Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-28344 | |
Entity Registrant Name | FIRST COMMUNITY CORPORATION | |
Entity Central Index Key | 0000932781 | |
Entity Tax Identification Number | 57-1010751 | |
Entity Incorporation, State or Country Code | SC | |
Entity Address, Address Line One | 5455 Sunset Boulevard | |
Entity Address, City or Town | Lexington | |
Entity Address, State or Province | SC | |
Entity Address, Postal Zip Code | 29072 | |
City Area Code | (803) | |
Local Phone Number | 951-2265 | |
Title of 12(b) Security | Common stock, par value $1.00 per share | |
Trading Symbol | FCCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,593,759 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 28,273 | $ 24,464 |
Interest-bearing bank balances | 28,710 | 12,937 |
Investment securities available-for-sale | 328,239 | 331,862 |
Investment securities held-to-maturity, fair value of $208,320 and $213,613 at June 30, 2023 and December 31, 2022, respectively, net of allowance for credit losses - investments | 221,392 | 228,701 |
Other investments, at cost | 6,208 | 4,191 |
Loans held-for-sale | 4,195 | 1,779 |
Loans held-for-investment | 1,032,165 | 980,857 |
Less, allowance for credit losses - loans | 11,554 | 11,336 |
Net loans held-for-investment | 1,020,611 | 969,521 |
Property and equipment - net | 31,120 | 31,277 |
Lease right-of-use asset | 3,389 | 2,702 |
Bank owned life insurance | 29,793 | 29,952 |
Other real estate owned | 927 | 934 |
Intangible assets | 682 | 761 |
Goodwill | 14,637 | 14,637 |
Other assets | 22,806 | 19,228 |
Total assets | 1,740,982 | 1,672,946 |
Deposits: | ||
Non-interest bearing | 447,105 | 461,010 |
Interest bearing | 973,648 | 924,372 |
Total deposits | 1,420,753 | 1,385,382 |
Securities sold under agreements to repurchase | 72,103 | 68,743 |
Federal funds purchased | 22,000 | |
Federal Home Loan Bank advances | 95,000 | 50,000 |
Junior subordinated debt | 14,964 | 14,964 |
Lease liability | 3,537 | 2,832 |
Other liabilities | 10,477 | 10,664 |
Total liabilities | 1,616,834 | 1,554,585 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized; none issued and outstanding | ||
Common stock, par value $1.00 per share; 20,000,000 shares authorized; issued and outstanding 7,593,759 at June 30, 2023 7,577,912 at December 31, 2022 | 7,594 | 7,578 |
Nonvested restricted stock and stock units | 1,717 | 1,461 |
Additional paid in capital | 92,963 | 92,683 |
Retained earnings | 53,362 | 49,025 |
Accumulated other comprehensive loss | (31,488) | (32,386) |
Total shareholders’ equity | 124,148 | 118,361 |
Total liabilities and shareholders’ equity | $ 1,740,982 | $ 1,672,946 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Fair Value | $ 208,320 | $ 213,613 |
Preferred Stock, Par Value | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 7,593,759 | 7,577,912 |
Common Stock, Shares, Outstanding | 7,593,759 | 7,577,912 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest and dividend income: | ||||
Loans, including fees | $ 12,314 | $ 9,304 | $ 23,473 | $ 18,307 |
Investment securities - taxable | 4,223 | 1,674 | 8,284 | 3,453 |
Investment securities - non taxable | 368 | 375 | 743 | 755 |
Other short term investments and CD’s | 592 | 160 | 887 | 193 |
Total interest income | 17,497 | 11,513 | 33,387 | 22,708 |
Interest expense: | ||||
Deposits | 3,392 | 309 | 5,385 | 642 |
Securities sold under agreement to repurchase | 363 | 22 | 719 | 47 |
Other borrowed money | 1,605 | 131 | 2,789 | 235 |
Total interest expense | 5,360 | 462 | 8,893 | 924 |
Net interest income | 12,137 | 11,051 | 24,494 | 21,784 |
Provision for (release of) credit losses | 186 | (70) | 256 | (195) |
Net interest income after provision for (release of) credit losses | 11,951 | 11,121 | 24,238 | 21,979 |
Non-interest income: | ||||
Deposit service charges | 220 | 262 | 452 | 527 |
Mortgage banking income | 371 | 481 | 526 | 1,320 |
Investment advisory fees and non-deposit commissions | 1,081 | 1,195 | 2,148 | 2,393 |
Gain (loss) on sale of other assets | 105 | (45) | 105 | (45) |
Other | 1,274 | 1,116 | 2,395 | 2,188 |
Total non-interest income | 3,051 | 3,009 | 5,626 | 6,383 |
Non-interest expense: | ||||
Salaries and employee benefits | 6,508 | 6,175 | 12,839 | 12,294 |
Occupancy | 813 | 786 | 1,643 | 1,491 |
Equipment | 377 | 329 | 713 | 661 |
Marketing and public relations | 370 | 446 | 716 | 807 |
FDIC Insurance assessments | 221 | 105 | 403 | 235 |
Other real estate expense | (30) | 29 | (163) | 76 |
Amortization of intangibles | 40 | 40 | 79 | 79 |
Other | 2,456 | 2,278 | 4,961 | 4,499 |
Total non-interest expense | 10,755 | 10,188 | 21,191 | 20,142 |
Net income before tax | 4,247 | 3,942 | 8,673 | 8,220 |
Income tax expense | 920 | 812 | 1,883 | 1,601 |
Net income | $ 3,327 | $ 3,130 | $ 6,790 | $ 6,619 |
Basic earnings per common share | $ 0.44 | $ 0.42 | $ 0.90 | $ 0.88 |
Diluted earnings per common share | $ 0.43 | $ 0.41 | $ 0.89 | $ 0.87 |
Net interest income after provision for (release of) credit losses | $ 11,951 | $ 11,121 | $ 24,238 | $ 21,979 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net income | $ 3,327 | $ 3,130 | $ 6,790 | $ 6,619 |
Other comprehensive loss: | ||||
Unrealized gain (loss) during the period on available-for-sale securities, net of tax expense of $67 and tax benefit $4,447, respectively | (2,340) | 1,558 | 252 | (16,730) |
Unrealized loss during the period on available-for-sale securities transferred to held-to-maturity, net of tax benefit of $0 and $3,508, respectively | (13,198) | (13,198) | ||
Reclassification adjustment for amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, net of tax expense of $172 and $28, respectively. | 325 | 106 | 646 | 106 |
Other comprehensive income (loss) | (2,015) | (11,534) | 898 | (29,822) |
Comprehensive income (loss) | $ 1,312 | $ (8,404) | $ 7,688 | $ (23,203) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Other Comprehensive Income Unrealized Holding Gain On Securities Arising During Period Tax | $ 622 | $ 414 | $ 67 | $ 4,447 |
Unrealized Loss on Available-For-Sale Securities Transferred to Held-To-Maturity, Tax | 0 | 3,508 | 0 | 3,508 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-Sale to Equity Method, Tax | $ 86 | $ 28 | $ 172 | $ 28 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Nonvested Restricted Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 7,549 | $ 92,139 | $ (294) | $ 38,325 | $ 3,279 | $ 140,998 |
Beginning Balance, Shares at Dec. 31, 2021 | 7,549 | |||||
Net income | 3,489 | 3,489 | ||||
Other comprehensive income net of tax benefit of $3,066 | (18,288) | (18,288) | ||||
Issuance of common stock | $ 1 | 27 | 28 | |||
Issuance of common stock, Shares | 1 | |||||
Issuance of restricted stock | $ 7 | 147 | (154) | |||
Issuance of restricted stock, Shares | 7 | |||||
Amortization of compensation on restricted stock | 79 | 79 | ||||
Shares forfeited | $ (2) | (40) | (42) | |||
Shares forfeited, Shares | (2) | |||||
Dividends: Common ($0.13 per share) | (977) | (977) | ||||
Dividend reinvestment plan | $ 5 | 88 | 93 | |||
Dividend reinvestment plan, Shares | 5 | |||||
Ending balance, value at Mar. 31, 2022 | $ 7,560 | 92,361 | (369) | 40,837 | (15,009) | 125,380 |
Ending Balance, Shares at Mar. 31, 2022 | 7,560 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 7,549 | 92,139 | (294) | 38,325 | 3,279 | 140,998 |
Beginning Balance, Shares at Dec. 31, 2021 | 7,549 | |||||
Net income | 6,619 | 6,619 | ||||
Other comprehensive income net of tax benefit of $3,066 | (29,822) | (29,822) | ||||
Issuance of common stock | $ 1 | 27 | 28 | |||
Issuance of common stock, Shares | 1 | |||||
Issuance of restricted stock | $ 9 | 190 | (199) | |||
Issuance of restricted stock, Shares | 9 | |||||
Amortization of compensation on restricted stock | 168 | 168 | ||||
Grant restricted stock units | 1,418 | 1,418 | ||||
Shares forfeited | $ (2) | (40) | (42) | |||
Shares forfeited, Shares | (2) | |||||
Dividends: Common ($0.13 per share) | (1,956) | (1,956) | ||||
Dividend reinvestment plan | $ 10 | 171 | 181 | |||
Dividend reinvestment plan, Shares | 10 | |||||
Ending balance, value at Jun. 30, 2022 | $ 7,567 | 92,487 | 1,093 | 42,988 | (26,543) | 117,592 |
Ending Balance, Shares at Jun. 30, 2022 | 7,567 | |||||
Beginning balance, value at Mar. 31, 2022 | $ 7,560 | 92,361 | (369) | 40,837 | (15,009) | 125,380 |
Beginning Balance, Shares at Mar. 31, 2022 | 7,560 | |||||
Net income | 3,130 | 3,130 | ||||
Other comprehensive income net of tax benefit of $3,066 | (11,534) | (11,534) | ||||
Issuance of restricted stock | $ 2 | 43 | (45) | |||
Issuance of restricted stock, Shares | 2 | |||||
Amortization of compensation on restricted stock | 89 | 89 | ||||
Grant restricted stock units | 1,418 | 1,418 | ||||
Dividends: Common ($0.13 per share) | (979) | (979) | ||||
Dividend reinvestment plan | $ 5 | 83 | 88 | |||
Dividend reinvestment plan, Shares | 5 | |||||
Ending balance, value at Jun. 30, 2022 | $ 7,567 | 92,487 | 1,093 | 42,988 | (26,543) | 117,592 |
Ending Balance, Shares at Jun. 30, 2022 | 7,567 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 7,578 | 92,683 | 1,461 | 49,025 | (32,386) | 118,361 |
Beginning Balance, Shares at Dec. 31, 2022 | 7,578 | |||||
Net income | 3,463 | 3,463 | ||||
Adoption of CECL, net of tax | (337) | (337) | ||||
Other comprehensive income net of tax benefit of $3,066 | 2,913 | 2,913 | ||||
Issuance of common stock | $ 2 | 39 | (69) | (28) | ||
Issuance of common stock, Shares | 2 | |||||
Issuance of restricted stock | $ 8 | 146 | (154) | |||
Issuance of restricted stock, Shares | 8 | |||||
Amortization of compensation on restricted stock | 191 | 191 | ||||
Grant restricted stock units | 72 | 72 | ||||
Shares forfeited | $ (5) | (100) | (105) | |||
Shares forfeited, Shares | (5) | |||||
Dividends: Common ($0.13 per share) | (1,057) | (1,057) | ||||
Dividend reinvestment plan | $ 5 | 103 | 108 | |||
Dividend reinvestment plan, Shares | 5 | |||||
Ending balance, value at Mar. 31, 2023 | $ 7,588 | 92,871 | 1,501 | 51,094 | (29,473) | 123,581 |
Ending Balance, Shares at Mar. 31, 2023 | 7,588 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 7,578 | 92,683 | 1,461 | 49,025 | (32,386) | 118,361 |
Beginning Balance, Shares at Dec. 31, 2022 | 7,578 | |||||
Net income | 6,790 | 6,790 | ||||
Adoption of CECL, net of tax | (337) | (337) | ||||
Other comprehensive income net of tax benefit of $3,066 | 898 | 898 | ||||
Issuance of common stock | $ 2 | 39 | (69) | (28) | ||
Issuance of common stock, Shares | 2 | |||||
Issuance of restricted stock | $ 8 | 146 | (154) | |||
Issuance of restricted stock, Shares | 8 | |||||
Amortization of compensation on restricted stock | 370 | 370 | ||||
Grant restricted stock units | 109 | 109 | ||||
Shares forfeited | $ (6) | (105) | (111) | |||
Shares forfeited, Shares | (6) | |||||
Dividends: Common ($0.13 per share) | (2,116) | (2,116) | ||||
Dividend reinvestment plan | $ 12 | 200 | 212 | |||
Dividend reinvestment plan, Shares | 12 | |||||
Ending balance, value at Jun. 30, 2023 | $ 7,594 | 92,963 | 1,717 | 53,362 | (31,488) | 124,148 |
Ending Balance, Shares at Jun. 30, 2023 | 7,594 | |||||
Beginning balance, value at Mar. 31, 2023 | $ 7,588 | 92,871 | 1,501 | 51,094 | (29,473) | 123,581 |
Beginning Balance, Shares at Mar. 31, 2023 | 7,588 | |||||
Net income | 3,327 | 3,327 | ||||
Other comprehensive income net of tax benefit of $3,066 | (2,015) | (2,015) | ||||
Amortization of compensation on restricted stock | 179 | 179 | ||||
Grant restricted stock units | 37 | 37 | ||||
Shares forfeited | (5) | (5) | ||||
Dividends: Common ($0.13 per share) | (1,059) | (1,059) | ||||
Dividend reinvestment plan | $ 6 | 97 | 103 | |||
Dividend reinvestment plan, Shares | 6 | |||||
Ending balance, value at Jun. 30, 2023 | $ 7,594 | $ 92,963 | $ 1,717 | $ 53,362 | $ (31,488) | $ 124,148 |
Ending Balance, Shares at Jun. 30, 2023 | 7,594 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax | $ 536 | $ 3,066 | $ 4,862 | $ 239 | $ 7,927 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.28 | $ 0.26 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 6,790 | $ 6,619 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 868 | 855 |
Net premium amortization on investment securities available-for-sale | (1,115) | 1,613 |
Net premium amortization on investment securities held-to-maturity | (275) | 78 |
Provision for (release of) for credit losses | 256 | (195) |
Write-downs of other real estate owned | 19 | |
Origination of loans held-for-sale | (18,174) | (44,683) |
Sale of loans held-for-sale | 15,758 | 47,270 |
(Gain) loss on sale of other real estate owned | (105) | 45 |
Amortization of intangibles | 79 | 79 |
Accretion on acquired loans | (40) | (25) |
Loss on fair value of equity securities | 1 | 1 |
Increase in other assets | (3,437) | (1,422) |
Increase (decrease) in other liabilities | 89 | (1,546) |
Net cash provided by operating activities | 695 | 8,708 |
Cash flows from investing activities: | ||
Purchase of investment securities available-for-sale | (6,025) | (81,692) |
Purchase of investment securities held-to-maturity | (6,843) | |
Purchase of other investment securities | (2,017) | (144) |
Maturity/call of investment securities available-for-sale | 11,081 | 40,867 |
Maturity/call of investment securities held-to-maturity | 7,547 | 1,947 |
Increase in loans | (51,267) | (52,368) |
Proceeds from sale of other real estate owned | 112 | 117 |
Purchase of property and equipment | (711) | (300) |
Net disposal of property and equipment | 24 | |
Net cash used in investing activities | (41,280) | (98,392) |
Cash flows from financing activities: | ||
Increase in deposit accounts | 35,371 | 107,684 |
Increase in securities sold under agreements to repurchase | 3,360 | 17,584 |
Decrease in Fed Funds Purchased | (22,000) | |
Advances from the Federal Home Loan Bank | 229,000 | |
Repayment of advances from the Federal Home Loan Bank | (184,000) | |
Shares retired / forfeited | (111) | (42) |
Dividends paid: Common Stock | (2,116) | (1,956) |
Restricted Stock Units Granted | 109 | 1,418 |
Proceeds from issuance of stock-based compensation, new issuance of common stock. | (28) | 28 |
Change in non-vested restricted stock | 370 | 168 |
Dividend reinvestment plan | 212 | 181 |
Net cash provided by financing activities | 60,167 | 125,065 |
Net increase in cash and cash equivalents | 19,582 | 35,381 |
Cash and cash equivalents at beginning of period | 37,401 | 69,022 |
Cash and cash equivalents at end of period | 56,983 | 104,403 |
Supplemental disclosure: | ||
Interest | 7,902 | 1,028 |
Income taxes | 2,534 | 1,867 |
Non-cash investing and financing activities: | ||
Unrealized gain (loss) on available-for-sale securities, net of tax | 252 | (16,730) |
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax | 646 | 106 |
Recognition of operating lease liability | 825 | |
Unrealized loss on securities, held-to-maturity, net of tax | (13,092) | |
