revolving | 2,980 |
Total | 9,998 |
Consumers Loans [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2022 | 46 |
Total | 46 |
Other Loans [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2022 | 1,625 |
2021 | 3,037 |
2020 | 1,380 |
2019 | 3 |
Prior | 488 |
Total | 6,533 |
Other Loans [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2022 | 1,625 |
2021 | 3,037 |
2020 | 1,380 |
2019 | 3 |
Prior | 488 |
Total | $ 6,533 |
Allowance for Credit Losses _10
Allowance for Credit Losses on Loans - Schedule of Gross Charge-Offs by Origination (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable Recorded Investment [Line Items] | ||
2022 | $ 56 | |
2019 | 272 | |
Prior | 75 | |
Revolving | 18 | |
Total | 421 | $ 6 |
Non-Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | $ 6 | |
Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 272 | |
Prior | 71 | |
Total | 343 | |
Commercial [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2022 | 42 | |
Total | 42 | |
Consumer Loans [Member] | Non-Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2022 | 14 | |
Prior | 4 | |
Revolving | 18 | |
Total | $ 36 |
Allowance for Credit Losses _11
Allowance for Credit Losses on Loans - Summary of Recorded Investment in Loans by Credit Quality Indicators (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | |||
Loans | $ 516,394 | $ 497,889 | $ 445,924 |
Paycheck Protection Program [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 264 | 531 | |
Real Estate - Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 197,032 | 183,694 | |
Other Real Estate Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 36,965 | 37,077 | |
Real Estate 1 - 4 Family Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 8,802 | 6,613 | |
Real Estate - Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 116,763 | 109,443 | |
Home Equity [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 59,017 | 58,186 | |
Other Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 6,533 | 6,666 | |
Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 80,974 | 85,917 | |
Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | $ 10,044 | 9,762 | |
Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 493,159 | ||
Pass [Member] | Paycheck Protection Program [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 531 | ||
Pass [Member] | Real Estate - Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 182,110 | ||
Pass [Member] | Other Real Estate Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 36,717 | ||
Pass [Member] | Real Estate 1 - 4 Family Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 6,613 | ||
Pass [Member] | Real Estate - Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 106,968 | ||
Pass [Member] | Home Equity [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 58,050 | ||
Pass [Member] | Other Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 6,666 | ||
Pass [Member] | Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 85,789 | ||
Pass [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 9,715 | ||
Watch [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 4,206 | ||
Watch [Member] | Real Estate - Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 1,584 | ||
Watch [Member] | Other Real Estate Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 51 | ||
Watch [Member] | Real Estate - Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 2,359 | ||
Watch [Member] | Home Equity [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 108 | ||
Watch [Member] | Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 57 | ||
Watch [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 47 | ||
Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 524 | ||
Substandard | Other Real Estate Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 309 | ||
Substandard | Real Estate - Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 116 | ||
Substandard | Home Equity [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 28 | ||
Substandard | Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | $ 71 |
Allowance for Credit Losses _12
Allowance for Credit Losses on Loans - Summary of Performing and Nonperforming Loans by Class (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | |||
Loans | $ 516,394 | $ 497,889 | $ 445,924 |
Real Estate - Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 197,032 | 183,694 | |
Other Real Estate Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 36,965 | 37,077 | |
Real Estate 1 - 4 Family Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 8,802 | 6,613 | |
Real Estate - Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 116,763 | 109,443 | |
Home Equity [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 59,017 | 58,186 | |
Other Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 6,533 | 6,666 | |
Paycheck Protection Program [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 264 | 531 | |
Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 80,974 | 85,917 | |
Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 10,044 | 9,762 | |
Performing [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 515,835 | 497,490 | |
Performing [Member] | Real Estate - Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 197,032 | 183,694 | |
Performing [Member] | Other Real Estate Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 36,965 | 36,894 | |
Performing [Member] | Real Estate 1 - 4 Family Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 8,802 | 6,613 | |
