☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Virginia
|
54-1265373
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
Common Stock, $5.00 par value
|
OPOF
|
The NASDAQ Stock Market LLC
|
Large accelerated filer
|
☐ |
Accelerated filer ☐
|
||
Non-accelerated filer
|
☒ |
Smaller reporting company ☒
|
||
Emerging growth company ☐
|
Page
|
||
Item 1.
|
1
|
|
1
|
||
2
|
||
3
|
||
4 | ||
5
|
||
6
|
||
Item 2.
|
26 | |
Item 3.
|
38
|
|
Item 4.
|
38 | |
PART II - OTHER INFORMATION
|
||
Item 1.
|
39 | |
Item 1A.
|
39
|
|
Item 2.
|
39
|
|
Item 3.
|
39
|
|
Item 4.
|
39 | |
Item 5.
|
39
|
|
Item 6.
|
40
|
|
40
|
2020 Annual Report on Form 10-K
|
Annual Report on Form 10-K for the year ended December 31, 2020
|
|
ALLL
|
Allowance for Loan and Lease Losses
|
|
ASC
|
Accounting Standards Codification
|
|
ASU
|
Accounting Standards Update
|
|
Bank
|
The Old Point National Bank of Phoebus
|
|
The CARES Act
|
The Coronavirus Aid, Relief, and Economic Security Act
|
|
CET1
|
Common Equity Tier 1
|
|
Citizens
|
Citizens National Bank
|
|
Company
|
Old Point Financial Corporation and its subsidiaries
|
|
CBB
|
Community Bankers Bank
|
|
CBLRF
|
Community Bank Leverage Ratio
|
|
EPS
|
earnings per share
|
|
ESPP
|
Employee Stock Purchase Plan
|
|
Exchange Act
|
Securities Exchange Act of 1934, as amended
|
|
FASB
|
Financial Accounting Standards Board
|
|
FHLB
|
Federal Home Loan Bank
|
|
Federal Reserve
|
Board of Governors of the Federal Reserve System
|
|
FRB
|
Federal Reserve Bank
|
|
GAAP
|
Generally Accepted Accounting Principles
|
|
Incentive Stock Plan
|
Old Point Financial Corporation 2016 Incentive Stock Plan
|
|
OAEM
|
Other Assets Especially Mentioned
|
|
OREO
|
Other Real Estate Owned
|
|
PPP
|
Paycheck Protection Program
|
|
PPPLF
|
Paycheck Protection Program Liquidity Facility
|
|
SEC
|
Securities and Exchange Commission
|
|
SBA
|
Small Business Administration
|
|
TDR
|
Troubled Debt Restructuring
|
|
Trust
|
Old Point Trust & Financial Services N.A.
|
March 31,
|
December 31,
|
|||||||
(dollars in thousands, except share data)
|
2021
|
2020
|
||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
32,418
|
$
|
21,799
|
||||
Interest-bearing due from banks
|
144,982
|
98,633
|
||||||
Federal funds sold
|
4
|
5
|
||||||
Cash and cash equivalents
|
177,404
|
120,437
|
||||||
Securities available-for-sale, at fair value
|
194,518
|
186,409
|
||||||
Restricted securities, at cost
|
1,033
|
1,367
|
||||||
Loans held for sale
|
9,291
|
14,413
|
||||||
Loans, net
|
798,000
|
826,759
|
||||||
Premises and equipment, net
|
32,299
|
33,613
|
||||||
Premises and equipment, held for sale
|
902
|
-
|
||||||
Bank-owned life insurance
|
28,612
|
28,386
|
||||||
Goodwill
|
1,650
|
1,650
|
||||||
Core deposit intangible, net
|
308
|
319
|
||||||
Other assets
|
13,621
|
12,838
|
||||||
Total assets
|
$
|
1,257,638
|
$
|
1,226,191
|
||||
Liabilities & Stockholders’ Equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing deposits
|
$
|
385,079
|
$
|
360,602
|
||||
Savings deposits
|
539,342
|
512,936
|
||||||
Time deposits
|
187,137
|
193,698
|
||||||
Total deposits
|
1,111,558
|
1,067,236
|
||||||
Overnight repurchase agreements
|
6,204
|
6,619
|
||||||
Federal Reserve Bank borrowings
|
10,995
|
28,550
|
||||||
Other borrowings
|
-
|
1,350
|
||||||
Accrued expenses and other liabilities
|
10,958
|
5,291
|
||||||
Total liabilities
|
1,139,715
|
1,109,046
|
||||||
Stockholders’ equity:
|
||||||||
Common stock, $5 par value, 10,000,000 shares authorized; 5,225,295 and 5,224,019 shares outstanding (includes 29,576 of nonvested restricted stock, respectively)
|
25,979
|
25,972
|
||||||
Additional paid-in capital
|
21,324
|
21,245
|
||||||
Retained earnings
|
68,245
|
65,859
|
||||||
Accumulated other comprehensive income, net
|
2,375
|
4,069
|
||||||
Total stockholders’ equity
|
117,923
|
117,145
|
||||||
Total liabilities and stockholders’ equity
|
$
|
1,257,638
|
$
|
1,226,191
|
Three Months Ended
March 31, |
||||||||
(unaudited, dollars in thousands, except per share data)
|
2021
|
2020
|
||||||
Interest and Dividend Income:
|
||||||||
Loans, including fees
|
$
|
9,954
|
$
|
8,827
|
||||
Due from banks
|
43
|
151
|
||||||
Federal funds sold
|
-
|
12
|
||||||
Securities:
|
||||||||
Taxable
|
770
|
864
|
||||||
Tax-exempt
|
181
|
86
|
||||||
Dividends and interest on all other securities
|
30
|
46
|
||||||
Total interest and dividend income
|
10,978
|
9,986
|
||||||
Interest Expense:
|
||||||||
Checking and savings deposits
|
215
|
340
|
||||||
Time deposits
|
584
|
972
|
||||||
Federal funds purchased, securities sold under agreements to repurchase and other borrowings
|
23
|
22
|
||||||
Federal Home Loan Bank advances
|
-
|
234
|
||||||
Total interest expense
|
822
|
1,568
|
||||||
Net interest income
|
10,156
|
8,418
|
||||||
Provision for loan losses
|
150
|
300
|
||||||
Net interest income after provision for loan losses
|
10,006
|
8,118
|
||||||
Noninterest Income:
|
||||||||
Fiduciary and asset management fees
|
1,027
|
1,017
|
||||||
Service charges on deposit accounts
|
688
|
895
|
||||||
Other service charges, commissions and fees
|
948
|
943
|
||||||
Bank-owned life insurance income
|
226
|
231
|
||||||
Mortgage banking income
|
1,188
|
157
|
||||||
Other operating income
|
57
|
35
|
||||||
Total noninterest income
|
4,134
|
3,278
|
||||||
Noninterest Expense:
|
||||||||
Salaries and employee benefits
|
6,227
|
5,994
|
||||||
Occupancy and equipment
|
1,202
|
1,266
|
||||||
Data processing
|
1,043
|
819
|
||||||
Customer development
|
78
|
114
|
||||||
Professional services
|
545
|
475
|
||||||
Employee professional development
|
141
|
220
|
||||||
Other taxes
|
251
|
150
|
||||||
ATM and other losses
|
139
|
98
|
||||||
Other operating expenses
|
932
|
894
|
||||||
Total noninterest expense
|
10,558
|
10,030
|
||||||
Income before income taxes
|
3,582
|
1,366
|
||||||
Income tax expense
|
570
|
116
|
||||||
Net income
|
$
|
3,012
|
$
|
1,250
|
||||
Basic Earnings per Share:
|
||||||||
Weighted average shares outstanding
|
5,224,501
|
5,200,250
|
||||||
Net income per share of common stock
|
$
|
0.58
|
$
|
0.24
|
||||
Diluted Earnings per Share:
|
||||||||
Weighted average shares outstanding
|
5,224,501
|
5,200,989
|
||||||
Net income per share of common stock
|
$
|
0.58
|
$
|
0.24
|
Three Months Ended
March 31, |
||||||||
(unaudited, dollars in thousands)
|
2021
|
2020
|
||||||
Net income
|
$
|
3,012
|
$
|
1,250
|
||||
Other comprehensive loss, net of tax
|
||||||||
Net unrealized loss on available-for-sale securities
|
(1,694
|
)
|
(445
|
)
|
||||
Other comprehensive loss, net of tax
|
(1,694
|
)
|
(445
|
)
|
||||
Comprehensive income
|
$
|
1,318
|
$
|
805
|
(unaudited, dollars in thousands, except share and per share data)
|
Shares of
Common
Stock
|
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
|
||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2021
|
||||||||||||||||||||||||
Balance at December 31, 2020
|
5,194,443
|
$
|
25,972
|
$
|
21,245
|
$
|
65,859
|
$
|
4,069
|
$
|
117,145
|
|||||||||||||
Net income
|
-
|
-
|
-
|
3,012
|
-
|
3,012
|
||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
(1,694
|
)
|
(1,694
|
)
|
||||||||||||||||
Employee Stock Purchase Plan share issuance
|
1,276
|
7
|
18
|
-
|
-
|
25
|
||||||||||||||||||
Stock-based compensation expense
|
-
|
-
|
61
|
-
|
-
|
61
|
||||||||||||||||||
Cash dividends ($0.12 per share)
|
-
|
-
|
-
|
(626
|
)
|
-
|
(626
|
)
|
||||||||||||||||
Balance at end of period
|
5,195,719
|
$
|
25,979
|
$
|
21,324
|
$
|
68,245
|
$
|
2,375
|
$
|
117,923
|
THREE MONTHS ENDED MARCH 31, 2020
|
||||||||||||||||||||||||
Balance at December 31, 2019
|
5,180,105
|
$
|
25,901
|
$
|
20,959
|
$
|
62,975
|
$
|
(79
|
)
|
$
|
109,756
|
||||||||||||
Net income
|
-
|
-
|
-
|
1,250
|
-
|
1,250
|
||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
(445
|
)
|
(445
|
)
|
||||||||||||||||
Employee Stock Purchase Plan share issuance
|
858
|
4
|
17
|
-
|
-
|
21
|
||||||||||||||||||
Restricted stock vested
|
7,258
|
36
|
(36
|
)
|
-
|
-
|
-
|
|||||||||||||||||
Stock-based compensation expense
|
-
|
-
|
86
|
-
|
-
|
86
|
||||||||||||||||||
Cash dividends ($0.12 per share)
|
-
|
-
|
-
|
(624
|
)
|
-
|
(624
|
)
|
||||||||||||||||
Balance at end of period
|
5,188,221
|
$
|
25,941
|
$
|
21,026
|
$
|
63,601
|
$
|
(524
|
)
|
$
|
110,044
|
Three Months Ended March 31,
|
||||||||
(unaudited, dollars in thousands)
|
2021
|
2020
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$
|
3,012
|
$
|
1,250
|
||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
||||||||
Depreciation and amortization
|
538
|
544
|
||||||
Amortization of right of use lease asset
|
104
|
88
|
||||||
Accretion related to acquisition, net
|
(4
|
)
|
(20
|
)
|
||||
Provision for loan losses
|
150
|
300
|
||||||
Net amortization of securities
|
205
|
154
|
||||||
Decrease (increase) in loans held for sale, net
|
5,122
|
(1,719
|
)
|
|||||
Income from bank owned life insurance
|
(226
|
)
|
(231
|
)
|
||||
Stock compensation expense
|
61
|
86
|
||||||
Deferred tax benefit
|
(12
|
)
|
215
|
|||||
(Decrease) in other assets
|
(425
|
)
|
(573
|
)
|
||||
Increase (decrease) in accrued expenses and other liabilities
|
5,667
|
(1,426
|
)
|
|||||
Net cash provided by (used in) operating activities
|
14,192
|
(1,332
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchases of available-for-sale securities
|
(16,008
|
)
|
(13,570
|
)
|
||||
Proceeds from redemption (purchase) of restricted securities, net
|
334
|
(226
|
)
|
|||||
Proceeds from maturities and calls of available-for-sale securities
|
400
|
2,500
|
||||||
Proceeds from sales of available-for-sale securities
|
1,300
|
-
|
||||||
Paydowns on available-for-sale securities
|
3,850
|
3,459
|
||||||
Net (increase) decrease in loans held for investment
|
28,624
|
(12,850
|
)
|
|||||
Purchases of premises and equipment
|
(126
|
)
|
(368
|
)
|
||||
Net cash provided by (used in) investing activities
|
18,374
|
(21,055
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Increase (decrease) in noninterest-bearing deposits
|
24,477
|
(4,454
|
)
|
|||||
Increase in savings deposits
|
26,406
|
29,816
|
||||||
Decrease in time deposits
|
(6,561
|
)
|
(12,322
|
)
|
||||
Decrease in federal funds purchased, repurchase agreements and other borrowings, net
|
(1,765
|
)
|
(6,785
|
)
|
||||
Increase in Federal Home Loan Bank advances
|
-
|
25,000
|
||||||
Repayment of Federal Home Loan Bank advances
|
-
|
(20,000
|
)
|
|||||
Repayment of Federal Reserve Bank borrowings
|
(17,555
|
)
|
-
|
|||||
Proceeds from ESPP issuance
|
25
|
21
|
||||||
Cash dividends paid on common stock
|
(626
|
)
|
(624
|
)
|
||||
Net cash provided by financing activities
|
24,401
|
10,652
|
||||||
Net increase (decrease) in cash and cash equivalents
|
56,967
|
(11,735
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
120,437
|
89,865
|
||||||
Cash and cash equivalents at end of period
|
$
|
177,404
|
$
|
78,130
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
Cash payments for:
|
||||||||
Interest
|
$
|
891
|
$
|
1,639
|
||||
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS
|
||||||||
Unrealized (loss) gain on securities available-for-sale
|
$
|
(2,144
|
)
|
$
|
(563
|
)
|
||
Loans transferred to other real estate owned
|
$
|
-
|
$
|
236
|
||||
Former bank property transferred from fixed assets to held for sale assets
|
$
|
902
|
$
|
-
|
||||
Right of use lease asset and liability
|
$
|
1,277
|
$
|
672
|
March 31, 2021
|
||||||||||||||||
(Dollars in thousands)
|
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair
Value
|
||||||||||||
U.S. Treasury securities
|
$
|
6,994
|
$
|
22
|
$
|
-
|
$
|
7,016
|
||||||||
Obligations of U.S. Government agencies
|
35,331
|
184
|
(83
|
)
|
35,432
|
|||||||||||
Obligations of state and political subdivisions
|
52,029
|
1,568
|
(438
|
)
|
53,159
|
|||||||||||
Mortgage-backed securities
|
74,306
|
1,847
|
(214
|
)
|
75,939
|
|||||||||||
Money market investments
|
4,558
|
-
|
-
|
4,558
|
||||||||||||
Corporate bonds and other securities
|
18,294
|
195
|
(75
|
)
|
18,414
|
|||||||||||
$
|
191,512
|
$
|
3,816
|
$
|
(810
|
)
|
$
|
194,518
|
December 31, 2020
|
||||||||||||||||
(Dollars in thousands)
|
Amortized
Cost
|
Gross
Unrealized
Gains |
Gross
Unrealized
(Losses) |
Fair
Value |
||||||||||||
U.S. Treasury securities
|
$
|
6,980
|
$
|
63
|
$
|
-
|
$
|
7,043
|
||||||||
Obligations of U.S. Government agencies
|
36,858
|
35
|
(197
|
)
|
36,696
|
|||||||||||
Obligations of state and political subdivisions
|
43,517
|
2,478
|
-
|
45,995
|
||||||||||||
Mortgage-backed securities
|
70,866
|
2,759
|
(124
|
)
|
73,501
|
|||||||||||
Money market investments
|
4,743
|
-
|
-
|
4,743
|
||||||||||||
Corporate bonds and other securities
|
18,295
|
158
|
(22
|
)
|
18,431
|
|||||||||||
$
|
181,259
|
$
|
5,493
|
$
|
(343
|
)
|
$
|
186,409
|
March 31, 2021
|
||||||||
(Dollars in thousands)
|
Amortized
Cost |
Fair
Value
|
||||||
Due in one year or less
|
$
|
7,094
|
$
|
7,117
|
||||
Due after one year through five years
|
9,657
|
9,830
|
||||||
Due after five through ten years
|
40,403
|
41,494
|
||||||
Due after ten years
|
129,800
|
131,519
|
||||||
Other securities, restricted
|
4,558
|
4,558
|
||||||
$
|
191,512
|
$
|
194,518
|
March 31, 2021
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||||||||
Obligations of U.S. Government agencies
|
$
|
8
|
$
|
2,068
|
$
|
75
|
$
|
11,047
|
$
|
83
|
$
|
13,115
|
||||||||||||
Obligations of state and policitcal subdivisions
|
438
|
15,706
|
-
|
-
|
438
|
15,706
|
||||||||||||||||||
Mortgage-backed securities
|
214
|
10,549
|
-
|
-
|
214
|
10,549
|
||||||||||||||||||
Corporate bonds and other securities
|
75
|
6,175
|
-
|
-
|
75
|
6,175
|
||||||||||||||||||
Total securities available-for-sale
|
$
|
735
|
$
|
34,498
|
$
|
75
|
$
|
11,047
|
$
|
810
|
$
|
45,545
|
December 31, 2020
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
Gross
Unrealized
Losses |
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||||||||
Obligations of U.S. Government agencies
|
$
|
8
|
$
|
2,810
|
$
|
189
|
$
|
17,191
|
$
|
197
|
$
|
20,001
|
||||||||||||
Mortgage-backed securities
|
118
|
14,291
|
6
|
1,285
|
124
|
15,576
|
||||||||||||||||||
Corporate bonds and other securities
|
22
|
5,977
|
-
|
-
|
22
|
5,977
|
||||||||||||||||||
Total securities available-for-sale
|
$
|
148
|
$
|
23,078
|
$
|
195
|
$
|
18,476
|
$
|
343
|
$
|
41,554
|
(dollars in thousands)
|
March 31, 2021
|
December 31, 2020
|
||||||
Mortgage loans on real estate:
|
||||||||
Residential 1-4 family
|
$
|
119,053
|
$
|
122,800
|
||||
Commercial - owner occupied
|
161,885
|
153,955
|
||||||
Commercial - non-owner occupied
|
158,528
|
162,896
|
||||||
Multifamily
|
23,010
|
22,812
|
||||||
Construction
|
39,253
|
43,732
|
||||||
Second mortgages
|
9,947
|
11,178
|
||||||
Equity lines of credit
|
49,770
|
50,746
|
||||||
Total mortgage loans on real estate
|
561,446
|
568,119
|
||||||
Commercial and industrial loans
|
124,040
|
141,746
|
||||||
Consumer automobile loans
|
76,831
|
80,390
|
||||||
Other consumer loans
|
38,182
|
37,978
|
||||||
Other (1)
|
7,162
|
8,067
|
||||||
Total loans, net of deferred fees
|
807,661
|
836,300
|
||||||
Less: Allowance for loan losses
|
9,661
|
9,541
|
||||||
Loans, net of allowance and deferred fees (2)
|
$
|
798,000
|
$
|
826,759
|
(1)
|
Overdrawn accounts are reclassified as loans and included in the Other category in the table above. Overdrawn deposit accounts, excluding internal use accounts, totaled $467 thousand and $271 thousand at March 31, 2021 and December 31, 2020, respectively. | |
(2) |
Net deferred loan fees totaled $1.8 million and $2.1 million at March 31, 2021 and December 31, 2020, respectively.
|
(dollars in thousands)
|
March 31, 2021
|
December 31, 2020
|
||||||
Outstanding principal balance
|
$
|
7,739
|
$
|
8,671
|
||||
Carrying amount
|
7,685
|
8,602
|
(dollars in thousands)
|
March 31, 2021
|
March 31, 2020
|
||||||
Balance at January 1
|
$
|
-
|
$
|
72
|
||||
Accretion
|
-
|
(10
|
)
|
|||||
Other changes, net
|
-
|
-
|
||||||
Balance at end of period
|
$
|
-
|
$
|
62
|
• |
Pass: Loans are of acceptable risk.
|
• |
Other Assets Especially Mentioned (OAEM): Loans have potential weaknesses that deserve management’s close attention.