Transfer of investment securities available-for-sale to held-to-maturity | $ 245,619 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | Note 1 - Nature of Business and Basis of Presentation Basis of Presentation In the opinion of management, the accompanying unaudited consolidated balance sheets, and the consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows of First Community Corporation (the “Company”) and its wholly owned subsidiary, First Community Bank (the “Bank”) (collectively, the “Company”) present fairly in all material respects the Company’s financial position at June 30, 2023 and December 31, 2022, and the Company’s results of operations for the three and six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. In the opinion of management, all adjustments necessary to fairly present the consolidated financial position and consolidated results of operations have been made. All such adjustments are of a normal, recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements and notes thereto are presented in accordance with the instructions for Quarterly Reports on Form 10-Q. The information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 should be referred to in connection with these unaudited interim financial statements. Application of New Accounting Guidance Adopted in 2023 On January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaced the incurred loss methodology that delayed recognition until it is probable a loss has been incurred with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. Additionally, Accounting Standards Codification (“ASC”) 326 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 a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. 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 a decrease in the allowance for credit losses on loans of $14,300, which is presented as a reduction to net loans outstanding, and an increase in the allowance for credit losses on unfunded loan commitments of $397,900, which is recorded within Other Liabilities. The Company recorded an allowance for credit losses for held to maturity securities of $43,500, which is presented as a reduction to held to maturity securities outstanding. The Company recorded a net decrease to retained earnings of $337,400 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 applicable accounting standards (“Incurred Loss”). 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 available-for-sale investment securities. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on available-for-sale securities was not deemed material. The following table illustrates the impact on the allowance for credit losses (“ACL”) from the adoption of ASC 326: Schedule of impact on the allowance for credit losses from the adoption of ASC 326 (Dollars in thousands) January 1, 2023 December 31, Impact of ASC Assets: Held to maturity securities, at amortized cost $ 106,929 $ 106,929 $ — Allowance for credit losses on held to maturity securities: State and local governments 43 — 43 Allowance for credit losses on held-to-maturity securities $ 43 $ — $ 43 Loans, at amortized cost $ 980,857 $ 980,857 $ — Allowance for credit losses on loans: Commercial 1,042 849 193 Real Estate Construction 1,150 75 1,075 Real Estate Mortgage Residential 755 723 32 Real Estate Mortgage Commercial 7,686 8,569 (883 ) Consumer Home Equity 480 314 166 Consumer Other 209 170 39 Unallocated — 636 (636 ) Allowance for credit losses on loans $ 11,322 $ 11,336 $ (14 ) Liabilities: Allowance for credit losses for unfunded commitments $ 398 $ — $ 398 The Company elected not to measure an allowance for credit losses for accrued interest receivable and instead elected to reverse interest income on loans or securities that are placed on non-accrual status, which is generally when the instrument is 90 days past due, or earlier if the Company believes the collection of interest is doubtful. The Company has concluded that this policy results in the timely reversal of uncollectible interest. Allowance for Credit Losses on 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 totaled $1.4 million at June 30, 2023 and was excluded from the estimate of credit losses. The held-to-maturity portfolio consists of mortgage-backed and municipal securities. Securities are generally rated BBB- or higher. Securities are analyzed individually to establish a CECL reserve. 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: mortgage-backed securities or state and local governments. All the mortgage-backed securities (“MBS”) held by the Company are issued by government-sponsored corporations. 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 on held-to-maturity MBS at the adoption of CECL or as of June 30, 2023. The state and local governments securities held by the Company are highly rated by major rating agencies Allowance for Credit Losses on Available-for-Sale Securities For available-for-sale securities, management evaluates all investments in an unrealized loss position on a quarterly basis, or more frequently when economic or market conditions warrant such evaluation. 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 extent to which fair value is less than amortized cost, performance on any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled interest or principal payments and adverse conditions specifically related to the security. If the assessment 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 reversal 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 June 30, 2023, there was no allowance for credit loss related to the available-for-sale securities portfolio. Accrued interest receivable on available-for-sale securities totaled $ 1.2 million Loans Loans that management has the intent and ability to hold for the foreseeable future, until maturity, or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $2.7 million at June 30, 2023 and was reported in other assets on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. The accrual of interest is generally discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. A loan is considered to be past due when a scheduled payment has not been received 30 days after the contractual due date. All accrued interest is reversed against interest income when a loan is placed on non-accrual status. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance, and future payments are reasonably assured. 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. 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. Generally, collectively assessed loans are grouped by call report code and then by risk grade grouping. Risk grade is grouped within each call report code by pass, watch, special mention, substandard, and doubtful. Other loan types are separated into their own cohorts due to specific risk characteristics for that pool of loans. The Company has elected a non-discounted cash flow methodology with probability of default (“PD”) and loss given default (“LGD”) for all call report code cohorts (“cohorts”). The PD calculation looks at the historical loan portfolio at particular points in time (each month during the lookback period) to determine the probability that loans in a certain cohort will default over the next 12-month period. A default is defined as a loan that has moved to past due 90 days and greater, non-accrual status, or experienced a charge-off during the period. Currently, the Company’s historical data is insufficient due to a minimal amount of default activity or zero defaults, therefore, management uses index PDs comprised of rates derived from the PD experience of other community banks in place of the Company’s historical PDs. The LGD calculation looks at actual losses (net charge-offs) experienced over the entire lookback period for each cohort of loans. The aggregate loss amount is divided by the exposure at default to determine an LGD rate. All defaults (non-accrual, charge-off, or greater than 90 days past due) occurring during the lookback period are included in the denominator, whether a loss occurred or not and exposure at default is determined by the loan balance immediately preceding the default event (i.e., non-accrual or charge-off). Due to very limited charge-off history, management uses index LGDs comprised of rates derived from the LGD experience of other community banks in place of the Company’s historical LGDs. The Company utilizes reasonable and supportable forecasts of future economic conditions when estimating the allowance for credit losses on loans. The calculation includes a 12-month PD forecast based on the peer index regression model comparing peer defaults to the national unemployment rate. After the forecast period, PD rates revert on a straight-line basis back to long-term historical average rates over a 12-month period. The Company recognizes that all significant factors that affect the collectability of the loan portfolio must be considered to determine the estimated credit losses as of the evaluation date. Furthermore, the methodology, in and of itself and even when selectively adjusted by comparison to market and peer data, does not provide a sufficient basis to determine the estimated credit losses. The Company adjusts the modeled historical losses by qualitative adjustments to incorporate all significant risks to form a sufficient basis to estimate the credit losses. These qualitative adjustments may increase or reduce reserve levels and include adjustments for lending management experience, loan review and audit results, asset quality and portfolio trends, loan portfolio growth and concentrations, trends in underlying collateral, as well as external factors and economic conditions not already captured. Loans that do not share risk characteristics are evaluated on an individual basis. Generally, this population includes loan relationships exceeding $500,000 and on non-accrual status, however they can also include any loan that does not share risk characteristics with its respective pool. 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. When the expected source of repayment is from a source other than the underlying collateral, impairment will generally be measured based upon the present value of expected proceeds discounted at the contractual interest rate. Allowance for Credit Losses on 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 cohort 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. Recently Issued Accounting Pronouncements The following is a summary of recent authoritative pronouncements: In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments are effective through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. In December 2022, the FASB issued amendments to extend the period of time preparers can use the reference rate reform relief guidance under Accounting Standards Codification (ASC) Topic 848 from December 31, 2022, to December 31, 2024, to address the fact that all London Interbank Offered Rate (LIBOR) tenors were not discontinued as of December 31, 2021, and some tenors were published until June 2023. The amendments are effective immediately for all entities and applied prospectively. These amendments did not have a material effect on its financial statements. In March 2022, the FASB issued amendments which are intended to improve the decision usefulness of information provided to investors about certain loan refinancings, restructurings, and write-offs. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. These amendments did not have a material effect on the Company’s financial statements or disclosures. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 2 - Earnings Per Common Share Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding during the period, excluding non-vested restricted shares. Dilutive earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding during the period plus the maximum dilutive effect on common stock issuable upon exercise of stock options or vesting of restricted stock units. Stock options and unvested restricted stock units are considered common stock equivalents and are only included in the calculation of dilutive earnings per common share if the effect is dilutive. The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: Schedule of Earning Per Common Share Six months Three months Ended June 30, Ended June 30, (In thousands except average market price and per share data) 2023 2022 2023 2022 Numerator (Net income available to common shareholders) $ 6,790 $ 6,619 $ 3,327 $ 3,130 Denominator Weighted average common shares outstanding for: Basic shares 7,560 7,522 7,565 7,526 Dilutive securities: Deferred compensation 29 31 25 29 Restricted stock – Treasury stock method 60 52 65 52 Diluted shares 7,649 7,605 7,655 7,607 Earnings per common share: Basic 0.90 0.88 0.44 0.42 Diluted 0.89 0.87 0.43 0.41 The average market price used in calculating assumed number of shares $ 19.365 $ 20.25 $ 18.37 $ 19.50 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3 - Investment Securities The amortized cost and estimated fair values of investment securities are summarized below. For the three and six months ended June 30, 2023, there was no allowance for credit losses on available-for-sale securities. AVAILABLE-FOR-SALE: Schedule of Investment Available-For-Sale Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value June 30, 2023 US Treasury securities $ 60,649 $ — $ (4,173 ) $ 56,476 Government Sponsored Enterprises 2,500 — (396 ) 2,104 Mortgage-backed securities 262,719 30 (18,959 ) 243,790 Small Business Administration pools 18,605 97 (536 ) 18,166 Corporate and other securities 8,770 — (1,067 ) 7,703 Total $ 353,243 $ 127 $ (25,131 ) $ 328,239 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2022 US Treasury securities $ 60,552 $ — $ (4,569 ) $ 55,983 Government Sponsored Enterprises 2,500 — (426 ) 2,074 Mortgage-backed securities 263,704 10 (19,114 ) 244,600 Small Business Administration pools 21,657 60 (630 ) 21,087 Corporate and other securities 8,772 12 (666 ) 8,118 Total $ 357,185 $ 82 $ (25,405 ) $ 331,862 HELD-TO-MATURITY: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value June 30, 2023 Mortgage-backed securities $ 115,992 $ — $ (8,452 ) $ 107,540 State and local government 105,400 13 (4,633 ) 100,780 Total $ 221,392 $ 13 $ (13,085 ) $ 208,320 (Dollars in thousands) Amortized Gross Gross Fair Value December 31, 2022 Mortgage-backed securities $ 121,772 $ — $ (8,656 ) $ 113,116 State and local government 106,929 — (6,432 ) 100,497 Total $ 228,701 $ — $ (15,088 ) $ 213,613 During the three and six months ended June 30, 2023 and 2022, the Company did not receive any proceeds from the sale of investment securities available-for-sale. During the three and six months ended June 30, 2023 and 2022, there were no gross realized gains from the sale of investment securities available-for-sale and no gross realized losses. The following tables show gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position, as of June 30, 2023. Schedule of gross unrealized losses and fair values of available-for-sale securities June 30, 2023 Less than 12 months 12 months or more Total Available-for-sale securities: Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss US Treasury Securities $ — $ — $ 56,476 $ 4,173 $ 56,476 $ 4,173 Government Sponsored Enterprise — — 2,104 396 2,104 396 Mortgage-backed securities 43,304 2,013 197,311 16,946 240,615 18,959 Small Business Administration pools 2,426 48 9,949 488 12,375 536 Corporate and other securities 3,037 229 3,912 838 6,949 1,067 Total $ 48,767 $ 2,290 $ 269,752 $ 22,841 $ 318,519 $ 25,131 The following table shows gross unrealized losses by fair values of available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2022. December 31, 2022 Less than 12 months 12 months or more Total Available-for-sale securities: Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss US Treasury Securities $ 28,827 $ 1,032 $ 27,156 $ 3,537 $ 55,983 $ 4,569 Government Sponsored Enterprise — — 2,074 426 2,074 426 Mortgage-backed securities 81,961 4,435 159,227 14,679 241,188 19,114 Small Business Administration pools 16,066 453 2,592 177 18,658 630 Corporate and other securities 2,128 146 3,230 520 5,358 666 Total $ 128,982 $ 6,066 $ 194,279 $ 19,339 $ 323,261 $ 25,405 The following table shows a roll forward of the allowance for credit losses on held to maturity securities for the six months ended June 30, 2023. Schedule of allowance for credit losses on held to maturity securities State and Held-to-Maturity securities local (Dollars in thousands) government Allowance for Credit Losses on Held-to-Maturity Securities: Beginning balance, December 31, 2022 $ — Adjustment for adoption of ASU 2016-13 (43 ) Provision for credit losses 6 Ending balance, June 30, 2023 $ (37 ) At June 30, 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 non-accrual at June 30, 2023. The following table shows the amortized cost and fair value of investment securities at June 30, 2023, by expected maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. Mortgage-backed securities are included in the year corresponding with the remaining expected life. Schedule of Amortized Cost and Fair Value of Investment Securities Available-for-sale June 30, 2023 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 30,689 $ 29,991 Due after one year through five years 66,774 63,993 Due after five years through ten years 227,657 209,216 Due after ten years 28,123 25,039 Total $ 353,243 $ 328,239 Held-To-Maturity June 30, 2023 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 2,598 $ 2,574 Due after one year through five years 45,364 43,770 Due after five years through ten years 131,370 123,365 Due after ten years 42,097 38,648 Allowance for Credit Losses on Held-to-Maturity Securities (37 ) (37 ) Total $ 221,392 $ 208,320 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loans | Note 4 - Loans The following table summarizes the composition of our loan portfolio. Total loans are recorded net of deferred loan fees and costs, which totaled $ 2.0 million 1.9 million Schedule of Loan Portfolio June 30, December 31, (Dollars in thousands) 2023 2022 Commercial $ 75,716 $ 72,409 Real estate: Construction 94,418 91,223 Mortgage-residential 74,626 65,759 Mortgage-commercial 741,662 709,218 Consumer: Home equity 31,334 28,723 Other 14,409 13,525 Total loans, net of deferred loan fees and costs $ 1,032,165 $ 980,857 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a monthly basis. Loans not meeting the criteria below that are analyzed individually as part of the analysis are considered as pass rated loans. The Company uses the following definitions for risk ratings: Special Mention Substandard Doubtful The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of June 30, 2023: Schedule of loan category and loan by risk categories Term Loans by year of Origination ($ in thousands) 2019 2020 2021 2022 2023 Prior Revolving Revolving Total Commercial Pass $ 1,645 $ 1,720 $ 24,363 $ 11,984 $ 6,955 $ 10,257 $ 18,670 $ — $ 75,593 Special mention — — — — — 23 — — 23 Substandard — 20 79 — — — — — 99 Total commercial 1,645 1,740 24,442 11,984 6,955 10,280 18,670 — 75,716 Current period gross write-offs — — — — — — — — — Real estate construction Pass 6,935 1,114 11,474 40,486 21,072 — 13,337 — 94,418 Total real estate construction 6,935 1,114 11,474 40,486 21,072 — 13,337 — 94,418 Current period gross write-offs — — — — — — — — — Real estate mortgage-residential Pass 2,004 10,813 6,849 30,545 12,835 8,983 806 1,332 74,167 Special mention — 27 — — — 397 — — 424 Substandard — — — — — 35 — — 35 Total real estate mortgage-residential 2,004 10,840 6,849 30,545 12,835 9,415 806 1,332 74,626 Current period gross write-offs — — — — — — — — — Real estate mortgage-commercial Pass 50,233 102,609 138,126 193,658 36,316 207,977 12,614 — 741,533 Special mention — — — — — 22 — — 22 Substandard — — — — — 107 — — 107 Total real estate mortgage-commercial 50,233 102,609 138,126 193,658 36,316 208,106 12,614 — 741,662 Current period gross write-offs — — — — — — — — — Consumer - home equity Pass — — — — — — 30,189 — 30,189 Special mention — — — — — — 76 — 76 Substandard — — — — — — 1,069 — 1,069 Total consumer - home equity — — — — — — 31,334 — 31,334 Current period gross write-offs — — — — — — — — — Consumer - other Pass 456 498 667 1,416 1,148 937 9,270 — 14,392 Special mention — 10 — — — 7 — — 17 Substandard — — — — — — — — — Total consumer - other 456 508 667 1,416 1,148 944 9,270 — 14,409 Current period gross write-offs — — — — — — 2 — 2 The risk category of loans by class of loans is shown in the table below as of December 31, 2022. As of December 31, 2022, no loans were classified as doubtful. (Dollars in thousands) Special December 31, 2022 Pass Mention Substandard Doubtful Total Commercial $ 72,333 $ 47 $ 29 $ — $ 72,409 Real estate: — — — Construction 91,223 — — — 91,223 Mortgage – residential 65,505 220 34 — 65,759 Mortgage – commercial 704,357 80 4,781 — 709,218 Consumer: — — — Home Equity 27,531 117 1,075 — 28,723 Other 13,269 93 163 — 13,525 Total $ 974,218 $ 557 $ 6,082 $ — $ 980,857 The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three and six months ended June 30, 2023 under CECL methodology: ($ in thousands) Commercial Real Estate Real Estate Real Estate Consumer Consumer Total Balance at March 31, 2023 $ 996 $ 1080 $ 790 $ 7,927 $ 424 $ 203 $ 11,420 Charge-offs — — — — — (27 ) (27 ) Recoveries 1 1 3 6 4 2 17 Provision for credit losses 15 46 68 (47 ) 10 52 144 Balance at June 30, 2023 $ 1,012 $ 1,127 $ 861 $ 7,886 $ 438 $ 230 $ 11,554 ($ in thousands) Commercial Real Estate Real Estate Real Estate Consumer Consumer Unallocated Total Balance at December 31, 2022 $ 849 $ 75 $ 723 $ 8,569 $ 314 $ 170 $ 636 $ 11,336 Adjustment to allowance for adoption of ASU 2016-13 193 1,075 32 (883 ) 166 39 (636 ) (14 ) Charge-offs — — — — — (36 ) — (36 ) Recoveries 3 1 3 17 7 6 — 37 Provision for credit losses (33 ) (24 ) 103 183 (49 ) 51 — 231 Balance at June 30, 2023 $ 1,012 $ 1,127 $ 861 $ 7,886 $ 438 $ 230 — $ 11,554 Prior to the adoption of ASC 326 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 in the prior periods. (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total Three months ended June 30, 2022 Allowance for loan losses: Beginning balance March 31, 2022 $ 849 $ 91 $ 513 $ 8,508 $ 331 $ 150 $ 621 $ 11,063 Charge-offs — — — — — (19 ) — (19 ) Recoveries — — 1 237 4 4 — 246 Provisions (32 ) (7 ) 32 (106 ) (20 ) 67 (4 ) (70 ) Ending balance June 30, 2022 $ 817 $ 84 $ 546 $ 8,639 $ 315 $ 202 $ 617 $ 11,220 Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer (Dollars in thousands) Commercial Construction Residential Commercial equity Other Unallocated Total Six months ended June 30, 2022 Allowance for loan losses: Beginning balance December 31, 2021 $ 853 $ 113 $ 560 $ 8,570 $ 333 $ 126 $ 624 $ 11,179 Charge-offs — — — — — (33 ) — (33 ) Recoveries 11 — 1 243 7 7 — 269 Provisions (47 ) (29 ) (15 ) (174 ) (25 ) 102 (7 ) (195 ) Ending balance June 30, 2022 $ 817 $ 84 $ 546 $ 8,639 $ 315 $ 202 $ 617 $ 11,220 The following tables are by loan category and present June 30, 2022, and December 31, 2022 loans individually evaluated and considered impaired under FASB ASC 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing TDRs. The following table presents information related to the average recorded investment and interest income recognized on impaired loans, excluding PCI loans, for the three and six months ended June 30, 2022. Schedule of Average Recorded Investment and Interest Income Recognized Six months ended Three months ended Average Interest Average Interest (Dollars in thousands) Recorded Income Recorded Income June 30, 2022 Investment Recognized Investment Recognized With no allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — Real estate: Construction — — — — Mortgage-residential 42 1 37 1 Mortgage-commercial 4,289 244 4,274 122 Consumer: Home equity 164 4 163 2 Other — — — — With an allowance recorded: Commercial, financial, agricultural — — — — Real estate: Construction — — — — Mortgage-residential — — — — Mortgage-commercial — — — — Consumer: Home equity — — — — Other — — — — Total: Commercial, financial, agricultural $ — $ — $ — $ — Real estate: Construction — — — — Mortgage-residential 42 1 37 1 Mortgage-commercial 4,289 244 4,274 122 Consumer: Home equity 164 4 163 2 Other — — — — $ 4,495 $ 249 $ 4,474 $ 125 The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2022. Unpaid (Dollars in thousands) Recorded Principal Related December 31, 2022 Investment Balance Allowance With no allowance recorded: Commercial $ 29 $ 29 $ — Real estate: Construction — — — Mortgage-residential 34 51 — Mortgage-commercial 4,752 5,260 — Consumer: Home Equity 168 168 — Other — — — With an allowance recorded: Commercial — — — Real estate: Construction — — — Mortgage-residential — — — Mortgage-commercial — — — Consumer: Home Equity — — — Other — — — Total: Commercial 29 29 — Real estate: Construction — — — Mortgage-residential 34 51 — Mortgage-commercial 4,752 5,260 — Consumer: Home Equity 168 168 — Other — — — $ 4,983 $ 5,508 $ — The following table shows the amortized cost basis as of June 30,2023 of the loans modified for borrowers experiencing financial difficulty after December 31, 2022 segregated by loan category and describes the financial effect of the modification made for a borrower experiencing financial difficulty. Schedule of Amortized Cost of Loans, by Loan Category, Modified for Borrowers with Financial Difficulty June 30, 2023 (Dollars in thousands) Amortized cost basis % of Total Loan Type Financial effect Real Estate Mortgage Residential 201 0.27 % Deferred two monthly payments that are added to the end of the original loan term. Total Loans $ 201 $ 0.27 % The following tables present an aging analysis of past due loans segregated by loan category as of June 30, 2023 and December 31, 2022. Schedule of Loan Category and Aging Analysis of Loans Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total June 30, 2023 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 155 $ — $ — $ 44 $ 199 $ 75,517 $ 75,716 Real estate: Construction 9 — — — 9 94,409 94,418 Mortgage-residential 64 — — 35 99 74,527 74,626 Mortgage-commercial — — — — — 741,662 741,662 Consumer: Home equity 69 216 — 4 289 31,045 31,334 Other 2 — 1 — 3 14,406 14,409 Total $ 299 $ 216 $ 1 $ 83 $ 599 $ 1,031,566 $ 1,032,165 Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total December 31, 2022 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 87 $ — $ — $ 29 $ 116 $ 72,293 $ 72,409 Real estate: Construction — — — — — 91,223 91,223 Mortgage-residential 327 — — 34 361 65,398 65,759 Mortgage-commercial 46 8 — 4,664 4,718 704,500 709,218 Consumer: Home equity — — — 168 168 28,555 28,723 Other 96 — 2 — 98 13,427 13,525 Total $ 556 $ 8 $ 2 $ 4,895 $ 5,461 $ 975,396 $ 980,857 The following table is a summary of the Company’s non-accrual loans by major categories for the periods indicated. Schedule of Nonaccrual Loans CECL Incurred Loss June 30, 2023 December 31, 2022 (Dollars in thousands) Non-accrual Non-accrual Total Non-accrual Loans Commercial $ 44 $ — $ 44 $ 29 Real Estate Construction — — — — Real Estate Mortgage Residential 35 — 35 34 Real Estate Mortgage Commercial — — — 4,664 Consumer Home Equity 4 — 4 168 Consumer Other — — — — Total Loans $ 83 $ — $ 83 $ 4,895 The Company recognized $ 85,500 8,900 For the three months ended June 30, 2023 less than $1,000 of accrued interest was written off by reversing interest income. There were no collateral dependent loans that were individually evaluated for the six months ended June 30, 2023. Unfunded Commitments 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 (i.e., commitment cannot be cancelled at any time). 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 $429,000 at June 30, 2023 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 six months ended June 30, 2023. Schedule of Unfunded Commitments (Dollars in thousands) Total Allowance for Credit Balance, December 31, 2022 $ — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 398 Provision for (release of) unfunded commitments 31 Balance, June 30, 2023 $ 429 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 5 - Fair Value Measurement US GAAP defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level l Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Fair value estimates, methods, and assumptions are set forth below. Cash and short term investments Investment Securities Other investments, at cost- Loans Held for Sale Loans Other Real Estate Owned (“OREO”) Derivative Financial Instruments- Accrued Interest Receivable Deposits-The fair value of demand deposits, savings accounts, and money market accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposits is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturities. Deposits are classified as Level 2. Federal Home Loan Bank Advances Short Term Borrowings Junior Subordinated Debentures Accrued Interest Payable Commitments to Extend Credit The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of June 30, 2023 and December 31, 2022 are as follows: Fair Value, by Balance Sheet Grouping June 30, 2023 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial assets: Cash and short term investments $ 56,983 $ 56,983 $ 56,983 $ — $ — Available-for-sale securities 328,239 328,239 — 328,239 — Held-to-maturity securities 221,392 208,320 — 208,320 — Other investments, at cost 6,208 6,208 — — 6,208 Loans held for sale 4,195 4,195 — 4,195 — Derivative financial instruments 3,172 3,172 Net loans receivable 1,020,611 966,130 — — 966,130 Accrued interest receivable 5,285 5,285 5,285 — — Financial liabilities: Non-interest bearing demand $ 447,105 $ 447,105 $ — $ 447,105 $ — Interest bearing demand deposits and money market accounts 686,350 686,350 — 686,350 — Savings 130,531 130,531 — 130,531 — Time deposits 156,767 155,094 — 155,094 — Total deposits 1,420,753 1,419,080 — 1,419,080 — Federal Home Loan Bank Advances 95,000 95,000 — 95,000 — Short term borrowings 72,103 72,103 — 72,103 — Junior subordinated debentures 14,964 12,741 — 12,741 — Accrued interest payable 1,510 1,510 1,510 — — December 31, 2022 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 37,401 $ 37,401 $ 37,401 $ — $ — Available-for-sale securities 331,862 331,862 — 331,862 — Held-to-maturity securities 228,701 213,613 — 213,613 — Other investments, at cost 4,191 4,191 — — 4,191 Loans held for sale 1,779 1,779 — 1,779 — Net loans receivable 969,521 943,498 — — 943,498 Accrued interest 5,217 5,217 5,217 — — Financial liabilities: Non-interest bearing demand $ 461,010 $ 461,010 $ — $ 461,010 $ — Interest bearing demand deposits and money market accounts 629,763 629,763 — 629,763 — Savings 161,770 161,770 — 161,770 — Time deposits 132,839 132,825 — 132,825 — Total deposits 1,385,382 1,385,368 — 1,385,368 — Federal Home Loan Bank Advances 50,000 50,000 — 50,000 — Short term borrowings 90,743 90,743 — 90,743 — Junior subordinated debentures 14,964 13,402 — 13,402 — Accrued interest payable 520 520 520 — — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2023 and December 31, 2022 that are measured on a recurring basis. There were no liabilities carried at fair value as of June 30, 2023 or December 31, 2022 that are measured on a recurring basis. Fair Value, Assets Measured on Recurring Basis (Dollars in thousands) June 30, 2023 Description Total Level 1 Level 2 Level 3 Available- for-sale securities US Treasury Securities $ 56,476 $ — $ 56,476 $ — Government Sponsored Enterprises 2,104 — 2,104 — Mortgage-backed securities 243,790 — 243,790 — Small Business Administration pools 18,166 — 18,166 — Corporate and other securities 7,703 — 7,703 — Total Available-for-sale securities 328,239 — 328,239 — Derivative financial instruments 3,172 3,172 Loans held for sale 4,195 — 4,195 — Total $ 332,434 $ — $ 332,434 $ — (Dollars in thousands) December 31, 2022 Description Total Level 1 Level 2 Level 3 Available- for-sale securities US Treasury Securities $ 55,983 $ — $ 55,983 $ — Government Sponsored Enterprises 2,074 — 2,074 — Mortgage-backed securities 244,600 — 244,600 — Small Business Administration pools 21,087 — 21,087 — Corporate and other securities 8,118 — 8,118 — Total Available-for-sale securities 331,862 — 331,862 — Loans held for sale 1,779 — 1,779 — Total $ 333,641 $ — $ 333,641 $ — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2023 and December 31, 2022 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended June 30, 2023 and 2022 measured on a recurring basis. Fair Value, Assets Measured on Non-Recurring Basis (Dollars in thousands) June 30, 2023 Description Total Level 1 Level 2 Level 3 Other real estate owned: Construction 405 — — 405 Mortgage-commercial 522 — — 522 Total other real estate owned 927 — — 927 Total $ 927 $ — $ — $ 927 (Dollars in thousands) December 31, 2022 Description Total Level 1 Level 2 Level 3 Impaired loans: Real estate: Mortgage-residential $ 34 $ — $ — $ 34 Mortgage-commercial 4,752 — — 4,752 Consumer: Home equity 168 — — 168 Total impaired loans 4,954 — — 4,954 Other real estate owned: Construction 412 — — 412 Mortgage-commercial 522 — — 522 Total other real estate owned 934 — — 934 Total $ 5,888 $ — $ — $ 5,888 The Company has a large percentage of loans with real estate serving as collateral. Loans to borrowers which are experiencing financial difficulty are primarily valued on a nonrecurring basis at the fair value of the underlying real estate collateral. Such fair values are obtained using independent appraisals, which the Company considers to be Level 3 inputs. Third party appraisals are generally obtained when management determines that the borrower is experiencing financial difficulty or at the time it is transferred to OREO. This internal process consists of evaluating the underlying collateral to independently obtained comparable properties. With respect to less complex or smaller credits, an internal evaluation may be performed. Generally, the independent and internal evaluations are updated annually. Factors considered in determining the fair value include, among others, geographic sales trends, the value of comparable surrounding properties and the condition of the property. For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Measurement Inputs and Valuation Techniques (Dollars in thousands) Fair Value as of June 30, 2023 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs OREO $ 927 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% (Dollars in thousands) Fair Value as of December 31, 2022 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs OREO $ 934 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 4,954 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2023 | |
