Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 11, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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 $1.00 per share | |
Trading Symbol | FCCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,629,005 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 20,804 | $ 27,908 |
Interest-bearing bank balances | 122,778 | 66,787 |
Investment securities available-for-sale | 274,349 | 282,226 |
Investment securities held-to-maturity, fair value of $201,753 and $205,518 at March 31, 2024 and December 31, 2023, respectively, net of allowance for credit losses — investments | 215,230 | 217,170 |
Other investments, at cost | 5,504 | 6,800 |
Loans held-for-sale | 1,719 | 4,433 |
Loans held-for-investment | 1,157,305 | 1,134,019 |
Less, allowance for credit losses – loans | 12,459 | 12,267 |
Net loans held-for-investment | 1,144,846 | 1,121,752 |
Property and equipment – net | 30,444 | 30,589 |
Lease right-of-use asset | 3,172 | 3,248 |
Bank owned life insurance | 30,369 | 30,174 |
Other real estate owned | 622 | 622 |
Intangible assets | 564 | 604 |
Goodwill | 14,637 | 14,637 |
Other assets | 21,953 | 20,738 |
Total assets | 1,886,991 | 1,827,688 |
Deposits: | ||
Non-interest bearing | 443,257 | 432,333 |
Interest bearing | 1,134,810 | 1,078,668 |
Total deposits | 1,578,067 | 1,511,001 |
Securities sold under agreements to repurchase | 81,833 | 62,863 |
Federal Home Loan Bank advances | 60,000 | 90,000 |
Junior subordinated debt | 14,964 | 14,964 |
Lease liability | 3,357 | 3,426 |
Other liabilities | 15,277 | 14,375 |
Total liabilities | 1,753,498 | 1,696,629 |
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 7,629,005 at March 31, 2024 and 7,606,172 at December 31, 2023 | 7,629 | 7,606 |
Nonvested restricted stock and stock units | 1,920 | 2,181 |
Additional paid in capital | 93,556 | 93,167 |
Retained earnings | 57,830 | 56,296 |
Accumulated other comprehensive loss | (27,442) | (28,191) |
Total shareholders’ equity | 133,493 | 131,059 |
Total liabilities and shareholders’ equity | $ 1,886,991 | $ 1,827,688 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Fair Value | $ 201,753 | $ 205,518 |
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 | 7,629,005 | 7,606,172 |
Common Stock, Shares, Outstanding | 7,629,005 | 7,606,172 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and dividend income: | ||
Loans, including fees | $ 15,550 | $ 11,159 |
Investment securities – taxable | 4,189 | 4,061 |
Investment securities – non taxable | 357 | 375 |
Other short term investments and CDs | 1,160 | 295 |
Total interest income | 21,256 | 15,890 |
Interest expense: | ||
Deposits | 7,203 | 1,993 |
Securities sold under agreement to repurchase | 609 | 356 |
Other borrowed money | 1,367 | 1,184 |
Total interest expense | 9,179 | 3,533 |
Net interest income | 12,077 | 12,357 |
Provision for credit losses | 129 | 70 |
Net interest income after provision for credit losses | 11,948 | 12,287 |
Non-interest income: | ||
Deposit service charges | 259 | 232 |
Mortgage banking income | 425 | 155 |
Investment advisory fees and non-deposit commissions | 1,358 | 1,067 |
Other | 1,142 | 1,121 |
Total non-interest income | 3,184 | 2,575 |
Non-interest expense: | ||
Salaries and employee benefits | 7,101 | 6,331 |
Occupancy | 790 | 830 |
Equipment | 330 | 336 |
Marketing and public relations | 566 | 346 |
FDIC Insurance assessments | 278 | 182 |
Other real estate expense, net | 12 | (133) |
Amortization of intangibles | 39 | 39 |
Other | 2,689 | 2,505 |
Total non-interest expense | 11,805 | 10,436 |
Net income before tax | 3,327 | 4,426 |
Income tax expense | 730 | 963 |
Net income | $ 2,597 | $ 3,463 |
Basic earnings per common share | $ 0.34 | $ 0.46 |
Diluted earnings per common share | $ 0.34 | $ 0.45 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net income | $ 2,597 | $ 3,463 |
Other comprehensive income: | ||
Unrealized gain during the period on available-for-sale securities, net of tax benefit of $80 and expense of $689, respectively | 408 | 2,593 |
Reclassification adjustment for amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, net of tax expense of $91 and $85, respectively | 341 | 320 |
Other comprehensive income | 749 | 2,913 |
Comprehensive income | $ 3,346 | $ 6,376 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Unrealized (loss) gain during the period on available-for-sale securities, taxes | $ 80 | $ 689 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-Sale to Equity Method, Tax | $ 91 | $ 85 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ 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, 2022 | $ 7,578 | $ 92,683 | $ 1,461 | $ 49,025 | $ (32,386) | $ 118,361 |
Beginning Balance, Shares at Dec. 31, 2022 | 7,578,000 | |||||
Net income | 3,463 | 3,463 | ||||
Adoption of new accounting standard-CECL net of tax of $90 | (337) | (337) | ||||
Other comprehensive income net of tax expense of $11 | 2,913 | 2,913 | ||||
Issuance of common stock-share based compensation | $ 2 | 39 | (69) | (28) | ||
Issuance of common stock-share based compensation, Shares | 2,000 | |||||
Issuance of restricted stock | $ 8 | 146 | (154) | |||
Issuance of restricted stock, Shares | 8,000 | |||||
Grant restricted stock units | 72 | 72 | ||||
Amortization of compensation on restricted stock | 191 | 191 | ||||
Shares forfeited | $ (5) | (100) | (105) | |||
Shares forfeited, Shares | (5,000) | |||||
Dividends: Common ($0.14 per share) | (1,057) | (1,057) | ||||
Dividend reinvestment plan | $ 5 | 103 | 108 | |||
Dividend reinvestment plan, Shares | 5,000 | |||||
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 | 7,588,000 | |||||
Beginning balance, value at Dec. 31, 2023 | $ 7,606 | 93,167 | 2,181 | 56,296 | (28,191) | 131,059 |
Beginning Balance, Shares at Dec. 31, 2023 | 7,606,000 | |||||
Net income | 2,597 | 2,597 | ||||
Other comprehensive income net of tax expense of $11 | 749 | 749 | ||||
Issuance of common stock-share based compensation | $ 9 | 160 | (273) | (104) | ||
Issuance of common stock-share based compensation, Shares | 9,000 | |||||
Issuance of restricted stock | $ 14 | 228 | (242) | |||
Issuance of restricted stock, Shares | 14,000 | |||||
Grant restricted stock units | 70 | 70 | ||||
Amortization of compensation on restricted stock | 184 | 184 | ||||
Shares forfeited | $ (6) | (97) | (103) | |||
Shares forfeited, Shares | (6,000) | |||||
Dividends: Common ($0.14 per share) | (1,063) | (1,063) | ||||
Dividend reinvestment plan | $ 6 | 98 | 104 | |||
Dividend reinvestment plan, Shares | 6,000 | |||||
Ending balance, value at Mar. 31, 2024 | $ 7,629 | $ 93,556 | $ 1,920 | $ 57,830 | $ (27,442) | $ 133,493 |
Ending Balance, Shares at Mar. 31, 2024 | 7,629,000 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax | $ 11 | $ 774 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.14 | $ 0.14 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 2,597 | $ 3,463 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 424 | 427 |
Net premium amortization on investment securities available-for-sale | (1,030) | (620) |
Net premium amortization on investment securities held-to-maturity | (156) | (134) |
Provision for credit losses | 129 | 70 |
Origination of loans held-for-sale | (50,253) | (5,213) |
Sale of loans held-for-sale | 52,967 | 5,680 |
Amortization of intangibles | 39 | 39 |
Accretion on acquired loans | (20) | |
(Gain) loss on fair value of equity securities | (21) | 2 |
Increase in other assets | (912) | (559) |
Increase in other liabilities | 918 | 843 |
Net cash provided by operating activities | 4,702 | 3,978 |
Cash flows from investing activities: | ||
Purchase of investment securities available-for-sale | (6,025) | |
Purchase of other investment securities | (1,577) | |
Maturity/call of investment securities available-for-sale | 9,236 | 5,331 |
Maturity/call of investment securities held-to-maturity | 2,096 | 5,698 |
Proceeds from sale of other investment securities | 1,316 | |
Increase in loans | (23,308) | (11,829) |
Purchase of property and equipment | (279) | (492) |
Net cash used in investing activities | (10,939) | (8,894) |
Cash flows from financing activities: | ||
Increase in deposit accounts | 67,066 | 34,775 |
Increase in securities sold under agreements to repurchase | 18,970 | 8,232 |
Decrease in Fed Funds Borrowed | (22,000) | |
Advances from the Federal Home Loan Bank | 124,000 | |
Repayment of advances from the Federal Home Loan Bank | (30,000) | (89,000) |
Shares retired / forfeited | (103) | (105) |
Dividends paid: Common Stock | (1,063) | (1,057) |
Restricted Stock Units Granted | 70 | 72 |
Cost of issuance of common stock-deferred compensation | (104) | (28) |
Change in non-vested restricted stock | 184 | 191 |
Dividend reinvestment plan | 104 | 108 |
Net cash provided by financing activities | 55,124 | 55,188 |
Net increase in cash and cash equivalents | 48,887 | 50,272 |
Cash and cash equivalents at beginning of period | 94,695 | 37,401 |
Cash and cash equivalents at end of period | 143,582 | 87,673 |
Supplemental disclosure: | ||
Interest | 8,703 | 3,137 |
Income taxes | (18) | |
Non-cash investing and financing activities: | ||
Unrealized gain on available-for-sale securities, net of tax | 408 | 2,593 |
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax | 341 | 320 |
Recognition of operating lease liability | $ 3,602 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023, and the Company’s results of operations for the three months ended March 31, 2024 and 2023, and cash flows for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023 should be referred to in connection with these unaudited interim financial statements. Recently Issued Accounting Pronouncements The following is a summary of recent authoritative pronouncements: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This amendment is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments require disclosure of incremental segment information on an annual and interim basis for all public entities. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024. Early adoption is permitted. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This amendment is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. For public business entities, the amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 Three months Ended March 31, (In thousands except average market price and per share data) 2024 2023 Numerator (Net income available to common shareholders) $ 2,597 $ 3,463 Denominator Weighted average common shares outstanding for: Basic shares 7,601 7,555 Dilutive securities: Deferred compensation 79 89 Diluted common shares outstanding 7,680 7,644 Earnings per common share: Basic 0.34 0.46 Diluted 0.34 0.45 The average market price used in calculating assumed number of shares $ 17.78 $ 20.34 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