|
• |
Substandard: Loans reflect significant deficiencies due to several adverse trends of a financial, economic or managerial nature.
|
• |
Doubtful: Loans have all the weaknesses inherent in a substandard loan with added characteristics that make collection or liquidation in full based on currently existing facts, conditions and
values highly questionable or improbable.
|
• |
Loss: Loans have been identified for charge-off because they are considered uncollectible and of such little value that their continuance as bankable assets is not warranted.
|
Credit Quality Information
|
||||||||||||||||||||
As of March 31, 2021
|
||||||||||||||||||||
(dollars in thousands)
|
Pass
|
OAEM
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||
Residential 1-4 family
|
$
|
118,877
|
$
|
-
|
$
|
176
|
$
|
-
|
$
|
119,053
|
||||||||||
Commercial - owner occupied
|
158,564
|
2,444
|
877
|
-
|
161,885
|
|||||||||||||||
Commercial - non-owner occupied
|
157,792
|
736
|
-
|
-
|
158,528
|
|||||||||||||||
Multifamily
|
23,010
|
-
|
-
|
-
|
23,010
|
|||||||||||||||
Construction
|
38,255
|
998
|
-
|
-
|
39,253
|
|||||||||||||||
Second mortgages
|
9,947
|
-
|
-
|
-
|
9,947
|
|||||||||||||||
Equity lines of credit
|
49,770
|
-
|
-
|
-
|
49,770
|
|||||||||||||||
Total mortgage loans on real estate
|
$
|
556,215
|
$
|
4,178
|
$
|
1,053
|
$
|
-
|
$
|
561,446
|
||||||||||
Commercial and industrial loans
|
123,715
|
325
|
-
|
-
|
124,040
|
|||||||||||||||
Consumer automobile loans
|
76,520
|
-
|
311
|
-
|
76,831
|
|||||||||||||||
Other consumer loans
|
38,182
|
-
|
-
|
-
|
38,182
|
|||||||||||||||
Other
|
7,162
|
-
|
-
|
-
|
7,162
|
|||||||||||||||
Total
|
$
|
801,794
|
$
|
4,503
|
$
|
1,364
|
$
|
-
|
$
|
807,661
|
Credit Quality Information
|
||||||||||||||||||||
As of December 31, 2020
|
||||||||||||||||||||
(dollars in thousands)
|
Pass
|
OAEM
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||
Residential 1-4 family
|
$
|
122,621
|
$
|
-
|
$
|
179
|
$
|
-
|
$
|
122,800
|
||||||||||
Commercial - owner occupied
|
148,738
|
2,462
|
2,755
|
-
|
153,955
|
|||||||||||||||
Commercial - non-owner occupied
|
162,148
|
748
|
-
|
-
|
162,896
|
|||||||||||||||
Multifamily
|
22,812
|
-
|
-
|
-
|
22,812
|
|||||||||||||||
Construction
|
42,734
|
998
|
-
|
-
|
43,732
|
|||||||||||||||
Second mortgages
|
11,178
|
-
|
-
|
-
|
11,178
|
|||||||||||||||
Equity lines of credit
|
50,746
|
-
|
-
|
-
|
50,746
|
|||||||||||||||
Total mortgage loans on real estate
|
$
|
560,977
|
$
|
4,208
|
$
|
2,934
|
$
|
-
|
$
|
568,119
|
||||||||||
Commercial and industrial loans
|
141,391
|
355
|
-
|
-
|
141,746
|
|||||||||||||||
Consumer automobile loans
|
79,997
|
-
|
393
|
-
|
80,390
|
|||||||||||||||
Other consumer loans
|
37,978
|
-
|
-
|
-
|
37,978
|
|||||||||||||||
Other
|
8,067
|
-
|
-
|
-
|
8,067
|
|||||||||||||||
Total
|
$
|
828,410
|
$
|
4,563
|
$
|
3,327
|
$
|
-
|
$
|
836,300
|
Age Analysis of Past Due Loans as of March 31, 2021
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
30 - 59
Days
Past Due
|
60 - 89
Days
Past Due
|
90 or More Days Past
Due and
still
Accruing
|
PCI
|
Nonaccrual
(2)
|
Total
Current Loans (1) |
Total
Loans |
|||||||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||||||||||
Residential 1-4 family
|
$
|
480
|
$
|
-
|
$
|
36
|
$
|
-
|
$
|
251
|
$
|
118,286
|
$
|
119,053
|
||||||||||||||
Commercial - owner occupied
|
-
|
278
|
-
|
-
|
878
|
160,729
|
161,885
|
|||||||||||||||||||||
Commercial - non-owner occupied
|
185
|
-
|
-
|
-
|
-
|
158,343
|
158,528
|
|||||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
23,010
|
23,010
|
|||||||||||||||||||||
Construction
|
46
|
130
|
88
|
-
|
-
|
38,989
|
39,253
|
|||||||||||||||||||||
Second mortgages
|
-
|
-
|
14
|
-
|
-
|
9,933
|
9,947
|
|||||||||||||||||||||
Equity lines of credit
|
-
|
-
|
-
|
-
|
-
|
49,770
|
49,770
|
|||||||||||||||||||||
Total mortgage loans on real estate
|
$
|
711
|
$
|
408
|
$
|
138
|
$
|
-
|
$
|
1,129
|
$
|
559,060
|
$
|
561,446
|
||||||||||||||
Commercial and industrial loans
|
8
|
548
|
-
|
-
|
-
|
123,484
|
124,040
|
|||||||||||||||||||||
Consumer automobile loans
|
517
|
141
|
265
|
-
|
-
|
75,908
|
76,831
|
|||||||||||||||||||||
Other consumer loans
|
695
|
218
|
715
|
-
|
-
|
36,554
|
38,182
|
|||||||||||||||||||||
Other
|
19
|
2
|
1
|
-
|
-
|
7,140
|
7,162
|
|||||||||||||||||||||
Total
|
$
|
1,950
|
$
|
1,317
|
$
|
1,119
|
$
|
-
|
$
|
1,129
|
$
|
802,146
|
$
|
807,661
|
(1)
|
For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due.
|
(2)
|
For purposes of this table, if a loan is past due and on nonaccrual, it is included in the nonaccural column and not also in its respective past due column.
|
Age Analysis of Past Due Loans as of December 31, 2020
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
30 - 59 Days Past Due
|
60 - 89 Days Past Due
|
90 or More Days Past Due and still Accruing
|
PCI
|
Nonaccrual (2)
|
Total Current Loans (1)
|
Total
Loans |
|||||||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||||||||||
Residential 1-4 family
|
$
|
478
|
$
|
164
|
$
|
-
|
$
|
-
|
$
|
311
|
$
|
121,847
|
$
|
122,800
|
||||||||||||||
Commercial - owner occupied
|
-
|
-
|
-
|
-
|
903
|
153,052
|
153,955
|
|||||||||||||||||||||
Commercial - non-owner occupied
|
-
|
-
|
-
|
-
|
-
|
162,896
|
162,896
|
|||||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
22,812
|
22,812
|
|||||||||||||||||||||
Construction
|
-
|
88
|
-
|
-
|
-
|
43,644
|
43,732
|
|||||||||||||||||||||
Second mortgages
|
41
|
-
|
-
|
-
|
-
|
11,137
|
11,178
|
|||||||||||||||||||||
Equity lines of credit
|
-
|
-
|
-
|
-
|
-
|
50,746
|
50,746
|
|||||||||||||||||||||
Total mortgage loans on real estate
|
$
|
519
|
$
|
252
|
$
|
-
|
$
|
-
|
$
|
1,214
|
$
|
566,134
|
$
|
568,119
|
||||||||||||||
Commercial and industrial loans
|
753
|
-
|
-
|
-
|
-
|
140,993
|
141,746
|
|||||||||||||||||||||
Consumer automobile loans
|
1,159
|
190
|
196
|
-
|
-
|
78,845
|
80,390
|
|||||||||||||||||||||
Other consumer loans
|
1,120
|
555
|
548
|
-
|
-
|
35,755
|
37,978
|
|||||||||||||||||||||
Other
|
24
|
3
|
-
|
-
|
-
|
8,040
|
8,067
|
|||||||||||||||||||||
Total
|
$
|
3,575
|
$
|
1,000
|
$
|
744
|
$
|
-
|
$
|
1,214
|
$
|
829,767
|
$
|
836,300
|
(1)
|
For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due.
|
(2)
|
For purposes of this table, if a loan is past due and on nonaccrual, it is included in the nonaccural column and not also in its respective past due column.
|
Nonaccrual Loans by Class
|
||||||||
(dollars in thousands)
|
March 31, 2021
|
December 31, 2020
|
||||||
Mortgage loans on real estate:
|
||||||||
Residential 1-4 family
|
$
|
251
|
$
|
311
|
||||
Commercial - owner occupied
|
878
|
903
|
||||||
Total mortgage loans on real estate
|
$
|
1,129
|
$
|
1,214
|
||||
Total
|
$
|
1,129
|
$
|
1,214
|
Three Months Ended March 31,
|
||||||||
(dollars in thousand)
|
2021
|
2020
|
||||||
Interest income that would have been recorded under original loan terms
|
$
|
27
|
$
|
78
|
||||
Actual interest income recorded for the period
|
-
|
-
|
||||||
Reduction in interest income on nonaccrual loans
|
$
|
27
|
$
|
78
|
Impaired Loans by Class
|
||||||||||||||||||||||||
For the Three Months Ended
|
||||||||||||||||||||||||
As of March 31, 2021
|
March 31, 2021
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Unpaid Principal Balance
|
Without Valuation Allowance
|
With Valuation Allowance
|
Associated Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||||||
Residential 1-4 family
|
$
|
420
|
$
|
75
|
$
|
316
|
$
|
38
|
$
|
395
|
$
|
-
|
||||||||||||
Commercial
|
2,597
|
950
|
441
|
13
|
1,407
|
-
|
||||||||||||||||||
Construction
|
83
|
-
|
81
|
-
|
82
|
1
|
||||||||||||||||||
Second mortgages
|
133
|
-
|
131
|
4
|
132
|
1
|
||||||||||||||||||
Total mortgage loans on real estate
|
3,233
|
1,025
|
969
|
55
|
2,016
|
2
|
||||||||||||||||||
Commercial and industrial loans
|
6
|
5
|
-
|
-
|
6
|
-
|
||||||||||||||||||
Other consumer loans
|
14
|
12
|
-
|
-
|
13
|
-
|
||||||||||||||||||
Total
|
$
|
3,253
|
$
|
1,042
|
$
|
969
|
$
|
55
|
$
|
2,035
|
$
|
2
|
Impaired Loans by Class
|
||||||||||||||||||||||||
For the Year Ended
|
||||||||||||||||||||||||
As of December 31, 2020
|
December 31, 2020
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Unpaid Principal Balance
|
Without Valuation Allowance
|
With Valuation Allowance
|
Associated Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||||||
Residential 1-4 family
|
$
|
474
|
$
|
366
|
$
|
87
|
$
|
1
|
$
|
458
|
$
|
10
|
||||||||||||
Commercial
|
3,490
|
1,306
|
121
|
1
|
2,559
|
46
|
||||||||||||||||||
Construction
|
83
|
-
|
83
|
-
|
84
|
5
|
||||||||||||||||||
Second mortgages
|
133
|
-
|
133
|
9
|
134
|
5
|
||||||||||||||||||
Total mortgage loans on real estate
|
4,180
|
1,672
|
424
|
11
|
3,235
|
66
|
||||||||||||||||||
Commercial and industrial loans
|
6
|
6
|
-
|
-
|
7
|
-
|
||||||||||||||||||
Other consumer loans
|
14
|
14
|
-
|
-
|
15
|
1
|
||||||||||||||||||
Total
|
$
|
4,200
|
$
|
1,692
|
$
|
424
|
$
|
11
|
$
|
3,257
|
$
|
67
|
• |
Commercial and industrial: Commercial and industrial loans carry risks associated with the successful operation of a business or project, in addition to other risks
associated with the ownership of a business. The repayment of these loans may be dependent upon the profitability and cash flows of the business. In addition, there is risk associated with the value of collateral other than real estate
which may depreciate over time and cannot be appraised with as much precision.
|
• |
Real estate-construction: Construction loans carry risks that the project will not be finished according to schedule, the project will not be finished according to
budget and the value of the collateral may at any point in time be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be the loan customer, may be unable to
finish the construction project as planned because of financial pressure unrelated to the project.
|
• |
Real estate-mortgage: Residential mortgage loans and equity lines of credit carry risks associated with the continued credit-worthiness of the borrower and changes in
the value of the collateral. Commercial real estate loans carry risks associated with the successful operation of a business if owner occupied. If non-owner occupied, the repayment of these loans may be dependent upon the profitability and
cash flow from rent receipts.
|
• |
Consumer loans: Consumer loans carry risks associated with the continued credit-worthiness of the borrowers and the value of the collateral. Consumer loans are more
likely than real estate loans to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy.
|
• |
Other loans: Other loans are loans to mortgage companies, loans for purchasing or carrying securities, and loans to insurance, investment and finance companies. These
loans carry risks associated with the successful operation of a business. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time, depend on interest rates or fluctuate in
active trading markets.
|
ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS
|
||||||||||||||||||||||||||||||||
For the Three Months ended March 31, 2021
|
||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Commercial
and Industrial
|
Real Estate
Construction
|
Real Estate -
Mortgage (1)
|
Real Estate -
Commercial
|
Consumer (2)
|
Other
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Balance, beginning
|
$
|
650
|
$
|
339
|
$
|
2,560
|
$
|
4,434
|
$
|
1,302
|
$
|
123
|
$
|
133
|
$
|
9,541
|
||||||||||||||||
Charge-offs
|
(4
|
)
|
-
|
(1
|
)
|
-
|
(197
|
)
|
(114
|
)
|
-
|
(316
|
)
|
|||||||||||||||||||
Recoveries
|
2
|
-
|
14
|
1
|
213
|
56
|
-
|
286
|
||||||||||||||||||||||||
Provision for loan losses
|
93
|
(17
|
)
|
(24
|
)
|
(118
|
)
|
(33
|
)
|
196
|
53
|
150
|
||||||||||||||||||||
Ending Balance
|
$
|
741
|
$
|
322
|
$
|
2,549
|
$
|
4,317
|
$
|
1,285
|
$
|
261
|
$
|
186
|
$
|
9,661
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
42
|
$
|
13
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
55
|
||||||||||||||||
Collectively evaluated for impairment
|
741
|
322
|
2,507
|
4,304
|
1,285
|
261
|
186
|
9,606
|
||||||||||||||||||||||||
Purchased credit-impaired loans
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||
Ending Balance
|
$
|
741
|
$
|
322
|
$
|
2,549
|
$
|
4,317
|
$
|
1,285
|
$
|
261
|
$
|
186
|
$
|
9,661
|
||||||||||||||||
Loans Balances:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
5
|
81
|
522
|
1,391
|
12
|
-
|
-
|
2,011
|
||||||||||||||||||||||||
Collectively evaluated for impairment
|
124,035
|
39,172
|
201,258
|
319,022
|
115,001
|
7,162
|
-
|
805,650
|
||||||||||||||||||||||||
Purchased credit-impaired loans
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||
Ending Balance
|
$
|
124,040
|
$
|
39,253
|
$
|
201,780
|
$
|
320,413
|
$
|
115,013
|
$
|
7,162
|
$
|
-
|
$
|
807,661
|
For the Year ended December 31, 2020
|
||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Commercial and
Industrial
|
Real Estate
Construction
|
Real Estate -
Mortgage (1)
|
Real Estate -
Commercial
|
Consumer (2)
|
Other
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Balance, beginning
|
$
|
1,244
|
$
|
258
|
$
|
2,505
|
$
|
3,663
|
$
|
1,694
|
$
|
296
|
$
|
-
|
$
|
9,660
|
||||||||||||||||
Charge-offs
|
(25
|
)
|
-
|
(149
|
)
|
(654
|
)
|
(822
|
)
|
(355
|
)
|
-
|
(2,005
|
)
|
||||||||||||||||||
Recoveries
|
47
|
10
|
69
|
317
|
377
|
66
|
-
|
886
|
||||||||||||||||||||||||
Provision for loan losses
|
(616
|
)
|
71
|
135
|
1,108
|
53
|
116
|
133
|
1,000
|
|||||||||||||||||||||||
Ending Balance
|
$
|
650
|
$
|
339
|
$
|
2,560
|
$
|
4,434
|
$
|
1,302
|
$
|
123
|
$
|
133
|
$
|
9,541
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
10
|
$
|
1
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
11
|
||||||||||||||||
Collectively evaluated for impairment
|
650
|
339
|
2,550
|
4,433
|
1,302
|
123
|
133
|
9,530
|
||||||||||||||||||||||||
Purchased credit-impaired loans
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||
Ending Balance
|
$
|
650
|
$
|
339
|
$
|
2,560
|
$
|
4,434
|
$
|
1,302
|
$
|
123
|
$
|
133
|
$
|
9,541
|
||||||||||||||||
Loans Balances:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
6
|
83
|
586
|
1,427
|
14
|
-
|
-
|
2,116
|
||||||||||||||||||||||||
Collectively evaluated for impairment
|
141,740
|
43,649
|
206,950
|
315,424
|
118,354
|
8,067
|
-
|
834,184
|
||||||||||||||||||||||||
Purchased credit-impaired loans
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||
Ending Balance
|
$
|
141,746
|
$
|
43,732
|
$
|
207,536
|
$
|
316,851
|
$
|
118,368
|
$
|
8,067
|
$
|
-
|
$
|
836,300
|
(dollars in thousands)
|
March 31, 2021
|
|||
Lease liabilities
|
$
|
1,277
|
||
Right-of-use assets
|
$
|
1,260
|
||
Weighted average remaining lease term
|
4.34 years
|
|||
Weighted average discount rate
|
1.76
|
%
|
Three Months Ended March 31,
|
||||||||
Lease cost (in thousands)
|
2021
|
2020
|
||||||
Operating lease cost
|
$
|
104
|
$
|
88
|
||||
Total lease cost
|
$
|
104
|
$
|
88
|
||||
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
139
|
$
|
84
|
Lease payments due (in thousands)
|
As of
March 31, 2021
|
|||
Nine months ending December 31, 2021
|
$
|
213
|
||
Twelve months ending December 31, 2022
|
339
|
|||
Twelve months ending December 31, 2023
|
248
|
|||
Twelve months ending December 31, 2024
|
240
|
|||
Thereafter
|
309
|
|||
Total undiscounted cash flows
|
$
|
1,349
|
||
Discount
|
(72
|
)
|
||
Lease liabilities
|
$
|
1,277
|
Three Months Ended
March 31, |
||||||||
2021
|
2020
|
|||||||
Tax credits and other benefits
|
||||||||
Amortization of operating losses
|
$
|
49
|
$
|
45
|
||||
Tax benefit of operating losses*
|
10
|
9
|
||||||
Tax credits
|
94
|
103
|
||||||
Total tax benefits
|
$
|
104
|
$
|
112
|
||||
* Computed using a 21% tax rate.