Deposits | Note 6 - Deposits The Company’s total deposits are comprised of the following at the dates indicated: Schedule of Deposits June 30, December 31, (Dollars in thousands) 2023 2022 Non-interest bearing demand deposits $ 447,105 $ 461,010 Interest bearing demand deposits 316,689 334,540 Money market accounts 369,661 295,223 Savings 130,531 161,770 Time deposits 156,767 132,839 Total deposits $ 1,420,753 $ 1,385,382 Of the $156.8 million in time deposits as of June 30, 2023 and December 31, 2022, $ 10.2 million 9.5 million Total uninsured deposits were $ 422.4 million 411.3 million 82.5 million 59.5 million |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Reportable Segments | Note 7 - Reportable Segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning by management. The Company has four reportable segments: · Commercial and Retail Banking: The Company’s primary business is to provide deposit and lending products and services to its commercial and retail customers. · Mortgage Banking: This segment provides mortgage origination services for loans that will be sold to investors in the secondary market and consumer mortgage loans that will be held-for-investment. In the second quarter of 2022, management made the decision to include consumer mortgage held-for-investment loans in this segment. Prior to the second quarter of 2022, consumer mortgage loans held-for-investment were included in the Commercial and Retail Banking segment. The Mortgage Banking financial information presented below includes consumer mortgage loans held-for-investment for all periods presented. Beginning in June 2022, a provision for loan loss has been allocated to this segment. · Investment advisory and non-deposit: This segment provides investment advisory services and non-deposit products. · Corporate: This segment includes the parent company financial information, including interest on parent company debt and dividend income received from the Bank. The following tables present selected financial information for the Company’s reportable business segments for the three and six months ended June 30, 2023 and June 30, 2022. Schedule of Company’s Reportable Segment (Dollars in thousands) Commercial Investment Three months ended June 30, 2023 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 16,692 $ 796 $ — $ 1,338 $ (1,329 ) $ 17,497 Interest expense 4,851 216 — 293 — 5,360 Net interest income $ 11,841 $ 580 $ — $ 1,045 $ (1,329 ) $ 12,137 Provision for credit losses 75 111 — — — 186 Noninterest income 1,597 373 1,081 — — 3,051 Noninterest expense 8,729 913 763 350 — 10,755 Net income before taxes $ 4,634 $ (71 ) $ 318 $ 695 $ (1,329 ) $ 4,247 Income tax provision (benefit) 1,053 — — (133 ) — 920 Net income $ 3,581 $ (71 ) $ 318 $ 828 $ (1,329 ) $ 3,327 (Dollars in thousands) Commercial Investment Three months ended June 30, 2022 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 11,094 $ 415 $ — $ 1,089 $ (1,085 ) $ 11,513 Interest expense 319 12 — 131 — 462 Net interest income $ 10,775 $ 403 $ — $ 958 $ (1,085 ) $ 11,051 Provision for (release of) credit losses (110 ) 40 — — — (70 ) Noninterest income 1,332 482 1,195 — — 3,009 Noninterest expense 8,346 846 775 221 — 10,188 Net income before taxes $ 3,871 $ (1 ) $ 420 $ 737 $ (1,085 ) $ 3,942 Income tax provision (benefit) 890 — — (78 ) — 812 Net income $ 2,981 $ (1 ) $ 420 $ 815 $ (1,085 ) $ 3,130 (Dollars in thousands) Commercial Investment Six months ended June 30, 2023 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 31,923 $ 1,447 $ — $ 2,658 $ (2,641 ) $ 33,387 Interest expense 7,984 345 — 564 — 8,893 Net interest income $ 23,939 $ 1,102 $ — $ 2,094 $ (2,641 ) $ 24,494 Provision for credit losses 74 182 — — — 256 Noninterest income 2,949 529 2,148 — — 5,626 Noninterest expense 17,280 1,699 1,514 698 — 21,191 Net income before taxes $ 9,534 $ (250 ) $ 634 $ 1,396 $ (2,641 ) $ 8,673 Income tax provision (benefit) 2,146 — — (263 ) — 1,883 Net income (loss) $ 7,388 $ (250 ) $ 634 $ 1,659 $ (2,641 ) $ 6,790 (Dollars in thousands) Commercial Investment Six months ended June 30, 2022 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 21,832 $ 869 $ — $ 2,173 $ (2,166 ) $ 22,708 Interest expense 689 — — 235 — 924 Net interest income $ 21,143 $ 869 $ — $ 1,938 $ (2,166 ) $ 21,784 Provision for (release of) credit losses (235 ) 40 — — — (195 ) Noninterest income 2,667 1,323 2,393 — — 6,383 Noninterest expense 16,323 1,876 1,538 405 — 20,142 Net income before taxes $ 7,722 $ 276 $ 855 $ 1,533 $ (2,166 ) $ 8,220 Income tax provision (benefit) 1,739 — — (138 ) — 1,601 Net income (loss) $ 5,983 $ 276 $ 855 $ 1,671 $ (2,166 ) $ 6,619 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of June 30, 2023 $ 1,665,561 $ 74,320 $ — $ 166,043 $ (164,942 ) $ 1,740,982 Total Assets as of December 31, 2022 $ 1,616,173 $ 55,845 $ — $ 165,937 $ (165,009 ) $ 1,672,946 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 8 – Derivative Financial Instruments Effective May 5, 2023, the Company entered into a pay-fixed/receive-floating interest rate swap (the “Pay-Fixed Swap Agreement”) for a notional amount of $ 150.0 million As of June 30, 2023, the interest rate swap had a notional amount of $ 150.0 million 3.2 million |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 9 - Leases The Company has operating leases on four of its facilities. These leases commenced prior to 2022 except for one “the new lease” which commenced on January 1, 2023 and has a lease term of sixty-nine months with a discount rate of 3.87%. The Right-of-Use (“ROU”) asset and lease liability associated with the new lease were recognized at lease commencement by calculating the present value of lease payments over the lease term. A ROU asset of $823,800 and a lease liability of $824,600 were recognized upon commencement of the new lease. The four leases, including the new lease, have maturities ranging from May 2027 to December 2038, some of which include extensions of multiple five-year terms. The following tables present information about the Company’s leases: Schedule of Lease Information (Dollars in thousands) June 30, December 31, Right-of-use assets $ 3,389 $ 2,702 Lease liabilities $ 3,537 $ 2,832 Weighted average remaining lease term 12.05 years 14.38 years Weighted average discount rate 4.28 % 4.37 % Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2023 2022 2023 2022 Operating lease cost $ 111.5 $ 87.3 $ 223.0 $ 168.0 Cash paid for amounts included in the measurement of lease liabilities $ 102.8 $ 75.5 $ 205.4 $ 150.7 The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2023. Schedule of Future Undiscounted Operating Lease Payments (Dollars in thousands) Year Operating Leases 2023 $ 209 2024 425 2025 436 2026 445 2027 423 Thereafter 2,649 Total undiscounted lease payments $ 4,587 Less effect of discounting (1,050 ) Present value of estimated lease payments (lease liability) $ 3,537 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | Note 10 - Accumulated Other Comprehensive Loss The following table presents the changes in each component or accumulated other comprehensive loss net of tax, for the six months ended June 30, 2023. Schedule of Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Securities Securities Accumulated Six Months Ending June 30, 2023 Balance at beginning of period (20,006 ) (12,380 ) (32,386 ) Other comprehensive income before reclassifications 252 — 252 Amortization of unrealized loss on securities transferred to held-to-maturity — 646 646 Net other comprehensive income during period 252 646 898 Balance at end of Period (19,754 ) (11,734 ) (31,488 ) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 - Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Management has reviewed events occurring through the date the financial statements were available to be issued and no other subsequent events occurred requiring accrual or that require disclosure and have not been disclosed in the footnotes to the Company’s unaudited consolidated financial statements as of June 30, 2023. |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of impact on the allowance for credit losses from the adoption of ASC 326 | The following table illustrates the impact on the allowance for credit losses (“ACL”) from the adoption of ASC 326: Schedule of impact on the allowance for credit losses from the adoption of ASC 326 (Dollars in thousands) January 1, 2023 December 31, Impact of ASC Assets: Held to maturity securities, at amortized cost $ 106,929 $ 106,929 $ — Allowance for credit losses on held to maturity securities: State and local governments 43 — 43 Allowance for credit losses on held-to-maturity securities $ 43 $ — $ 43 Loans, at amortized cost $ 980,857 $ 980,857 $ — Allowance for credit losses on loans: Commercial 1,042 849 193 Real Estate Construction 1,150 75 1,075 Real Estate Mortgage Residential 755 723 32 Real Estate Mortgage Commercial 7,686 8,569 (883 ) Consumer Home Equity 480 314 166 Consumer Other 209 170 39 Unallocated — 636 (636 ) Allowance for credit losses on loans $ 11,322 $ 11,336 $ (14 ) Liabilities: Allowance for credit losses for unfunded commitments $ 398 $ — $ 398 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earning Per Common Share | The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: Schedule of Earning Per Common Share Six months Three months Ended June 30, Ended June 30, (In thousands except average market price and per share data) 2023 2022 2023 2022 Numerator (Net income available to common shareholders) $ 6,790 $ 6,619 $ 3,327 $ 3,130 Denominator Weighted average common shares outstanding for: Basic shares 7,560 7,522 7,565 7,526 Dilutive securities: Deferred compensation 29 31 25 29 Restricted stock – Treasury stock method 60 52 65 52 Diluted shares 7,649 7,605 7,655 7,607 Earnings per common share: Basic 0.90 0.88 0.44 0.42 Diluted 0.89 0.87 0.43 0.41 The average market price used in calculating assumed number of shares $ 19.365 $ 20.25 $ 18.37 $ 19.50 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Available-For-Sale | The amortized cost and estimated fair values of investment securities are summarized below. For the three and six months ended June 30, 2023, there was no allowance for credit losses on available-for-sale securities. AVAILABLE-FOR-SALE: Schedule of Investment Available-For-Sale Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value June 30, 2023 US Treasury securities $ 60,649 $ — $ (4,173 ) $ 56,476 Government Sponsored Enterprises 2,500 — (396 ) 2,104 Mortgage-backed securities 262,719 30 (18,959 ) 243,790 Small Business Administration pools 18,605 97 (536 ) 18,166 Corporate and other securities 8,770 — (1,067 ) 7,703 Total $ 353,243 $ 127 $ (25,131 ) $ 328,239 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2022 US Treasury securities $ 60,552 $ — $ (4,569 ) $ 55,983 Government Sponsored Enterprises 2,500 — (426 ) 2,074 Mortgage-backed securities 263,704 10 (19,114 ) 244,600 Small Business Administration pools 21,657 60 (630 ) 21,087 Corporate and other securities 8,772 12 (666 ) 8,118 Total $ 357,185 $ 82 $ (25,405 ) $ 331,862 |
Schedule of gross unrealized losses and fair values of available-for-sale securities | The following tables show gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position, as of June 30, 2023. Schedule of gross unrealized losses and fair values of available-for-sale securities June 30, 2023 Less than 12 months 12 months or more Total Available-for-sale securities: Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss US Treasury Securities $ — $ — $ 56,476 $ 4,173 $ 56,476 $ 4,173 Government Sponsored Enterprise — — 2,104 396 2,104 396 Mortgage-backed securities 43,304 2,013 197,311 16,946 240,615 18,959 Small Business Administration pools 2,426 48 9,949 488 12,375 536 Corporate and other securities 3,037 229 3,912 838 6,949 1,067 Total $ 48,767 $ 2,290 $ 269,752 $ 22,841 $ 318,519 $ 25,131 The following table shows gross unrealized losses by fair values of available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2022. December 31, 2022 Less than 12 months 12 months or more Total Available-for-sale securities: Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss US Treasury Securities $ 28,827 $ 1,032 $ 27,156 $ 3,537 $ 55,983 $ 4,569 Government Sponsored Enterprise — — 2,074 426 2,074 426 Mortgage-backed securities 81,961 4,435 159,227 14,679 241,188 19,114 Small Business Administration pools 16,066 453 2,592 177 18,658 630 Corporate and other securities 2,128 146 3,230 520 5,358 666 Total $ 128,982 $ 6,066 $ 194,279 $ 19,339 $ 323,261 $ 25,405 |
Schedule of allowance for credit losses on held to maturity securities | The following table shows a roll forward of the allowance for credit losses on held to maturity securities for the six months ended June 30, 2023. Schedule of allowance for credit losses on held to maturity securities State and Held-to-Maturity securities local (Dollars in thousands) government Allowance for Credit Losses on Held-to-Maturity Securities: Beginning balance, December 31, 2022 $ — Adjustment for adoption of ASU 2016-13 (43 ) Provision for credit losses 6 Ending balance, June 30, 2023 $ (37 ) |
Schedule of Amortized Cost and Fair Value of Investment Securities | The following table shows the amortized cost and fair value of investment securities at June 30, 2023, by expected maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. Mortgage-backed securities are included in the year corresponding with the remaining expected life. Schedule of Amortized Cost and Fair Value of Investment Securities Available-for-sale June 30, 2023 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 30,689 $ 29,991 Due after one year through five years 66,774 63,993 Due after five years through ten years 227,657 209,216 Due after ten years 28,123 25,039 Total $ 353,243 $ 328,239 Held-To-Maturity June 30, 2023 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 2,598 $ 2,574 Due after one year through five years 45,364 43,770 Due after five years through ten years 131,370 123,365 Due after ten years 42,097 38,648 Allowance for Credit Losses on Held-to-Maturity Securities (37 ) (37 ) Total $ 221,392 $ 208,320 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio | Schedule of Loan Portfolio June 30, December 31, (Dollars in thousands) 2023 2022 Commercial $ 75,716 $ 72,409 Real estate: Construction 94,418 91,223 Mortgage-residential 74,626 65,759 Mortgage-commercial 741,662 709,218 Consumer: Home equity 31,334 28,723 Other 14,409 13,525 Total loans, net of deferred loan fees and costs $ 1,032,165 $ 980,857 |
Schedule of loan category and loan by risk categories | The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of June 30, 2023: Schedule of loan category and loan by risk categories Term Loans by year of Origination ($ in thousands) 2019 2020 2021 2022 2023 Prior Revolving Revolving Total Commercial Pass $ 1,645 $ 1,720 $ 24,363 $ 11,984 $ 6,955 $ 10,257 $ 18,670 $ — $ 75,593 Special mention — — — — — 23 — — 23 Substandard — 20 79 — — — — — 99 Total commercial 1,645 1,740 24,442 11,984 6,955 10,280 18,670 — 75,716 Current period gross write-offs — — — — — — — — — Real estate construction Pass 6,935 1,114 11,474 40,486 21,072 — 13,337 — 94,418 Total real estate construction 6,935 1,114 11,474 40,486 21,072 — 13,337 — 94,418 Current period gross write-offs — — — — — — — — — Real estate mortgage-residential Pass 2,004 10,813 6,849 30,545 12,835 8,983 806 1,332 74,167 Special mention — 27 — — — 397 — — 424 Substandard — — — — — 35 — — 35 Total real estate mortgage-residential 2,004 10,840 6,849 30,545 12,835 9,415 806 1,332 74,626 Current period gross write-offs — — — — — — — — — Real estate mortgage-commercial Pass 50,233 102,609 138,126 193,658 36,316 207,977 12,614 — 741,533 Special mention — — — — — 22 — — 22 Substandard — — — — — 107 — — 107 Total real estate mortgage-commercial 50,233 102,609 138,126 193,658 36,316 208,106 12,614 — 741,662 Current period gross write-offs — — — — — — — — — Consumer - home equity Pass — — — — — — 30,189 — 30,189 Special mention — — — — — — 76 — 76 Substandard — — — — — — 1,069 — 1,069 Total consumer - home equity — — — — — — 31,334 — 31,334 Current period gross write-offs — — — — — — — — — Consumer - other Pass 456 498 667 1,416 1,148 937 9,270 — 14,392 Special mention — 10 — — — 7 — — 17 Substandard — — — — — — — — — Total consumer - other 456 508 667 1,416 1,148 944 9,270 — 14,409 Current period gross write-offs — — — — — — 2 — 2 The risk category of loans by class of loans is shown in the table below as of December 31, 2022. As of December 31, 2022, no loans were classified as doubtful. (Dollars in thousands) Special December 31, 2022 Pass Mention Substandard Doubtful Total Commercial $ 72,333 $ 47 $ 29 $ — $ 72,409 Real estate: — — — Construction 91,223 — — — 91,223 Mortgage – residential 65,505 220 34 — 65,759 Mortgage – commercial 704,357 80 4,781 — 709,218 Consumer: — — — Home Equity 27,531 117 1,075 — 28,723 Other 13,269 93 163 — 13,525 Total $ 974,218 $ 557 $ 6,082 $ — $ 980,857 |