Performing [Member] | Real Estate - Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 116,284 | 109,326 | |
Performing [Member] | Home Equity [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 58,990 | 58,158 | |
Performing [Member] | Other Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 6,533 | 6,666 | |
Performing [Member] | Paycheck Protection Program [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 264 | 531 | |
Performing [Member] | Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 80,921 | 85,846 | |
Performing [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 10,044 | 9,762 | |
Non-Performing [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 559 | 399 | |
Non-Performing [Member] | Other Real Estate Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 183 | ||
Non-Performing [Member] | Real Estate - Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 479 | 117 | |
Non-Performing [Member] | Home Equity [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | 27 | 28 | |
Non-Performing [Member] | Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans | $ 53 | $ 71 |
Allowance for Credit Losses _13
Allowance for Credit Losses on Loans - Summary of Loans Deemed Impaired and Specific Reserves Allocated by Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | $ 3,072 | |
Recorded Investment With No Allowance | 783 | |
Recorded Investment With Allowance | 2,289 | |
Related Allowance | 173 | |
Average Recorded Investment | $ 4,400 | |
Interest Income | 91 | |
Real Estate - Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 503 | |
Recorded Investment With Allowance | 503 | |
Related Allowance | 18 | |
Average Recorded Investment | 1,391 | |
Interest Income | 24 | |
Other Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 183 | |
Recorded Investment With No Allowance | 183 | |
Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 2,318 | |
Recorded Investment With No Allowance | 572 | |
Recorded Investment With Allowance | 1,746 | |
Related Allowance | 131 | |
Average Recorded Investment | 2,008 | |
Interest Income | 63 | |
Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 28 | |
Recorded Investment With No Allowance | 28 | |
Average Recorded Investment | 32 | |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 18 | |
Recorded Investment With Allowance | 18 | |
Related Allowance | 22 | |
Average Recorded Investment | 969 | |
Interest Income | $ 4 | |
Consumer Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Principal Balance | 22 | |
Recorded Investment With Allowance | 22 | |
Related Allowance | $ 2 |
Modifications to Borrowers Ex_3
Modifications to Borrowers Experiencing Financial Difficulty - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) Loan | Mar. 31, 2022 Contract | Dec. 31, 2022 USD ($) Contract | |
Receivables [Abstract] | |||
TDR borrowers experiencing subsequently defaulted | $ 0 | ||
Number of loans issued to borrowers | Loan | 0 | ||
TDR is defined as being past due | 90 days | ||
Current outstanding loans modified | $ 2,800,000 | ||
Number of contracts on non accrual basis | Contract | 2 | ||
Outstanding balance of TDRs non accrual basis | $ 52,000 | ||
Number of Contracts | Contract | 0 |
Modifications to Borrowers Ex_4
Modifications to Borrowers Experiencing Financial Difficulty - Schedule of Status of Types of Debt Restructuring (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 USD ($) Contract | Mar. 31, 2022 USD ($) Contract | Dec. 31, 2022 USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | ||
Recorded Investments | $ | $ 2,800 | ||
Paid In Full [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 7 | ||
Recorded Investments | $ | $ 1,032 | $ 1,032 | |
Paying as Restructured [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 6 | ||
Recorded Investments | $ | 2,339 | $ 2,339 | |
Below Market Interest Rate [Member] | Paid In Full [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Recorded Investments | $ | 218 | $ 218 | |
Forgiveness of Principal/Other [Member] | Paid In Full [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 6 | ||
Recorded Investments | $ | 814 | $ 814 | |
Forgiveness of Principal/Other [Member] | Paying as Restructured [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 6 | ||
Recorded Investments | $ | $ 2,339 | $ 2,339 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2023 USD ($) OfficeLocation Branch | Mar. 31, 2022 USD ($) | |
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 | $ 1,899,000 | |
Operating lease costs | 106,000 | $ 99,000 |
ASU 2016-02 [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 1,800,000 | $ 2,000,000 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Premises and equipment, net | Premises and equipment, net |
Operating lease liability | $ 1,900,000 | $ 2,100,000 |
Minimum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating leases remaining term | 4 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, 2023 | Mar. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 107 | $ 99 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,779 | $ 2,015 |
Weighted-average remaining lease term - operating leases, in years | 4 years 8 months 12 days | 5 years 7 months 6 days |
Weighted-average discount rate - operating leases | 2.55% | 2.47% |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Remaining Lease Liabilities (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2023 | $ 328 |
2024 | 446 |
2025 | 455 |