|
(dollar in thousands)
|
March 31, 2021
|
December 31, 2020
|
||||||
Overnight repurchase agreements
|
$
|
6,204
|
$
|
6,619 | ||||
Total short-term borrowings
|
$
|
6,204
|
$
|
6,619
|
||||
Maximum month-end outstanding balance
|
$
|
6,606
|
$
|
9,080
|
||||
Average outstanding balance during the period
|
$
|
7,032
|
$
|
21,092
|
||||
Average interest rate (year-to-date)
|
0.10
|
%
|
0.19 |
%
|
||||
Average interest rate at end of period
|
0.10
|
%
|
0.10
|
%
|
March 31,
|
December 31,
|
|||||||
(dollars in thousands)
|
2021
|
2020
|
||||||
Commitments to extend credit:
|
||||||||
Home equity lines of credit
|
$
|
69,138
|
$
|
66,999
|
||||
Commercial real estate, construction and development loans committed but not funded
|
22,967
|
20,258
|
||||||
Other lines of credit (principally commercial)
|
67,681
|
64,329
|
||||||
Total
|
$
|
159,786
|
$
|
151,586
|
||||
Letters of credit
|
$
|
4,796
|
$
|
4,841
|
Shares
|
Weighted Average
Grant Date
Fair Value
|
|||||||
Nonvested, January 1, 2021
|
29,576
|
$
|
18.46
|
|||||
Issued
|
-
|
-
|
||||||
Vested
|
-
|
-
|
||||||
Forfeited
|
-
|
-
|
||||||
Nonvested, March 31, 2021
|
29,576
|
$
|
18.46
|
Three Months Ended
March 31, |
Affected Line Item on
Consolidated Statement of Income |
||||||||
(dollars in thousands)
|
2021
|
2020
|
|||||||
Available-for-sale securities
|
|||||||||
Realized gains on sales of securities
|
$
|
-
|
$
|
-
|
Gain on sale of available-for-sale securities, net
|
||||
Tax effect
|
-
|
-
|
Income tax expense
|
||||||
$
|
-
|
$
|
-
|
(dollars in thousands)
|
Unrealized Gains
(Losses) on
Available-for-Sale
Securities
|
Accumulated Other
Comprehensive Income
(Loss)
|
||||||
Three Months Ended March 31, 2021
|
||||||||
Balance at beginning of period
|
$
|
4,069
|
$
|
4,069
|
||||
Net other comprehensive loss
|
(1,694
|
)
|
(1,694
|
)
|
||||
Balance at end of period
|
$
|
2,375
|
$
|
2,375
|
||||
Three Months Ended March 31, 2020
|
||||||||
Balance at beginning of period
|
$
|
(79
|
)
|
$
|
(79
|
)
|
||
Net other comprehensive loss
|
(445
|
)
|
(445
|
)
|
||||
Balance at end of period
|
$
|
(524
|
)
|
$
|
(524
|
)
|
Three Months Ended March 31, 2021
|
||||||||||||
(dollars in thousands)
|
Pretax
|
Tax
|
Net-of-Tax
|
|||||||||
Unrealized losses on available-for-sale securities:
|
||||||||||||
Unrealized holding losses arising during the period
|
$
|
(2,144
|
)
|
$
|
(450
|
)
|
$
|
(1,694
|
)
|
|||
|
||||||||||||
Total change in accumulated other comprehensive income, net
|
$
|
(2,144
|
)
|
$
|
(450
|
)
|
$
|
(1,694
|
)
|
Three Months Ended March 31, 2020
|
||||||||||||
(dollars in thousands)
|
Pretax
|
Tax
|
Net-of-Tax
|
|||||||||
Unrealized losses on available-for-sale securities:
|
||||||||||||
Unrealized holding losses arising during the period
|
$
|
(563
|
)
|
$
|
(118
|
)
|
$
|
(445
|
)
|
|||
Total change in accumulated other comprehensive income, net
|
$
|
(563
|
)
|
$
|
(118
|
)
|
$
|
(445
|
)
|
(dollars in thousands except per share data)
|
Net Income Available to
Common Shareholders
(Numerator)
|
Weighted Average
Common Shares
(Denominator)
|
Per Share
Amount
|
|||||||||
Three Months Ended March 31, 2021
|
||||||||||||
Net income, basic
|
$
|
3,012
|
5,225
|
$
|
0.58
|
|||||||
Potentially dilutive common shares - employee stock purchase program
|
-
|
-
|
-
|
|||||||||
Diluted
|
$
|
3,012
|
5,225
|
$
|
0.58
|
|||||||
Three Months Ended March 31, 2020
|
||||||||||||
Net income, basic
|
$
|
1,250
|
5,200
|
$
|
0.24
|
|||||||
Potentially dilutive common shares - employee stock purchase program
|
-
|
1
|
-
|
|||||||||
Diluted
|
$
|
1,250
|
5,201
|
$
|
0.24
|
• |
Level 1: Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and
liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
|
• |
Level 2: Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on
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 asset or liability.
|
• |
Level 3: Valuation is based on 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 determination of fair value requires significant
management judgment or estimation.
|
Fair Value Measurements at March 31, 2021 Using
|
||||||||||||||||
(dollars in thousands)
|
Balance
|
Quoted Prices
in Active
Markets for
Identical
Assets (Level 1) |
Significant
Other
Observable
Inputs
(Level 2) |
Significant
Unobservable
Inputs
(Level 3) |
||||||||||||
Available-for-sale securities
|
||||||||||||||||
U.S. Treasury securities
|
$
|
7,016
|
$
|
-
|
$
|
7,016
|
$
|
-
|
||||||||
Obligations of U.S. Government agencies
|
35,432
|
-
|
35,432
|
-
|
||||||||||||
Obligations of state and political subdivisions
|
53,159
|
-
|
53,159
|
-
|
||||||||||||
Mortgage-backed securities
|
75,939
|
-
|
75,939
|
-
|
||||||||||||
Money market investments
|
4,558
|
-
|
4,558
|
-
|
||||||||||||
Corporate bonds and other securities
|
18,414
|
-
|
18,414
|
-
|
||||||||||||
Total available-for-sale securities
|
$
|
194,518
|
$
|
-
|
$
|
194,518
|
$
|
-
|
Fair Value Measurements at December 31, 2020 Using
|
||||||||||||||||
(dollars in thousands)
|
Balance
|
Quoted Prices
in Active
Markets for
Identical
Assets (Level 1) |
Significant
Other
Observable
Inputs
(Level 2) |
Significant
Unobservable
Inputs
(Level 3) |
||||||||||||
Available-for-sale securities
|
||||||||||||||||
U.S. Treasury securities
|
$
|
7,043
|
$
|
-
|
$
|
7,043
|
$
|
-
|
||||||||
Obligations of U.S. Government agencies
|
36,696
|
-
|
36,696
|
-
|
||||||||||||
Obligations of state and political subdivisions
|
45,995
|
-
|
45,995
|
-
|
||||||||||||
Mortgage-backed securities
|
73,501
|
-
|
73,501
|
-
|
||||||||||||
Money market investments
|
4,743
|
-
|
4,743
|
-
|
||||||||||||
Corporate bonds and other securities
|
18,431
|
-
|
18,431
|
-
|
||||||||||||
Total available-for-sale securities
|
$
|
186,409
|
$
|
-
|
$
|
186,409
|
$
|
-
|
Carrying Value at March 31, 2021
|
||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Quoted Prices
in Active
Markets for
Identical
Assets (Level 1) |
Significant
Other
Observable
Inputs
(Level 2) |
Significant
Unobservable
Inputs
(Level 3) |
||||||||||||
Loans
|
||||||||||||||||
Loans held for sale
|
$
|
9,291
|
$
|
-
|
$
|
9,291
|
$
|
-
|
Carrying Value at December 31, 2020
|
||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Quoted Prices
in Active
Markets for
Identical
Assets (Level 1) |
Significant
Other
Observable
Inputs
(Level 2) |
Significant
Unobservable
Inputs
(Level 3) |
||||||||||||
Loans
|
||||||||||||||||
Loans held for sale
|
$
|
14,413
|
$
|
-
|
$
|
14,413
|
$
|
-
|
Fair Value Measurements at March 31, 2021 Using
|
||||||||||||||||
(dollars in thousands)
|
Carrying Value
|
Quoted Prices
in Active
Markets for
Identical
Assets (Level 1) |
Significant
Other
Observable
Inputs
(Level 2) |
Significant
Unobservable
Inputs
(Level 3) |
||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
177,404
|
$
|
177,404
|
$
|
-
|
$
|
-
|
||||||||
Securities available-for-sale
|
194,518
|
-
|
194,518
|
-
|
||||||||||||
Restricted securities
|
1,033
|
-
|
1,033
|
-
|
||||||||||||
Loans held for sale
|
9,291
|
-
|
9,291
|
-
|
||||||||||||
Loans, net of allowances for loan losses
|
798,000
|
-
|
-
|
801,357
|
||||||||||||
Bank owned life insurance
|
28,612
|
-
|
28,612
|
-
|
||||||||||||
Accrued interest receivable
|
3,302
|
-
|
3,302
|
-
|
||||||||||||
Liabilities
|
||||||||||||||||
Deposits
|
$
|
1,111,558
|
$
|
-
|
$
|
1,114,120
|
$
|
-
|
||||||||
Overnight repurchase agreements
|
6,204
|
-
|
6,204
|
-
|
||||||||||||
Federal Reserve Bank borrowings
|
10,995
|
-
|
10,995
|
-
|
||||||||||||
Accrued interest payable
|
311
|
-
|
311
|
-
|
Fair Value Measurements at December 31, 2020 Using
|
||||||||||||||||
(dollars in thousands)
|
Carrying Value
|
Quoted Prices
in Active
Markets for
Identical
Assets (Level 1) |
Significant
Other
Observable
Inputs
(Level 2) |
Significant
Unobservable
Inputs
(Level 3) |
||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
120,437
|
$
|
120,437
|
$
|
-
|
$
|
-
|
||||||||
Securities available-for-sale
|
186,409
|
-
|
186,409
|
-
|
||||||||||||
Restricted securities
|
1,367
|
-
|
1,367
|
-
|
||||||||||||
Loans held for sale
|
14,413
|
-
|
14,413
|
-
|
||||||||||||
Loans, net of allowances for loan losses
|
826,759
|
-
|
-
|
826,083
|
||||||||||||
Bank owned life insurance
|
28,386
|
-
|
28,386
|
-
|
||||||||||||
Accrued interest receivable
|
3,613
|
-
|
3,613
|
-
|
||||||||||||
Liabilities
|
||||||||||||||||
Deposits
|
$
|
1,067,236
|
$
|
-
|
$
|
1,070,236
|
$
|
-
|
||||||||
Overnight repurchase agreements
|
6,619
|
-
|
6,619
|
-
|
||||||||||||
Federal Reserve Bank borrowings
|
28,550
|
-
|
28,550
|
-
|
||||||||||||
Other borrowings
|
1,350
|
-
|
1,350
|
-
|
||||||||||||
Accrued interest payable
|
384
|
-
|
384
|
-
|
Three Months Ended March 31, 2021
|
||||||||||||||||||||
(dollars in thousands)
|
Bank
|
Trust
|
Parent
|
Eliminations
|
Consolidated
|
|||||||||||||||
Revenues
|
||||||||||||||||||||
Interest and dividend income
|
$
|
10,973
|
$
|
5
|
$
|
3,148
|
$
|
(3,148
|
)
|
$
|
10,978
|
|||||||||
Income from fiduciary activities
|
-
|
1,027
|
-
|
-
|
1,027
|
|||||||||||||||
Other income
|
2,866
|
256
|
50
|
(65
|
)
|
3,107
|
||||||||||||||
Total operating income
|
13,839
|
1,288
|
3,198
|
(3,213
|
)
|
15,112
|
||||||||||||||
Expenses
|
||||||||||||||||||||
Interest expense
|
818
|
-
|
4
|
-
|
822
|
|||||||||||||||
Provision for loan losses
|
150
|
-
|
-
|
-
|
150
|
|||||||||||||||
Salaries and employee benefits
|
5,320
|
743
|
164
|
-
|
6,227
|
|||||||||||||||
Other expenses
|
4,063
|
279
|
54
|
(65
|
)
|
4,331
|
||||||||||||||
Total operating expenses
|
10,351
|
1,022
|
222
|
(65
|
)
|
11,530
|
||||||||||||||
Income before taxes
|
3,488
|
266
|
2,976
|
(3,148
|
)
|
3,582
|
||||||||||||||
Income tax expense (benefit)
|
550
|
56
|
(36
|
)
|
-
|
570
|
||||||||||||||
Net income
|
$
|
2,938
|
$
|
210
|
$
|
3,012
|
$
|
(3,148
|
)
|
$
|
3,012
|
|||||||||
Capital expenditures
|
$
|
121
|
$
|
5
|
$
|
-
|
$
|
-
|
$
|
126
|
||||||||||
Total assets
|
$
|
1,250,353
|
$
|
7,003
|
$
|
117,956
|
$
|
(117,674
|
)
|
$
|
1,257,638
|
Three Months Ended March 31, 2020
|
||||||||||||||||||||
(dollars in thousands)
|
Bank
|
Trust
|
Parent
|
Eliminations
|
Consolidated
|
|||||||||||||||
Revenues
|
||||||||||||||||||||
Interest and dividend income
|
$
|
9,963
|
$
|
23
|
$
|
1,439
|
$
|
(1,439
|
)
|
$
|
9,986
|
|||||||||
Income from fiduciary activities
|
-
|
1,017
|
-
|
-
|
1,017
|
|||||||||||||||
Other income
|
1,990
|
286
|
50
|
(65
|
)
|
2,261
|
||||||||||||||
Total operating income
|
11,953
|
1,326
|
1,489
|
(1,504
|
)
|
13,264
|
||||||||||||||
Expenses
|
||||||||||||||||||||
Interest expense
|
1,548
|
-
|
20
|
-
|
1,568
|
|||||||||||||||
Provision for loan losses
|
300
|
-
|
-
|
-
|
300
|
|||||||||||||||
Salaries and employee benefits
|
4,988
|
814
|
192
|
-
|
5,994
|
|||||||||||||||
Other expenses
|
3,682
|
342
|
77
|
(65
|
)
|
4,036
|
||||||||||||||
Total operating expenses
|
10,518
|
1,156
|
289
|
(65
|
)
|
11,898
|
||||||||||||||
Income before taxes
|
1,435
|
170
|
1,200
|
(1,439
|
)
|
1,366
|
||||||||||||||
Income tax expense (benefit)
|
129
|
37
|
(50
|
)
|
-
|
116
|
||||||||||||||
Net income
|
$
|
1,306
|
$
|
133
|
$
|
1,250
|
$
|
(1,439
|
)
|
$
|
1,250
|
|||||||||
Capital expenditures
|
$
|
368
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
368
|
||||||||||
Total assets
|
$
|
1,058,955
|
$
|
6,774
|
$
|
111,861
|
$
|
(112,313
|
)
|
$
|
1,065,277
|
• |
interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds and increases or volatility in mortgage interest rates
|
• |
general business conditions, as well as conditions within the financial markets
|
• |
general economic conditions, including unemployment levels and slowdowns in economic growth, and particularly related to further and sustained economic impacts of the COVID-19 pandemic
|
• |
the effectiveness of the Company’s efforts to respond to COVID-19, the severity and duration of the pandemic, the impact of loosening of governmental restrictions, the uncertainty regarding new variants, the pace and efficacy of
vaccinations and treatment developments, the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein
|
• |
potential claims, damages and fines related to litigation or government actions, including litigation or actions arising from the Company’s participation in and administration of programs related to COVID-19, including, among other
things, the PPP under the CARES Act, as subsequently amended
|
• |
the Company’s branch realignment initiatives
|
• |
the Company’s technology, efficiency, and other strategic initiatives
|
• |
the legislative/regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
|
• |
monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System (the Federal Reserve Board), and the effect of these policies on
interest rates and business in our markets
|
• |
future levels of government defense spending particularly in the Company’s service area
|
• |
the impact of potential changes in the political landscape and related policy changes, including monetary, regulatory and trade policies
|
• |
the US. Government’s guarantee of repayment of student or small business loans purchased by the Company
|
• |
the value of securities held in the Company’s investment portfolios
|
• |
demand for loan products and the impact of changes in demand on loan growth
|
• |
the quality or composition of the loan portfolios and the value of the collateral securing those loans
|
• |
changes in the volume and mix of interest-earning assets and interest-bearing liabilities
|
• |
the effects of management’s investment strategy and strategy to manage the net interest margin
|
• |
the level of net charge-offs on loans and the adequacy of our allowance for loan and lease losses
|
• |
performance of the Company’s dealer lending program
|
• |
deposit flows
|
• |
the strength of the Company’s counterparties
|
• |
competition from both banks and non-banks
|
• |
demand for financial services in the Company’s market area
|
• |
implementation of new technologies
|
• |
the Company’s ability to develop and maintain secure and reliable electronic systems
|
• |
any interruption or breach of security in the Company’s information systems or those of the Company’s third-party vendors or their service providers
|
• |
reliance on third parties for key services
|
• |
cyber threats, attacks or events
|
• |
the use of inaccurate assumptions in management’s modeling systems
|
• |
technological risks and developments
|
• |
the commercial and residential real estate markets
|
• |
the demand in the secondary residential mortgage loan markets
|
• |
expansion of the Company’s product offerings
|
• |
accounting principles, policies and guidelines and elections made by the Company thereunder
|
• |
Return on average assets (ROA) was 0.99% compared to 0.17% in the prior quarter and 0.48% in the first quarter of 2020.
|
• |
Return on average equity (ROE) was 10.3% compared to 1.8% in the prior quarter and 4.5% in the first quarter of 2020.
|
• |
Net interest margin (NIM) improved to 3.58% from 3.52% in the first quarter of 2020 and 3.16% in the prior quarter. NIM on a fully tax-equivalent basis (FTE) improved to 3.60% from 3.53% in the first quarter of 2020 and 3.18% in the
prior quarter
|
• |
Total assets were $1.3 billion at March 31, 2021, growing $31.4 million or 2.6% from December 31, 2020.
|
• |
Deposits grew $44.3 million to $1.1 billion at March 31, 2021 from December 31, 2020.
|
• |
Non-performing assets (NPAs) increased slightly to $2.2 million at March 31, 2021 compared to $2.0 million at December 31, 2020, but decreased significantly from $7.0 million as of March 31, 2020. NPAs as a percentage of total assets was
0.18% at March 31, 2021, which compared to 0.16% at December 31, 2020 and 0.65% at March 31, 2020.
|
• |
Net interest income improved to $10.2 million for the first quarter of 2021, compared to $9.4 million for the fourth quarter of 2020 and $8.4 million for the first quarter of 2020.
|
• |
Noninterest income was $4.1 million for the first quarter of 2021, increasing from $3.8 million for the fourth quarter of 2020 and $3.3 million for the first quarter of 2020.
|
AVERAGE BALANCE SHEETS, NET INTEREST INCOME AND RATES
|
||||||||||||||||||||||||
For the quarter ended March 31,
|
||||||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance |
Interest
Income/ |
Yield/
Rate** |
Average
Balance |
Interest
Income/ |
Yield/
Rate** |
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Loans*
|
$
|
835,349
|
$
|
9,965
|
4.84
|
%
|
$
|
754,710
|
$
|
8,839
|
4.71
|
%
|
||||||||||||
Investment securities:
|
||||||||||||||||||||||||
Taxable
|
159,516
|
770
|
1.96
|
%
|
142,853
|
863
|
2.43
|
%
|
||||||||||||||||
Tax-exempt*
|
29,696
|
229
|
3.12
|
%
|
11,223
|
110
|
3.93
|
%
|
||||||||||||||||
Total investment securities
|
189,212
|
999
|
2.14
|
%
|
154,076
|
973
|
2.54
|
%
|
||||||||||||||||
Interest-bearing due from banks
|
124,347
|
43
|
0.14
|
%
|
47,931
|
151
|
1.27
|
%
|
||||||||||||||||
Federal funds sold
|
4
|
-
|
0.04
|
%
|
3,367
|
12
|
1.45
|
%
|
||||||||||||||||
Other investments
|
1,319
|
30
|
9.16
|
%
|
2,991
|
46
|
6.15
|
%
|
||||||||||||||||
Total earning assets
|
1,150,231
|
$
|
11,037
|
3.89
|
%
|
963,075
|
$
|
10,021
|
4.19
|
%
|
||||||||||||||
Allowance for loan losses
|
(9,648
|
)
|
(9,636
|
)
|
||||||||||||||||||||
Other non-earning assets
|
97,123
|
103,101
|
||||||||||||||||||||||
Total assets
|
$
|
1,237,706
|
$
|
1,056,540
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||||||
Time and savings deposits:
|
||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$
|
67,759
|
$
|
3
|
0.02
|
%
|
$
|
49,222
|
$
|
3
|
0.02
|
%
|
||||||||||||
Money market deposit accounts
|
347,530
|
201
|
0.24
|
%
|
280,955
|
317
|
0.45
|
%
|
||||||||||||||||
Savings accounts
|
108,262
|
11
|
0.04
|
%
|
86,607
|
20
|
0.09
|
%
|
||||||||||||||||
Time deposits
|
191,298
|
584
|
1.24
|
%
|
223,126
|
972
|
1.75
|
%
|
||||||||||||||||
Total time and savings deposits
|
714,849
|
799
|
0.45
|
%
|
639,910
|
1,312
|
0.82
|
%
|
||||||||||||||||
Federal funds purchased, repurchase agreements and other borrowings
|
26,253
|
23
|
0.35
|
%
|
8,595
|
22
|
1.03
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
-
|
-
|
0.00
|
%
|
38,484
|
234
|
2.45
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
741,102
|
822
|
0.45
|
%
|
686,989
|
1,568
|
0.92
|
%
|
||||||||||||||||
Demand deposits
|
368,073
|
253,429
|
||||||||||||||||||||||
Other liabilities
|
9,906
|
4,093
|
||||||||||||||||||||||
Stockholders’ equity
|
118,625
|
112,029
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
1,237,706
|
$
|
1,056,540
|
||||||||||||||||||||
Net interest margin
|
$
|
10,215
|
3.60
|
%
|
$
|
8,453
|
3.53
|
%
|
||||||||||||||||
*Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income
by $59 thousand and $35 thousand for March 31, 2021 and 2020, respectively.