The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three and six months ended June 30, 2023 under CECL methodology: | The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three and six months ended June 30, 2023 under CECL methodology: ($ in thousands) Commercial Real Estate Real Estate Real Estate Consumer Consumer Total Balance at March 31, 2023 $ 996 $ 1080 $ 790 $ 7,927 $ 424 $ 203 $ 11,420 Charge-offs — — — — — (27 ) (27 ) Recoveries 1 1 3 6 4 2 17 Provision for credit losses 15 46 68 (47 ) 10 52 144 Balance at June 30, 2023 $ 1,012 $ 1,127 $ 861 $ 7,886 $ 438 $ 230 $ 11,554 ($ in thousands) Commercial Real Estate Real Estate Real Estate Consumer Consumer Unallocated Total Balance at December 31, 2022 $ 849 $ 75 $ 723 $ 8,569 $ 314 $ 170 $ 636 $ 11,336 Adjustment to allowance for adoption of ASU 2016-13 193 1,075 32 (883 ) 166 39 (636 ) (14 ) Charge-offs — — — — — (36 ) — (36 ) Recoveries 3 1 3 17 7 6 — 37 Provision for credit losses (33 ) (24 ) 103 183 (49 ) 51 — 231 Balance at June 30, 2023 $ 1,012 $ 1,127 $ 861 $ 7,886 $ 438 $ 230 — $ 11,554 Prior to the adoption of ASC 326 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 in the prior periods. (Dollars in thousands) Commercial Real estate Real estate Real estate Consumer Consumer Unallocated Total Three months ended June 30, 2022 Allowance for loan losses: Beginning balance March 31, 2022 $ 849 $ 91 $ 513 $ 8,508 $ 331 $ 150 $ 621 $ 11,063 Charge-offs — — — — — (19 ) — (19 ) Recoveries — — 1 237 4 4 — 246 Provisions (32 ) (7 ) 32 (106 ) (20 ) 67 (4 ) (70 ) Ending balance June 30, 2022 $ 817 $ 84 $ 546 $ 8,639 $ 315 $ 202 $ 617 $ 11,220 Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer (Dollars in thousands) Commercial Construction Residential Commercial equity Other Unallocated Total Six months ended June 30, 2022 Allowance for loan losses: Beginning balance December 31, 2021 $ 853 $ 113 $ 560 $ 8,570 $ 333 $ 126 $ 624 $ 11,179 Charge-offs — — — — — (33 ) — (33 ) Recoveries 11 — 1 243 7 7 — 269 Provisions (47 ) (29 ) (15 ) (174 ) (25 ) 102 (7 ) (195 ) Ending balance June 30, 2022 $ 817 $ 84 $ 546 $ 8,639 $ 315 $ 202 $ 617 $ 11,220 |
Schedule of Average Recorded Investment and Interest Income Recognized | The following table presents information related to the average recorded investment and interest income recognized on impaired loans, excluding PCI loans, for the three and six months ended June 30, 2022. Schedule of Average Recorded Investment and Interest Income Recognized Six months ended Three months ended Average Interest Average Interest (Dollars in thousands) Recorded Income Recorded Income June 30, 2022 Investment Recognized Investment Recognized With no allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — Real estate: Construction — — — — Mortgage-residential 42 1 37 1 Mortgage-commercial 4,289 244 4,274 122 Consumer: Home equity 164 4 163 2 Other — — — — With an allowance recorded: Commercial, financial, agricultural — — — — Real estate: Construction — — — — Mortgage-residential — — — — Mortgage-commercial — — — — Consumer: Home equity — — — — Other — — — — Total: Commercial, financial, agricultural $ — $ — $ — $ — Real estate: Construction — — — — Mortgage-residential 42 1 37 1 Mortgage-commercial 4,289 244 4,274 122 Consumer: Home equity 164 4 163 2 Other — — — — $ 4,495 $ 249 $ 4,474 $ 125 The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2022. Unpaid (Dollars in thousands) Recorded Principal Related December 31, 2022 Investment Balance Allowance With no allowance recorded: Commercial $ 29 $ 29 $ — Real estate: Construction — — — Mortgage-residential 34 51 — Mortgage-commercial 4,752 5,260 — Consumer: Home Equity 168 168 — Other — — — With an allowance recorded: Commercial — — — Real estate: Construction — — — Mortgage-residential — — — Mortgage-commercial — — — Consumer: Home Equity — — — Other — — — Total: Commercial 29 29 — Real estate: Construction — — — Mortgage-residential 34 51 — Mortgage-commercial 4,752 5,260 — Consumer: Home Equity 168 168 — Other — — — $ 4,983 $ 5,508 $ — |
Schedule of Amortized Cost of Loans, by Loan Category, Modified for Borrowers with Financial Difficulty | |
Schedule of Loan Category and Aging Analysis of Loans | The following tables present an aging analysis of past due loans segregated by loan category as of June 30, 2023 and December 31, 2022. Schedule of Loan Category and Aging Analysis of Loans Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total June 30, 2023 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 155 $ — $ — $ 44 $ 199 $ 75,517 $ 75,716 Real estate: Construction 9 — — — 9 94,409 94,418 Mortgage-residential 64 — — 35 99 74,527 74,626 Mortgage-commercial — — — — — 741,662 741,662 Consumer: Home equity 69 216 — 4 289 31,045 31,334 Other 2 — 1 — 3 14,406 14,409 Total $ 299 $ 216 $ 1 $ 83 $ 599 $ 1,031,566 $ 1,032,165 Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total December 31, 2022 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 87 $ — $ — $ 29 $ 116 $ 72,293 $ 72,409 Real estate: Construction — — — — — 91,223 91,223 Mortgage-residential 327 — — 34 361 65,398 65,759 Mortgage-commercial 46 8 — 4,664 4,718 704,500 709,218 Consumer: Home equity — — — 168 168 28,555 28,723 Other 96 — 2 — 98 13,427 13,525 Total $ 556 $ 8 $ 2 $ 4,895 $ 5,461 $ 975,396 $ 980,857 |
Schedule of Nonaccrual Loans | The following table is a summary of the Company’s non-accrual loans by major categories for the periods indicated. Schedule of Nonaccrual Loans CECL Incurred Loss June 30, 2023 December 31, 2022 (Dollars in thousands) Non-accrual Non-accrual Total Non-accrual Loans Commercial $ 44 $ — $ 44 $ 29 Real Estate Construction — — — — Real Estate Mortgage Residential 35 — 35 34 Real Estate Mortgage Commercial — — — 4,664 Consumer Home Equity 4 — 4 168 Consumer Other — — — — Total Loans $ 83 $ — $ 83 $ 4,895 |
Schedule of Unfunded Commitments | The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the six months ended June 30, 2023. Schedule of Unfunded Commitments (Dollars in thousands) Total Allowance for Credit Balance, December 31, 2022 $ — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 398 Provision for (release of) unfunded commitments 31 Balance, June 30, 2023 $ 429 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of June 30, 2023 and December 31, 2022 are as follows: Fair Value, by Balance Sheet Grouping June 30, 2023 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial assets: Cash and short term investments $ 56,983 $ 56,983 $ 56,983 $ — $ — Available-for-sale securities 328,239 328,239 — 328,239 — Held-to-maturity securities 221,392 208,320 — 208,320 — Other investments, at cost 6,208 6,208 — — 6,208 Loans held for sale 4,195 4,195 — 4,195 — Derivative financial instruments 3,172 3,172 Net loans receivable 1,020,611 966,130 — — 966,130 Accrued interest receivable 5,285 5,285 5,285 — — Financial liabilities: Non-interest bearing demand $ 447,105 $ 447,105 $ — $ 447,105 $ — Interest bearing demand deposits and money market accounts 686,350 686,350 — 686,350 — Savings 130,531 130,531 — 130,531 — Time deposits 156,767 155,094 — 155,094 — Total deposits 1,420,753 1,419,080 — 1,419,080 — Federal Home Loan Bank Advances 95,000 95,000 — 95,000 — Short term borrowings 72,103 72,103 — 72,103 — Junior subordinated debentures 14,964 12,741 — 12,741 — Accrued interest payable 1,510 1,510 1,510 — — December 31, 2022 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 37,401 $ 37,401 $ 37,401 $ — $ — Available-for-sale securities 331,862 331,862 — 331,862 — Held-to-maturity securities 228,701 213,613 — 213,613 — Other investments, at cost 4,191 4,191 — — 4,191 Loans held for sale 1,779 1,779 — 1,779 — Net loans receivable 969,521 943,498 — — 943,498 Accrued interest 5,217 5,217 5,217 — — Financial liabilities: Non-interest bearing demand $ 461,010 $ 461,010 $ — $ 461,010 $ — Interest bearing demand deposits and money market accounts 629,763 629,763 — 629,763 — Savings 161,770 161,770 — 161,770 — Time deposits 132,839 132,825 — 132,825 — Total deposits 1,385,382 1,385,368 — 1,385,368 — Federal Home Loan Bank Advances 50,000 50,000 — 50,000 — Short term borrowings 90,743 90,743 — 90,743 — Junior subordinated debentures 14,964 13,402 — 13,402 — Accrued interest payable 520 520 520 — — |
Fair Value, Assets Measured on Recurring Basis | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2023 and December 31, 2022 that are measured on a recurring basis. There were no liabilities carried at fair value as of June 30, 2023 or December 31, 2022 that are measured on a recurring basis. Fair Value, Assets Measured on Recurring Basis (Dollars in thousands) June 30, 2023 Description Total Level 1 Level 2 Level 3 Available- for-sale securities US Treasury Securities $ 56,476 $ — $ 56,476 $ — Government Sponsored Enterprises 2,104 — 2,104 — Mortgage-backed securities 243,790 — 243,790 — Small Business Administration pools 18,166 — 18,166 — Corporate and other securities 7,703 — 7,703 — Total Available-for-sale securities 328,239 — 328,239 — Derivative financial instruments 3,172 3,172 Loans held for sale 4,195 — 4,195 — Total $ 332,434 $ — $ 332,434 $ — (Dollars in thousands) December 31, 2022 Description Total Level 1 Level 2 Level 3 Available- for-sale securities US Treasury Securities $ 55,983 $ — $ 55,983 $ — Government Sponsored Enterprises 2,074 — 2,074 — Mortgage-backed securities 244,600 — 244,600 — Small Business Administration pools 21,087 — 21,087 — Corporate and other securities 8,118 — 8,118 — Total Available-for-sale securities 331,862 — 331,862 — Loans held for sale 1,779 — 1,779 — Total $ 333,641 $ — $ 333,641 $ — |
Fair Value, Assets Measured on Non-Recurring Basis | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2023 and December 31, 2022 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended June 30, 2023 and 2022 measured on a recurring basis. Fair Value, Assets Measured on Non-Recurring Basis (Dollars in thousands) June 30, 2023 Description Total Level 1 Level 2 Level 3 Other real estate owned: Construction 405 — — 405 Mortgage-commercial 522 — — 522 Total other real estate owned 927 — — 927 Total $ 927 $ — $ — $ 927 (Dollars in thousands) December 31, 2022 Description Total Level 1 Level 2 Level 3 Impaired loans: Real estate: Mortgage-residential $ 34 $ — $ — $ 34 Mortgage-commercial 4,752 — — 4,752 Consumer: Home equity 168 — — 168 Total impaired loans 4,954 — — 4,954 Other real estate owned: Construction 412 — — 412 Mortgage-commercial 522 — — 522 Total other real estate owned 934 — — 934 Total $ 5,888 $ — $ — $ 5,888 |
Fair Value Measurement Inputs and Valuation Techniques | For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Measurement Inputs and Valuation Techniques (Dollars in thousands) Fair Value as of June 30, 2023 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs OREO $ 927 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% (Dollars in thousands) Fair Value as of December 31, 2022 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs OREO $ 934 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 4,954 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Schedule of Deposits | The Company’s total deposits are comprised of the following at the dates indicated: Schedule of Deposits June 30, December 31, (Dollars in thousands) 2023 2022 Non-interest bearing demand deposits $ 447,105 $ 461,010 Interest bearing demand deposits 316,689 334,540 Money market accounts 369,661 295,223 Savings 130,531 161,770 Time deposits 156,767 132,839 Total deposits $ 1,420,753 $ 1,385,382 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Company’s Reportable Segment | The following tables present selected financial information for the Company’s reportable business segments for the three and six months ended June 30, 2023 and June 30, 2022. Schedule of Company’s Reportable Segment (Dollars in thousands) Commercial Investment Three months ended June 30, 2023 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 16,692 $ 796 $ — $ 1,338 $ (1,329 ) $ 17,497 Interest expense 4,851 216 — 293 — 5,360 Net interest income $ 11,841 $ 580 $ — $ 1,045 $ (1,329 ) $ 12,137 Provision for credit losses 75 111 — — — 186 Noninterest income 1,597 373 1,081 — — 3,051 Noninterest expense 8,729 913 763 350 — 10,755 Net income before taxes $ 4,634 $ (71 ) $ 318 $ 695 $ (1,329 ) $ 4,247 Income tax provision (benefit) 1,053 — — (133 ) — 920 Net income $ 3,581 $ (71 ) $ 318 $ 828 $ (1,329 ) $ 3,327 (Dollars in thousands) Commercial Investment Three months ended June 30, 2022 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 11,094 $ 415 $ — $ 1,089 $ (1,085 ) $ 11,513 Interest expense 319 12 — 131 — 462 Net interest income $ 10,775 $ 403 $ — $ 958 $ (1,085 ) $ 11,051 Provision for (release of) credit losses (110 ) 40 — — — (70 ) Noninterest income 1,332 482 1,195 — — 3,009 Noninterest expense 8,346 846 775 221 — 10,188 Net income before taxes $ 3,871 $ (1 ) $ 420 $ 737 $ (1,085 ) $ 3,942 Income tax provision (benefit) 890 — — (78 ) — 812 Net income $ 2,981 $ (1 ) $ 420 $ 815 $ (1,085 ) $ 3,130 (Dollars in thousands) Commercial Investment Six months ended June 30, 2023 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 31,923 $ 1,447 $ — $ 2,658 $ (2,641 ) $ 33,387 Interest expense 7,984 345 — 564 — 8,893 Net interest income $ 23,939 $ 1,102 $ — $ 2,094 $ (2,641 ) $ 24,494 Provision for credit losses 74 182 — — — 256 Noninterest income 2,949 529 2,148 — — 5,626 Noninterest expense 17,280 1,699 1,514 698 — 21,191 Net income before taxes $ 9,534 $ (250 ) $ 634 $ 1,396 $ (2,641 ) $ 8,673 Income tax provision (benefit) 2,146 — — (263 ) — 1,883 Net income (loss) $ 7,388 $ (250 ) $ 634 $ 1,659 $ (2,641 ) $ 6,790 (Dollars in thousands) Commercial Investment Six months ended June 30, 2022 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 21,832 $ 869 $ — $ 2,173 $ (2,166 ) $ 22,708 Interest expense 689 — — 235 — 924 Net interest income $ 21,143 $ 869 $ — $ 1,938 $ (2,166 ) $ 21,784 Provision for (release of) credit losses (235 ) 40 — — — (195 ) Noninterest income 2,667 1,323 2,393 — — 6,383 Noninterest expense 16,323 1,876 1,538 405 — 20,142 Net income before taxes $ 7,722 $ 276 $ 855 $ 1,533 $ (2,166 ) $ 8,220 Income tax provision (benefit) 1,739 — — (138 ) — 1,601 Net income (loss) $ 5,983 $ 276 $ 855 $ 1,671 $ (2,166 ) $ 6,619 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of June 30, 2023 $ 1,665,561 $ 74,320 $ — $ 166,043 $ (164,942 ) $ 1,740,982 Total Assets as of December 31, 2022 $ 1,616,173 $ 55,845 $ — $ 165,937 $ (165,009 ) $ 1,672,946 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Information | Schedule of Lease Information (Dollars in thousands) June 30, December 31, Right-of-use assets $ 3,389 $ 2,702 Lease liabilities $ 3,537 $ 2,832 Weighted average remaining lease term 12.05 years 14.38 years Weighted average discount rate 4.28 % 4.37 % Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2023 2022 2023 2022 Operating lease cost $ 111.5 $ 87.3 $ 223.0 $ 168.0 Cash paid for amounts included in the measurement of lease liabilities $ 102.8 $ 75.5 $ 205.4 $ 150.7 |