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. As of March 31, 2024 and December 31, 2023, there was no allowance for credit losses on available-for-sale securities. Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Available-For-Sale AVAILABLE-FOR-SALE: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2024 US Treasury securities $ 15,800 $ — $ (2,670 ) $ 13,130 Government Sponsored Enterprises 2,500 — (376 ) 2,124 Mortgage-backed securities 253,480 14 (16,797 ) 236,697 Small Business Administration pools 15,173 23 (493 ) 14,703 Corporate and other securities 8,758 — (1,063 ) 7,695 Total $ 295,711 $ 37 $ (21,399 ) $ 274,349 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2023 US Treasury securities $ 20,791 $ — $ (2,445 ) $ 18,346 Government Sponsored Enterprises 2,500 — (371 ) 2,129 Mortgage-backed securities 255,757 15 (17,613 ) 238,159 Small Business Administration pools 16,108 24 (411 ) 15,721 Corporate and other securities 8,759 (888 ) 7,871 Total $ 303,915 $ 39 $ (21,728 ) $ 282,226 HELD-TO-MATURITY: Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Held-To-Maturity Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2024 Mortgage-backed securities $ 110,781 $ — $ (9,341 ) $ 101,440 State and local government 104,449 41 (4,177 ) 100,313 Total $ 215,230 $ 41 $ (13,518 ) $ 201,753 (Dollars in thousands) Amortized Gross Gross Fair Value December 31, 2023 Mortgage-backed securities $ 112,740 — (8,490 ) $ 104,250 State and local government 104,430 283 (3,445 ) 101,268 Total $ 217,170 283 (11,935 ) $ 205,518 There were no gross realized gains or gross realized losses from the sale of available-for-sale investment securities during the three months ended March 31, 2024 and 2023. 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 March 31, 2024, there was no allowance for credit loss related to the available-for-sale securities portfolio. 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 March 31, 2024. Schedule of gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position. March 31, 2024 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 $ — $ — $ 13,130 $ 2,670 $ 13,130 $ 2,670 Government Sponsored Enterprise — — 2,124 376 2,124 376 Mortgage-backed securities 9,779 556 222,380 16,241 232,159 16,797 Small Business Administration pools 4,540 100 7,044 393 11,584 493 Corporate and other securities 3,374 372 4,316 691 7,690 1,063 Total $ 17,693 $ 1,028 $ 248,994 $ 20,371 $ 266,687 $ 21,399 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, 2023. December 31, 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 $ — $ — $ 18,346 $ 2,445 $ 18,346 $ 2,445 Government Sponsored Enterprise — — 2,129 371 2,129 371 Mortgage-backed securities 8,164 423 223,844 17,190 232,008 17,613 Small Business Administration pools 4,253 45 7,638 366 11,891 411 Corporate and other securities 1,880 115 4,236 773 6,116 888 Total $ 14,297 $ 583 $ 256,193 $ 21,145 $ 270,490 $ 21,728 The following table shows a roll forward of the allowance for credit losses on held to maturity securities for the three months ended March 31, 2024 and 2023. Schedule of allowance for credit losses on held to maturity securities Three Months Ended (Dollars in thousands) March 31, 2024 Allowance for Credit Losses on Held-to-Maturity Securities: State and local government Beginning balance, December 31, 2023 $ (30 ) Recovery of (provision) for credit losses 1 Ending balance, March 31, 2024 $ (29 ) Three Months Ended (Dollars in thousands) March 31, 2023 Allowance for Credit Losses on Held-to-Maturity Securities: State and local government Beginning balance, December 31, 2022 $ — Adjustment for adoption of ASC 326 (43 ) Recovery of (provision) for credit losses 1 Ending balance, March 31, 2023 $ (42 ) At March 31, 2024, the Company had no securities held-to-maturity that were past due 30 days or more as to principal or interest payments. The Company had no securities held-to-maturity classified as non-accrual at March 31, 2024. Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. 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 as of March 31, 2024. The state and local governments securities held by the Company are highly rated by major rating agencies. The Company monitors the credit quality of the debt securities held to maturity through the use of credit ratings (Moody’s) on a quarterly basis. In the event that Moody’s does not provide a rating, the comparable S&P rating is used and converted to a Moody’s rating. The following table summarizes the amortized cost of debt securities held to maturity for the three months ended March 31, 2024 and 2023, aggregated by credit quality indicators. Schedule of Credit Quality Rating Three Months Three Months Ended Ended (Dollars in thousands) March 31, 2024 March 31, 2023 Rating: Aaa $ 157,897 $ 162,072 Aa1/Aa2/Aa3 55,297 57,072 A1/A2 2,066 3,993 Allowance for Credit Losses on Held-to-Maturity Securities (29 ) (42 ) Total $ 215,231 $ 223,095 The following table shows the amortized cost and fair value of investment securities at March 31, 2024, 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 March 31, 2024 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 6 $ 6 Due after one year through five years 10,106 9,760 Due after five years through ten years 38,168 33,656 Due after ten years 247,431 230,927 Total $ 295,711 $ 274,349 Held-To-Maturity March 31, 2024 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 2,718 $ 2,672 Due after one year through five years 48,943 46,815 Due after five years through ten years 65,572 62,564 Due after ten years 98,026 89,731 Allowance for Credit Losses on Held-to-Maturity Securities (29 ) (29 ) Total $ 215,230 $ 201,753 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 2.2 million 2.2 million Schedule of Loan Portfolio March 31, December 31, (Dollars in thousands) 2024 2023 Commercial $ 78,787 $ 78,134 Real estate: Construction 136,445 118,225 Mortgage-residential 99,833 94,796 Mortgage-commercial 792,333 791,947 Consumer: Home equity 33,637 34,752 Other 16,270 16,165 Total loans, net of deferred loan fees and costs $ 1,157,305 $ 1,134,019 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 March 31, 2024: Schedule of loan category and loan by risk categories Term Loans by year of Origination ($ in thousands) 2020 2021 2022 2023 2024 Prior Revolving Revolving Total Commercial Pass $ 1,247 $ 22,778 $ 7,973 $ 9,806 $ 5,577 $ 9,779 $ 21,506 $ 44 $ 78,710 Special mention — — — — — 23 — — 23 Substandard — 54 — — — — — — 54 Total commercial 1,247 22,832 7,973 9,806 5,577 9,802 21,506 44 78,787 Current period gross write-offs — 24 — — — — — — 24 Real estate construction Pass — 5,073 38,295 58,814 2,691 6,317 25,255 — 136,445 Total real estate construction — 5,073 38,295 58,814 2,691 6,317 25,255 — 136,445 Current period gross write-offs — — — — — — — — — Real estate mortgage-residential Pass 10,195 6,123 33,413 33,037 565 9,988 1,037 4,867 99,225 Special mention 222 — — — — 174 — — 396 Substandard — — — — — 212 — — 212 Total real estate mortgage-residential 10,417 6,123 33,413 33,037 565 10,374 1,037 4,867 99,833 Current period gross write-offs — — — — — — — — — Real estate mortgage-commercial Pass 92,867 129,577 201,446 112,448 13,659 227,031 14,828 99 791,955 Special mention — 123 — — — 162 — — 285 Substandard — — — — — 93 — — 93 Total real estate mortgage-commercial 92,867 129,700 201,446 112,448 13,659 227,286 14,828 99 792,333 Current period gross write-offs — — — — — — — — — Consumer - home equity Pass — — — — — — 32,467 — 32,467 Special mention — — — — — — 111 — 111 Substandard — — — — — — 1,059 — 1,059 Total consumer - home equity — — — — — — 33,637 — 33,637 Current period gross write-offs — — — — — — — — — Consumer - other Pass 171 373 1,010 1,816 496 1,272 11,114 — 16,252 Special mention — — — 18 — — — — 18 Substandard — — — — — — — — — Total consumer - other 171 373 1,010 1,834 496 1,272 11,114 — 16,270 Current period gross write-offs — — — — — — 25 — 25 The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of December 31, 2023: Term Loans by year of Origination ($ in thousands) 2019 2020 2021 2022 2023 Prior Revolving Revolving Total Commercial Pass $ 1,149 $ 1,375 $ 23,226 $ 9,018 $ 12,950 $ 9,230 $ 21,033 $ 49 $ 78,030 Special mention — — — — — 26 — — 26 Substandard — — 78 — — — — — 78 Total commercial 1,149 1,375 23,304 9,018 12,950 9,256 21,033 49 78,134 Current period gross write-offs — 20 — — — — — — 20 Real estate construction Pass 6,864 — 5,074 39,514 47,992 — 18,781 — 118,225 Total real estate construction 6,864 — 5,074 39,514 47,992 — 18,781 — 118,225 Current period gross write-offs — — — — — — — — — Real estate mortgage-residential Pass 1,894 10,548 6,219 28,843 28,517 8,420 977 8,962 94,380 Special mention — 25 — — — 177 — — 202 Substandard — — — — — 214 — — 214 Total real estate mortgage-residential 1,894 10,573 6,219 28,843 28,517 8,811 977 8,962 94,796 Current period gross write-offs — — — — — — — — — Real estate mortgage-commercial Pass 47,962 95,120 136,892 201,380 106,125 189,983 14,038 329 791,829 Special mention — — — — — 21 — — 21 Substandard — — — — — 97 — — 97 Total real estate mortgage-commercial 47,962 95,120 136,892 201,380 106,125 190,101 14,038 329 791,947 Current period gross write-offs — — — — — — — — — Consumer - home equity Pass — — — — — — 33,621 — 33,621 Special mention — — — — — — 67 — 67 Substandard — — — — — — 1,064 — 1,064 Total consumer - home equity — — — — — — 34,752 — 34,752 Current period gross write-offs — — — — — — — — — Consumer - other Pass 420 203 435 1,164 2,043 902 10,982 — 16,149 Special mention — — — — 16 — — — 16 Substandard — — — — — — — — — Total consumer - other 420 203 435 1,164 2,059 902 10,982 — 16,165 Current period gross write-offs — — — — — — 67 — 67 The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three months ended March 31, 2024: Schedule of Allowance for Credit Losses ($ in thousands) Commercial Real Estate Real Estate Real Estate Consumer Consumer Total Balance at December 31, 2023 $ 935 $ 1,337 $ 1,122 $ 8,146 $ 472 $ 255 $ 12,267 Charge-offs (24 ) — — — — (25 ) (49 ) Recoveries 1 — 19 3 2 2 27 Provision for credit losses 29 246 53 (128 ) (20 ) 34 214 Balance at March 31, 2024 $ 941 $ 1,583 $ 1,194 $ 8,021 $ 454 $ 266 $ 12,459 The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three months ended March 31, 2023: ($ 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 — — — — — (9 ) — (9 ) Recoveries 2 — — 11 3 4 — 20 Provisions (48 ) (70 ) 35 230 (59 ) (1 ) — 87 Ending balance March 31, 2023 $ 996 $ 1,080 $ 790 $ 7,927 $ 424 $ 203 $ — $ 11,420 There were no loans modified for borrowers experiencing financial difficulty for the three months ended March 31, 2024 and the three months ended March 31, 2023. The following tables are by loan category and present loans past due and on non-accrual status as of March 31, 2024 and December 31, 2023. Schedule of Loan Category and Aging Analysis of Loans Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total March 31, 2024 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 17 $ 6 $ — $ 53 $ 76 $ 78,711 $ 78,787 Real estate: Construction — — 154 — 154 136,291 136,445 Mortgage-residential 13 — — — 13 99,820 99,833 Mortgage-commercial 76 124 — — 200 792,133 792,333 Consumer: Home equity — — — 3 3 33,634 33,637 Other 15 — 3 — 18 16,252 16,270 Total $ 121 $ 130 $ 157 $ 56 $ 464 $ 1,156,841 $ 1,157,305 Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total December 31, 2023 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 19 $ 7 $ — $ 24 $ 50 $ 78,084 $ 78,134 Real estate: Construction — — — — — 118,225 118,225 Mortgage-residential 244 15 214 — 473 94,323 94,796 Mortgage-commercial 67 124 — — 191 791,756 791,947 Consumer: Home equity — — — 3 3 34,749 34,752 Other 22 — 1 — 23 16,142 16,165 Total $ 352 $ 146 $ 215 $ 27 $ 740 $ 1,133,279 $ 1,134,019 The following table is a summary of the Company’s non-accrual loans by major categories for the periods indicated. CECL March 31, 2024 (Dollars in thousands) Non-accrual Non-accrual Total Commercial $ — $ 53 $ 53 Real estate: Construction — — — Mortgage-residential — — — Mortgage-commercial — — — Consumer: Home equity — 3 3 Other — — — Total $ — $ 56 $ 56 CECL December 31, 2023 (Dollars in thousands) Non-accrual Non-accrual Total Commercial $ — $ 24 $ 24 Real estate: Construction — — — Mortgage-residential — — — Mortgage-commercial — — — Consumer: Home equity — 3 3 Other — — — Total $ — $ 27 $ 27 The Company recognized $10,100 and $85,500 of interest income on non-accrual loans during the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 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 three months ended March 31, 2024. 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 is separately classified on the balance sheet within Other Liabilities and was $ 512,000 382,000 The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three months ended March 31, 2024. Schedule of Unfunded Commitments (Dollars in thousands) Total Allowance for Credit Losses - Unfunded Commitments Balance, December 31, 2023 $ 597 Provision for unfunded commitments (85 ) Balance, March 31, 2024 $ 512 (Dollars in thousands) Total Allowance for Credit Losses - Unfunded Commitments Balance, December 31, 2022 $ — Adjustment for ASU 398 Provision for unfunded commitments (16 ) Balance, March 31, 2023 $ 382 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2024 | |