**Annualized
|
NONPERFORMING ASSETS
|
||||||||||||
(dollars in thousands)
|
March 31,
2021 |
December 31,
2020 |
Increase
(Decrease) |
|||||||||
Nonaccrual loans
|
||||||||||||
Real estate-mortgage (1)
|
$
|
251
|
$
|
311
|
$
|
(60
|
)
|
|||||
Real estate-commercial
|
878
|
903
|
(25
|
)
|
||||||||
Total nonaccrual loans
|
$
|
1,129
|
$
|
1,214
|
$
|
(85
|
)
|
|||||
Loans past due 90 days or more and accruing interest
|
||||||||||||
Real estate-construction
|
$
|
88
|
$
|
-
|
$
|
88
|
||||||
Real estate-mortgage (1)
|
50
|
-
|
50
|
|||||||||
Real estate-commercial
|
-
|
-
|
-
|
|||||||||
Consumer loans (2)
|
$
|
981
|
$
|
744
|
$
|
237
|
||||||
Total loans past due 90 days or more and accruing interest
|
$
|
1,119
|
$
|
744
|
$
|
375
|
||||||
Restructured loans
|
||||||||||||
Real estate-construction
|
$
|
82
|
$
|
83
|
$
|
(1
|
)
|
|||||
Real estate-mortgage (1)
|
481
|
492
|
(11
|
)
|
||||||||
Real estate-commercial
|
1,318
|
1,352
|
(34
|
)
|
||||||||
Total restructured loans
|
$
|
1,881
|
$
|
1,927
|
$
|
(46
|
)
|
|||||
Less nonaccrual restructured loans (included above)
|
1,088
|
1,120
|
(32
|
)
|
||||||||
Less restructured loans currently in compliance (3)
|
793
|
807
|
(14
|
)
|
||||||||
Net nonperforming, accruing restructured loans
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Nonperforming loans
|
$
|
2,248
|
$
|
1,958
|
$
|
290
|
||||||
Total nonperforming assets
|
$
|
2,248
|
$
|
1,958
|
$
|
290
|
||||||
(1) The real estate-mortgage segment includes residential 1 – 4 family, second mortgages and equity lines of credit.
(2) Amounts listed include student loans and small business loans with principal and interest amounts that are 97 - 100% guaranteed by the federal government. The portion of these guaranteed
loans that is past due 90 days or more totaled $693 thousand at March 31, 2021 and $547 thousand at December 31, 2020.
(3) As of March 31, 2021 and December 31, 2020, all of the Company’s restructured accruing loans were performing in compliance with their modified terms.
|
2021
Regulatory
Minimums
|
March 31, 2021
|
|||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets
|
4.500
|
%
|
12.02
|
%
|
||||
Tier 1 Capital to Risk-Weighted Assets
|
6.000
|
%
|
12.02
|
%
|
||||
Tier 1 Leverage to Average Assets
|
4.000
|
%
|
8.79
|
%
|
||||
Total Capital to Risk-Weighted Assets
|
8.000
|
%
|
13.13
|
%
|
||||
Capital Conservation Buffer
|
2.500
|
%
|
5.13
|
%
|
||||
Risk-Weighted Assets (in thousands)
|
$
|
880,840
|
Three Months Ended March 31,
|
||||||||
(dollar in thousands, except per share data)
|
2021
|
2020
|
||||||
Fully Taxable Equivalent Net Interest Income
|
||||||||
Net interest income (GAAP)
|
$
|
10,156
|
$
|
8,418
|
||||
FTE adjustment
|
59
|
35
|
||||||
Net interest income (FTE) (non-GAAP)
|
$
|
10,215
|
$
|
8,453
|
||||
Noninterest income (GAAP)
|
4,134
|
3,278
|
||||||
Total revenue (FTE) (non-GAAP)
|
$
|
14,349
|
$
|
11,731
|
||||
Noninterest expense (GAAP)
|
10,558
|
10,030
|
||||||
Average earning assets
|
$
|
1,150,231
|
$
|
963,075
|
||||
Net interest margin
|
3.58
|
%
|
3.52
|
%
|
||||
Net interest margin (FTE) (non-GAAP)
|
3.60
|
%
|
3.53
|
%
|
||||
Efficiency ratio
|
73.88
|
%
|
85.76
|
%
|
||||
Efficiency ratio (FTE) (non-GAAP)
|
73.58
|
%
|
85.50
|
%
|
||||
ALLL as a Percentage of Loans Held for Investment
|
March 31, 2021
|
December 31, 2020
|
||||||
Loans held for investment (net of deferred fees and costs) (GAAP)
|
$
|
807,661
|
$
|
836,300
|
||||
Less PPP originations
|
66,805
|
85,983
|
||||||
Loans held for investment, (net of deferred fees and costs), excluding PPP (non-GAAP)
|
$
|
740,856
|
$
|
750,317
|
||||
ALLL
|
$
|
9,961
|
$
|
9,541
|
||||
ALLL as a Percentage of Loans Held for Investment
|
1.20
|
%
|
1.14
|
%
|
||||
ALLL as a Percentage of Loans Held for Investment, net of PPP originations
|
1.30
|
%
|
1.27
|
%
|
Exhibit No.
|
Description
|
|
2.1
|
||
3.1
|
||
3.1.1
|
||
3.2
|
||
31.1
|
||
31.2
|
||
32.1
|
||
101
|
The following materials from Old Point Financial Corporation’s quarterly report on Form 10-Q for the quarter ended March 31, 2021, formatted in XBRL (Extensible Business Reporting Language), filed herewith:
(i) Consolidated Balance Sheets (unaudited for March 31, 2021), (ii) Consolidated Statements of Income (unaudited), (iii) Consolidated Statements of Comprehensive Income (unaudited), (iv) Consolidated Statements of Changes in Stockholders’
Equity (unaudited), (v) Consolidated Statements of Cash Flows (unaudited), and (vi) Notes to Consolidated Financial Statements (unaudited)
|
OLD POINT FINANCIAL CORPORATION
|
||
May 14, 2021
|
/s/Robert F. Shuford, Jr.
|
|
Robert F. Shuford, Jr.
|
||
Chairman, President & Chief Executive Officer
|
||
(Principal Executive Officer)
|
||
May 14, 2021
|
/s/Elizabeth T. Beale
|
|
Elizabeth T. Beale
|
||
Chief Financial Officer & Senior Vice President/Finance
|
||
(Principal Financial & Accounting Officer)
|
May 14, 2021
|
/s/Robert F. Shuford, Jr.
|
|
Robert F. Shuford, Jr.
|
||
Chairman, President & Chief Executive Officer
|
May 14, 2021
|
/s/Elizabeth T. Beale
|
|
Elizabeth T. Beale
|
||
Chief Financial Officer & Senior Vice President/Finance
|
May 14, 2021
|
/s/Robert F. Shuford, Jr.
|
|
Robert F. Shuford, Jr.
|
||
Chairman, President & Chief Executive Officer
|
||
May 14, 2021
|
/s/Elizabeth T. Beale
|
|
Elizabeth T. Beale
|
||
Chief Financial Officer & Senior Vice President/Finance
|
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
May 07, 2021 |
|
Cover [Abstract] | ||
Entity Registrant Name | OLD POINT FINANCIAL CORP | |
Entity Central Index Key | 0000740971 | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Address, State or Province | VA | |
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 | 5,240,433 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares outstanding (in shares) | 5,225,295 | 5,224,019 |
Restricted Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested restricted stock (in shares) | 29,576 | 29,576 |
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Interest and Dividend Income: | ||
Loans, including fees | $ 9,954 | $ 8,827 |
Due from banks | 43 | 151 |
Federal funds sold | 0 | 12 |
Securities: | ||
Taxable | 770 | 864 |
Tax-exempt | 181 | 86 |
Dividends and interest on all other securities | 30 | 46 |
Total interest and dividend income | 10,978 | 9,986 |
Interest Expense: | ||
Checking and savings deposits | 215 | 340 |
Time deposits | 584 | 972 |
Federal funds purchased, securities sold under agreements to repurchase and other borrowings | 23 | 22 |
Federal Home Loan Bank advances | 0 | 234 |
Total interest expense | 822 | 1,568 |
Net interest income | 10,156 | 8,418 |
Provision for loan losses | 150 | 300 |
Net interest income after provision for loan losses | 10,006 | 8,118 |
Noninterest Income: | ||
Bank-owned life insurance income | 226 | 231 |
Mortgage banking income | 1,188 | 157 |
Total noninterest income | 4,134 | 3,278 |
Noninterest Expense: | ||
Salaries and employee benefits | 6,227 | 5,994 |
Occupancy and equipment | 1,202 | 1,266 |
Data processing | 1,043 | 819 |
Customer development | 78 | 114 |
Professional services | 545 | 475 |
Employee professional development | 141 | 220 |
Other taxes | 251 | 150 |
ATM and other losses | 139 | 98 |
Other operating expenses | 932 | 894 |
Total noninterest expense | 10,558 | 10,030 |
Income before income taxes | 3,582 | 1,366 |
Income tax expense | 570 | 116 |
Net income | $ 3,012 | $ 1,250 |
Basic Earnings per Share: | ||
Weighted average shares outstanding (in shares) | 5,224,501 | 5,200,250 |
Net income per share of common stock (in dollars per share) | $ 0.58 | $ 0.24 |
Diluted Earnings per Share: | ||
Weighted average shares outstanding (in shares) | 5,224,501 | 5,200,989 |
Net income per share of common stock (in dollars per share) | $ 0.58 | $ 0.24 |
Fiduciary and Asset Management Fees [Member] | ||
Noninterest Income: | ||
Noninterest revenue | $ 1,027 | $ 1,017 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest Income: | ||
Noninterest revenue | 688 | 895 |
Other Service Charges, Commissions and Fees [Member] | ||
Noninterest Income: | ||
Noninterest revenue | 948 | 943 |
Other Operating Income [Member] | ||
Noninterest Income: | ||
Noninterest revenue | $ 57 | $ 35 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net income | $ 3,012 | $ 1,250 |
Other comprehensive loss, net of tax | ||
Net unrealized loss on available-for-sale securities | (1,694) | (445) |
Other comprehensive income (loss), net of tax | (1,694) | (445) |
Comprehensive income | $ 1,318 | $ 805 |
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Total |
---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2019 | $ 25,901 | $ 20,959 | $ 62,975 | $ (79) | $ 109,756 |
Beginning Balance (in shares) at Dec. 31, 2019 | 5,180,105 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 0 | 0 | 1,250 | 0 | 1,250 |
Other comprehensive loss, net of tax | 0 | 0 | 0 | (445) | (445) |
Employee Stock Purchase Plan share issuance | $ 4 | 17 | 0 | 0 | 21 |
Employee Stock Purchase Plan share issuance (in shares) | 858 | ||||
Restricted stock vested | $ 36 | (36) | 0 | 0 | 0 |
Restricted stock vested (in shares) | 7,258 | ||||
Stock-based compensation expense | $ 0 | 86 | 0 | 0 | 86 |
Cash dividends | 0 | 0 | (624) | 0 | (624) |
Ending Balance at Mar. 31, 2020 | $ 25,941 | 21,026 | 63,601 | (524) | 110,044 |
Ending Balance (in shares) at Mar. 31, 2020 | 5,188,221 | ||||
Beginning Balance at Dec. 31, 2020 | $ 25,972 | 21,245 | 65,859 | 4,069 | $ 117,145 |
Beginning Balance (in shares) at Dec. 31, 2020 | 5,194,443 | 5,224,019 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 0 | 0 | 3,012 | 0 | $ 3,012 |
Other comprehensive loss, net of tax | 0 | 0 | 0 | (1,694) | (1,694) |
Employee Stock Purchase Plan share issuance | $ 7 | 18 | 0 | 0 | 25 |
Employee Stock Purchase Plan share issuance (in shares) | 1,276 | ||||
Stock-based compensation expense | $ 0 | 61 | 0 | 0 | 61 |
Cash dividends | 0 | 0 | (626) | 0 | (626) |
Ending Balance at Mar. 31, 2021 | $ 25,979 | $ 21,324 | $ 68,245 | $ 2,375 | $ 117,923 |
Ending Balance (in shares) at Mar. 31, 2021 | 5,195,719 | 5,225,295 |
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.12 | $ 0.12 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 3,012 | $ 1,250 | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 538 | 544 | |
Amortization of right of use lease asset | 104 | 88 | |
Accretion related to acquisition, net | (4) | (20) | |
Provision for loan losses | 150 | 300 | $ 1,000 |
Net amortization of securities | 205 | 154 | |
Decrease (increase) in loans held for sale, net | 5,122 | (1,719) | |
Income from bank owned life insurance | (226) | (231) | |
Stock compensation expense | 61 | 86 | |
Deferred tax benefit | (12) | 215 | |
(Decrease) in other assets | (425) | (573) | |
Increase (decrease) in accrued expenses and other liabilities | 5,667 | (1,426) | |
Net cash provided by (used in) operating activities | 14,192 | (1,332) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of available-for-sale securities | (16,008) | (13,570) | |
Proceeds from redemption (purchase) of restricted securities, net | 334 | (226) | |
Proceeds from maturities and calls of available-for-sale securities | 400 | 2,500 | |
Proceeds from sales of available-for-sale securities | 1,300 | 0 | |
Paydowns on available-for-sale securities | 3,850 | 3,459 | |
Net (increase) decrease in loans held for investment | 28,624 | (12,850) | |
Purchases of premises and equipment | (126) | (368) | |
Net cash provided by (used in) investing activities | 18,374 | (21,055) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Increase (decrease) in noninterest-bearing deposits | 24,477 | (4,454) | |
Increase in savings deposits | 26,406 | 29,816 | |
Decrease in time deposits | (6,561) | (12,322) | |
Decrease in federal funds purchased, repurchase agreements and other borrowings, net | (1,765) | (6,785) | |
Increase in Federal Home Loan Bank advances | 0 | 25,000 | |
Repayment of Federal Home Loan Bank advances | 0 | (20,000) | |
Repayment of Federal Reserve Bank borrowings | (17,555) | 0 | |
Proceeds from ESPP issuance | 25 | 21 | |
Cash dividends paid on common stock | (626) | (624) | |
Net cash provided by financing activities | 24,401 | 10,652 | |
Net increase (decrease) in cash and cash equivalents | 56,967 | (11,735) | |
Cash and cash equivalents at beginning of period | 120,437 | 89,865 | 89,865 |
Cash and cash equivalents at end of period | 177,404 | 78,130 | $ 120,437 |
Cash payments for: | |||
Interest | 891 | 1,639 | |
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS | |||
Unrealized (loss) gain on securities available-for-sale | (2,144) | (563) | |
Loans transferred to other real estate owned | 0 | 236 | |
Former bank property transferred from fixed assets to held for sale assets | 902 | 0 | |
Right of use lease asset and liability | $ 1,277 | $ 672 |
Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 1. Accounting Policies The accompanying unaudited consolidated financial statements of Old Point Financial Corporation (NASDAQ: OPOF) (the Company) and its subsidiaries have been prepared in accordance with U.S. GAAP for interim financial information. All significant intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments and reclassifications of a normal and recurring nature considered necessary to present fairly the financial position at March 31, 2020 and December 31, 2020, the statements of income, comprehensive income, and changes in stockholders' equity for the three months ended March 31, 2021 and 2020, and the statements of cash flows for the three months ended March 31, 2021 and 2020. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2020 Annual Report on Form 10-K. Certain previously reported amounts have been reclassified to conform to current period presentation, none of which were material in nature. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services N.A. (Trust). All significant intercompany balances and transactions have been eliminated in consolidation. NATURE OF OPERATIONS Old Point Financial Corporation is a holding company that conducts substantially all of its operations through two subsidiaries, the Bank and Trust. The Bank serves individual and commercial customers, the majority of which are in Hampton Roads, Virginia. As of March 31, 2021, the Bank had 16 branch offices. The Bank offers a full range of deposit and loan products to its retail and commercial customers, including mortgage loan products offered through Old Point Mortgage. A full array of insurance products is also offered through Old Point Insurance, LLC in partnership with Morgan Marrow Company. Trust offers a full range of services for individuals and businesses. Products and services include retirement planning, estate planning, financial planning, estate and trust administration, retirement plan administration, tax services and investment management services. COVID-19 The COVID-19 pandemic has caused a significant disruption in economic activity worldwide, including in market areas served by the Company. Estimates for the allowance for loan losses at March 31, 2021 include probable and estimable losses related to the pandemic. The Company expects that the pandemic will continue to have an effect on its results of operations. If economic conditions deteriorate further, then additional provision for loan losses may be required in future periods. It is unknown how long these conditions will last and what the ultimate financial impact will be to the Company. Depending on the severity and duration of the economic consequences of the pandemic, the Company’s goodwill may become impaired. On March 27, 2020, the CARES Act was enacted, which included provisions that, among other things, (i) established the PPP to provide loans guaranteed by the SBA to businesses affected by the pandemic, (ii) provided certain forms of economic stimulus, including direct payments to certain U.S. households, enhanced unemployment benefits, certain income tax benefits intended to assist businesses in surviving the economic crisis, and delayed the required implementation of certain new accounting standards for some entities, and (iii) provided limited regulatory relief to banking institutions. The federal banking agencies have eased certain bank capital requirements and reporting requirements in response to the pandemic, and have encouraged banking institutions to work prudently with borrowers affected by the pandemic by offering loan modifications that can improve borrowers’ capacity to service debt, increase the potential for financially stressed residential borrowers to keep their homes, and facilitate financial institutions’ ability to collect on their loans. The Federal Reserve Board also established the PPPLF to provide funding to eligible financial institutions to facilitate lending under the PPP. The Consolidated Appropriations Act, 2021, enacted on December 27, 2020, expanded on some of the benefits made available under the CARES Act, including the PPP program, and provided further economic stimulus. On March 11, 2021, President Biden signed into law the American Rescue Plan which provided a further $1.9 trillion of pandemic relief. The Company’s business, financial condition and results of operations generally rely upon the ability of its borrowers to repay their loans, the value of collateral underlying secured loans, and the demand for loans and other products and services offered, which are highly dependent on the business environment in the Company’s primary markets. As of March 31, 2021, the Company had loan modifications on $7.1 million, or 0.9% of gross loans, down from approximately $7.4 million of gross loans as of December 31, 2020. Of the loans still under modifications at March 31, 2021, $2.4 million were under initial modification with the remaining $4.7 million under a subsequent modification. Initial and subsequent modifications consisted primarily of 60- or 90-day principal and interest payment deferral periods. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The FASB has issued multiple updates to ASU No. 2016-13 as codified in Topic 326, including ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11, ASU No. 2020-02, and ASU No. 2020-03. These ASUs have provided for various minor technical corrections and improvements to the codification as well as other transition matters. Smaller reporting companies who file with the U.S. Securities and Exchange Commission (SEC) and all other entities who do not file with the SEC are required to apply the guidance for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company has formed a committee to oversee the adoption of the new standard, has engaged a third party to assist with implementation, has performed data fit gap and loss driver analyses, intends to run parallel models beginning in 2021, and is continuing to evaluate the impact that ASU No. 2016-13 will have on its consolidated financial statements. Effective November 25, 2019, the SEC adopted Staff Accounting Bulletin (SAB) 119. SAB 119 updated portions of SEC interpretative guidance to align with FASB ASC 326, “Financial Instruments – Credit Losses.” It covers topics including (1) measuring current expected credit losses; (2) development, governance, and documentation of a systematic methodology; (3) documenting the results of a systematic methodology; and (4) validating a systematic methodology. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not currently expected to have a material effect on the Company’s financial position, results of operations or cash flows. RECENTLY ADOPTED ACCOUNTING DEVELOPMENTS In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment” (ASU 2017-04). ASU 2017-04 simplifies the accounting for goodwill impairment for all entities by requiring impairment charges to be based on the first step in the previous two-step impairment test. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard eliminates the prior requirement to calculate a goodwill impairment charge using Step 2, which requires an entity to calculate any impairment charge by comparing the implied fair value of goodwill with its carrying amount. ASU No. 2017-04 was effective for the Company on January 1, 2020 and did not have a material impact on its consolidated financial statements. |
Securities |
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Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Note 2. Securities Amortized costs and fair values, with gross unrealized gains and losses, of securities available-for-sale as of the dates indicated are as follows:
The Company has a process in place to identify debt securities that could potentially have a credit or interest-rate related impairment that is other-than-temporary. This process involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts, and cash flow projections as indicators of credit issues. On a quarterly basis, management reviews all securities to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. Management considers relevant facts and circumstances in evaluating whether a credit or interest-rate related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (a) the extent and length of time the fair value has been below cost; (b) the reasons for the decline in value; (c) the financial position and access to capital of the issuer, including the current and future impact of any specific events; and (d) for fixed maturity securities, the Company’s intent to sell a security or whether it is more-likely-than-not the Company will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity. The Company has not recorded impairment charges through income on securities for the three months ended March 31, 2021 or 2020. The amortized cost and fair value of securities by contractual maturity are shown below:
The Company did not recognize any net realized gains and losses on the sale of investment securities during the first quarter of 2021 or 2020. The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired as of March 31, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated:
The number of investments at an unrealized loss position as of March 31, 2021 and December 31, 2020 were 34 and 29, respectively. Certain investments within the Company’s portfolio had unrealized losses for more than twelve months at March 31, 2021 and December 31, 2020, as shown in the tables above. The unrealized losses were caused by changes in market interest rates and not a result of credit deterioration. Because the Company does not intend to sell the investments and management believes it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider the investments to be other-than-temporarily impaired at March 31, 2021 or December 31, 2020. Restricted Securities The restricted security category is comprised of stock in the Federal Home Loan Bank of Atlanta (FHLB), the Federal Reserve Bank (FRB), and Community Bankers' Bank (CBB). These stocks are classified as restricted securities because their ownership is restricted to certain types of entities and the securities lack a market. Therefore, FHLB, FRB, and CBB stock are carried at cost and evaluated for impairment. When evaluating these stocks for impairment, their value is determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. Restricted stock is viewed as a long-term investment and management believes that the Company has the ability and the intent to hold this stock until its value is recovered. |
Loans and the Allowance for Loan Losses |
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Loans and the Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses | Note 3. Loans and the Allowance for Loan Losses The following is a summary of the balances in each class of the Company’s portfolio of loans held for investment as of the dates indicated:
Acquired Loans The outstanding principal balance and the carrying amount of total acquired loans included in the consolidated balance sheets as of March 31, 2021 and December 31, 2020 are as follows:
The Company did not have any outstanding principal balance or related carrying amount of purchased credit-impaired loans as of March 31, 2021 and December 31, 2020. The following table presents changes in the accretable yield on purchased credit-impaired loans, for which the Company applies FASB ASC 310-30, at March 31, 2021 and 2020:
CREDIT QUALITY INFORMATION The Company uses internally-assigned risk grades to estimate the capability of borrowers to repay the contractual obligations of their loan agreements as scheduled or at all. The Company’s internal risk grade system is based on experiences with similarly graded loans. Credit risk grades are updated at least quarterly as additional information becomes available, at which time management analyzes the resulting scores to track loan performance. The Company’s internally assigned risk grades are as follows:
The following tables present credit quality exposures by internally assigned risk ratings as of the dates indicated:
AGE ANALYSIS OF PAST DUE LOANS BY CLASS All classes of loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Interest and fees continue to accrue on past due loans until the date the loan is placed in nonaccrual status, if applicable. The following table includes an aging analysis of the recorded investment in past due loans as of the dates indicated. Also included in the table below are loans that are 90 days or more past due as to interest and principal and still accruing interest, because they are well-secured and in the process of collection.