Schedule of Future Undiscounted Operating Lease Payments | The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2023. Schedule of Future Undiscounted Operating Lease Payments (Dollars in thousands) Year Operating Leases 2023 $ 209 2024 425 2025 436 2026 445 2027 423 Thereafter 2,649 Total undiscounted lease payments $ 4,587 Less effect of discounting (1,050 ) Present value of estimated lease payments (lease liability) $ 3,537 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Loss | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in each component or accumulated other comprehensive loss net of tax, for the six months ended June 30, 2023. Schedule of Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Securities Securities Accumulated Six Months Ending June 30, 2023 Balance at beginning of period (20,006 ) (12,380 ) (32,386 ) Other comprehensive income before reclassifications 252 — 252 Amortization of unrealized loss on securities transferred to held-to-maturity — 646 646 Net other comprehensive income during period 252 646 898 Balance at end of Period (19,754 ) (11,734 ) (31,488 ) |
Nature of Business and Basis _3
Nature of Business and Basis of Presentation (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Held to maturity securities, at amortized cost | $ 221,392 | $ 228,701 | |
Allowance for credit losses on held-to-maturity securities | (37) | ||
Loans, at amortized cost | 1,032,165 | 980,857 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Held to maturity securities, at amortized cost | 105,400 | 106,929 | |
Allowance for credit losses on held-to-maturity securities | $ (37) | $ (43) | |
Accounting Standards Update 2016-13 [Member] | |||
Held to maturity securities, at amortized cost | |||
Allowance for credit losses on held-to-maturity securities | 43 | ||
Loans, at amortized cost | |||
Allowance for credit losses on loans | (14) | ||
Allowance for credit losses for unfunded commitments | 398 | ||
Accounting Standards Update 2016-13 [Member] | Commercial Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 193 | ||
Accounting Standards Update 2016-13 [Member] | Real Estate Construction [Member] | |||
Allowance for credit losses on loans | 1,075 | ||
Accounting Standards Update 2016-13 [Member] | Residential Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 32 | ||
Accounting Standards Update 2016-13 [Member] | Real Estate Mortgage Commercial [Member] | |||
Allowance for credit losses on loans | (883) | ||
Accounting Standards Update 2016-13 [Member] | Consumer Home Equity [Member] | |||
Allowance for credit losses on loans | 166 | ||
Accounting Standards Update 2016-13 [Member] | Consumer Other [Member] | |||
Allowance for credit losses on loans | 39 | ||
Accounting Standards Update 2016-13 [Member] | Unallocated Financing Receivables [Member] | |||
Allowance for credit losses on loans | (636) | ||
Accounting Standards Update 2016-13 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Allowance for credit losses on held-to-maturity securities | 43 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Held to maturity securities, at amortized cost | 106,929 | ||
Allowance for credit losses on held-to-maturity securities | 43 | ||
Loans, at amortized cost | 980,857 | ||
Allowance for credit losses on loans | 11,322 | ||
Allowance for credit losses for unfunded commitments | 398 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 1,042 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Construction [Member] | |||
Allowance for credit losses on loans | 1,150 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Residential Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 755 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Mortgage Commercial [Member] | |||
Allowance for credit losses on loans | 7,686 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer Home Equity [Member] | |||
Allowance for credit losses on loans | 480 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer Other [Member] | |||
Allowance for credit losses on loans | 209 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Unallocated Financing Receivables [Member] | |||
Allowance for credit losses on loans | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Allowance for credit losses on held-to-maturity securities | $ 43 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Held to maturity securities, at amortized cost | 106,929 | ||
Allowance for credit losses on held-to-maturity securities | |||
Loans, at amortized cost | 980,857 | ||
Allowance for credit losses on loans | 11,336 | ||
Allowance for credit losses for unfunded commitments | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 849 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Construction [Member] | |||
Allowance for credit losses on loans | 75 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | |||
Allowance for credit losses on loans | 723 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Mortgage Commercial [Member] | |||
Allowance for credit losses on loans | 8,569 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Home Equity [Member] | |||
Allowance for credit losses on loans | 314 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Other [Member] | |||
Allowance for credit losses on loans | 170 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated Financing Receivables [Member] | |||
Allowance for credit losses on loans | 636 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Allowance for credit losses on held-to-maturity securities |
Nature of Business and Basis _4
Nature of Business and Basis of Presentation (Details Narrative) $ in Thousands | Jun. 30, 2023 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 1,200 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Numerator (Net income available to common shareholders) | $ 3,327 | $ 3,130 | $ 6,790 | $ 6,619 |
Weighted average common shares outstanding for: | ||||
Basic shares | 7,565 | 7,526 | 7,560 | 7,522 |
Dilutive securities: | ||||
Deferred compensation | 25 | 29 | 29 | 31 |
Restricted stock – Treasury stock method | 65 | 52 | 60 | 52 |
Diluted shares | 7,655 | 7,607 | 7,649 | 7,605 |
Basic | $ 0.44 | $ 0.42 | $ 0.90 | $ 0.88 |
Diluted | 0.43 | 0.41 | 0.89 | 0.87 |
The average market price used in calculating assumed number of shares | $ 18.37 | $ 19.50 | $ 19.365 | $ 20.25 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 353,243 | $ 357,185 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 127 | 82 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (25,131) | (25,405) |
Debt Securities, Available-for-Sale | 328,239 | 331,862 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 60,649 | 60,552 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (4,173) | (4,569) |
Debt Securities, Available-for-Sale | 56,476 | 55,983 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 2,500 | 2,500 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (396) | (426) |
Debt Securities, Available-for-Sale | 2,104 | 2,074 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 262,719 | 263,704 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 30 | 10 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (18,959) | (19,114) |
Debt Securities, Available-for-Sale | 243,790 | 244,600 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 18,605 | 21,657 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 97 | 60 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (536) | (630) |
Debt Securities, Available-for-Sale | 18,166 | 21,087 |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 8,770 | 8,772 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 12 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (1,067) | (666) |
Debt Securities, Available-for-Sale | $ 7,703 | $ 8,118 |
Investment Securities (Details
Investment Securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 221,392 | $ 228,701 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 13 | |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (13,085) | (15,088) |
Debt Securities, Held-to-Maturity, Fair Value | 208,320 | 213,613 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 115,992 | 121,772 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | ||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (8,452) | (8,656) |
Debt Securities, Held-to-Maturity, Fair Value | 107,540 | 113,116 |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 105,400 | 106,929 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 13 | |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (4,633) | (6,432) |
Debt Securities, Held-to-Maturity, Fair Value | $ 100,780 | $ 100,497 |
Investment Securities (Detail_2
Investment Securities (Details 3) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 48,767 | $ 128,982 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,290 | 6,066 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 269,752 | 194,279 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 22,841 | 19,339 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 318,519 | 323,261 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 25,131 | 25,405 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 28,827 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,032 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 56,476 | 27,156 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4,173 | 3,537 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 56,476 | 55,983 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 4,173 | 4,569 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,104 | 2,074 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 396 | 426 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 2,104 | 2,074 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 396 | 426 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 43,304 | 81,961 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,013 | 4,435 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 197,311 | 159,227 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 16,946 | 14,679 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 240,615 | 241,188 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 18,959 | 19,114 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,426 | 16,066 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 48 | 453 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 9,949 | 2,592 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 488 | 177 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 12,375 | 18,658 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 536 | 630 |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,037 | 2,128 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 229 | 146 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,912 | 3,230 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 838 | 520 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 6,949 | 5,358 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ 1,067 | $ 666 |
Investment Securities (Detail_3
Investment Securities (Details 4) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jan. 01, 2023 | |
Marketable Securities [Line Items] | ||
Adjustment for adoption of ASU 2016-13 | $ (37) | |
Ending balance, June 30, 2023 | (37) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Beginning balance, December 31, 2022 | ||
Adjustment for adoption of ASU 2016-13 | (37) | $ (43) |
Provision for credit losses | 6 | |
Ending balance, June 30, 2023 | $ (37) |
Investment Securities (Detail_4
Investment Securities (Details 5) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $ 30,689 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 29,991 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 66,774 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 63,993 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost | 227,657 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 209,216 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 28,123 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 25,039 | |
Debt Securities, Available-for-Sale, Amortized Cost | 353,243 | $ 357,185 |
Debt Securities, Available-for-Sale | 328,239 | 331,862 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One | 2,598 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 2,574 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five | 45,364 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 43,770 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 5 through 10 | 131,370 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 123,365 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10 | 42,097 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | 38,648 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | (37) | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 221,392 | $ 228,701 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | $ 1,032,165 | $ 980,857 |
Commercial, Financial And Agricultural Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 75,716 | 72,409 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 94,418 | 91,223 |
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 74,626 | 65,759 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 741,662 | 709,218 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 31,334 | 28,723 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | $ 14,409 | $ 13,525 |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | $ 1,032,165 | $ 980,857 |
Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 974,218 | |
Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 557 | |
Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 6,082 | |
Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Commercial, Financial And Agricultural Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,645 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,740 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 24,442 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 11,984 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 6,955 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 10,280 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 18,670 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 75,716 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | ||
Loans held-for-investment | 75,716 | 72,409 |
Commercial, Financial And Agricultural Loan [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,645 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,720 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 24,363 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 11,984 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 6,955 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 10,257 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 18,670 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 75,593 | |
Loans held-for-investment | 72,333 | |
Commercial, Financial And Agricultural Loan [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 23 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 23 | |
Loans held-for-investment | 47 | |
Commercial, Financial And Agricultural Loan [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 20 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 79 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 99 | |
Loans held-for-investment | 29 | |
Commercial, Financial And Agricultural Loan [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 6,935 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,114 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 11,474 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 40,486 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 21,072 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | 13,337 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 94,418 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Loans held-for-investment | 94,418 | 91,223 |
Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 6,935 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,114 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 11,474 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 40,486 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 21,072 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | 13,337 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 94,418 | |
Loans held-for-investment | 91,223 | |