2026 | 416 |
2027 | 260 |
2028 and thereafter | 117 |
Total lease payments | 2,022 |
Less: Interest | (123) |
Operating lease liability | $ 1,899 |
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, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Total commitments | $ 224,309 | $ 194,503 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | 195,670 | 165,992 |
Credit Card Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | 20,651 | 20,376 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | $ 7,988 | $ 8,135 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Unfunded Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Loans held for investment | $ 143,000 | $ 141,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Balance and Activity in Allowance for Credit Losses for Unfunded Loan Commitments (Detail) - Unfunded Loan Commitment [Member] | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | |
Balance, December 31, 2022 | $ 141,000 |
Provision for (recovery of) credit losses | (7,000) |
Balance, March 31, 2023 | 143,000 |
Cumulative Effect, Period of Adoption [Member] | |
Loss Contingencies [Line Items] | |
Balance, December 31, 2022 | $ 9,000 |
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, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | $ 331,154 | $ 324,683 |
Mortgage banking derivative asset, fair value | 374 | |
Mortgage banking derivative liability, fair value | 166 | 175 |
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 | 51,352 | 50,630 |
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 | 275,796 | 270,054 |
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 | 4,006 | 3,999 |
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 | 331,854 | 324,975 |
Mortgage banking derivative asset, fair value | 374 | |
Mortgage banking derivative liability, fair value | 166 | 175 |
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 | 51,678 | 50,922 |
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 | 275,806 | 270,054 |
Mortgage banking derivative asset, fair value | 10 | |
Mortgage banking derivative liability, fair value | 166 | 80 |
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 | 4,370 | 3,999 |
Mortgage banking derivative asset, fair value | 364 | |
Mortgage banking derivative liability, fair value | 95 | |
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 | 51,352 | 50,630 |
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 | 51,352 | 50,630 |
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 | 39,421 | 33,762 |
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 | 39,421 | 33,762 |
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 | 114,825 | 115,995 |
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 | 110,819 | 111,996 |
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 | 4,006 | 3,999 |
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 | 34,644 | 36,686 |
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 | 34,644 | 36,686 |
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 | 85,520 | 82,266 |
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 | 85,520 | 82,266 |
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 | 5,392 | 5,344 |
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 | 5,392 | 5,344 |
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 | 326 | 292 |
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 | 326 | 292 |
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 liability, fair value | 166 | 175 |
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 liability, fair value | $ 166 | 80 |
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 liability, fair value | $ 95 |
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, 2023 USD ($) | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Beginning Balance | $ 3,904 |
Change in fair value: | |
Included in income from mortgage banking | 459 |
Included in accumulated other comprehensive income (loss) | 7 |
Change in observability of significant inputs: | |
Ending Balance | 4,370 |
Interest Rate Lock Commitments [Member] | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Beginning Balance | (95) |
Change in fair value: | |
Included in income from mortgage banking | 459 |
Change in observability of significant inputs: | |
Ending Balance | 364 |
GSE - Mortgage-backed Securities and CMO's [Member] | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Beginning Balance | 3,999 |
Change in fair value: | |
Included in accumulated other comprehensive income (loss) | 7 |
Change in observability of significant inputs: | |
Ending Balance | $ 4,006 |
Fair Value Disclosure (Detail)
Fair Value Disclosure (Detail) $ in Millions | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) Security |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of notional amount | $ | $ 19 | $ 8.9 |
Projected pull-through rate | 80.49% | 92.98% |
Mortgage-backed Security [Member] | Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Security transferred from Level 2 to Level 3 due to changes in observability of significant inputs | Security | 1 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value on a Nonrecurring Basis [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired loans | $ 2,116 |
Total assets at fair value on a nonrecurring basis | 2,116 |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired loans | 2,116 |