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 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 March 31, 2024 and December 31, 2023 are as follows: Schedule of Fair Value, by Balance Sheet Grouping March 31, 2024 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial assets: Cash and short term investments $ 143,582 $ 143,582 $ 143,582 $ — $ — Available-for-sale securities 274,349 274,349 — 274,349 — Held-to-maturity securities 215,530 201,783 — 201,783 — Other investments, at cost 5,504 5,504 — — 5,504 Loans held for sale 1,719 1,719 — 1,719 — Derivative financial instruments 2,539 2,539 — 2,539 — Net loans receivable 1,144,846 1,081,143 — — 1,081,143 Accrued interest receivable 5,736 5,736 5,736 — — Financial liabilities: Non-interest bearing demand $ 443,257 $ 443,257 $ — $ 443,257 $ — Interest bearing demand deposits and money market accounts 712,018 712,018 — 712,018 — Savings 115,760 115,760 — 115,760 — Time deposits 307,032 300,789 — 300,789 — Total deposits 1,578,067 1,571,824 — 1,571,824 — Federal Home Loan Bank Advances 60,000 60,000 — 60,000 — Short term borrowings 81,833 81,833 — 81,833 — Junior subordinated debentures 14,964 13,000 — 13,000 — Accrued interest payable 4,681 4,681 4,681 — — December 31, 2023 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 94,695 $ 94,695 $ 94,695 $ — $ — Available-for-sale securities 282,226 282,226 — 282,226 — Held-to-maturity securities 217,170 205,518 — 205,518 — Other investments, at cost 6,800 6,800 — — 6,800 Loans held for sale 4,433 4,433 — 4,433 — Derivative financial instruments 1,069 1,069 — 1,069 — Net loans receivable 1,121,752 1,088,053 — — 1,088,053 Accrued interest receivable 5,869 5,869 5,869 — — Financial liabilities: Non-interest bearing demand $ 432,333 $ 432,333 $ — $ 432,333 $ — Interest bearing demand deposits and money market accounts 707,434 707,434 — 707,434 — Savings 118,623 118,623 — 118,623 — Time deposits 252,611 252,137 — 252,137 — Total deposits 1,511,001 1,510,527 — 1,510,527 — Federal Home Loan Bank Advances 90,000 90,000 — 90,000 — Short term borrowings 62,863 62,863 — 62,863 — Junior subordinated debentures 14,964 13,123 — 13,123 — Accrued interest payable 3,575 3,575 3,575 — — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2024 and December 31, 2023 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2024 or December 31, 2023 that are measured on a recurring basis. Schedule of Fair Value, Assets Measured on Recurring Basis (Dollars in thousands) March 31, 2024 Description Total Level 1 Level 2 Level 3 Available- for-sale securities US Treasury Securities $ 13,130 $ — $ 13,130 $ — Government Sponsored Enterprises 2,124 — 2,124 — Mortgage-backed securities 236,697 — 236,697 — Small Business Administration pools 14,703 — 14,703 — Corporate and other securities 7,695 — 7,695 — Total Available-for-sale securities 274,349 — 274,349 — Derivative financial instruments 2,539 2,539 Loans held for sale 1,719 — 1,719 — Total $ 278,607 $ — $ 278,607 $ — (Dollars in thousands) December 31, 2023 Description Total Level 1 Level 2 Level 3 Available- for-sale securities US Treasury Securities $ 18,346 $ — $ 18,346 $ — Government Sponsored Enterprises 2,129 — 2,129 — Mortgage-backed securities 238,159 — 238,159 — Small Business Administration pools 15,721 — 15,721 — Corporate and other securities 7,871 — 7,871 — Total Available-for-sale securities 282,226 — 282,226 — Derivative financial instruments 1,069 1,069 Loans held for sale 4,433 — 4,433 — Total $ 287,728 $ — $ 287,728 $ — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2024 and December 31, 2023 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended March 31, 2024 and 2023 measured on a recurring basis. Schedule of Fair Value, Assets Measured on Non-Recurring Basis (Dollars in thousands) March 31, 2024 Description Total Level 1 Level 2 Level 3 Other real estate owned: Construction 145 — — 145 Mortgage-commercial 477 — — 477 Total other real estate owned 622 — — 622 Total $ 622 $ — $ — $ 622 (Dollars in thousands) December 31, 2023 Description Total Level 1 Level 2 Level 3 Other real estate owned: Construction 145 — — 145 Mortgage-commercial 477 — — 477 Total other real estate owned 622 — — 622 Total $ 622 $ — $ — $ 622 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 March 31, 2024 and December 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows: Schedule of Fair Value Measurement Inputs and Valuation Techniques (Dollars in thousands) Fair Value as of March 31, 2024 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs OREO $ 622 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, 2023 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs OREO $ 622 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Deposits Abstract | |
Deposits | Note 6 - Deposits The Company’s total deposits are comprised of the following at the dates indicated: Schedule of Deposits March 31, December 31, (Dollars in thousands) 2024 2023 Non-interest bearing demand deposits $ 443,257 $ 432,333 Interest bearing demand deposits and money market accounts 712,018 707,434 Savings 115,760 118,623 Time deposits of $250,000 or less 247,676 207,233 Time deposits greater than $250,000 59,356 45,378 Total deposits $ 1,578,067 $ 1,511,001 Time deposits of $250,000 or less include $ 60.5 million 48.1 million Total uninsured deposits were $ 470.0 million 436.6 million 94.4 million 82.8 million |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2024 | |
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, consumer mortgage loans that will be held-for-investment, and consumer residential construction loans. The Company allocates a provision for credit loss, cost of funds, and other operating costs 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 months ended March 31, 2024 and March 31, 2023. Schedule of Company’s Reportable Segment (Dollars in thousands) Commercial Investment Three months ended March 31, 2024 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 19,799 $ 1,447 $ — $ 1,379 $ (1,369 ) $ 21,256 Interest expense 8,311 560 — 308 — 9,179 Net interest income $ 11,488 $ 887 $ — $ 1,071 $ (1,369 ) $ 12,077 Provision for (release of) loan losses (10 ) 139 — — — 129 Noninterest income 1,399 427 1,358 — — 3,184 Noninterest expense 9,694 832 924 355 — 11,805 Net income before taxes $ 3,203 $ 343 $ 434 $ 716 $ (1,369 ) $ 3,327 Income tax provision (benefit) 883 — — (153 ) — 730 Net income $ 2,320 $ 343 $ 434 $ 869 $ (1,369 ) $ 2,597 (Dollars in thousands) Commercial Investment Three months ended March 31, 2023 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 15,231 $ 651 $ — $ 1,320 $ (1,312 ) $ 15,890 Interest expense 3,133 129 — 271 — 3,533 Net interest income $ 12,098 $ 522 $ — $ 1,049 $ (1,312 ) $ 12,357 Provision for (release of) loan losses (1 ) 71 — — — 70 Noninterest income 1,351 157 1,067 — — 2,575 Noninterest expense 8,551 786 751 348 — 10,436 Net income before taxes $ 4,899 $ (178 ) $ 316 $ 701 $ (1,312 ) $ 4,426 Income tax provision (benefit) 1,093 — — (130 ) — 963 Net income $ 3,806 $ (178 ) $ 316 $ 831 $ (1,312 ) $ 3,463 The table below presents total assets for the Company’s reportable business segments as of March 31, 2024 and December 31, 2023. Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of March 31, 2024 $ 1,776,179 $ 109,504 $ 4 $ 174,443 $ (173,139 ) $ 1,886,991 Total Assets as of December 31, 2023 $ 1,727,245 $ 99,310 $ 5 $ 174,468 $ (173,340 ) $ 1,827,688 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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 that was designated as a fair value hedge in order to hedge the risk of changes in the fair value of the fixed rate loans included in the closed loan portfolio. This fair value hedge converts the hedged loans from a fixed rate to a synthetic floating SOFR rate. The Pay-Fixed Swap Agreement will mature on May 5, 2026 and will pay a fixed coupon rate of 3.58% while receiving the overnight SOFR rate. The interest rate swap had a notional amount of $ 150.0 million 2.5 million 1.1 million |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, December 31, Right-of-use assets $ 3,172 $ 3,248 Lease liabilities $ 3,357 $ 3,426 Weighted average remaining lease term 11.53 years 11.70 years Weighted average discount rate 4.30 % 4.29 % Three Months Ended March 31, (Dollars in thousands) 2024 2023 Operating lease cost $ 112.1 $ 111.5 Cash paid for amounts included in the measurement of lease liabilities $ 105.2 $ 102.6 The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2024. Schedule of Future Undiscounted Operating Lease Payments (Dollars in thousands) Year Operating Leases 2024 $ 318 2025 434 2026 444 2027 422 2028 364 Thereafter 2,344 Total undiscounted lease payments $ 4,326 Less effect of discounting (969 ) Present value of estimated lease payments (lease liability) $ 3,357 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
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 three months ended March 31, 2024. Schedule of Accumulated Other Comprehensive Loss (Dollars in thousands) Securities Securities Accumulated Balance at December 31, 2023 (17,135 ) (11,056 ) (28,191 ) Other comprehensive loss 408 — 408 Amortization of unrealized loss on securities transferred to held-to-maturity — 341 341 Net other comprehensive income (loss) during period 408 341 749 Balance at March 31, 2024 (16,727 ) (10,715 ) (27,442 ) |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events | |
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 March 31, 2024. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 Three months Ended March 31, (In thousands except average market price and per share data) 2024 2023 Numerator (Net income available to common shareholders) $ 2,597 $ 3,463 Denominator Weighted average common shares outstanding for: Basic shares 7,601 7,555 Dilutive securities: Deferred compensation 79 89 Diluted common shares outstanding 7,680 7,644 Earnings per common share: Basic 0.34 0.46 Diluted 0.34 0.45 The average market price used in calculating assumed number of shares $ 17.78 $ 20.34 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Available-For-Sale | The amortized cost and estimated fair values of investment securities are summarized below. As of March 31, 2024 and December 31, 2023, there was no allowance for credit losses on available-for-sale securities. Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Available-For-Sale AVAILABLE-FOR-SALE: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2024 US Treasury securities $ 15,800 $ — $ (2,670 ) $ 13,130 Government Sponsored Enterprises 2,500 — (376 ) 2,124 Mortgage-backed securities 253,480 14 (16,797 ) 236,697 Small Business Administration pools 15,173 23 (493 ) 14,703 Corporate and other securities 8,758 — (1,063 ) 7,695 Total $ 295,711 $ 37 $ (21,399 ) $ 274,349 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2023 US Treasury securities $ 20,791 $ — $ (2,445 ) $ 18,346 Government Sponsored Enterprises 2,500 — (371 ) 2,129 Mortgage-backed securities 255,757 15 (17,613 ) 238,159 Small Business Administration pools 16,108 24 (411 ) 15,721 Corporate and other securities 8,759 (888 ) 7,871 Total $ 303,915 $ 39 $ (21,728 ) $ 282,226 |
Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Held-To-Maturity | HELD-TO-MATURITY: Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Held-To-Maturity Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value March 31, 2024 Mortgage-backed securities $ 110,781 $ — $ (9,341 ) $ 101,440 State and local government 104,449 41 (4,177 ) 100,313 Total $ 215,230 $ 41 $ (13,518 ) $ 201,753 (Dollars in thousands) Amortized Gross Gross Fair Value December 31, 2023 Mortgage-backed securities $ 112,740 — (8,490 ) $ 104,250 State and local government 104,430 283 (3,445 ) 101,268 Total $ 217,170 283 (11,935 ) $ 205,518 |
Schedule of gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position. | 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 March 31, 2024. Schedule of gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position. March 31, 2024 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 $ — $ — $ 13,130 $ 2,670 $ 13,130 $ 2,670 Government Sponsored Enterprise — — 2,124 376 2,124 376 Mortgage-backed securities 9,779 556 222,380 16,241 232,159 16,797 Small Business Administration pools 4,540 100 7,044 393 11,584 493 Corporate and other securities 3,374 372 4,316 691 7,690 1,063 Total $ 17,693 $ 1,028 $ 248,994 $ 20,371 $ 266,687 $ 21,399 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, 2023. December 31, 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 $ — $ — $ 18,346 $ 2,445 $ 18,346 $ 2,445 Government Sponsored Enterprise — — 2,129 371 2,129 371 Mortgage-backed securities 8,164 423 223,844 17,190 232,008 17,613 Small Business Administration pools 4,253 45 7,638 366 11,891 411 Corporate and other securities 1,880 115 4,236 773 6,116 888 Total $ 14,297 $ 583 $ 256,193 $ 21,145 $ 270,490 $ 21,728 |
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 three months ended March 31, 2024 and 2023. Schedule of allowance for credit losses on held to maturity securities Three Months Ended (Dollars in thousands) March 31, 2024 Allowance for Credit Losses on Held-to-Maturity Securities: State and local government Beginning balance, December 31, 2023 $ (30 ) Recovery of (provision) for credit losses 1 Ending balance, March 31, 2024 $ (29 ) Three Months Ended (Dollars in thousands) March 31, 2023 Allowance for Credit Losses on Held-to-Maturity Securities: State and local government Beginning balance, December 31, 2022 $ — Adjustment for adoption of ASC 326 (43 ) Recovery of (provision) for credit losses 1 Ending balance, March 31, 2023 $ (42 ) |
Schedule of Credit Quality Rating | |
Schedule of Amortized Cost and Fair Value of Investment Securities | The following table shows the amortized cost and fair value of investment securities at March 31, 2024, 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 March 31, 2024 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 6 $ 6 Due after one year through five years 10,106 9,760 Due after five years through ten years 38,168 33,656 Due after ten years 247,431 230,927 Total $ 295,711 $ 274,349 Held-To-Maturity March 31, 2024 Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 2,718 $ 2,672 Due after one year through five years 48,943 46,815 Due after five years through ten years 65,572 62,564 Due after ten years 98,026 89,731 Allowance for Credit Losses on Held-to-Maturity Securities (29 ) (29 ) Total $ 215,230 $ 201,753 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio | The following table summarizes the composition of our loan portfolio. Total loans are recorded net of deferred loan fees and costs, which totaled $ 2.2 million 2.2 million Schedule of Loan Portfolio March 31, December 31, (Dollars in thousands) 2024 2023 Commercial $ 78,787 $ 78,134 Real estate: Construction 136,445 118,225 Mortgage-residential 99,833 94,796 Mortgage-commercial 792,333 791,947 Consumer: Home equity 33,637 34,752 Other 16,270 16,165 Total loans, net of deferred loan fees and costs $ 1,157,305 $ 1,134,019 |
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 March 31, 2024: Schedule of loan category and loan by risk categories Term Loans by year of Origination ($ in thousands) 2020 2021 2022 2023 2024 Prior Revolving Revolving Total Commercial Pass $ 1,247 $ 22,778 $ 7,973 $ 9,806 $ 5,577 $ 9,779 $ 21,506 $ 44 $ 78,710 Special mention — — — — — 23 — — 23 Substandard — 54 — — — — — — 54 Total commercial 1,247 22,832 7,973 9,806 5,577 9,802 21,506 44 78,787 Current period gross write-offs — 24 — — — — — — 24 Real estate construction Pass — 5,073 38,295 58,814 2,691 6,317 25,255 — 136,445 Total real estate construction — 5,073 38,295 58,814 2,691 6,317 25,255 — 136,445 Current period gross write-offs — — — — — — — — — Real estate mortgage-residential Pass 10,195 6,123 33,413 33,037 565 9,988 1,037 4,867 99,225 Special mention 222 — — — — 174 — — 396 Substandard — — — — — 212 — — 212 Total real estate mortgage-residential 10,417 6,123 33,413 33,037 565 10,374 1,037 4,867 99,833 Current period gross write-offs — — — — — — — — — Real estate mortgage-commercial Pass 92,867 129,577 201,446 112,448 13,659 227,031 14,828 99 791,955 Special mention — 123 — — — 162 — — 285 Substandard — — — — — 93 — — 93 Total real estate mortgage-commercial 92,867 129,700 201,446 112,448 13,659 227,286 14,828 99 792,333 Current period gross write-offs — — — — — — — — — Consumer - home equity Pass — — — — — — 32,467 — 32,467 Special mention — — — — — — 111 — 111 Substandard — — — — — — 1,059 — 1,059 Total consumer - home equity — — — — — — 33,637 — 33,637 Current period gross write-offs — — — — — — — — — Consumer - other Pass 171 373 1,010 1,816 496 1,272 11,114 — 16,252 Special mention — — — 18 — — — — 18 Substandard — — — — — — — — — Total consumer - other 171 373 1,010 1,834 496 1,272 11,114 — 16,270 Current period gross write-offs — — — — — — 25 — 25 The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of December 31, 2023: Term Loans by year of Origination ($ in thousands) 2019 2020 2021 2022 2023 Prior Revolving Revolving Total Commercial Pass $ 1,149 $ 1,375 $ 23,226 $ 9,018 $ 12,950 $ 9,230 $ 21,033 $ 49 $ 78,030 Special mention — — — — — 26 — — 26 Substandard — — 78 — — — — — 78 Total commercial 1,149 1,375 23,304 9,018 12,950 9,256 21,033 49 78,134 Current period gross write-offs — 20 — — — — — — 20 Real estate construction Pass 6,864 — 5,074 39,514 47,992 — 18,781 — 118,225 Total real estate construction 6,864 — 5,074 39,514 47,992 — 18,781 — 118,225 Current period gross write-offs — — — — — — — — — Real estate mortgage-residential Pass 1,894 10,548 6,219 28,843 28,517 8,420 977 8,962 94,380 Special mention — 25 — — — 177 — — 202 Substandard — — — — — 214 — — 214 Total real estate mortgage-residential 1,894 10,573 6,219 28,843 28,517 8,811 977 8,962 94,796 Current period gross write-offs — — — — — — — — — Real estate mortgage-commercial Pass 47,962 95,120 136,892 201,380 106,125 189,983 14,038 329 791,829 Special mention — — — — — 21 — — 21 Substandard — — — — — 97 — — 97 Total real estate mortgage-commercial 47,962 95,120 136,892 201,380 106,125 190,101 14,038 329 791,947 Current period gross write-offs — — — — — — — — — Consumer - home equity Pass — — — — — — 33,621 — 33,621 Special mention — — — — — — 67 — 67 Substandard — — — — — — 1,064 — 1,064 Total consumer - home equity — — — — — — 34,752 — 34,752 Current period gross write-offs — — — — — — — — — Consumer - other Pass 420 203 435 1,164 2,043 902 10,982 — 16,149 Special mention — — — — 16 — — — 16 Substandard — — — — — — — — — Total consumer - other 420 203 435 1,164 2,059 902 10,982 — 16,165 Current period gross write-offs — — — — — — 67 — 67 |
Schedule of Allowance for Credit Losses | The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three months ended March 31, 2024: Schedule of Allowance for Credit Losses ($ in thousands) Commercial Real Estate Real Estate Real Estate Consumer Consumer Total Balance at December 31, 2023 $ 935 $ 1,337 $ 1,122 $ 8,146 $ 472 $ 255 $ 12,267 Charge-offs (24 ) — — — — (25 ) (49 ) Recoveries 1 — 19 3 2 2 27 Provision for credit losses 29 246 53 (128 ) (20 ) 34 214 Balance at March 31, 2024 $ 941 $ 1,583 $ 1,194 $ 8,021 $ 454 $ 266 $ 12,459 The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three months ended March 31, 2023: ($ 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 — — — — — (9 ) — (9 ) Recoveries 2 — — 11 3 4 — 20 Provisions (48 ) (70 ) 35 230 (59 ) (1 ) — 87 Ending balance March 31, 2023 $ 996 $ 1,080 $ 790 $ 7,927 $ 424 $ 203 $ — $ 11,420 |
Schedule of Loan Category and Aging Analysis of Loans | The following tables are by loan category and present loans past due and on non-accrual status as of March 31, 2024 and December 31, 2023. Schedule of Loan Category and Aging Analysis of Loans Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total March 31, 2024 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 17 $ 6 $ — $ 53 $ 76 $ 78,711 $ 78,787 Real estate: Construction — — 154 — 154 136,291 136,445 Mortgage-residential 13 — — — 13 99,820 99,833 Mortgage-commercial 76 124 — — 200 792,133 792,333 Consumer: Home equity — — — 3 3 33,634 33,637 Other 15 — 3 — 18 16,252 16,270 Total $ 121 $ 130 $ 157 $ 56 $ 464 $ 1,156,841 $ 1,157,305 Greater than (Dollars in thousands) 30-59 Days 60-89 Days 90 Days and Total December 31, 2023 Past Due Past Due Accruing Non-accrual Past Due Current Total Loans Commercial $ 19 $ 7 $ — $ 24 $ 50 $ 78,084 $ 78,134 Real estate: Construction — — — — — 118,225 118,225 Mortgage-residential 244 15 214 — 473 94,323 94,796 Mortgage-commercial 67 124 — — 191 791,756 791,947 Consumer: Home equity — — — 3 3 34,749 34,752 Other 22 — 1 — 23 16,142 16,165 Total $ 352 $ 146 $ 215 $ 27 $ 740 $ 1,133,279 $ 1,134,019 |
The following table is a summary of the Company’s non-accrual loans by major categories for the periods indicated. | The following table is a summary of the Company’s non-accrual loans by major categories for the periods indicated. CECL March 31, 2024 (Dollars in thousands) Non-accrual Non-accrual Total Commercial $ — $ 53 $ 53 Real estate: Construction — — — Mortgage-residential — — — Mortgage-commercial — — — Consumer: Home equity — 3 3 Other — — — Total $ — $ 56 $ 56 CECL December 31, 2023 (Dollars in thousands) Non-accrual Non-accrual Total Commercial $ — $ 24 $ 24 Real estate: Construction — — — Mortgage-residential — — — Mortgage-commercial — — — Consumer: Home equity — 3 3 Other — — — Total $ — $ 27 $ 27 |