Construction Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Construction Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 2,004 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 10,840 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 6,849 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 30,545 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 12,835 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 9,415 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 806 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 1,332 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 74,626 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | ||
Loans held-for-investment | 74,626 | 65,759 |
Residential Mortgage [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 2,004 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 10,813 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 6,849 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 30,545 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 12,835 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 8,983 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 806 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 1,332 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 74,167 | |
Loans held-for-investment | 65,505 | |
Residential Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 27 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 397 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 424 | |
Loans held-for-investment | 220 | |
Residential Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 35 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 35 | |
Loans held-for-investment | 34 | |
Residential Mortgage [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 50,233 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 102,609 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 138,126 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 193,658 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 36,316 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 208,106 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 12,614 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 741,662 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | ||
Loans held-for-investment | 741,662 | 709,218 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 50,233 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 102,609 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 138,126 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 193,658 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 36,316 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 207,977 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 12,614 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 741,533 | |
Loans held-for-investment | 704,357 | |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 22 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 22 | |
Loans held-for-investment | 80 | |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 107 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 107 | |
Loans held-for-investment | 4,781 | |
Commercial Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | 31,334 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 31,334 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | ||
Loans held-for-investment | 31,334 | 28,723 |
Home Equity Line of Credit [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | 30,189 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 30,189 | |
Loans held-for-investment | 27,531 | |
Home Equity Line of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | 76 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 76 | |
Loans held-for-investment | 117 | |
Home Equity Line of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | 1,069 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,069 | |
Loans held-for-investment | 1,075 | |
Home Equity Line of Credit [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 456 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 508 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 667 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,416 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 1,148 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 944 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 9,270 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 14,409 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 2 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | 2 | |
Loans held-for-investment | 14,409 | 13,525 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 456 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 498 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 667 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,416 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 1,148 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 937 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 9,270 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 14,392 | |
Loans held-for-investment | 13,269 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 10 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 7 | |
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 17 | |
Loans held-for-investment | 93 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | ||
Financing Receivable, Excluding Accrued Interest, Revolving | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | ||
Loans held-for-investment | 163 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2021 | $ 11,420 | $ 11,063 | $ 11,336 | $ 11,179 | |
Charge-offs | (27) | (19) | (36) | (33) | |
Recoveries | 17 | 246 | 37 | 269 | |
Provisions | 144 | (70) | 231 | (195) | |
Ending balance June 30, 2022 | 11,554 | 11,220 | 11,554 | 11,220 | |
Adjustment to allowance for adoption of ASU 2016-13 | $ (14) | ||||
Commercial, Financial And Agricultural Loan [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2021 | 996 | 849 | 849 | 853 | |
Charge-offs | |||||
Recoveries | 1 | 3 | 11 | ||
Provisions | 15 | (32) | (33) | (47) | |
Ending balance June 30, 2022 | 1,012 | 817 | 1,012 | 817 | |
Adjustment to allowance for adoption of ASU 2016-13 | 193 | ||||
Construction Loans [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2021 | 1,080 | 91 | 75 | 113 | |
Charge-offs | |||||
Recoveries | 1 | 1 | |||
Provisions | 46 | (7) | (24) | (29) | |
Ending balance June 30, 2022 | 1,127 | 84 | 1,127 | 84 | |
Adjustment to allowance for adoption of ASU 2016-13 | 1,075 | ||||
Residential Mortgage [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2021 | 790 | 513 | 723 | 560 | |
Charge-offs | |||||
Recoveries | 3 | 1 | 3 | 1 | |
Provisions | 68 | 32 | 103 | (15) | |
Ending balance June 30, 2022 | 861 | 546 | 861 | 546 | |
Adjustment to allowance for adoption of ASU 2016-13 | 32 | ||||
Commercial Real Estate [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2021 | 7,927 | 8,508 | 8,569 | 8,570 | |
Charge-offs | |||||
Recoveries | 6 | 237 | 17 | 243 | |
Provisions | (47) | (106) | 183 | (174) | |
Ending balance June 30, 2022 | 7,886 | 8,639 | 7,886 | 8,639 | |
Adjustment to allowance for adoption of ASU 2016-13 | (883) | ||||
Home Equity Line of Credit [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2021 | 424 | 331 | 314 | 333 | |
Charge-offs | |||||
Recoveries | 4 | 4 | 7 | 7 | |
Provisions | 10 | (20) | (49) | (25) | |
Ending balance June 30, 2022 | 438 | 315 | 438 | 315 | |
Adjustment to allowance for adoption of ASU 2016-13 | 166 | ||||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2021 | 203 | 150 | 170 | 126 | |
Charge-offs | (27) | (19) | (36) | (33) | |
Recoveries | 2 | 4 | 6 | 7 | |
Provisions | 52 | 67 | 51 | 102 | |
Ending balance June 30, 2022 | 230 | 202 | 230 | 202 | |
Adjustment to allowance for adoption of ASU 2016-13 | 39 | ||||
Unallocated Financing Receivables [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2021 | 621 | 636 | 624 | ||
Charge-offs | |||||
Recoveries | |||||
Provisions | (4) | (7) | |||
Ending balance June 30, 2022 | $ 617 | $ 617 | |||
Adjustment to allowance for adoption of ASU 2016-13 | $ (636) |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, Average Recorded Investment | $ 4,474 | $ 4,495 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 125 | 249 | |
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Recorded Investment | 4,983 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 5,508 | ||
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Average Recorded Investment | |||
Impaired Financing Receivable, Interest Income, Accrual Method | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 29 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 29 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Recorded Investment | 29 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 29 | ||
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Average Recorded Investment | |||
Impaired Financing Receivable, Interest Income, Accrual Method | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Recorded Investment | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 37 | 42 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | 1 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Average Recorded Investment | 37 | 42 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 1 | 1 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 34 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 51 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Recorded Investment | 34 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 51 | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,274 | 4,289 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 122 | 244 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Average Recorded Investment | 4,274 | 4,289 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 122 | 244 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,752 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,260 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Recorded Investment | 4,752 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 5,260 | ||
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 163 | 164 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 2 | 4 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Average Recorded Investment | 163 | 164 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 2 | 4 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 168 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 168 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Recorded Investment | 168 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 168 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||
Impaired Financing Receivable, Average Recorded Investment | |||
Impaired Financing Receivable, Interest Income, Accrual Method | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Recorded Investment | |||
Impaired Financing Receivable, Unpaid Principal Balance |
Loans (Details 5)
Loans (Details 5) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Modified, Commitment to Lend | $ 201 |
Concentration Risk, Percentage | 0.27% |
Residential Mortgage [Member] | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Modified, Commitment to Lend | $ 201 |
Concentration Risk, Percentage | 0.27% |
Loans (Details 7)
Loans (Details 7) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | $ 1,032,165 | $ 980,857 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 299 | 556 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 216 | 8 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 1 | 2 |
Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 83 | 4,895 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 599 | 5,461 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 1,031,566 | 975,396 |
Commercial, Financial And Agricultural Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 75,716 | 72,409 |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 155 | 87 |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Commercial, Financial And Agricultural Loan [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 44 | 29 |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 199 | 116 |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 75,517 | 72,293 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 94,418 | 91,223 |
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 9 | |
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Construction Loans [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 9 | |
Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 94,409 | 91,223 |
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 74,626 | 65,759 |
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 64 | 327 |
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Residential Mortgage [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 35 | 34 |
Residential Mortgage [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 99 | 361 |
Residential Mortgage [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 74,527 | 65,398 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 741,662 | 709,218 |
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 46 | |
Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 8 | |
Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Commercial Real Estate [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 4,664 | |
Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 4,718 | |
Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 741,662 | 704,500 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 31,334 | 28,723 |
Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 69 | |
Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 216 | |
Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Home Equity Line of Credit [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 4 | 168 |
Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 289 | 168 |
Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 31,045 | 28,555 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 14,409 | 13,525 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 2 | 96 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 1 | 2 |
Consumer Portfolio Segment [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | ||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | 3 | 98 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held-for-investment | $ 14,406 | $ 13,427 |
Loans (Details 8)
Loans (Details 8) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 83 | |
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual | 83 | $ 4,895 |
Commercial, Financial And Agricultural Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 44 | |
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual | 44 | 29 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual | ||
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 35 | |
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual | 35 | 34 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual | 4,664 | |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 4 | |
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual | 4 | 168 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual |
Loans (Details 9)
Loans (Details 9) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jan. 01, 2023 | |
Financing Receivable, Past Due [Line Items] | |||
Balance, December 31, 2022 | $ (14) | ||
Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 | |||
Provision for (release of) unfunded commitments | 256 | $ (195) | |
Unfunded Loan Commitment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Balance, December 31, 2022 | |||
Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 | 429 | $ 398 | |
Provision for (release of) unfunded commitments | 31 | ||
Balance, June 30, 2023 | $ 429 |
Loans (Details Narrative)
Loans (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | |||
Deferred Loan Fees and Cost | $ 2,000,000 | $ 2,000,000 | $ 1,900,000 |
Financing Receivable, Nonaccrual, Interest Income | $ 85,500 | $ 8,900 |
Fair Value, by Balance Sheet Gr
Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Available-for-sale securities | $ 328,239 | $ 331,862 |
Investment securities held-to-maturity, fair value of $208,320 and $213,613 at June 30, 2023 and December 31, 2022, respectively, net of allowance for credit losses - investments | 221,392 | 228,701 |
Other investments, at cost | 6,208 | 4,191 |
Financial liabilities: | ||
Non-interest bearing demand | 447,105 | 461,010 |