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. (2) For purposes of this table, if a loan is past due and on nonaccrual, it is included in the nonaccural column and not also in its respective past due column. In the table above, the past due totals include small business and student loans with principal and interest amounts that are 97 - 100% guaranteed by the federal government. The past due principal portion of these guaranteed loans totaled $1.5 million at March 31, 2021.
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. (2) For purposes of this table, if a loan is past due and on nonaccrual, it is included in the nonaccural column and not also in its respective past due column. In the table above, the past due totals include student loans with principal and interest amounts that are 97 - 98% guaranteed by the federal government. The past due principal portion of these guaranteed loans totaled $1.2 million at December 31, 2020. Although the portions of the student and small business loan portfolios that are 90 days or more past due would normally be considered impaired, the Company does not include these loans in its impairment analysis. Because the federal government has provided guarantees of repayment of these student and small business loans in an amount ranging from 97% to 100% of the total principal and interest of the loans as of March 31, 2021, management does not expect significant increases in delinquencies of these loans to have a material effect on the Company. Under the CARES Act, borrowers who were making payments as required and were not considered past due prior to becoming affected by COVID-19 and then received payment accommodations as a result of the effects of COVID-19 generally would not be reported as past due. If the Company agreed to a payment deferral for a borrower under the CARES Act, this may result in no contractual payments being past due, and the loans are not considered past due during the period of the deferral. NONACCRUAL LOANS The Company generally places commercial and industrial loans (including construction loans and commercial loans secured and not secured by real estate) in nonaccrual status when the full and timely collection of interest or principal becomes uncertain, part of the principal balance has been charged off and no restructuring has occurred or the loan reaches 90 days past due, unless the credit is well-secured and in the process of collection. Under regulatory rules, consumer loans, which are loans to individuals for household, family and other personal expenditures, and consumer loans secured by real estate (including residential 1 - 4 family mortgages, second mortgages, and equity lines of credit) are not required to be placed in nonaccrual status. Although consumer loans and consumer loans secured by real estate are not required to be placed in nonaccrual status, the Company may elect to place these loans in nonaccrual status, if necessary to avoid a material overstatement of interest income. Generally, consumer loans secured by real estate are placed in nonaccrual status only when payments are 120 days past due. Generally, consumer loans not secured by real estate are placed in nonaccrual status only when part of the principal has been charged off. If a charge-off has not occurred sooner for other reasons, a consumer loan not secured by real estate will generally be placed in nonaccrual status when payments are 120 days past due. These loans are charged off or written down to the net realizable value of the collateral when deemed uncollectible, when classified as a “loss,” when repayment is unreasonably protracted, when bankruptcy has been initiated, or when the loan is 120 days or more past due unless the credit is well-secured and in the process of collection. When management places a loan in nonaccrual status, the accrued unpaid interest receivable is reversed against interest income and the loan is accounted for by the cost recovery method, until it qualifies for return to accrual status or is charged off. Generally, loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured, or when the borrower has resumed paying the full amount of the scheduled contractual interest and principal payments for at least six months. The following table presents loans in nonaccrual status by class of loan as of the dates indicated:
The following table presents the interest income that the Company would have earned under the original terms of its nonaccrual loans and the actual interest recorded by the Company on nonaccrual loans for the periods presented:
TROUBLED DEBT RESTRUCTURINGS The Company’s loan portfolio includes certain loans that have been modified in a TDR, where economic concessions have been granted to borrowers who are experiencing financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reduction in the interest rate below current market rates for borrowers with similar risk profiles, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. The Company defines a TDR as nonperforming if the TDR is in nonaccrual status or is 90 days or more past due and still accruing interest at the report date. When the Company modifies a loan, management evaluates any possible impairment as stated in the impaired loan section below. There were no new TDRs in the three months ended March 31, 2021 and 2020. At March 31, 2021 and 2020, the Company had no outstanding commitments to disburse additional funds on any TDR. The Company had no loans secured by residential 1 - 4 family real estate in the process of foreclosure at March 31, 2021 and 2020. In the three months ended March 31, 2021 and 2020, there were no defaulting TDRs where the default occurred within twelve months of restructuring. The Company considers a TDR in default when any of the following occurs: the loan, as restructured, becomes 90 days or more past due; the loan is moved to nonaccrual status following the restructure; the loan is restructured again under terms that would qualify it as a TDR if it were not already so classified; or any portion of the loan is charged off. All TDRs are factored into the determination of the allowance for loan losses and included in the impaired loan analysis, as discussed below. Under Section 4013 of the CARES Act, as amended by the Consolidated Appropriations Act 2021, banks may elect not to categorize loan modifications as TDRs if the modifications are related to the COVID-19 pandemic, executed on a loan that was not more than 30 days past due as of December 31, 2019, and executed between March 1, 2020 and the earlier of 60 days after the date of termination of the National Emergency by the President and January 1, 2022. All short term loan modifications made on a good faith basis in response to the COVID-19 pandemic to borrowers who were current prior to any relief are not considered TDRs. The Company has examined the payment accommodations granted to borrowers in response to COVID-19 and found that all borrowers were current prior to relief and were not experiencing financial difficulty prior to the COVID-19 pandemic. As of March 31, 2021, the Company had loan modifications on $7.1 million, or 0.9%, of the loan portfolio, granting primarily 60- or 90- day principal and interest payment deferrals. Loan modifications under the CARES Act are being monitored for indications of credit softening, at which time the credit will be analyzed under current underwriting standards for appropriate action and designation. The Company recognizes interest income as earned and management expects that the deferred interest will be repaid by the borrower in a future period. IMPAIRED LOANS A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts when due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming loans and loans modified in a TDR. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole or remaining source of repayment for the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs, when foreclosure is probable, instead of the discounted cash flows. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through a specific allocation in the allowance or a charge-off to the allowance. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is in nonaccrual status, all payments are applied to principal under the cost-recovery method. For financial statement purposes, the recorded investment in the loan is the actual principal balance reduced by partial charge-offs and payments that would otherwise have been applied to interest. When reporting information on these loans to the applicable customers, the unpaid principal balance is reported as if these partial charge-offs did not occur and as if payments were applied to principal and interest under the original terms of the loan agreements. Therefore, the unpaid principal balance reported to the customer would be higher than the recorded investment in the loan for financial statement purposes. The following table includes the recorded investment and unpaid principal balances (a portion of which may have been charged off) for impaired loans, exclusive of purchased credit-impaired loans, with the associated allowance amount, if applicable, as of the dates presented. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized for the periods presented. The average balances are calculated based on daily average balances.
ALLOWANCE FOR LOAN LOSSES Management has an established methodology to determine the adequacy of the allowance for loan losses that assesses the risks and probable losses inherent in the loan portfolio. The Company segments the loan portfolio into categories as defined by Schedule RC-C of the Federal Financial Institutions Examination Council Consolidated Reports of Condition and Income Form 041 (Call Report). Loans are segmented into the following pools: commercial, real estate-construction, real estate-mortgage, consumer and other loans. The Company also sub-segments the real estate-mortgage segment into six classes: residential 1-4 family, commercial real estate - owner occupied, commercial real estate - non-owner occupied, multifamily, second mortgages and equity lines of credit. The Company uses an internally developed risk evaluation model in the estimation of the credit risk process. The model and assumptions used to determine the allowance are independently validated and reviewed to ensure that the theoretical foundation, assumptions, data integrity, computational processes and reporting practices are appropriate and properly documented. Each portfolio segment has risk characteristics as follows:
Each segment of the portfolio is pooled by risk grade or by days past due. Consumer loans not secured by real estate and made to individuals for household, family and other personal expenditures are segmented into pools based on days past due, while all other loans, including loans to consumers that are secured by real estate, are segmented by risk grades. A historical loss percentage is then calculated by migration analysis and applied to each pool. The migration analysis applied to all pools is able to track the risk grading and historical performance of individual loans throughout a number of periods set by management, which provides management with information regarding trends (or migrations) in a particular loan segment. At March 31, 2021 and December 31, 2020 management used eight twelve-quarter migration periods. Management also provides an allocated component of the allowance for loans that are specifically identified as impaired, and are individually analyzed for impairment. An allocated allowance is established when the present value of expected future cash flows from the impaired loan (or the collateral value or observable market price of the impaired loan) is lower than the carrying value of that loan. Based on credit risk assessments and management’s analysis of qualitative factors, additional loss factors are applied to loan balances. These additional qualitative factors include: economic conditions (including uncertainties associated with the COVID-19 pandemic), trends in growth, loan concentrations, changes in certain loans, changes in underwriting, changes in management and changes in the legal and regulatory environment. Given the timing of the outbreak in the United States of the COVID-19 pandemic combined with government stimulus actions for both individuals and small businesses, management does not believe that the Company’s performance in relation to credit quality during 2020 or the first quarter of 2021 was significantly impacted. The COVID-19 pandemic represents an unprecedented challenge to the global economy in general and the financial services sector in particular. However, there is still significant uncertainty regarding the overall length of the pandemic and the aggregate impact that it will have on global and regional economies, including uncertainties regarding the potential positive effects of governmental actions taken in response to the pandemic. With so much uncertainty, it is impossible for the Company to accurately predict the impact that the pandemic will have on the Company’s primary market and the overall extent to which it will affect the Company’s financial condition and results of operations. The Company’s credit administration is closely monitoring and analyzing the higher risk segments within the loan portfolio, tracking loan payment deferrals, customer liquidity and providing timely reports to senior management and the Board of Directors. Based on capital levels, stress testing indications, prudent underwriting policies, watch credit processes, and loan concentration diversification, the Company currently expects to be able to manage the economic risks and uncertainties associated with the pandemic which may include additional provision for loan losses. Acquired loans are recorded at their fair value at acquisition date without carryover of the acquiree’s previously established ALL, as credit discounts are included in the determination of fair value. The fair value of the loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and then applying a market-based discount rate to those cash flows. During evaluation upon acquisition, acquired loans are also classified as either purchased credit-impaired or purchased performing. Purchased credit-impaired loans reflect credit quality deterioration since origination, as it is probable at acquisition that the Company will not be able to collect all contractually required payments. These purchased credit-impaired loans are accounted for under ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality. The purchased credit-impaired loans are segregated into pools based on loan type and credit risk. Loan type is determined based on collateral type, purpose, and lien position. Credit risk characteristics include risk rating groups, nonaccrual status, and past due status. For valuation purposes, these pools are further disaggregated by maturity, pricing characteristics, and re-payment structure. Purchased credit-impaired loans are written down at acquisition to fair value using an estimate of cash flows deemed to be collectible. Accordingly, such loans are no longer classified as nonaccrual even though they may be contractually past due because the Company expects to fully collect the new carrying values of such loans, which is the new cost basis arising from purchase accounting. Purchased performing loans are accounted for under ASC 310-20, Receivables – Nonrefundable Fees and Other Costs. The difference between the fair value and unpaid principal balance of the loan at acquisition date (premium or discount) is amortized or accreted into interest income over the life of the loans. If the purchased performing loan has revolving privileges, it is accounted for using the straight-line method; otherwise, the effective interest method is used. ALLOWANCE FOR LOAN LOSSES BY SEGMENT The total allowance reflects management’s estimate of losses inherent in the loan portfolio at the balance sheet date. The Company considers the allowance for loan losses of $9.7 million adequate to cover probable loan losses inherent in the loan portfolio at March 31, 2021. The following tables present, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the periods presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.
(1) The real estate-mortgage segment includes residential 1 – 4 family, second mortgages and equity lines of credit. (2) The consumer segment includes consumer automobile loans.
(1) The real estate-mortgage segment includes residential 1 – 4 family, second mortgages and equity lines of credit. (2) The consumer segment includes consumer automobile loans. |
Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Note 4. Leases On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases (Topic 842)” and all subsequent ASUs that modified Topic 842. The Company elected the optional transition method provided by ASU No. 2018-11 and did not adjust prior periods for ASC 842. The Company also elected certain practical expedients within the standard and consistent with such elections did not reassess whether any expired or existing contracts are or contain leases, did not reassess the lease classification for any expired or existing leases, and did not reassess any initial direct costs for existing leases. As stated in the Company’s 2019 Form 10-K, the implementation of the new standard resulted in recognition of a right-of-use asset and lease liability of $751 thousand at the date of adoption, which is related to the Company’s lease of premises used in operations. The right-of-use asset and lease liability are included in other assets and other liabilities, respectively, in the consolidated balance sheets. During 2020, the Company executed three new leases and extended two existing leases resulting in recognition of additional right-of-use asset and lease liability of $1.3 million. Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The following tables present information about the Company’s leases:
A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows:
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Low-Income Housing Tax Credits |
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Low-Income Housing Tax Credits | Note 5. Low-Income Housing Tax Credits The Company was invested in four separate housing equity funds at both March 31, 2021 and December 31, 2020. The general purpose of these funds is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia; develop and implement strategies to maintain projects as low-income housing; deliver Federal Low Income Housing Credits to investors; allocate tax losses and other possible tax benefits to investors; and preserve and protect project assets. The investments in these funds were recorded as other assets on the consolidated balance sheets and were $2.2 million and $2.3 million at March 31, 2021 and December 31, 2020, respectively. The expected terms of these investments and the related tax benefits run through 2033. Total projected tax credits to be received for 2021 are $361 thousand, which is based on the most recent quarterly estimates received from the funds. Additional capital calls expected for the funds totaled $18 thousand at March 31, 2021 and December 31, 2020, respectively, and are recorded in accrued expenses and other liabilities on the corresponding consolidated balance sheet. The table below summarizes the tax credits and other tax benefits recognized by the Company related to these investments during the periods indicates:
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Borrowings |
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Borrowings | Note 6. Borrowings The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Short-term borrowings sources consist of federal funds purchased, overnight repurchase agreements (which are secured transactions with customers that generally mature within one to four days), and advances from the FHLB. The Company maintains federal funds lines with several correspondent banks to address short-term borrowing needs. At March 31, 2021 and December 31, 2020, the remaining credit available from these lines totaled $100.0 million. The Company has a collateral dependent line of credit with the FHLB with remaining credit availability of $365.6 million and $374.7 as of March 31, 2021 and December 31, 2020, respectively. SHORT-TERM BORROWINGS The following table presents total short-term borrowings as of the dates indicated:
LONG-TERM BORROWINGS At March 31, 2021 the Company had borrowings under the FRB’s Paycheck Protection Program Liquidity Facility (PPPLF) of $11.0 million. These borrowings are fully collateralized by PPP loans and will mature in concert with the underlying collateral, all of which will mature within 24 months of origination. The Company also obtained a loan maturing on April 1, 2023 from a correspondent bank during the second quarter of 2018 to provide partial funding for the Citizens National Bank acquisition. The terms of the loan included a LIBOR based interest rate that adjusts monthly and quarterly principal curtailments. At December 31, 2020, the outstanding balance was $1.4 million, and the then-current interest rate was 2.61%. The Company elected to pay the loan in full during the first quarter of 2021. |
Commitments and Contingencies |
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Commitments and Contingencies | Note 7. Commitments and Contingencies CREDIT-RELATED FINANCIAL INSTRUMENTS The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company's exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making such commitments as it does for on-balance-sheet instruments. The following financial instruments whose contract amounts represent credit risk were outstanding at March 31, 2021 and December 31, 2020:
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Share-Based Compensation |
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Share-Based Compensation | Note 8. Share-Based Compensation The Company has adopted an employee stock purchase plan and offers share-based compensation through its equity compensation plan. Share-based compensation arrangements may include stock options, restricted and unrestricted stock awards, restricted stock units, performance units and stock appreciation rights. Accounting standards require all share-based payments to employees to be valued using a fair value method on the date of grant and to be expensed based on that fair value over the applicable vesting period. The Company accounts for forfeitures during the vesting period as they occur. The 2016 Incentive Stock Plan (the Incentive Stock Plan) permits the issuance of up to 300,000 shares of common stock for awards to key employees and non-employee directors of the Company and its subsidiaries in the form of stock options, restricted stock, restricted stock units, stock appreciation rights, stock awards and performance units. As of March 31, 2021 only restricted stock has been granted under the Incentive Stock Plan. Restricted stock activity for the three months ended March 31, 2021 is summarized below:
The weighted average period over which nonvested awards are expected to be recognized in compensation expense is 1.04 years. There was no restricted stock granted during the three months ended March 31, 2021 and 2020. The remaining unrecognized compensation expense for nonvested restricted stock shares totaled $216 thousand as of March 31, 2021 and $134 thousand as of March 31, 2020. Stock-based compensation expense was $61 thousand and $86 thousand for the three months ended March 31, 2021 and 2020, respectively. Under the Company's Employee Stock Purchase Plan (ESPP), substantially all employees of the Company and its subsidiaries can authorize a specific payroll deduction from their base compensation for the periodic purchase of the Company's common stock. Shares of stock are issued quarterly at a discount to the market price of the Company's stock on the day of purchase, which can range from 0-15% and was set at 5% for 2020 and for the first three months of 2021. 1,276 shares were purchased under the ESPP during the three months ended March 31, 2021. At March 31, 2021, the Company had 231,175 remaining shares reserved for issuance under the ESPP. |
Stockholders' Equity and Earnings per Share |
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Stockholders' Equity and Earnings per Share | Note 9. Stockholders’ Equity and Earnings per Share STOCKHOLDERS’ EQUITY – Accumulated Other Comprehensive Income (Loss) The following table presents information on amounts reclassified out of accumulated other comprehensive income (loss), by category, during the periods indicated:
The following tables present the changes in accumulated other comprehensive income (loss), by category, net of tax, for the periods indicated:
The following tables present the change in each component of accumulated other comprehensive income (loss) on a pre-tax and after-tax basis for the periods indicated.