Schedule of Unfunded Commitments | The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three months ended March 31, 2024. Schedule of Unfunded Commitments (Dollars in thousands) Total Allowance for Credit Losses - Unfunded Commitments Balance, December 31, 2023 $ 597 Provision for unfunded commitments (85 ) Balance, March 31, 2024 $ 512 (Dollars in thousands) Total Allowance for Credit Losses - Unfunded Commitments Balance, December 31, 2022 $ — Adjustment for ASU 398 Provision for unfunded commitments (16 ) Balance, March 31, 2023 $ 382 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of March 31, 2024 and December 31, 2023 are as follows: Schedule of Fair Value, by Balance Sheet Grouping March 31, 2024 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial assets: Cash and short term investments $ 143,582 $ 143,582 $ 143,582 $ — $ — Available-for-sale securities 274,349 274,349 — 274,349 — Held-to-maturity securities 215,530 201,783 — 201,783 — Other investments, at cost 5,504 5,504 — — 5,504 Loans held for sale 1,719 1,719 — 1,719 — Derivative financial instruments 2,539 2,539 — 2,539 — Net loans receivable 1,144,846 1,081,143 — — 1,081,143 Accrued interest receivable 5,736 5,736 5,736 — — Financial liabilities: Non-interest bearing demand $ 443,257 $ 443,257 $ — $ 443,257 $ — Interest bearing demand deposits and money market accounts 712,018 712,018 — 712,018 — Savings 115,760 115,760 — 115,760 — Time deposits 307,032 300,789 — 300,789 — Total deposits 1,578,067 1,571,824 — 1,571,824 — Federal Home Loan Bank Advances 60,000 60,000 — 60,000 — Short term borrowings 81,833 81,833 — 81,833 — Junior subordinated debentures 14,964 13,000 — 13,000 — Accrued interest payable 4,681 4,681 4,681 — — December 31, 2023 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 94,695 $ 94,695 $ 94,695 $ — $ — Available-for-sale securities 282,226 282,226 — 282,226 — Held-to-maturity securities 217,170 205,518 — 205,518 — Other investments, at cost 6,800 6,800 — — 6,800 Loans held for sale 4,433 4,433 — 4,433 — Derivative financial instruments 1,069 1,069 — 1,069 — Net loans receivable 1,121,752 1,088,053 — — 1,088,053 Accrued interest receivable 5,869 5,869 5,869 — — Financial liabilities: Non-interest bearing demand $ 432,333 $ 432,333 $ — $ 432,333 $ — Interest bearing demand deposits and money market accounts 707,434 707,434 — 707,434 — Savings 118,623 118,623 — 118,623 — Time deposits 252,611 252,137 — 252,137 — Total deposits 1,511,001 1,510,527 — 1,510,527 — Federal Home Loan Bank Advances 90,000 90,000 — 90,000 — Short term borrowings 62,863 62,863 — 62,863 — Junior subordinated debentures 14,964 13,123 — 13,123 — Accrued interest payable 3,575 3,575 3,575 — — |
Schedule of 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 March 31, 2024 and December 31, 2023 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2024 or December 31, 2023 that are measured on a recurring basis. Schedule of Fair Value, Assets Measured on Recurring Basis (Dollars in thousands) March 31, 2024 Description Total Level 1 Level 2 Level 3 Available- for-sale securities US Treasury Securities $ 13,130 $ — $ 13,130 $ — Government Sponsored Enterprises 2,124 — 2,124 — Mortgage-backed securities 236,697 — 236,697 — Small Business Administration pools 14,703 — 14,703 — Corporate and other securities 7,695 — 7,695 — Total Available-for-sale securities 274,349 — 274,349 — Derivative financial instruments 2,539 2,539 Loans held for sale 1,719 — 1,719 — Total $ 278,607 $ — $ 278,607 $ — (Dollars in thousands) December 31, 2023 Description Total Level 1 Level 2 Level 3 Available- for-sale securities US Treasury Securities $ 18,346 $ — $ 18,346 $ — Government Sponsored Enterprises 2,129 — 2,129 — Mortgage-backed securities 238,159 — 238,159 — Small Business Administration pools 15,721 — 15,721 — Corporate and other securities 7,871 — 7,871 — Total Available-for-sale securities 282,226 — 282,226 — Derivative financial instruments 1,069 1,069 Loans held for sale 4,433 — 4,433 — Total $ 287,728 $ — $ 287,728 $ — |
Schedule of 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 March 31, 2024 and December 31, 2023 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended March 31, 2024 and 2023 measured on a recurring basis. Schedule of Fair Value, Assets Measured on Non-Recurring Basis (Dollars in thousands) March 31, 2024 Description Total Level 1 Level 2 Level 3 Other real estate owned: Construction 145 — — 145 Mortgage-commercial 477 — — 477 Total other real estate owned 622 — — 622 Total $ 622 $ — $ — $ 622 (Dollars in thousands) December 31, 2023 Description Total Level 1 Level 2 Level 3 Other real estate owned: Construction 145 — — 145 Mortgage-commercial 477 — — 477 Total other real estate owned 622 — — 622 Total $ 622 $ — $ — $ 622 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2024 and December 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows: Schedule of Fair Value Measurement Inputs and Valuation Techniques (Dollars in thousands) Fair Value as of March 31, 2024 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs OREO $ 622 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, 2023 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs OREO $ 622 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Deposits Abstract | |
Schedule of Deposits | The Company’s total deposits are comprised of the following at the dates indicated: Schedule of Deposits March 31, December 31, (Dollars in thousands) 2024 2023 Non-interest bearing demand deposits $ 443,257 $ 432,333 Interest bearing demand deposits and money market accounts 712,018 707,434 Savings 115,760 118,623 Time deposits of $250,000 or less 247,676 207,233 Time deposits greater than $250,000 59,356 45,378 Total deposits $ 1,578,067 $ 1,511,001 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and March 31, 2023. Schedule of Company’s Reportable Segment (Dollars in thousands) Commercial Investment Three months ended March 31, 2024 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 19,799 $ 1,447 $ — $ 1,379 $ (1,369 ) $ 21,256 Interest expense 8,311 560 — 308 — 9,179 Net interest income $ 11,488 $ 887 $ — $ 1,071 $ (1,369 ) $ 12,077 Provision for (release of) loan losses (10 ) 139 — — — 129 Noninterest income 1,399 427 1,358 — — 3,184 Noninterest expense 9,694 832 924 355 — 11,805 Net income before taxes $ 3,203 $ 343 $ 434 $ 716 $ (1,369 ) $ 3,327 Income tax provision (benefit) 883 — — (153 ) — 730 Net income $ 2,320 $ 343 $ 434 $ 869 $ (1,369 ) $ 2,597 (Dollars in thousands) Commercial Investment Three months ended March 31, 2023 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 15,231 $ 651 $ — $ 1,320 $ (1,312 ) $ 15,890 Interest expense 3,133 129 — 271 — 3,533 Net interest income $ 12,098 $ 522 $ — $ 1,049 $ (1,312 ) $ 12,357 Provision for (release of) loan losses (1 ) 71 — — — 70 Noninterest income 1,351 157 1,067 — — 2,575 Noninterest expense 8,551 786 751 348 — 10,436 Net income before taxes $ 4,899 $ (178 ) $ 316 $ 701 $ (1,312 ) $ 4,426 Income tax provision (benefit) 1,093 — — (130 ) — 963 Net income $ 3,806 $ (178 ) $ 316 $ 831 $ (1,312 ) $ 3,463 The table below presents total assets for the Company’s reportable business segments as of March 31, 2024 and December 31, 2023. Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of March 31, 2024 $ 1,776,179 $ 109,504 $ 4 $ 174,443 $ (173,139 ) $ 1,886,991 Total Assets as of December 31, 2023 $ 1,727,245 $ 99,310 $ 5 $ 174,468 $ (173,340 ) $ 1,827,688 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Lease Information | Schedule of Lease Information (Dollars in thousands) March 31, December 31, Right-of-use assets $ 3,172 $ 3,248 Lease liabilities $ 3,357 $ 3,426 Weighted average remaining lease term 11.53 years 11.70 years Weighted average discount rate 4.30 % 4.29 % Three Months Ended March 31, (Dollars in thousands) 2024 2023 Operating lease cost $ 112.1 $ 111.5 Cash paid for amounts included in the measurement of lease liabilities $ 105.2 $ 102.6 |
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 March 31, 2024. Schedule of Future Undiscounted Operating Lease Payments (Dollars in thousands) Year Operating Leases 2024 $ 318 2025 434 2026 444 2027 422 2028 364 Thereafter 2,344 Total undiscounted lease payments $ 4,326 Less effect of discounting (969 ) Present value of estimated lease payments (lease liability) $ 3,357 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table presents the changes in each component or accumulated other comprehensive loss net of tax, for the three months ended March 31, 2024. Schedule of Accumulated Other Comprehensive Loss (Dollars in thousands) Securities Securities Accumulated Balance at December 31, 2023 (17,135 ) (11,056 ) (28,191 ) Other comprehensive loss 408 — 408 Amortization of unrealized loss on securities transferred to held-to-maturity — 341 341 Net other comprehensive income (loss) during period 408 341 749 Balance at March 31, 2024 (16,727 ) (10,715 ) (27,442 ) |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Numerator (Net income available to common shareholders) | $ 2,597 | $ 3,463 |
Weighted average common shares outstanding for: | ||
Basic shares | 7,601 | 7,555 |
Dilutive securities: | ||
Deferred compensation | 79 | 89 |
Diluted common shares outstanding | 7,680 | 7,644 |
Basic | $ 0.34 | $ 0.46 |
Diluted | 0.34 | 0.45 |
The average market price used in calculating assumed number of shares | $ 17.78 | $ 20.34 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 295,711 | $ 303,915 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 37 | 39 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (21,399) | (21,728) |
Debt Securities, Available-for-Sale | 274,349 | 282,226 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 15,800 | 20,791 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (2,670) | (2,445) |
Debt Securities, Available-for-Sale | 13,130 | 18,346 |
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 | (376) | (371) |
Debt Securities, Available-for-Sale | 2,124 | 2,129 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 253,480 | 255,757 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 14 | 15 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (16,797) | (17,613) |
Debt Securities, Available-for-Sale | 236,697 | 238,159 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 15,173 | 16,108 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 23 | 24 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (493) | (411) |
Debt Securities, Available-for-Sale | 14,703 | 15,721 |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 8,758 | 8,759 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (1,063) | (888) |
Debt Securities, Available-for-Sale | $ 7,695 | $ 7,871 |
Investment Securities (Details
Investment Securities (Details 2) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 215,230 | $ 217,170 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 41 | 283 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (13,518) | (11,935) |
Debt Securities, Held-to-Maturity, Fair Value | 201,753 | 205,518 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 110,781 | 112,740 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | ||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (9,341) | (8,490) |
Debt Securities, Held-to-Maturity, Fair Value | 101,440 | 104,250 |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 104,449 | 104,430 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 41 | 283 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (4,177) | (3,445) |
Debt Securities, Held-to-Maturity, Fair Value | $ 100,313 | $ 101,268 |
Investment Securities (Detail_2
Investment Securities (Details 3) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 17,693 | $ 14,297 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,028 | 583 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 248,994 | 256,193 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 20,371 | 21,145 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 266,687 | 270,490 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 21,399 | 21,728 |