Interest bearing demand deposits and money market accounts | 316,689 | 334,540 |
Savings | 130,531 | 161,770 |
Time deposits | 156,767 | 132,839 |
Federal Home Loan Bank Advances | 95,000 | 50,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and short term investments | 56,983 | 37,401 |
Available-for-sale securities | ||
Investment securities held-to-maturity, fair value of $208,320 and $213,613 at June 30, 2023 and December 31, 2022, respectively, net of allowance for credit losses - investments | ||
Other investments, at cost | ||
Loans held for sale | ||
Net loans receivable | ||
Accrued interest | 5,285 | 5,217 |
Financial liabilities: | ||
Non-interest bearing demand | ||
Interest bearing demand deposits and money market accounts | ||
Savings | ||
Time deposits | ||
Total deposits | ||
Federal Home Loan Bank Advances | ||
Short term borrowings | ||
Junior subordinated debentures | ||
Accrued interest payable | 1,510 | 520 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | 328,239 | 331,862 |
Investment securities held-to-maturity, fair value of $208,320 and $213,613 at June 30, 2023 and December 31, 2022, respectively, net of allowance for credit losses - investments | 208,320 | 213,613 |
Other investments, at cost | ||
Loans held for sale | 4,195 | 1,779 |
Derivative financial instruments | 3,172 | |
Net loans receivable | ||
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | 447,105 | 461,010 |
Interest bearing demand deposits and money market accounts | 686,350 | 629,763 |
Savings | 130,531 | 161,770 |
Time deposits | 155,094 | 132,825 |
Total deposits | 1,419,080 | 1,385,368 |
Federal Home Loan Bank Advances | 95,000 | 50,000 |
Short term borrowings | 72,103 | 90,743 |
Junior subordinated debentures | 12,741 | 13,402 |
Accrued interest payable | ||
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | ||
Investment securities held-to-maturity, fair value of $208,320 and $213,613 at June 30, 2023 and December 31, 2022, respectively, net of allowance for credit losses - investments | ||
Other investments, at cost | 6,208 | 4,191 |
Loans held for sale | ||
Net loans receivable | 966,130 | 943,498 |
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | ||
Interest bearing demand deposits and money market accounts | ||
Savings | ||
Time deposits | ||
Total deposits | ||
Federal Home Loan Bank Advances | ||
Short term borrowings | ||
Junior subordinated debentures | ||
Accrued interest payable | ||
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and short term investments | 56,983 | 37,401 |
Available-for-sale securities | 328,239 | 331,862 |
Investment securities held-to-maturity, fair value of $208,320 and $213,613 at June 30, 2023 and December 31, 2022, respectively, net of allowance for credit losses - investments | 221,392 | 228,701 |
Other investments, at cost | 6,208 | 4,191 |
Loans held for sale | 4,195 | 1,779 |
Derivative financial instruments | 3,172 | |
Net loans receivable | 1,020,611 | 969,521 |
Accrued interest | 5,285 | 5,217 |
Financial liabilities: | ||
Non-interest bearing demand | 447,105 | 461,010 |
Interest bearing demand deposits and money market accounts | 686,350 | 629,763 |
Savings | 130,531 | 161,770 |
Time deposits | 156,767 | 132,839 |
Total deposits | 1,420,753 | 1,385,382 |
Federal Home Loan Bank Advances | 95,000 | 50,000 |
Short term borrowings | 72,103 | 90,743 |
Junior subordinated debentures | 14,964 | 14,964 |
Accrued interest payable | 1,510 | 520 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and short term investments | 56,983 | 37,401 |
Available-for-sale securities | 328,239 | 331,862 |
Investment securities held-to-maturity, fair value of $208,320 and $213,613 at June 30, 2023 and December 31, 2022, respectively, net of allowance for credit losses - investments | 208,320 | 213,613 |
Other investments, at cost | 6,208 | 4,191 |
Loans held for sale | 4,195 | 1,779 |
Net loans receivable | 966,130 | 943,498 |
Accrued interest | 5,285 | 5,217 |
Financial liabilities: | ||
Non-interest bearing demand | 447,105 | 461,010 |
Interest bearing demand deposits and money market accounts | 686,350 | 629,763 |
Savings | 130,531 | 161,770 |
Time deposits | 155,094 | 132,825 |
Total deposits | 1,419,080 | 1,385,368 |
Federal Home Loan Bank Advances | 95,000 | 50,000 |
Short term borrowings | 72,103 | 90,743 |
Junior subordinated debentures | 12,741 | 13,402 |
Accrued interest payable | $ 1,510 | $ 520 |
Fair Value Measurement (Details
Fair Value Measurement (Details 2) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 328,239 | $ 331,862 |
Loans held for sale | 4,195 | 1,779 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 328,239 | 331,862 |
Derivative financial instruments | 3,172 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 328,239 | 331,862 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Loans held for sale | ||
Total | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 328,239 | 331,862 |
Derivative financial instruments | 3,172 | |
Loans held for sale | 4,195 | 1,779 |
Total | 332,434 | 333,641 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Loans held for sale | ||
Total | ||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 328,239 | 331,862 |
Derivative financial instruments | 3,172 | |
Loans held for sale | 4,195 | 1,779 |
Total | 332,434 | 333,641 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 56,476 | 55,983 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 56,476 | 55,983 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 56,476 | 55,983 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,104 | 2,074 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,104 | 2,074 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,104 | 2,074 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 243,790 | 244,600 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 243,790 | 244,600 |
Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 18,166 | 21,087 |
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 18,166 | 21,087 |
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Small Business Administration pools [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 18,166 | 21,087 |
Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,703 | 8,118 |
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,703 | 8,118 |
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Corporate and other securities [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 7,703 | $ 8,118 |
Fair Value Measurement (Detai_2
Fair Value Measurement (Details 3) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | $ 927 | $ 934 |
Total impaired loans | 4,983 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | ||
Total | ||
Total impaired loans | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | ||
Total | ||
Total impaired loans | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 927 | 934 |
Total | 927 | 5,888 |
Total impaired loans | 4,954 | |
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 927 | 934 |
Total | 927 | 5,888 |
Total impaired loans | 4,954 | |
Construction Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | ||
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | ||
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | ||
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 405 | 412 |
Construction Loans [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 405 | 412 |
Residential Mortgage [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 34 | |
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | ||
Total impaired loans | ||
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | ||
Total impaired loans | ||
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 522 | |
Total impaired loans | 34 | |
Residential Mortgage [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | $ 522 | |
Total impaired loans | 34 | |
Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 4,752 | |
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | ||
Total impaired loans | ||
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | ||
Total impaired loans | ||
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 522 | |
Total impaired loans | 4,752 | |
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 522 | |
Total impaired loans | 4,752 | |
Home Equity Line of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 168 | |
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | ||
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | ||
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 168 | |
Home Equity Line of Credit [Member] | Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | $ 168 |
Fair Value Measurement Inputs a
Fair Value Measurement Inputs and Valuation Techniques (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 927 | $ 934 | |
Impaired Financing Receivable, Recorded Investment | 4,983 | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 927 | 934 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 6% | 6% | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 16% | 16% | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 6% | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 16% | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 4,954 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Non-interest bearing demand deposits | $ 447,105 | $ 461,010 |
Interest bearing demand deposits | 316,689 | 334,540 |
Money market accounts | 369,661 | 295,223 |
Savings | 130,531 | 161,770 |
Time deposits | 156,767 | 132,839 |
Total deposits | $ 1,420,753 | $ 1,385,382 |
Deposits (Details Narrative)
Deposits (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Guarantor Obligations [Line Items] | ||
Time deposits FDIC insurance limit of $250 thousand | $ 10,200 | $ 9,500 |
Deposit Liability, Uninsured | 422,400 | 411,300 |
Collateralized Public Fund [Member] | ||
Guarantor Obligations [Line Items] | ||
Deposit Liability, Uninsured | $ 82,500 | $ 59,500 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||||
Dividend and Interest Income | $ 17,497 | $ 11,513 | $ 33,387 | $ 22,708 | ||
Interest expense | 5,360 | 462 | 8,893 | 924 | ||
Net interest income | 12,137 | 11,051 | 24,494 | 21,784 | ||
Provision for (release of) credit losses | 186 | (70) | 256 | (195) | ||
Noninterest income | 3,051 | 3,009 | 5,626 | 6,383 | ||
Noninterest expense | 10,755 | 10,188 | 21,191 | 20,142 | ||
Net income before taxes | 4,247 | 3,942 | 8,673 | 8,220 | ||
Income tax provision (benefit) | 920 | 812 | 1,883 | 1,601 | ||
Net income (loss) | 3,327 | $ 3,463 | 3,130 | $ 3,489 | 6,790 | 6,619 |
Total Assets as of June 30, 2023 | 1,740,982 | 1,740,982 | ||||
Total Assets as of December 31, 2022 | 1,672,946 | 1,672,946 | ||||
Consolidation, Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Dividend and Interest Income | (1,329) | (1,085) | (2,641) | (2,166) | ||
Interest expense | ||||||
Net interest income | (1,329) | (1,085) | (2,641) | (2,166) | ||
Provision for (release of) credit losses | ||||||
Noninterest income | ||||||
Noninterest expense | ||||||
Net income before taxes | (1,329) | (1,085) | (2,641) | (2,166) | ||
Income tax provision (benefit) | ||||||
Net income (loss) | (1,329) | (1,085) | (2,641) | (2,166) | ||
Total Assets as of June 30, 2023 | (164,942) | (164,942) | ||||
Total Assets as of December 31, 2022 | (165,009) | (165,009) | ||||
Mortgage Banking [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Dividend and Interest Income | 796 | 415 | 1,447 | 869 | ||
Interest expense | 216 | 12 | 345 | |||
Net interest income | 580 | 403 | 1,102 | 869 | ||
Provision for (release of) credit losses | 111 | 40 | 182 | 40 | ||
Noninterest income | 373 | 482 | 529 | 1,323 | ||
Noninterest expense | 913 | 846 | 1,699 | 1,876 | ||
Net income before taxes | (71) | (1) | (250) | 276 | ||
Income tax provision (benefit) | ||||||
Net income (loss) | (71) | (1) | (250) | 276 | ||
Total Assets as of June 30, 2023 | 74,320 | 74,320 | ||||
Total Assets as of December 31, 2022 | 55,845 | 55,845 | ||||
Commercial And Retail Banking [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Dividend and Interest Income | 16,692 | 11,094 | 31,923 | 21,832 | ||
Interest expense | 4,851 | 319 | 7,984 | 689 | ||
Net interest income | 11,841 | 10,775 | 23,939 | 21,143 | ||
Provision for (release of) credit losses | 75 | (110) | 74 | (235) | ||
Noninterest income | 1,597 | 1,332 | 2,949 | 2,667 | ||
Noninterest expense | 8,729 | 8,346 | 17,280 | 16,323 | ||
Net income before taxes | 4,634 | 3,871 | 9,534 | 7,722 | ||
Income tax provision (benefit) | 1,053 | 890 | 2,146 | 1,739 | ||
Net income (loss) | 3,581 | 2,981 | 7,388 | 5,983 | ||
Total Assets as of June 30, 2023 | 1,665,561 | 1,665,561 | ||||
Total Assets as of December 31, 2022 | 1,616,173 | 1,616,173 | ||||
Investment Advisory And Non Deposit [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Dividend and Interest Income | ||||||
Interest expense | ||||||
Net interest income | ||||||
Provision for (release of) credit losses | ||||||
Noninterest income | 1,081 | 1,195 | 2,148 | 2,393 | ||
Noninterest expense | 763 | 775 | 1,514 | 1,538 | ||
Net income before taxes | 318 | 420 | 634 | 855 | ||
Income tax provision (benefit) | ||||||
Net income (loss) | 318 | 420 | 634 | 855 | ||
Total Assets as of June 30, 2023 | ||||||
Total Assets as of December 31, 2022 | ||||||
Corporate Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Dividend and Interest Income | 1,338 | 1,089 | 2,658 | 2,173 | ||
Interest expense | 293 | 131 | 564 | 235 | ||
Net interest income | 1,045 | 958 | 2,094 | 1,938 | ||
Provision for (release of) credit losses | ||||||
Noninterest income | ||||||
Noninterest expense | 350 | 221 | 698 | 405 | ||
Net income before taxes | 695 | 737 | 1,396 | 1,533 | ||
Income tax provision (benefit) | (133) | (78) | (263) | (138) | ||
Net income (loss) | 828 | $ 815 | 1,659 | $ 1,671 | ||
Total Assets as of June 30, 2023 | $ 166,043 | 166,043 | ||||
Total Assets as of December 31, 2022 | $ 165,937 | $ 165,937 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details Narrative) - USD ($) | Jun. 30, 2023 | May 05, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Notional Amount | $ 150,000,000,000 | $ 150,000 |
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | $ 3,200,000,000 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right-of-use assets | $ 3,389 | $ 2,702 |
Lease liabilities | $ 3,537 | $ 2,832 |
Operating Lease, Weighted Average Remaining Lease Term | 12 years 18 days | 14 years 4 months 17 days |
Weighted average discount rate | 4.28% | 4.37% |
Leases (Details 2)
Leases (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 111,500 | $ 87,300 | $ 223,000 | $ 168,000 |
Cash paid for amounts included in the measurement of lease liabilities | $ 102,800 | $ 75,500 | $ 205,400 | $ 150,700 |
Leases (Details 3)
Leases (Details 3) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 | $ 209 | |
2024 | 425 | |
2025 | 436 | |
2026 | 445 | |
2027 | 423 | |
Thereafter | 2,649 | |
Total undiscounted lease payments | 4,587 | |
Less effect of discounting | (1,050) | |
Present value of estimated lease payments (lease liability) | $ 3,537 | $ 2,832 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||||
Balance at beginning of period | $ (32,386) | $ (32,386) | ||||
Other comprehensive income before reclassifications | 252 | |||||
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax | $ 325 | $ 106 | 646 | $ 106 | ||
Net other comprehensive income during period | (2,015) | 2,913 | $ (11,534) | $ (18,288) | 898 | $ (29,822) |
Balance at end of Period | (31,488) | (31,488) | ||||
Available-for-Sale Securities [Member] | ||||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||||
Balance at beginning of period | (20,006) | (20,006) | ||||
Other comprehensive income before reclassifications | 252 | |||||
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax | ||||||
Net other comprehensive income during period | 252 | |||||
Balance at end of Period | (19,754) | (19,754) | ||||
Held-to-Maturity Securities [Member] | ||||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||||
Balance at beginning of period | $ (12,380) | (12,380) | ||||
Other comprehensive income before reclassifications | ||||||
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax | 646 | |||||
Net other comprehensive income during period | 646 | |||||
Balance at end of Period | $ (11,734) | $ (11,734) |