Total assets at fair value on a nonrecurring basis | $ 2,116 |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative Information about Level 3 Fair Value Measurements (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted cash flows | |
Minimum [Member] | Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 4% | |
Maximum [Member] | Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 8.75% | |
OREO [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted appraisals | |
OREO [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 0% | |
OREO [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 10% | |
Individually Evaluated Loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted appraisals | |
Individually Evaluated Loans | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 0% | |
Individually Evaluated Loans | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 25% | |
Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted appraisals | |
Impaired Loans [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 0% | |
Impaired Loans [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 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, 2023 | Dec. 31, 2022 |
FINANCIAL ASSETS | ||
Securities available for sale | $ 331,154 | $ 324,683 |
Securities held to maturity | 26,596 | 27,178 |
Equity securities | 326 | 292 |
Loans held for investment, net | 511,798 | 495,599 |
Loan servicing rights | 4,746 | 4,931 |
Accrued interest receivable | 3,837 | 3,633 |
FINANCIAL LIABILITIES | ||
Long-term borrowings | 29,376 | 29,607 |
Carrying Value [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 117,378 | 114,581 |
Securities available for sale | 331,154 | 324,683 |
Securities held to maturity | 29,227 | 30,306 |
Equity securities | 326 | 292 |
Loans held for investment, net | 511,798 | 495,599 |
Loans held for sale | 4,089 | 2,774 |
Restricted stock | 1,468 | 1,428 |
Loan servicing rights | 4,746 | 4,931 |
Mortgage banking derivatives | 374 | |
Accrued interest receivable | 3,837 | 3,633 |
FINANCIAL LIABILITIES | ||
Deposits | 960,798 | 939,856 |
Short-term borrowings | 982 | 1,044 |
Long-term borrowings | 29,376 | 29,607 |
Mortgage banking derivatives | 166 | 175 |
Accrued interest payable | 70 | 108 |
Estimated Fair Value [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 117,378 | 114,581 |
Securities available for sale | 331,154 | 324,683 |
Securities held to maturity | 26,596 | 27,178 |
Equity securities | 326 | 292 |
Loans held for investment, net | 477,252 | 458,479 |
Loans held for sale | 4,089 | 2,774 |
Restricted stock | 1,468 | 1,428 |
Loan servicing rights | 6,870 | 6,972 |
Mortgage banking derivatives | 374 | |
Accrued interest receivable | 3,837 | 3,633 |
FINANCIAL LIABILITIES | ||
Deposits | 959,200 | 938,114 |
Short-term borrowings | 982 | 1,044 |
Long-term borrowings | 25,167 | 25,869 |
Mortgage banking derivatives | 166 | 175 |
Accrued interest payable | 70 | 108 |
Level 1 [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 117,378 | 114,581 |
Securities available for sale | 51,352 | 50,630 |
Equity securities | 326 | 292 |
Restricted stock | 1,468 | 1,428 |
Level 2 [Member] | ||
FINANCIAL ASSETS | ||
Securities available for sale | 275,796 | 270,054 |
Securities held to maturity | 13,025 | 13,526 |
Loans held for sale | 4,089 | 2,774 |
Loan servicing rights | 6,870 | 6,972 |
Mortgage banking derivatives | 10 | |
FINANCIAL LIABILITIES | ||
Deposits | 959,200 | 938,114 |
Short-term borrowings | 982 | 1,044 |
Mortgage banking derivatives | 166 | 80 |
Level 3 [Member] | ||
FINANCIAL ASSETS | ||
Securities available for sale | 4,006 | 3,999 |
Securities held to maturity | 13,571 | 13,652 |
Loans held for investment, net | 477,252 | 458,479 |
Mortgage banking derivatives | 364 | |
Accrued interest receivable | 3,837 | 3,633 |
FINANCIAL LIABILITIES | ||
Long-term borrowings | 25,167 | 25,869 |
Mortgage banking derivatives | 95 | |
Accrued interest payable | $ 70 | $ 108 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements and Other Changes - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accounting Changes And Error Corrections [Abstract] | |
Nondeductible percentage excise tax on repurchases of corporate stock | 0.001 |
Maximum value of repurchased stock under inflation reduction act | $ 1,000,000 |
Mortgage Banking Derivatives -
Mortgage Banking Derivatives - Summary of Notional Amount and Fair Value of Mortgage Banking Derivatives (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Included in mortgage banking derivatives liability: | ||
Derivative liability, fair value | $ 224,309 | $ 194,503 |
Interest Rate Lock Commitments [Member] | ||
Included in mortgage banking derivatives asset: | ||
Derivative asset, notional amount | 19,003 | |
Included in mortgage banking derivatives liability: | ||
Derivative liability, notional amount | 8,863 | |
Included in mortgage banking derivatives asset: | ||
Derivative asset, fair value | 364 | |
Included in mortgage banking derivatives liability: | ||
Derivative liability, fair value | 95 | |
Forward Sale And Commitments [Member] | ||
Included in mortgage banking derivatives asset: | ||
Derivative asset, notional amount | 373 | |
Included in mortgage banking derivatives asset: | ||
Derivative asset, fair value | 10 | |
To-be-announced Mortgage-backed Securities Trades [Member] | ||
Included in mortgage banking derivatives liability: | ||
Derivative liability, notional amount | 27,000 | 10,000 |
Included in mortgage banking derivatives liability: | ||
Derivative liability, fair value | $ 166 | $ 80 |