US Treasury 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 | 13,130 | 18,346 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,670 | 2,445 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 13,130 | 18,346 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 2,670 | 2,445 |
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 | 2,124 | 2,129 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 376 | 371 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 2,124 | 2,129 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 376 | 371 |
Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 9,779 | 8,164 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 556 | 423 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 222,380 | 223,844 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 16,241 | 17,190 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 232,159 | 232,008 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 16,797 | 17,613 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 4,540 | 4,253 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 100 | 45 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 7,044 | 7,638 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 393 | 366 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 11,584 | 11,891 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 493 | 411 |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,374 | 1,880 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 372 | 115 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,316 | 4,236 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 691 | 773 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 7,690 | 6,116 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | $ 1,063 | $ 888 |
Investment Securities (Detail_3
Investment Securities (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Marketable Securities [Line Items] | ||
Ending balance, March 31, 2023 | $ (29) | $ (42) |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Beginning balance, December 31, 2022 | (30) | |
Recovery of (provision) for credit losses | 1 | 1 |
Ending balance, March 31, 2023 | $ (29) | (42) |
Adjustment for adoption of ASC 326 | $ (43) |
Investment Securities (Detail_4
Investment Securities (Details 5) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 215,231 | $ 223,095 |
Allowance for Credit Losses on Held-to-Maturity Securities | (29) | (42) |
Moody's, Aaa Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 157,897 | 162,072 |
Moody's, Aa1/Aa2/Aa3 Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 55,297 | 57,072 |
Moody's, A1/A2 Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 2,066 | $ 3,993 |
Investment Securities (Detail_5
Investment Securities (Details 6) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | |||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $ 6 | ||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 6 | ||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 10,106 | ||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 9,760 | ||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost | 38,168 | ||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 33,656 | ||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 247,431 | ||
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 230,927 | ||
Debt Securities, Available-for-Sale, Amortized Cost | 295,711 | $ 303,915 | |
Debt Securities, Available-for-Sale | 274,349 | 282,226 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One | 2,718 | ||
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 2,672 | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five | 48,943 | ||
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 46,815 | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 5 through 10 | 65,572 | ||
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 62,564 | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10 | 98,026 | ||
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | 89,731 | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | (29) | $ (42) | |
Debt Securities, Held-to-Maturity, Maturity, Allocated and Single Maturity Date, Fair Value | (29) | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 215,230 | 217,170 | |
Debt Securities, Held-to-Maturity, Fair Value | $ 201,753 | $ 205,518 |
Schedule of Loan Portfolio (Det
Schedule of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Deferred Loan Fees and Cost | $ 2,200 | $ 2,200 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | $ 1,157,305 | $ 1,134,019 |
Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 78,787 | 78,134 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 136,445 | 118,225 |
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 99,833 | 94,796 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 792,333 | 791,947 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | 33,637 | 34,752 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of deferred loan fees and costs | $ 16,270 | $ 16,165 |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,247 | 1,149 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 22,832 | 1,375 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 7,973 | 23,304 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 9,806 | 9,018 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 5,577 | 12,950 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 9,802 | 9,256 |
Financing Receivable, Excluding Accrued Interest, Revolving | 21,506 | 21,033 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 44 | 49 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 78,787 | 78,134 |
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 | 24 | 20 |
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 | 24 | 20 |
Commercial Loan [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,247 | 1,149 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 22,778 | 1,375 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 7,973 | 23,226 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 9,806 | 9,018 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 5,577 | 12,950 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 9,779 | 9,230 |
Financing Receivable, Excluding Accrued Interest, Revolving | 21,506 | 21,033 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 44 | 49 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 78,710 | 78,030 |
Commercial 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 | 26 |
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 | 26 |
Commercial 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 | 54 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 78 | |
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 | 54 | 78 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 6,864 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 5,073 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 38,295 | 5,074 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 58,814 | 39,514 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 2,691 | 47,992 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 6,317 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 25,255 | 18,781 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 136,445 | 118,225 |
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 | ||
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 | 6,864 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 5,073 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 38,295 | 5,074 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 58,814 | 39,514 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 2,691 | 47,992 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 6,317 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 25,255 | 18,781 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 136,445 | 118,225 |
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 10,417 | 1,894 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 6,123 | 10,573 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 33,413 | 6,219 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 33,037 | 28,843 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 565 | 28,517 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 10,374 | 8,811 |
Financing Receivable, Excluding Accrued Interest, Revolving | 1,037 | 977 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 4,867 | 8,962 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 99,833 | 94,796 |
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 | ||
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 | 10,195 | 1,894 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 6,123 | 10,548 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 33,413 | 6,219 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 33,037 | 28,843 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 565 | 28,517 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 9,988 | 8,420 |
Financing Receivable, Excluding Accrued Interest, Revolving | 1,037 | 977 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 4,867 | 8,962 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 99,225 | 94,380 |
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 | 222 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 25 | |
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 | 174 | 177 |
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 | 396 | 202 |
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 | 212 | 214 |
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 | 212 | 214 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 92,867 | 47,962 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 129,700 | 95,120 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 201,446 | 136,892 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 112,448 | 201,380 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 13,659 | 106,125 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 227,286 | 190,101 |
Financing Receivable, Excluding Accrued Interest, Revolving | 14,828 | 14,038 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 99 | 329 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 792,333 | 791,947 |
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 | ||
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 | 92,867 | 47,962 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 129,577 | 95,120 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 201,446 | 136,892 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 112,448 | 201,380 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 13,659 | 106,125 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 227,031 | 189,983 |
Financing Receivable, Excluding Accrued Interest, Revolving | 14,828 | 14,038 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 99 | 329 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 791,955 | 791,829 |
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 | 123 | |
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 | 162 | 21 |
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 | 285 | 21 |
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 | 93 | 97 |
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 | 93 | 97 |
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 | 33,637 | 34,752 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 33,637 | 34,752 |
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 | ||
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 | 32,467 | 33,621 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 32,467 | 33,621 |