EARNINGS PER COMMON SHARE Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares attributable to the employee stock purchase plan. The following is a reconciliation of the denominators of the basic and diluted EPS computations for the three months ended March 31, 2021 and 2020:
The Company had no antidilutive shares outstanding in the three months ended March 31, 2021 and 2020, respectively. Nonvested restricted common shares, which carry all rights and privileges of a common share with respect to the stock, including the right to vote, were included in the basic and diluted per common share calculations. |
Fair Value Measurements |
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 10. Fair Value Measurements The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the “Fair Value Measurements and Disclosures” topics of FASB ASU No. 2010-06, FASB ASU No. 2011-04, and FASB ASU No. 2016-01, the fair value of a financial instrument is the price that would be received in the sale of an asset or transfer of a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, which focuses on exit price in the principal or most advantageous market for the asset or liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value can be a reasonable point within a range that is most representative of fair value under current market conditions. In estimating the fair value of assets and liabilities, the Company relies mainly on two sources. The first source is the Company’s bond accounting service provider, which uses a model to determine the fair value of securities. Securities are priced based on an evaluation of observable market data, including benchmark yield curves, reported trades, broker/dealer quotes, and issuer spreads. Pricing is also impacted by credit information about the issuer, perceived market movements, and current news events impacting the individual sectors. The second source is a third party vendor the Company utilizes to provide fair value exit pricing for loans and interest bearing deposits in accordance with guidance. In accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company groups its financial assets and financial liabilities generally measured at fair value into three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.
An instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Debt securities with readily determinable fair values that are classified as “available-for-sale” are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2). In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Currently, all of the Company’s available-for-sale securities are considered to be Level 2 securities. The following tables present the balances of certain assets measured at fair value on a recurring basis as of the dates indicated:
ASSETS MEASURED AT FAIR VALUE ON A NONRECURRING BASIS Under certain circumstances, adjustments are made to the fair value for assets and liabilities although they are not measured at fair value on an ongoing basis. Impaired loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts when due from the borrower in accordance with the contractual terms of the loan agreement. The measurement of fair value and loss associated with impaired loans can be based on the observable market price of the loan, the fair value of the collateral securing the loan, or the present value of the loan’s expected future cash flows, discounted at the loan’s effective interest rate. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable, with the vast majority of the collateral in real estate. The value of real estate collateral is determined utilizing an income, market, or cost valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company. In the case of loans with lower balances, the Company may obtain a real estate evaluation instead of an appraisal. Evaluations utilize many of the same techniques as appraisals, and are typically performed by independent appraisers. Once received, appraisals and evaluations are reviewed by trained staff independent of the lending function to verify consistency and reasonability. Appraisals and evaluations are based on significant unobservable inputs, including but not limited to: adjustments made to comparable properties, judgments about the condition of the subject property, the availability and suitability of comparable properties, capitalization rates, projected income of the subject or comparable properties, vacancy rates, projected depreciation rates, and the state of the local and regional economy. The Company may also elect to make additional reductions in the collateral value based on management’s best judgment, which represents another source of unobservable inputs. Because of the subjective nature of collateral valuation, impaired loans are considered Level 3. Impaired loans may be secured by collateral other than real estate. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivable collateral are based on financial statement balances or aging reports (Level 3). If a loan is not collateral-dependent, its impairment may be measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate. Because the loan is discounted at its effective rate of interest, rather than at a market rate, the loan is not considered to be held at fair value and is not included in the tables below. Collateral-dependent impaired loans allocated to the allowance for loan losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as part of the provision for loan losses on the Consolidated Statements of Income. Other Real Estate Owned (OREO) Loans are transferred to OREO when the collateral securing them is foreclosed on. The measurement of gain or loss associated with OREO is based on the fair value of the collateral compared to the unpaid loan balance and anticipated costs to sell the property. If there is a contract for the sale of a property, and management reasonably believes the transaction will be consummated in accordance with the terms of the contract, fair value is based on the sale price in that contract (Level 1). If management has recent information about the sale of identical properties, such as when selling multiple condominium units on the same property, the remaining units would be valued based on the observed market data (Level 2). Lacking either a contract or such recent data, management would obtain an appraisal or evaluation of the value of the collateral as discussed above under Impaired Loans (Level 3). After the asset has been booked, a new appraisal or evaluation is obtained when management has reason to believe the fair value of the property may have changed and no later than two years after the last appraisal or evaluation was received. Any fair value adjustments to OREO below the original book value are recorded in the period incurred and expensed against current earnings. Loans Held For Sale Loans held for sale are carried at the lower of cost or fair value. These loans currently consist of residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). Gains and losses on the sale of loans are reported on a separate line item on the Company’s Consolidated Statements of Income. The following table presents the assets carried in the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan’s expected future cash flows, discounted at the loan’s effective interest rate rather than at a market rate. These loans are not carried in the consolidated balance sheets at fair value and, as such, are not included in the tables below.
The Company did not have any Level 3 Fair Value Measurements at December 31, 2021 or 2020. The estimated fair values, and related carrying or notional amounts, of the Company's financial instruments as of the dates indicated are as follows:
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Note 11. Segment Reporting The Company operates in a decentralized fashion in three principal business segments: The Old Point National Bank of Phoebus (the Bank), Old Point Trust & Financial Services, N. A. (Trust), and the Company as a separate segment (for purposes of this Note, the Parent). Revenues from the Bank’s operations consist primarily of interest earned on loans and investment securities and service charges on deposit accounts. Trust’s operating revenues consist principally of income from fiduciary and asset management fees. The Parent’s revenues are mainly fees and dividends received from the Bank and Trust companies. The Company has no other segments. The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each segment appeals to different markets and, accordingly, requires different technologies and marketing strategies. Information about reportable segments, and reconciliation of such information to the consolidated financial statements as of and for the three months ended March 31, 2021 and 2020 follows:
The accounting policies of the segments are the same as those described in the summary of significant accounting policies reported in the Company’s 2020 Annual Report on Form 10-K. The Company evaluates performance based on profit or loss from operations before income taxes, not including nonrecurring gains or losses. |
Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services N.A. (Trust). All significant intercompany balances and transactions have been eliminated in consolidation. |
NATURE OF OPERATIONS | NATURE OF OPERATIONS Old Point Financial Corporation is a holding company that conducts substantially all of its operations through two subsidiaries, the Bank and Trust. The Bank serves individual and commercial customers, the majority of which are in Hampton Roads, Virginia. As of March 31, 2021, the Bank had 16 branch offices. The Bank offers a full range of deposit and loan products to its retail and commercial customers, including mortgage loan products offered through Old Point Mortgage. A full array of insurance products is also offered through Old Point Insurance, LLC in partnership with Morgan Marrow Company. Trust offers a full range of services for individuals and businesses. Products and services include retirement planning, estate planning, financial planning, estate and trust administration, retirement plan administration, tax services and investment management services. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The FASB has issued multiple updates to ASU No. 2016-13 as codified in Topic 326, including ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11, ASU No. 2020-02, and ASU No. 2020-03. These ASUs have provided for various minor technical corrections and improvements to the codification as well as other transition matters. Smaller reporting companies who file with the U.S. Securities and Exchange Commission (SEC) and all other entities who do not file with the SEC are required to apply the guidance for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company has formed a committee to oversee the adoption of the new standard, has engaged a third party to assist with implementation, has performed data fit gap and loss driver analyses, intends to run parallel models beginning in 2021, and is continuing to evaluate the impact that ASU No. 2016-13 will have on its consolidated financial statements. Effective November 25, 2019, the SEC adopted Staff Accounting Bulletin (SAB) 119. SAB 119 updated portions of SEC interpretative guidance to align with FASB ASC 326, “Financial Instruments – Credit Losses.” It covers topics including (1) measuring current expected credit losses; (2) development, governance, and documentation of a systematic methodology; (3) documenting the results of a systematic methodology; and (4) validating a systematic methodology. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not currently expected to have a material effect on the Company’s financial position, results of operations or cash flows. RECENTLY ADOPTED ACCOUNTING DEVELOPMENTS In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment” (ASU 2017-04). ASU 2017-04 simplifies the accounting for goodwill impairment for all entities by requiring impairment charges to be based on the first step in the previous two-step impairment test. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard eliminates the prior requirement to calculate a goodwill impairment charge using Step 2, which requires an entity to calculate any impairment charge by comparing the implied fair value of goodwill with its carrying amount. ASU No. 2017-04 was effective for the Company on January 1, 2020 and did not have a material impact on its consolidated financial statements. |
Securities (Tables) |
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Amortized Cost and Fair Value, with Gross Unrealized Gains and Losses of Securities Available-for-Sale | Amortized costs and fair values, with gross unrealized gains and losses, of securities available-for-sale as of the dates indicated are as follows:
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Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities by contractual maturity are shown below:
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Available-for-Sale Securities, Continuous Unrealized Loss Position | The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired as of March 31, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated:
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Loans and the Allowance for Loan Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Loans By Segment Type | The following is a summary of the balances in each class of the Company’s portfolio of loans held for investment as of the dates indicated:
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Acquired Loans | The outstanding principal balance and the carrying amount of total acquired loans included in the consolidated balance sheets as of March 31, 2021 and December 31, 2020 are as follows:
The Company did not have any outstanding principal balance or related carrying amount of purchased credit-impaired loans as of March 31, 2021 and December 31, 2020. The following table presents changes in the accretable yield on purchased credit-impaired loans, for which the Company applies FASB ASC 310-30, at March 31, 2021 and 2020:
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Credit Quality Information | The following tables present credit quality exposures by internally assigned risk ratings as of the dates indicated:
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Past Due Loans | The following table includes an aging analysis of the recorded investment in past due loans as of the dates indicated. Also included in the table below are loans that are 90 days or more past due as to interest and principal and still accruing interest, because they are well-secured and in the process of collection.
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. (2) For purposes of this table, if a loan is past due and on nonaccrual, it is included in the nonaccural column and not also in its respective past due column. In the table above, the past due totals include small business and student loans with principal and interest amounts that are 97 - 100% guaranteed by the federal government. The past due principal portion of these guaranteed loans totaled $1.5 million at March 31, 2021.
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. (2) For purposes of this table, if a loan is past due and on nonaccrual, it is included in the nonaccural column and not also in its respective past due column. |
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Nonaccrual Loans | The following table presents loans in nonaccrual status by class of loan as of the dates indicated:
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Interest Income to be Earned Under Original Terms | The following table presents the interest income that the Company would have earned under the original terms of its nonaccrual loans and the actual interest recorded by the Company on nonaccrual loans for the periods presented:
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Impaired Loans by Class | The following table includes the recorded investment and unpaid principal balances (a portion of which may have been charged off) for impaired loans, exclusive of purchased credit-impaired loans, with the associated allowance amount, if applicable, as of the dates presented. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized for the periods presented. The average balances are calculated based on daily average balances.
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Allowance for Loan Losses by Segment | The following tables present, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the periods presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.
(1) The real estate-mortgage segment includes residential 1 – 4 family, second mortgages and equity lines of credit. (2) The consumer segment includes consumer automobile loans.
(1) The real estate-mortgage segment includes residential 1 – 4 family, second mortgages and equity lines of credit. (2) The consumer segment includes consumer automobile loans. |
Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about Leases | The following tables present information about the Company’s leases:
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Lease Cost |
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Maturity of Operating Lease Liabilities | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows:
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Low-Income Housing Tax Credits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Low-Income Housing Tax Credits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Credits and Other Tax Benefits Recognized Related to Investments | The table below summarizes the tax credits and other tax benefits recognized by the Company related to these investments during the periods indicates:
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Borrowings (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Borrowings | The following table presents total short-term borrowings as of the dates indicated:
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Commitments and Contingencies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments whose Contract Amounts Represent Credit Risk | The following financial instruments whose contract amounts represent credit risk were outstanding at March 31, 2021 and December 31, 2020:
|
Share-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Activity | Restricted stock activity for the three months ended March 31, 2021 is summarized below:
|
Stockholders' Equity and Earnings per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Earnings per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss), by Category | The following table presents information on amounts reclassified out of accumulated other comprehensive income (loss), by category, during the periods indicated:
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Changes in Accumulated Other Comprehensive Income (Loss), by Category | The following tables present the changes in accumulated other comprehensive income (loss), by category, net of tax, for the periods indicated:
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Component of Accumulated Other Comprehensive Income (Loss) on Pre-Tax and After-Tax | The following tables present the change in each component of accumulated other comprehensive income (loss) on a pre-tax and after-tax basis for the periods indicated.
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Computation of Earnings Per Share | The following is a reconciliation of the denominators of the basic and diluted EPS computations for the three months ended March 31, 2021 and 2020:
|
Fair Value Measurements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on Recurring Basis | The following tables present the balances of certain assets measured at fair value on a recurring basis as of the dates indicated:
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Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the assets carried in the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan’s expected future cash flows, discounted at the loan’s effective interest rate rather than at a market rate. These loans are not carried in the consolidated balance sheets at fair value and, as such, are not included in the tables below.