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 | 111 | 67 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 111 | 67 |
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 | 1,059 | 1,064 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,059 | 1,064 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 171 | 420 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 373 | 203 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 1,010 | 435 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,834 | 1,164 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 496 | 2,059 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,272 | 902 |
Financing Receivable, Excluding Accrued Interest, Revolving | 11,114 | 10,982 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 16,270 | 16,165 |
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 | 25 | 67 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | ||
Current period gross charge-offs, Total | 25 | 67 |
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 | 171 | 420 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 373 | 203 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 1,010 | 435 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,816 | 1,164 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 496 | 2,043 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,272 | 902 |
Financing Receivable, Excluding Accrued Interest, Revolving | 11,114 | 10,982 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 16,252 | 16,149 |
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 | ||
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 | 18 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 16 | |
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 | 18 | 16 |
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 (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | ||
Balance at December 31, 2022 | $ 12,267 | $ 11,336 |
Charge-offs | (49) | (9) |
Recoveries | 27 | 20 |
Provisions | 214 | 87 |
Ending balance March 31, 2023 | 12,459 | 11,420 |
Adjustment to allowance for adoption of ASU 2016-13 | (14) | |
Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Balance at December 31, 2022 | 935 | 849 |
Charge-offs | (24) | |
Recoveries | 1 | 2 |
Provisions | 29 | (48) |
Ending balance March 31, 2023 | 941 | 996 |
Adjustment to allowance for adoption of ASU 2016-13 | 193 | |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Balance at December 31, 2022 | 1,337 | 75 |
Charge-offs | ||
Recoveries | ||
Provisions | 246 | (70) |
Ending balance March 31, 2023 | 1,583 | 1,080 |
Adjustment to allowance for adoption of ASU 2016-13 | 1,075 | |
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Balance at December 31, 2022 | 1,122 | 723 |
Charge-offs | ||
Recoveries | 19 | |
Provisions | 53 | 35 |
Ending balance March 31, 2023 | 1,194 | 790 |
Adjustment to allowance for adoption of ASU 2016-13 | 32 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Balance at December 31, 2022 | 8,146 | 8,569 |
Charge-offs | ||
Recoveries | 3 | 11 |
Provisions | (128) | 230 |
Ending balance March 31, 2023 | 8,021 | 7,927 |
Adjustment to allowance for adoption of ASU 2016-13 | (883) | |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Balance at December 31, 2022 | 472 | 314 |
Charge-offs | ||
Recoveries | 2 | 3 |
Provisions | (20) | (59) |
Ending balance March 31, 2023 | 454 | 424 |
Adjustment to allowance for adoption of ASU 2016-13 | 166 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Balance at December 31, 2022 | 255 | 170 |
Charge-offs | (25) | (9) |
Recoveries | 2 | 4 |
Provisions | 34 | (1) |
Ending balance March 31, 2023 | $ 266 | 203 |
Adjustment to allowance for adoption of ASU 2016-13 | 39 | |
Unallocated Financing Receivables [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Balance at December 31, 2022 | 636 | |
Charge-offs | ||
Recoveries | ||
Provisions | ||
Ending balance March 31, 2023 | ||
Adjustment to allowance for adoption of ASU 2016-13 | $ (636) |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,157,305 | $ 1,134,019 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 121 | 352 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 130 | 146 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 157 | 215 |
Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 56 | 27 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 464 | 740 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,156,841 | 1,133,279 |
Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 78,787 | 78,134 |
Commercial Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 17 | 19 |
Commercial Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 6 | 7 |
Commercial Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Commercial Loan [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 53 | 24 |
Commercial Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 76 | 50 |
Commercial Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 78,711 | 78,084 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 136,445 | 118,225 |
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 154 | |
Construction Loans [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 154 | |
Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 136,291 | 118,225 |
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 99,833 | 94,796 |
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13 | 244 |
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 15 | |
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 214 | |
Residential Mortgage [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Residential Mortgage [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13 | 473 |
Residential Mortgage [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 99,820 | 94,323 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 792,333 | 791,947 |
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 76 | 67 |
Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 124 | 124 |
Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Commercial Real Estate [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 200 | 191 |
Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 792,133 | 791,756 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 33,637 | 34,752 |
Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Home Equity Line of Credit [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3 | 3 |
Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3 | 3 |
Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 33,634 | 34,749 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 16,270 | 16,165 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 15 | 22 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3 | 1 |
Consumer Portfolio Segment [Member] | Financing Receivables Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 18 | 23 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 16,252 | $ 16,142 |
Loans (Details 5)
Loans (Details 5) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | 56 | 27 |
Financing Receivable, Nonaccrual | 56 | 27 |
Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | 53 | 24 |
Financing Receivable, Nonaccrual | 53 | 24 |
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 | ||
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual | ||
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual | ||
Home Equity Line of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | 3 | 3 |
Financing Receivable, Nonaccrual | 3 | 3 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | ||
Financing Receivable, Nonaccrual, Allowance | ||
Financing Receivable, Nonaccrual |
Loans (Details 6)
Loans (Details 6) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Jan. 01, 2023 | |
Financing Receivable, Past Due [Line Items] | |||
Adjustment to allowance for adoption of ASU 2016-13 | $ (14,000) | ||
Provision for unfunded commitments | $ 129,000 | 70,000 | |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | |||
Unfunded Loan Commitment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Adjustment to allowance for adoption of ASU 2016-13 | 597,000 | ||
Provision for unfunded commitments | (85,000) | (16,000) | |
Balance, March 31, 2023 | 512,000 | 382,000 | |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 512,000 | $ 382,000 | $ 398,000 |
Loans (Details Narrative)
Loans (Details Narrative) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ (14,000) | ||||
Unfunded Loan Commitment [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 512,000 | $ 597,000 | $ 382,000 | $ 398,000 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Assets: | ||
Available-for-sale securities | $ 274,349 | $ 282,226 |
Held-to-maturity securities | 215,230 | 217,170 |
Other investments, at cost | 5,504 | 6,800 |
Financial liabilities: | ||
Non-interest bearing demand | 443,257 | 432,333 |
Interest bearing demand deposits and money market accounts | 712,018 | 707,434 |
Savings | 115,760 | 118,623 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and short term investments | 143,582 | 94,695 |
Available-for-sale securities | ||
Held-to-maturity securities | ||
Other investments, at cost | ||
Loans held for sale | ||
Derivative financial instruments | ||
Net loans receivable | ||
Accrued interest receivable | 5,736 | 5,869 |
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 | 4,681 | 3,575 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | 274,349 | 282,226 |
Held-to-maturity securities | 201,783 | 205,518 |
Other investments, at cost | ||
Loans held for sale | 1,719 | 4,433 |
Derivative financial instruments | 2,539 | 1,069 |
Net loans receivable | ||
Accrued interest receivable | ||
Financial liabilities: | ||
Non-interest bearing demand | 443,257 | 432,333 |
Interest bearing demand deposits and money market accounts | 712,018 | 707,434 |
Savings | 115,760 | 118,623 |
Time deposits | 300,789 | 252,137 |
Total deposits | 1,571,824 | 1,510,527 |
Federal Home Loan Bank Advances | 60,000 | 90,000 |
Short term borrowings | 81,833 | 62,863 |
Junior subordinated debentures | 13,000 | 13,123 |
Accrued interest payable | ||
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | ||
Held-to-maturity securities | ||
Other investments, at cost | 5,504 | 6,800 |
Loans held for sale | ||
Derivative financial instruments | ||
Net loans receivable | 1,081,143 | 1,088,053 |
Accrued interest receivable | ||
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 | 143,582 | 94,695 |
Available-for-sale securities | 274,349 | 282,226 |
Held-to-maturity securities | 215,530 | 217,170 |
Other investments, at cost | 5,504 | 6,800 |
Loans held for sale | 1,719 | 4,433 |
Derivative financial instruments | 2,539 | 1,069 |
Net loans receivable | 1,144,846 | 1,121,752 |
Accrued interest receivable | 5,736 | 5,869 |
Financial liabilities: | ||
Non-interest bearing demand | 443,257 | 432,333 |
Interest bearing demand deposits and money market accounts | 712,018 | 707,434 |
Savings | 115,760 | 118,623 |
Time deposits | 307,032 | 252,611 |
Total deposits | 1,578,067 | 1,511,001 |
Federal Home Loan Bank Advances | 60,000 | 90,000 |
Short term borrowings | 81,833 | 62,863 |
Junior subordinated debentures | 14,964 | 14,964 |
Accrued interest payable | 4,681 | 3,575 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and short term investments | 143,582 | 94,695 |
Available-for-sale securities | 274,349 | 282,226 |
Held-to-maturity securities | 201,783 | 205,518 |
Other investments, at cost | 5,504 | 6,800 |
Loans held for sale | 1,719 | 4,433 |
Derivative financial instruments | 2,539 | 1,069 |
Net loans receivable | 1,081,143 | 1,088,053 |
Accrued interest receivable | 5,736 | 5,869 |
Financial liabilities: | ||
Non-interest bearing demand | 443,257 | 432,333 |
Interest bearing demand deposits and money market accounts | 712,018 | 707,434 |
Savings | 115,760 | 118,623 |
Time deposits | 300,789 | 252,137 |
Total deposits | 1,571,824 | 1,510,527 |
Federal Home Loan Bank Advances | 60,000 | 90,000 |
Short term borrowings | 81,833 | 62,863 |
Junior subordinated debentures | 13,000 | 13,123 |
Accrued interest payable | $ 4,681 | $ 3,575 |
Fair Value Measurement (Detai_2
Fair Value Measurement (Details 2) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 274,349 | $ 282,226 |
Loans held for sale | 1,719 | 4,433 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Derivative financial instruments | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 274,349 | 282,226 |
Derivative financial instruments | 2,539 | 1,069 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Derivative financial instruments | ||
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 13,130 | 18,346 |
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 | 2,124 | 2,129 |
Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 14,703 | 15,721 |
Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,695 | 7,871 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 274,349 | 282,226 |
Derivative financial instruments | 2,539 | 1,069 |
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 | 274,349 | 282,226 |
Derivative financial instruments | 2,539 | 1,069 |
Loans held for sale | 1,719 | 4,433 |
Total | 278,607 | 287,728 |
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] | US Treasury Securities [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 | ||
Fair Value, Recurring [Member] | US Treasury Securities [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 | 13,130 | 18,346 |
Fair Value, Recurring [Member] | US Treasury Securities [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 | ||
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [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 | ||
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [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 | 2,124 | 2,129 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [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 | ||
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [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 | ||
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [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 | 236,697 | 238,159 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [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 | ||
Fair Value, Recurring [Member] | Small Business Administration pools [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 | ||
Fair Value, Recurring [Member] | Small Business Administration pools [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 | 14,703 | 15,721 |
Fair Value, Recurring [Member] | Small Business Administration pools [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 | ||
Fair Value, Recurring [Member] | Corporate and other securities [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 | ||
Fair Value, Recurring [Member] | Corporate and other securities [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 | 7,695 | 7,871 |
Fair Value, Recurring [Member] | Corporate and other securities [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 | ||
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 | 274,349 | 282,226 |
Derivative financial instruments | 2,539 | 1,069 |
Loans held for sale | 1,719 | 4,433 |
Total | 278,607 | 287,728 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 13,130 | 18,346 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | 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 | 2,124 | 2,129 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 236,697 | 238,159 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 14,703 | 15,721 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 7,695 | $ 7,871 |
Fair Value Measurement (Detai_3
Fair Value Measurement (Details 3) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | $ 622 | $ 622 |
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 | ||
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 | ||
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 | 622 | 622 |
Total | 622 | 622 |
Fair Value, Nonrecurring [Member] | Construction Loans [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 | ||
Fair Value, Nonrecurring [Member] | Construction Loans [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 | ||
Fair Value, Nonrecurring [Member] | Construction Loans [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 | 145 | 145 |
Fair Value, Nonrecurring [Member] | Commercial Real Estate [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 | ||
Fair Value, Nonrecurring [Member] | Commercial Real Estate [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 | ||
Fair Value, Nonrecurring [Member] | Commercial Real Estate [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 | 477 | 477 |
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 | 622 | 622 |
Total | 622 | 622 |
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Construction Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 145 | 145 |
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | $ 477 | $ 477 |
Fair Value Measurement (Detai_4
Fair Value Measurement (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 622 | $ 622 | ||
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 | $ 622 | $ 622 | ||
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% |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Disclosure Deposits Abstract | ||
Non-interest bearing demand deposits | $ 443,257 | $ 432,333 |
Interest bearing demand deposits and money market accounts | 712,018 | 707,434 |
Savings | 115,760 | 118,623 |
Time deposits of $250,000 or less | 247,676 | 207,233 |
Time deposits greater than $250,000 | 59,356 | 45,378 |
Total deposits | $ 1,578,067 | $ 1,511,001 |
Deposits (Details Narrative)
Deposits (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Time deposits of $250,000 or less | $ 247,676 | $ 207,233 |
Deposit Liability, Uninsured | 470,000 | 436,600 |
Collateralized Public Fund [Member] | ||
Variable Interest Entity [Line Items] | ||
Deposit Liability, Uninsured | 94,400 | 82,800 |
Brokered Deposits [Member] | ||
Variable Interest Entity [Line Items] | ||
Time deposits of $250,000 or less | $ 60,500 | $ 48,100 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Dividend and Interest Income | $ 21,256 | $ 15,890 |
Interest expense | 9,179 | 3,533 |
Net interest income | 12,077 | 12,357 |
Provision for (release of) loan losses | 129 | 70 |
Noninterest income | 3,184 | 2,575 |
Noninterest expense | 11,805 | 10,436 |
Net income before taxes | 3,327 | 4,426 |
Income tax provision (benefit) | 730 | 963 |
Net income | 2,597 | 3,463 |
Total Assets as of March 31, 2024 | 1,886,991 | |
Total Assets as of December 31, 2023 | 1,827,688 | |
Commercial And Retail Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Dividend and Interest Income | 19,799 | 15,231 |
Interest expense | 8,311 | 3,133 |
Net interest income | 11,488 | 12,098 |
Provision for (release of) loan losses | (10) | (1) |
Noninterest income | 1,399 | 1,351 |
Noninterest expense | 9,694 | 8,551 |
Net income before taxes | 3,203 | 4,899 |
Income tax provision (benefit) | 883 | 1,093 |
Net income | 2,320 | 3,806 |
Total Assets as of March 31, 2024 | 1,776,179 | |
Total Assets as of December 31, 2023 | 1,727,245 | |
Mortgage Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Dividend and Interest Income | 1,447 | 651 |
Interest expense | 560 | 129 |
Net interest income | 887 | 522 |
Provision for (release of) loan losses | 139 | 71 |
Noninterest income | 427 | 157 |
Noninterest expense | 832 | 786 |
Net income before taxes | 343 | (178) |
Income tax provision (benefit) | ||
Net income | 343 | (178) |
Total Assets as of March 31, 2024 | 109,504 | |
Total Assets as of December 31, 2023 | 99,310 | |
Investment Advisory And Non Deposit [Member] | ||
Segment Reporting Information [Line Items] | ||
Dividend and Interest Income | ||
Interest expense | ||
Net interest income | ||
Provision for (release of) loan losses | ||
Noninterest income | 1,358 | 1,067 |
Noninterest expense | 924 | 751 |
Net income before taxes | 434 | 316 |
Income tax provision (benefit) | ||
Net income | 434 | 316 |
Total Assets as of March 31, 2024 | 4 | |
Total Assets as of December 31, 2023 | 5 | |
Corporate Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Dividend and Interest Income | 1,379 | 1,320 |
Interest expense | 308 | 271 |
Net interest income | 1,071 | 1,049 |
Provision for (release of) loan losses | ||
Noninterest income | ||
Noninterest expense | 355 | 348 |
Net income before taxes | 716 | 701 |
Income tax provision (benefit) | (153) | (130) |
Net income | 869 | 831 |
Total Assets as of March 31, 2024 | 174,443 | |
Total Assets as of December 31, 2023 | 174,468 | |
Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Dividend and Interest Income | (1,369) | (1,312) |
Interest expense | ||
Net interest income | (1,369) | (1,312) |
Provision for (release of) loan losses | ||
Noninterest income | ||
Noninterest expense | ||
Net income before taxes | (1,369) | (1,312) |
Income tax provision (benefit) | ||
Net income | (1,369) | $ (1,312) |
Total Assets as of March 31, 2024 | (173,139) | |
Total Assets as of December 31, 2023 | $ (173,340) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details Narrative) - Derivative [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Derivative, Notional Amount | $ 150,000 | $ 150,000 |
Derivative Asset | $ 2,500 | $ 1,100 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Right-of-use assets | $ 3,172 | $ 3,248 |
Lease liabilities | $ 3,357 | $ 3,426 |
Operating Lease, Weighted Average Remaining Lease Term | 11 years 6 months 11 days | 11 years 8 months 12 days |
Weighted average discount rate | 4.30% | 4.29% |
Leases (Details 2)
Leases (Details 2) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 112,100 | $ 111,500 |
Cash paid for amounts included in the measurement of lease liabilities | $ 105,200 | $ 102,600 |
Leases (Details 3)
Leases (Details 3) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 | $ 318 | |
2025 | 434 | |
2026 | 444 | |
2027 | 422 | |
2028 | 364 | |
Thereafter | 2,344 | |
Total undiscounted lease payments | 4,326 | |
Less effect of discounting | (969) | |
Present value of estimated lease payments (lease liability) | $ 3,357 | $ 3,426 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Marketable Securities [Line Items] | ||
Balance at December 31, 2023 | $ (28,191) | |
Other comprehensive loss | 408 | $ 2,593 |
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax | 341 | 320 |
Net other comprehensive income (loss) during period | 749 | $ 2,913 |
Balance at March 31, 2024 | (27,442) | |
Available-for-Sale Securities [Member] | ||
Marketable Securities [Line Items] | ||
Balance at December 31, 2023 | (17,135) | |
Other comprehensive loss | 408 | |
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax | ||
Net other comprehensive income (loss) during period | 408 | |
Balance at March 31, 2024 | (16,727) | |
Held-to-Maturity Securities [Member] | ||
Marketable Securities [Line Items] | ||
Balance at December 31, 2023 | (11,056) | |
Other comprehensive loss | ||
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax | 341 | |
Net other comprehensive income (loss) during period | 341 | |
Balance at March 31, 2024 | $ (10,715) |