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Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments | The estimated fair values, and related carrying or notional amounts, of the Company's financial instruments as of the dates indicated are as follows:
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Segment Reporting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets and Revenues from Segment to Consolidated | Information about reportable segments, and reconciliation of such information to the consolidated financial statements as of and for the three months ended March 31, 2021 and 2020 follows:
|
Accounting Policies (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
Subsidiary
Branch
|
Dec. 31, 2020
USD ($)
|
|
Accounting Policies [Abstract] | ||
Number of subsidiaries | Subsidiary | 2 | |
Number of branch offices | Branch | 16 | |
COVID-19 [Member] | ||
COVID-19 [Abstract] | ||
Loan modifications | $ 7.1 | $ 7.4 |
Loan modification percentage of total loan portfolio | 0.90% | |
COVID-19 [Member] | Minimum [Member] | ||
COVID-19 [Abstract] | ||
Principal and interest payment deferrals period | 60 days | |
COVID-19 [Member] | Maximum [Member] | ||
COVID-19 [Abstract] | ||
Principal and interest payment deferrals period | 90 days | |
COVID-19 [Member] | Initial Modification [Member] | ||
COVID-19 [Abstract] | ||
Loan modifications | $ 2.4 | |
COVID-19 [Member] | Second Modification [Member] | ||
COVID-19 [Abstract] | ||
Loan modifications | $ 4.7 |
Securities (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021
USD ($)
Security
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
Security
|
|
Debt Securities, Available-for-sale [Abstract] | |||
Amortized cost | $ 191,512 | $ 181,259 | |
Gross unrealized gains | 3,816 | 5,493 | |
Gross unrealized losses | (810) | (343) | |
Fair value | 194,518 | 186,409 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Due in one year or less | 7,094 | ||
Due after one year through five years | 9,657 | ||
Due after five through ten years | 40,403 | ||
Due after ten years | 129,800 | ||
Other securities, restricted | 4,558 | ||
Total securities | 191,512 | 181,259 | |
Available-for-Sale, Fair Value [Abstract] | |||
Due in one year or less | 7,117 | ||
Due after one year through five years | 9,830 | ||
Due after five through ten years | 41,494 | ||
Due after ten years | 131,519 | ||
Other securities, restricted | 4,558 | ||
Total securities | 194,518 | 186,409 | |
Securities Available-for-sale [Abstract] | |||
Net realized gain (losses) | 0 | $ 0 | |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||
Less Than Twelve Months | 735 | 148 | |
More Than Twelve Months | 75 | 195 | |
Total | 810 | 343 | |
Securities Available-for-Sale, Fair Value [Abstract] | |||
Less Than Twelve Months | 34,498 | 23,078 | |
More Than Twelve Months | 11,047 | 18,476 | |
Total | $ 45,545 | $ 41,554 | |
Securities Available-for-Sale, Number of Securities [Abstract] | |||
Number of Securities | Security | 34 | 29 | |
U.S. Treasury Securities [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized cost | $ 6,994 | $ 6,980 | |
Gross unrealized gains | 22 | 63 | |
Gross unrealized losses | 0 | 0 | |
Fair value | 7,016 | 7,043 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Total securities | 6,994 | 6,980 | |
Available-for-Sale, Fair Value [Abstract] | |||
Total securities | 7,016 | 7,043 | |
Obligations of U.S. Government Agencies [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized cost | 35,331 | 36,858 | |
Gross unrealized gains | 184 | 35 | |
Gross unrealized losses | (83) | (197) | |
Fair value | 35,432 | 36,696 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Total securities | 35,331 | 36,858 | |
Available-for-Sale, Fair Value [Abstract] | |||
Total securities | 35,432 | 36,696 | |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||
Less Than Twelve Months | 8 | 8 | |
More Than Twelve Months | 75 | 189 | |
Total | 83 | 197 | |
Securities Available-for-Sale, Fair Value [Abstract] | |||
Less Than Twelve Months | 2,068 | 2,810 | |
More Than Twelve Months | 11,047 | 17,191 | |
Total | 13,115 | 20,001 | |
Obligations of State and Political Subdivisions [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized cost | 52,029 | 43,517 | |
Gross unrealized gains | 1,568 | 2,478 | |
Gross unrealized losses | (438) | 0 | |
Fair value | 53,159 | 45,995 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Total securities | 52,029 | 43,517 | |
Available-for-Sale, Fair Value [Abstract] | |||
Total securities | 53,159 | 45,995 | |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||
Less Than Twelve Months | 438 | ||
More Than Twelve Months | 0 | ||
Total | 438 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||
Less Than Twelve Months | 15,706 | ||
More Than Twelve Months | 0 | ||
Total | 15,706 | ||
Mortgage-backed Securities [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized cost | 74,306 | 70,866 | |
Gross unrealized gains | 1,847 | 2,759 | |
Gross unrealized losses | (214) | (124) | |
Fair value | 75,939 | 73,501 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Total securities | 74,306 | 70,866 | |
Available-for-Sale, Fair Value [Abstract] | |||
Total securities | 75,939 | 73,501 | |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||
Less Than Twelve Months | 214 | 118 | |
More Than Twelve Months | 0 | 6 | |
Total | 214 | 124 | |
Securities Available-for-Sale, Fair Value [Abstract] | |||
Less Than Twelve Months | 10,549 | 14,291 | |
More Than Twelve Months | 0 | 1,285 | |
Total | 10,549 | 15,576 | |
Money Market Investments [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized cost | 4,558 | 4,743 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Fair value | 4,558 | 4,743 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Total securities | 4,558 | 4,743 | |
Available-for-Sale, Fair Value [Abstract] | |||
Total securities | 4,558 | 4,743 | |
Corporate Bonds and Other Securities [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized cost | 18,294 | 18,295 | |
Gross unrealized gains | 195 | 158 | |
Gross unrealized losses | (75) | (22) | |
Fair value | 18,414 | 18,431 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Total securities | 18,294 | 18,295 | |
Available-for-Sale, Fair Value [Abstract] | |||
Total securities | 18,414 | 18,431 | |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||
Less Than Twelve Months | 75 | 22 | |
More Than Twelve Months | 0 | 0 | |
Total | 75 | 22 | |
Securities Available-for-Sale, Fair Value [Abstract] | |||
Less Than Twelve Months | 6,175 | 5,977 | |
More Than Twelve Months | 0 | 0 | |
Total | $ 6,175 | $ 5,977 |
Loans and the Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
||||||
---|---|---|---|---|---|---|---|---|
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | $ 807,661 | $ 836,300 | ||||||
Less: Allowance for loan losses | 9,661 | 9,541 | ||||||
Loans, net of allowance and deferred fees | [1] | 798,000 | 826,759 | |||||
Overdrawn deposit accounts, excluding internal use accounts | 467 | 271 | ||||||
Net deferred loan fees | 1,800 | 2,100 | ||||||
Mortgage Loans on Real Estate [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 561,446 | 568,119 | ||||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 119,053 | 122,800 | ||||||
Mortgage Loans on Real Estate [Member] | Commercial Real Estate [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 320,413 | 316,851 | ||||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 161,885 | 153,955 | ||||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 158,528 | 162,896 | ||||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 23,010 | 22,812 | ||||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 39,253 | 43,732 | ||||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 9,947 | 11,178 | ||||||
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 49,770 | 50,746 | ||||||
Commercial [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 124,040 | 141,746 | ||||||
Commercial [Member] | Commercial and Industrial Loans [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 124,040 | 141,746 | ||||||
Consumer [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | [2] | 115,013 | 118,368 | |||||
Consumer [Member] | Consumer Automobile Loans [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 76,831 | 80,390 | ||||||
Consumer [Member] | Other Consumer Loans [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | 38,182 | 37,978 | ||||||
Other [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Total loans, net of deferred fees | [3] | $ 7,162 | $ 8,067 | |||||
|
Loans and the Allowance for Loan Losses, Acquired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Acquired Loans Included in Consolidated Balance Sheet [Abstract] | |||
Outstanding principal balance | $ 7,739 | $ 8,671 | |
Carrying amount | 7,685 | 8,602 | |
Acquired Loans Accounted for Under FASB ASC 310-30 [Abstract] | |||
Outstanding principal balance | 0 | 0 | |
Carrying amount | 0 | $ 0 | |
Acquired Loans Accounted for under FASB ASC 310-30 Changes in Accretable Yield [Roll Forward] | |||
Balance at beginning of period | 0 | $ 72 | |
Accretion | 0 | (10) | |
Other changes, net | 0 | 0 | |
Balance at end of period | $ 0 | $ 62 |
Loans and the Allowance for Loan Losses, Credit Quality (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|
Receivables [Abstract] | ||||||
Gross loan receivables | $ 807,661 | $ 836,300 | ||||
Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 801,794 | 828,410 | ||||
OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 4,503 | 4,563 | ||||
Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 1,364 | 3,327 | ||||
Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 561,446 | 568,119 | ||||
Mortgage Loans on Real Estate [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 556,215 | 560,977 | ||||
Mortgage Loans on Real Estate [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 4,178 | 4,208 | ||||
Mortgage Loans on Real Estate [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 1,053 | 2,934 | ||||
Mortgage Loans on Real Estate [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 119,053 | 122,800 | ||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 118,877 | 122,621 | ||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 176 | 179 | ||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Commercial Real Estate [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 320,413 | 316,851 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 161,885 | 153,955 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 158,564 | 148,738 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 2,444 | 2,462 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 877 | 2,755 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 158,528 | 162,896 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 157,792 | 162,148 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 736 | 748 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 23,010 | 22,812 | ||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 23,010 | 22,812 | ||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 39,253 | 43,732 | ||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 38,255 | 42,734 | ||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 998 | 998 | ||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 9,947 | 11,178 | ||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 9,947 | 11,178 | ||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 49,770 | 50,746 | ||||
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 49,770 | 50,746 | ||||
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Commercial [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 124,040 | 141,746 | ||||
Commercial [Member] | Commercial and Industrial Loans [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 124,040 | 141,746 | ||||
Commercial [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 123,715 | 141,391 | ||||
Commercial [Member] | Commercial and Industrial Loans [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 325 | 355 | ||||
Commercial [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Commercial [Member] | Commercial and Industrial Loans [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Consumer [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | [1] | 115,013 | 118,368 | |||
Consumer [Member] | Consumer Automobile Loans [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 76,831 | 80,390 | ||||
Consumer [Member] | Consumer Automobile Loans [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 76,520 | 79,997 | ||||
Consumer [Member] | Consumer Automobile Loans [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Consumer [Member] | Consumer Automobile Loans [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 311 | 393 | ||||
Consumer [Member] | Consumer Automobile Loans [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Consumer [Member] | Other Consumer Loan [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 38,182 | 37,978 | ||||
Consumer [Member] | Other Consumer Loan [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 38,182 | 37,978 | ||||
Consumer [Member] | Other Consumer Loan [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Consumer [Member] | Other Consumer Loan [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Consumer [Member] | Other Consumer Loan [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Other [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | [2] | 7,162 | 8,067 | |||
Other [Member] | Pass [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 7,162 | 8,067 | ||||
Other [Member] | OAEM [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Other [Member] | Substandard [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | 0 | 0 | ||||
Other [Member] | Doubtful [Member] | ||||||
Receivables [Abstract] | ||||||
Gross loan receivables | $ 0 | $ 0 | ||||
|
Loans and the Allowance for Loan Losses, Past Due (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | $ 1,119 | $ 744 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 1,129 | 1,214 | ||||||||
Total Current Loans | [2] | 802,146 | 829,767 | ||||||||
Total Loans | 807,661 | 836,300 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 1,129 | 1,214 | ||||||||
Interest income that would have been recorded under original loan terms [Abstract] | |||||||||||
Interest income that would have been recorded under original loan terms | 27 | $ 78 | |||||||||
Actual interest income recorded for the period | 0 | 0 | |||||||||
Reduction in interest income on non accrual loans | 27 | $ 78 | |||||||||
30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 1,950 | 3,575 | |||||||||
60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 1,317 | 1,000 | |||||||||
Guaranteed Student Loans [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | $ 1,500 | $ 1,200 | |||||||||
Guaranteed Student Loans [Member] | Minimum [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Percentage of student loans guaranteed by federal government | 97.00% | 97.00% | |||||||||
Guaranteed Student Loans [Member] | Maximum [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Percentage of student loans guaranteed by federal government | 100.00% | 98.00% | |||||||||
Guaranteed Student Loans [Member] | 90 or More Days Past Due [Member] | Minimum [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Percentage of student loans guaranteed by federal government | 97.00% | ||||||||||
Guaranteed Student Loans [Member] | 90 or More Days Past Due [Member] | Maximum [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Percentage of student loans guaranteed by federal government | 100.00% | ||||||||||
Mortgage Loans on Real Estate [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | $ 138 | $ 0 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 1,129 | 1,214 | ||||||||
Total Current Loans | [2] | 559,060 | 566,134 | ||||||||
Total Loans | 561,446 | 568,119 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 1,129 | 1,214 | ||||||||
Mortgage Loans on Real Estate [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 711 | 519 | |||||||||
Mortgage Loans on Real Estate [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 408 | 252 | |||||||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | 36 | 0 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 251 | 311 | ||||||||
Total Current Loans | [2] | 118,286 | 121,847 | ||||||||
Total Loans | 119,053 | 122,800 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 251 | 311 | ||||||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 480 | 478 | |||||||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 0 | 164 | |||||||||
Mortgage Loans on Real Estate [Member] | Commercial [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
PCI | 0 | 0 | |||||||||
Total Loans | 320,413 | 316,851 | |||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | 0 | 0 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 878 | 903 | ||||||||
Total Current Loans | [2] | 160,729 | 153,052 | ||||||||
Total Loans | 161,885 | 153,955 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 878 | 903 | ||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 0 | 0 | |||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 278 | 0 | |||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | 0 | 0 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 0 | 0 | ||||||||
Total Current Loans | [2] | 158,343 | 162,896 | ||||||||
Total Loans | 158,528 | 162,896 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 0 | 0 | ||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 185 | 0 | |||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 0 | 0 | |||||||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | 0 | 0 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 0 | 0 | ||||||||
Total Current Loans | [2] | 23,010 | 22,812 | ||||||||
Total Loans | 23,010 | 22,812 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 0 | 0 | ||||||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 0 | 0 | |||||||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 0 | 0 | |||||||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | 88 | 0 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 0 | 0 | ||||||||
Total Current Loans | [2] | 38,989 | 43,644 | ||||||||
Total Loans | 39,253 | 43,732 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 0 | 0 | ||||||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 46 | 0 | |||||||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 130 | 88 | |||||||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | 14 | 0 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 0 | 0 | ||||||||
Total Current Loans | [2] | 9,933 | 11,137 | ||||||||
Total Loans | 9,947 | 11,178 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 0 | 0 | ||||||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 0 | 41 | |||||||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 0 | 0 | |||||||||
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | 0 | 0 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 0 | 0 | ||||||||
Total Current Loans | [2] | 49,770 | 50,746 | ||||||||
Total Loans | 49,770 | 50,746 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 0 | 0 | ||||||||
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 0 | 0 | |||||||||
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 0 | 0 | |||||||||
Commercial [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
PCI | 0 | 0 | |||||||||
Total Loans | 124,040 | 141,746 | |||||||||
Commercial [Member] | Commercial and Industrial Loans [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | 0 | 0 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 0 | 0 | ||||||||
Total Current Loans | [2] | 123,484 | 140,993 | ||||||||
Total Loans | 124,040 | 141,746 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 0 | 0 | ||||||||
Commercial [Member] | Commercial and Industrial Loans [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 8 | 753 | |||||||||
Commercial [Member] | Commercial and Industrial Loans [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 548 | 0 | |||||||||
Consumer [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
PCI | [3] | 0 | 0 | ||||||||
Total Loans | [3] | 115,013 | 118,368 | ||||||||
Consumer [Member] | Consumer Automobile Loans [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | 265 | 196 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 0 | 0 | ||||||||
Total Current Loans | [2] | 75,908 | 78,845 | ||||||||
Total Loans | 76,831 | 80,390 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 0 | 0 | ||||||||
Consumer [Member] | Consumer Automobile Loans [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 517 | 1,159 | |||||||||
Consumer [Member] | Consumer Automobile Loans [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 141 | 190 | |||||||||
Consumer [Member] | Other Consumer Loans [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | 715 | 548 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 0 | 0 | ||||||||
Total Current Loans | [2] | 36,554 | 35,755 | ||||||||
Total Loans | 38,182 | 37,978 | |||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 0 | 0 | ||||||||
Consumer [Member] | Other Consumer Loans [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 695 | 1,120 | |||||||||
Consumer [Member] | Other Consumer Loans [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 218 | 555 | |||||||||
Other [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
90 Days or More Past Due, still accruing | 1 | 0 | |||||||||
PCI | 0 | 0 | |||||||||
Nonaccrual | [1] | 0 | 0 | ||||||||
Total Current Loans | [2] | 7,140 | 8,040 | ||||||||
Total Loans | [4] | 7,162 | 8,067 | ||||||||
Loans in nonaccrual status by class of loan [Abstract] | |||||||||||
Loans in nonaccrual status | [1] | 0 | 0 | ||||||||
Other [Member] | 30 - 59 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | 19 | 24 | |||||||||
Other [Member] | 60 - 89 Days Past Due [Member] | |||||||||||
Loans, Aging [Abstract] | |||||||||||
Past Due | $ 2 | $ 3 | |||||||||
|
Loans and the Allowance for Loan Losses, Troubled Debt Restructuring (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021
USD ($)
Contract
|
Mar. 31, 2020
USD ($)
Contract
|
Dec. 31, 2020
USD ($)
|
|
Receivables [Abstract] | |||
Number of modifications | Contract | 0 | 0 | |
Outstanding commitments on TDR's | $ 0 | $ 0 | |
Defaulting TDR's within twelve months of restructuring | $ 0 | $ 0 | |
COVID-19 [Member] | |||
COVID-19 [Abstract] | |||
Loan modification percentage of total loan portfolio | 0.90% | ||
Loan modifications | $ 7,100 | $ 7,400 | |
COVID-19 [Member] | Minimum [Member] | |||
COVID-19 [Abstract] | |||
Principal and interest payment deferrals period | 60 days | ||
COVID-19 [Member] | Maximum [Member] | |||
COVID-19 [Abstract] | |||
Principal and interest payment deferrals period | 90 days | ||
Residential 1-4 Family [Member] | |||
Receivables [Abstract] | |||
Loans in process for foreclosure | $ 0 | $ 0 |
Loans and the Allowance for Loan Losses, Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Receivables [Abstract] | ||
Unpaid Principal Balance | $ 3,253 | $ 4,200 |
Recorded Investment, Without Valuation Allowance | 1,042 | 1,692 |
Recorded Investment, With Valuation Allowance | 969 | 424 |
Associated Allowance | 55 | 11 |
Average Recorded Investment | 2,035 | 3,257 |
Interest Income Recognized | 2 | 67 |
Mortgage Loans on Real Estate [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 3,233 | 4,180 |
Recorded Investment, Without Valuation Allowance | 1,025 | 1,672 |
Recorded Investment, With Valuation Allowance | 969 | 424 |
Associated Allowance | 55 | 11 |
Average Recorded Investment | 2,016 | 3,235 |
Interest Income Recognized | 2 | 66 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 420 | 474 |
Recorded Investment, Without Valuation Allowance | 75 | 366 |
Recorded Investment, With Valuation Allowance | 316 | 87 |
Associated Allowance | 38 | 1 |
Average Recorded Investment | 395 | 458 |
Interest Income Recognized | 0 | 10 |
Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 2,597 | 3,490 |
Recorded Investment, Without Valuation Allowance | 950 | 1,306 |
Recorded Investment, With Valuation Allowance | 441 | 121 |
Associated Allowance | 13 | 1 |
Average Recorded Investment | 1,407 | 2,559 |
Interest Income Recognized | 0 | 46 |
Mortgage Loans on Real Estate [Member] | Construction [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 83 | 83 |
Recorded Investment, Without Valuation Allowance | 0 | 0 |
Recorded Investment, With Valuation Allowance | 81 | 83 |
Associated Allowance | 0 | 0 |
Average Recorded Investment | 82 | 84 |
Interest Income Recognized | 1 | 5 |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 133 | 133 |
Recorded Investment, Without Valuation Allowance | 0 | 0 |
Recorded Investment, With Valuation Allowance | 131 | 133 |
Associated Allowance | 4 | 9 |
Average Recorded Investment | 132 | 134 |
Interest Income Recognized | 1 | 5 |
Commercial [Member] | Commercial and Industrial Loans [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 6 | 6 |
Recorded Investment, Without Valuation Allowance | 5 | 6 |
Recorded Investment, With Valuation Allowance | 0 | 0 |
Associated Allowance | 0 | 0 |
Average Recorded Investment | 6 | 7 |
Interest Income Recognized | 0 | 0 |
Consumer [Member] | Other Consumer Loans [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 14 | 14 |
Recorded Investment, Without Valuation Allowance | 12 | 14 |
Recorded Investment, With Valuation Allowance | 0 | 0 |
Associated Allowance | 0 | 0 |
Average Recorded Investment | 13 | 15 |
Interest Income Recognized | $ 0 | $ 1 |
Loans and the Allowance for Loan Losses, Activity In Period (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021
USD ($)
Period
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
Period
|
Mar. 31, 2021
USD ($)
qtr
|
Dec. 31, 2020
USD ($)
|
|||||||
Changes in Accounting Methodology [Abstract] | |||||||||||
Number of migration periods | Period | 8 | 8 | |||||||||
Number of quarters remains on each migration period | qtr | 12 | ||||||||||
Allowance for loan losses by segment [Roll Forward] | |||||||||||
Beginning Balance | $ 9,541 | $ 9,660 | $ 9,660 | ||||||||
Charges-offs | (316) | (2,005) | |||||||||
Recoveries | 286 | 886 | |||||||||
Provision for loan losses | 150 | 300 | 1,000 | ||||||||
Ending Balance | 9,661 | 9,541 | |||||||||
Individually evaluated for impairment | $ 55 | $ 11 | |||||||||
Collectively evaluated for impairment | 9,606 | 9,530 | |||||||||
Purchased credit-impaired loans | 0 | 0 | |||||||||
Ending Balance | 9,661 | 9,660 | 9,660 | 9,661 | 9,541 | ||||||
Loan Balances [Abstract] | |||||||||||
Individually evaluated for impairment | 2,011 | 2,116 | |||||||||
Collectively evaluated for impairment | 805,650 | 834,184 | |||||||||
Purchased credit-impaired loans | 0 | 0 | |||||||||
Ending Balance | 807,661 | 836,300 | |||||||||
Commercial and Industrial [Member] | |||||||||||
Allowance for loan losses by segment [Roll Forward] | |||||||||||
Beginning Balance | 650 | 1,244 | 1,244 | ||||||||
Charges-offs | (4) | (25) | |||||||||
Recoveries | 2 | 47 | |||||||||
Provision for loan losses | 93 | (616) | |||||||||
Ending Balance | 741 | 650 | |||||||||
Individually evaluated for impairment | 0 | 0 | |||||||||
Collectively evaluated for impairment | 741 | 650 | |||||||||
Purchased credit-impaired loans | 0 | 0 | |||||||||
Ending Balance | 741 | 1,244 | 650 | 741 | 650 | ||||||
Loan Balances [Abstract] | |||||||||||
Individually evaluated for impairment | 5 | 6 | |||||||||
Collectively evaluated for impairment | 124,035 | 141,740 | |||||||||
Purchased credit-impaired loans | 0 | 0 | |||||||||
Ending Balance | 124,040 | 141,746 | |||||||||
Real Estate [Member] | |||||||||||
Loan Balances [Abstract] | |||||||||||
Purchased credit-impaired loans | 0 | 0 | |||||||||
Ending Balance | 561,446 | 568,119 | |||||||||
Real Estate [Member] | Construction [Member] | |||||||||||
Allowance for loan losses by segment [Roll Forward] | |||||||||||
Beginning Balance | 339 | 258 | 258 | ||||||||
Charges-offs | 0 | 0 | |||||||||
Recoveries | 0 | 10 | |||||||||
Provision for loan losses | (17) | 71 | |||||||||
Ending Balance | 322 | 339 | |||||||||
Individually evaluated for impairment | 0 | 0 | |||||||||
Collectively evaluated for impairment | 322 | 339 | |||||||||
Purchased credit-impaired loans | 0 | 0 | |||||||||
Ending Balance | 322 | 258 | 258 | 322 | 339 | ||||||
Loan Balances [Abstract] | |||||||||||
Individually evaluated for impairment | 81 | 83 | |||||||||
Collectively evaluated for impairment | 39,172 | 43,649 | |||||||||
Purchased credit-impaired loans | 0 | 0 | |||||||||
Ending Balance | 39,253 | 43,732 | |||||||||
Real Estate [Member] | Mortgage [Member] | |||||||||||
Allowance for loan losses by segment [Roll Forward] | |||||||||||
Beginning Balance | [1] | 2,560 | 2,505 | 2,505 | |||||||
Charges-offs | [1] | (1) | (149) | ||||||||
Recoveries | [1] | 14 | 69 | ||||||||
Provision for loan losses | [1] | (24) | 135 | ||||||||
Ending Balance | [1] | 2,549 | 2,560 | ||||||||
Individually evaluated for impairment | [1] | 42 | 10 | ||||||||
Collectively evaluated for impairment | [1] | 2,507 | 2,550 | ||||||||
Purchased credit-impaired loans | [1] | 0 | 0 | ||||||||
Ending Balance | [1] | 2,549 | 2,505 | 2,505 | 2,549 | 2,560 | |||||
Loan Balances [Abstract] | |||||||||||
Individually evaluated for impairment | [1] | 522 | 586 | ||||||||
Collectively evaluated for impairment | [1] | 201,258 | 206,950 | ||||||||
Purchased credit-impaired loans | [1] | 0 | 0 | ||||||||
Ending Balance | [1] | 201,780 | 207,536 | ||||||||
Real Estate [Member] | Commercial [Member] | |||||||||||
Allowance for loan losses by segment [Roll Forward] | |||||||||||
Beginning Balance | 4,434 | 3,663 | 3,663 | ||||||||
Charges-offs | 0 | (654) | |||||||||
Recoveries | 1 | 317 | |||||||||
Provision for loan losses | (118) | 1,108 | |||||||||
Ending Balance | 4,317 | 4,434 | |||||||||
Individually evaluated for impairment | 13 | 1 | |||||||||
Collectively evaluated for impairment | 4,304 | 4,433 | |||||||||
Purchased credit-impaired loans | 0 | 0 | |||||||||
Ending Balance | 4,317 | 3,663 | 4,434 | 4,317 | 4,434 | ||||||
Loan Balances [Abstract] | |||||||||||
Individually evaluated for impairment | 1,391 | 1,427 | |||||||||
Collectively evaluated for impairment | 319,022 | 315,424 | |||||||||
Purchased credit-impaired loans | 0 | 0 | |||||||||
Ending Balance | 320,413 | 316,851 | |||||||||
Consumer [Member] | |||||||||||
Allowance for loan losses by segment [Roll Forward] | |||||||||||
Beginning Balance | [2] | 1,302 | 1,694 | 1,694 | |||||||
Charges-offs | [2] | (197) | (822) | ||||||||
Recoveries | [2] | 213 | 377 | ||||||||
Provision for loan losses | [2] | (33) | 53 | ||||||||
Ending Balance | [2] | 1,285 | 1,302 | ||||||||
Individually evaluated for impairment | [2] | 0 | 0 | ||||||||
Collectively evaluated for impairment | [2] | 1,285 | 1,302 | ||||||||
Purchased credit-impaired loans | [2] | 0 | 0 | ||||||||
Ending Balance | [2] | 1,285 | 1,694 | 1,302 | 1,285 | 1,302 | |||||
Loan Balances [Abstract] | |||||||||||
Individually evaluated for impairment | [2] | 12 | 14 | ||||||||
Collectively evaluated for impairment | [2] | 115,001 | 118,354 | ||||||||
Purchased credit-impaired loans | [2] | 0 | 0 | ||||||||
Ending Balance | [2] | 115,013 | 118,368 | ||||||||
Other [Member] | |||||||||||
Allowance for loan losses by segment [Roll Forward] | |||||||||||
Beginning Balance | 123 | 296 | 296 | ||||||||
Charges-offs | (114) | (355) | |||||||||
Recoveries | 56 | 66 | |||||||||
Provision for loan losses | 196 | 116 | |||||||||
Ending Balance | 261 | 123 | |||||||||
Individually evaluated for impairment | 0 | 0 | |||||||||
Collectively evaluated for impairment | 261 | 123 | |||||||||
Purchased credit-impaired loans | 0 | 0 | |||||||||
Ending Balance | 261 | 296 | 123 | 261 | 123 | ||||||
Loan Balances [Abstract] | |||||||||||
Individually evaluated for impairment | 0 | 0 | |||||||||
Collectively evaluated for impairment | 7,162 | 8,067 | |||||||||
Purchased credit-impaired loans | 0 | 0 | |||||||||
Ending Balance | [3] | 7,162 | 8,067 | ||||||||
Unallocated [Member] | |||||||||||
Allowance for loan losses by segment [Roll Forward] | |||||||||||
Beginning Balance | 133 | 0 | 0 | ||||||||
Charges-offs | 0 | 0 | |||||||||
Recoveries | 0 | 0 | |||||||||
Provision for loan losses | 53 | 133 | |||||||||
Ending Balance | 186 | 133 | |||||||||
Individually evaluated for impairment | 0 | 0 | |||||||||
Collectively evaluated for impairment | 186 | 133 | |||||||||
Ending Balance | $ 186 | $ 0 | $ 133 | 186 | 133 | ||||||
Loan Balances [Abstract] | |||||||||||
Individually evaluated for impairment | 0 | 0 | |||||||||
Collectively evaluated for impairment | 0 | 0 | |||||||||
Ending Balance | $ 0 | $ 0 | |||||||||
|
Leases, Adoption ASU No. 2016-02 (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020
USD ($)
Lease
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Assets and Liabilities, Lessee [Abstract] | |||
Right-of-use asset | $ | $ 1,364 | $ 1,260 | $ 751 |
Lease liability | $ | $ 1,378 | $ 1,277 | $ 751 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities | Other Liabilities |
Number of new leases | Lease | 3 | ||
Number of leases extended | Lease | 2 |
Leases, Long-term Lease Agreements Calssified as Operating Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Information about Leases [Abstract] | ||||
Lease liabilities | $ 1,277 | $ 1,378 | $ 751 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities | Other Liabilities | |
Right of use assets | $ 1,260 | $ 1,364 | $ 751 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | |||
Weighted average remaining lease term | 4 years 4 months 2 days | |||
Weighted average discount rate | 1.76% | |||
Lease cost [Abstract] | ||||
Operating lease cost | $ 104 | $ 88 | ||
Total lease cost | 104 | 88 | ||
Cash paid for amounts included in the measurement of lease liabilities | 139 | $ 84 | ||
Lease payments due [Abstract] | ||||
Nine months ending December 31, 2021 | 213 | |||
Twelve months ending December 31, 2022 | 339 | |||
Twelve months ending December 31, 2023 | 248 | |||
Twelve months ending December 31, 2024 | 240 | |||
Thereafter | 309 | |||
Total undiscounted cash flows | 1,349 | |||
Discount | (72) | |||
Lease liabilities | $ 1,277 | $ 1,378 | $ 751 |
Low-Income Housing Tax Credits (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2021
USD ($)
Fund
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
Fund
|
|||
Low-Income Housing Tax Credits [Abstract] | |||||
Number of housing equity funds | Fund | 4 | 4 | |||
Low-income housing investment | $ 2,200 | $ 2,300 | |||
Expected affordable housing tax credits | 361 | ||||
Additional committed capital calls expected | 18 | $ 18 | |||
Tax credits and other benefits [Abstract] | |||||
Amortization of operating losses | 49 | $ 45 | |||
Tax benefit of operating losses | [1] | 10 | 9 | ||
Tax credits | 94 | 103 | |||
Total tax benefits | $ 104 | $ 112 | |||
Effective income tax rate | 21.00% | ||||
|
Borrowings (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Borrowings and FHLB Advances [Abstract] | ||
Available federal funds lines | $ 100,000 | $ 100,000 |
Available credit with FHLB | 365,600 | 374,700 |
Short-Term Borrowings [Abstract] | ||
Overnight repurchase agreements | 6,204 | 6,619 |
Total short-term borrowings | 6,204 | 6,619 |
Maximum month-end outstanding balance | 6,606 | 9,080 |
Average outstanding balance during the period | $ 7,032 | $ 21,092 |
Average interest rate (year-to-date) | 0.10% | 0.19% |
Average interest rate at end of period | 0.10% | 0.10% |
Long-Term Borrowings [Abstract] | ||
Federal Reserve Bank Borrowings | $ 10,995 | $ 28,550 |
Minimum [Member] | ||
Borrowings and FHLB Advances [Abstract] | ||
Overnight repurchase agreements maturity period | 1 day | |
Maximum [Member] | ||
Borrowings and FHLB Advances [Abstract] | ||
Overnight repurchase agreements maturity period | 4 days | |
Paycheck Protection Program Liquidity Facility [Member] | ||
Long-Term Borrowings [Abstract] | ||
Federal Reserve Bank Borrowings | $ 11,000 | |
Paycheck Protection Program Liquidity Facility [Member] | Maximum [Member] | ||
Long-Term Borrowings [Abstract] | ||
Maturity term of borrowings from origination | 24 months | |
Citizens Acquisition [Member] | ||
Long-Term Borrowings [Abstract] | ||
Loan maturity date | Apr. 01, 2023 | |
Loans outstanding | $ 1,400 | |
Interest rate | 2.61% |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments to extend credit [Abstract] | ||
Commitments to extend credit | $ 159,786 | $ 151,586 |
Home Equity Lines of Credit [Member] | ||
Commitments to extend credit [Abstract] | ||
Commitments to extend credit | 69,138 | 66,999 |
Commercial Real Estate, Construction and Development Loans Committed but not Funded [Member] | ||
Commitments to extend credit [Abstract] | ||
Commitments to extend credit | 22,967 | 20,258 |
Other Lines of Credit (Principally Commercial) [Member] | ||
Commitments to extend credit [Abstract] | ||
Commitments to extend credit | 67,681 | 64,329 |
Letters of Credit [Member] | ||
Commitments to extend credit [Abstract] | ||
Commitments to extend credit | $ 4,796 | $ 4,841 |
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Weighted Average Grant Date Fair Value [Abstract] | |||
Stock-based compensation expense | $ 61 | $ 86 | |
Restricted Stock [Member] | |||
Shares [Roll Forward] | |||
Nonvested balance at beginning of period (in shares) | 29,576 | ||
Issued (in shares) | 0 | 0 | |
Vested (in shares) | 0 | ||
Forfeited (in shares) | 0 | ||
Nonvested balance at end of period (in shares) | 29,576 | 29,576 | |
Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested balance at beginning of period (in dollars per share) | $ 18.46 | ||
Issued (in dollars per share) | 0 | ||
Vested (in dollars per share) | 0 | ||
Forfeited (in dollars per share) | 0 | ||
Non-vested balance at end of period (in dollars per share) | $ 18.46 | $ 18.46 | |
Weighted-average remaining vesting period for recognition | 1 year 14 days | ||
Unrecognized stock-based compensation expense | $ 216 | $ 134 | |
2016 Stock Incentive Plan [Member] | |||
Stock option plan activity [Abstract] | |||
Shares available for grant (in shares) | 300,000 | ||
ESPP [Member] | |||
Weighted Average Grant Date Fair Value [Abstract] | |||
Discount from market price at date of purchase | 5.00% | 5.00% | |
Total stock purchases under the plan (in shares) | 1,276 | ||
Shares reserved for issuance (in shares) | 231,175 | ||
ESPP [Member] | Minimum [Member] | |||
Weighted Average Grant Date Fair Value [Abstract] | |||
Discount from market price at date of purchase | 0.00% | ||
ESPP [Member] | Maximum [Member] | |||
Weighted Average Grant Date Fair Value [Abstract] | |||
Discount from market price at date of purchase | 15.00% |
Stockholders' Equity and Earnings per Share, Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Available-for-sale securities [Abstract] | ||
Realized gains on sales of securities | $ 0 | $ 0 |
Tax effect | 0 | 0 |
Total | $ 0 | $ 0 |
Stockholders' Equity and Earnings per Share, Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Stockholders Equity Note [Abstract] | ||
Beginning Balance | $ 117,145 | $ 109,756 |
Ending Balance | 117,923 | 110,044 |
Other comprehensive income, pretax [Abstract] | ||
Unrealized holding losses arising during the period, pretax | (2,144) | (563) |
Total change in accumulated other comprehensive income, net, pretax | (2,144) | (563) |
Other Comprehensive Income, Tax Effect [Abstract] | ||
Unrealized holding losses arising during the period, tax effect | (450) | (118) |
Total change in accumulated other comprehensive income, net, tax effect | (450) | (118) |
Other Comprehensive Income, Net of Tax [Abstract] | ||
Net unrealized losses on available-for-sale securities | (1,694) | (445) |
Other comprehensive income (loss), net of tax | (1,694) | (445) |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ||
Stockholders Equity Note [Abstract] | ||
Beginning Balance | 4,069 | (79) |
Net other comprehensive loss | (1,694) | (445) |
Ending Balance | 2,375 | (524) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Stockholders Equity Note [Abstract] | ||
Beginning Balance | 4,069 | (79) |
Net other comprehensive loss | (1,694) | (445) |
Ending Balance | 2,375 | (524) |
Other Comprehensive Income, Net of Tax [Abstract] | ||
Other comprehensive income (loss), net of tax | $ (1,694) | $ (445) |
Stockholders' Equity and Earnings per Share, Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Computation of earnings per share [Abstract] | ||
Net Income Available to Common Stockholders, Basic | $ 3,012 | $ 1,250 |
Net Income Available to Common Stockholders, Diluted | $ 3,012 | $ 1,250 |
Weighted Average Common Shares, Basic (in shares) | 5,224,501 | 5,200,250 |
Potentially dilutive common shares - employee stock purchase program (in shares) | 0 | 1,000 |
Weighted Average Common Shares, Diluted (in shares) | 5,224,501 | 5,200,989 |
Earnings Per Share, Basic (in dollars per share) | $ 0.58 | $ 0.24 |
Earnings Per Share, Diluted (in dollars per share) | $ 0.58 | $ 0.24 |
Stock Options [Member] | ||
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Fair Value Measurements, Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | $ 194,518 | $ 186,409 |
Loans held for sale | 9,291 | 14,413 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 7,016 | 7,043 |
Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 35,432 | 36,696 |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 53,159 | 45,995 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 75,939 | 73,501 |
Money Market Investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 4,558 | 4,743 |
Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 194,518 | 186,409 |
Recurring [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 7,016 | 7,043 |
Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 35,432 | 36,696 |
Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 53,159 | 45,995 |
Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 75,939 | 73,501 |
Recurring [Member] | Money Market Investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 4,558 | 4,743 |
Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 18,414 | 18,431 |
Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans held for sale | 9,291 | 14,413 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans held for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Money Market Investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans held for sale | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans held for sale | 9,291 | 14,413 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 194,518 | 186,409 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 7,016 | 7,043 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 35,432 | 36,696 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 53,159 | 45,995 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 75,939 | 73,501 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Money Market Investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 4,558 | 4,743 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 18,414 | 18,431 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans held for sale | 9,291 | 14,413 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans held for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Money Market Investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans held for sale | $ 0 | $ 0 |
Fair Value Measurements, Estimated Fair Values and Related Carrying or Notional Amounts (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets [Abstract] | ||
Cash and cash equivalents | $ 177,404 | $ 120,437 |
Securities available-for-sale | 194,518 | 186,409 |
Restricted securities | 1,033 | 1,367 |
Loans held for sale | 9,291 | 14,413 |
Loans, net of allowances for loan losses | 798,000 | 826,759 |
Bank owned life insurance | 28,612 | 28,386 |
Accrued interest receivable | 3,302 | 3,613 |
Liabilities [Abstract] | ||
Deposits | 1,111,558 | 1,067,236 |
Overnight repurchase agreements | 6,204 | 6,619 |
Federal Reserve Bank borrowings | 10,995 | 28,550 |
Other borrowings | 1,350 | |
Accrued interest payable | 311 | 384 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents | 177,404 | 120,437 |
Securities available-for-sale | 0 | 0 |
Restricted securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowances for loan losses | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities [Abstract] | ||
Deposits | 0 | 0 |
Overnight repurchase agreements | 0 | 0 |
Federal Reserve Bank borrowings | 0 | 0 |
Other borrowings | 0 | |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 194,518 | 186,409 |
Restricted securities | 1,033 | 1,367 |
Loans held for sale | 9,291 | 14,413 |
Loans, net of allowances for loan losses | 0 | 0 |
Bank owned life insurance | 28,612 | 28,386 |
Accrued interest receivable | 3,302 | 3,613 |
Liabilities [Abstract] | ||
Deposits | 1,114,120 | 1,070,236 |
Overnight repurchase agreements | 6,204 | 6,619 |
Federal Reserve Bank borrowings | 10,995 | 28,550 |
Other borrowings | 1,350 | |
Accrued interest payable | 311 | 384 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Restricted securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowances for loan losses | 801,357 | 826,083 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities [Abstract] | ||
Deposits | 0 | 0 |
Overnight repurchase agreements | 0 | 0 |
Federal Reserve Bank borrowings | 0 | 0 |
Other borrowings | 0 | |
Accrued interest payable | $ 0 | $ 0 |
Segment Reporting (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021
USD ($)
Segment
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Segment Reporting [Abstract] | |||
Number of principal business segments | Segment | 3 | ||
Revenues [Abstract] | |||
Interest and dividend income | $ 10,978 | $ 9,986 | |
Total operating income | 15,112 | 13,264 | |
Expenses [Abstract] | |||
Interest expense | 822 | 1,568 | |
Provision for loan losses | 150 | 300 | $ 1,000 |
Salaries and employee benefits | 6,227 | 5,994 | |
Other expenses | 4,331 | 4,036 | |
Total operating expenses | 11,530 | 11,898 | |
Income before income taxes | 3,582 | 1,366 | |
Income tax expense (benefit) | 570 | 116 | |
Net income | 3,012 | 1,250 | |
Capital expenditures | 126 | 368 | |
Total assets | 1,257,638 | 1,065,277 | $ 1,226,191 |
Income from Fiduciary Activities [Member] | |||
Revenues [Abstract] | |||
Noninterest revenue | 1,027 | 1,017 | |
Other Income [Member] | |||
Revenues [Abstract] | |||
Noninterest revenue | 3,107 | 2,261 | |
Operating Segments [Member] | Bank [Member] | |||
Revenues [Abstract] | |||
Interest and dividend income | 10,973 | 9,963 | |
Total operating income | 13,839 | 11,953 | |
Expenses [Abstract] | |||
Interest expense | 818 | 1,548 | |
Provision for loan losses | 150 | 300 | |
Salaries and employee benefits | 5,320 | 4,988 | |
Other expenses | 4,063 | 3,682 | |
Total operating expenses | 10,351 | 10,518 | |
Income before income taxes | 3,488 | 1,435 | |
Income tax expense (benefit) | 550 | 129 | |
Net income | 2,938 | 1,306 | |
Capital expenditures | 121 | 368 | |
Total assets | 1,250,353 | 1,058,955 | |
Operating Segments [Member] | Bank [Member] | Income from Fiduciary Activities [Member] | |||
Revenues [Abstract] | |||
Noninterest revenue | 0 | 0 | |
Operating Segments [Member] | Bank [Member] | Other Income [Member] | |||
Revenues [Abstract] | |||
Noninterest revenue | 2,866 | 1,990 | |
Operating Segments [Member] | Trust [Member] | |||
Revenues [Abstract] | |||
Interest and dividend income | 5 | 23 | |
Total operating income | 1,288 | 1,326 | |
Expenses [Abstract] | |||
Interest expense | 0 | 0 | |
Provision for loan losses | 0 | 0 | |
Salaries and employee benefits | 743 | 814 | |
Other expenses | 279 | 342 | |
Total operating expenses | 1,022 | 1,156 | |
Income before income taxes | 266 | 170 | |
Income tax expense (benefit) | 56 | 37 | |
Net income | 210 | 133 | |
Capital expenditures | 5 | 0 | |
Total assets | 7,003 | 6,774 | |
Operating Segments [Member] | Trust [Member] | Income from Fiduciary Activities [Member] | |||
Revenues [Abstract] | |||
Noninterest revenue | 1,027 | 1,017 | |
Operating Segments [Member] | Trust [Member] | Other Income [Member] | |||
Revenues [Abstract] | |||
Noninterest revenue | 256 | 286 | |
Operating Segments [Member] | Parent [Member] | |||
Revenues [Abstract] | |||
Interest and dividend income | 3,148 | 1,439 | |
Total operating income | 3,198 | 1,489 | |
Expenses [Abstract] | |||
Interest expense | 4 | 20 | |
Provision for loan losses | 0 | 0 | |
Salaries and employee benefits | 164 | 192 | |
Other expenses | 54 | 77 | |
Total operating expenses | 222 | 289 | |
Income before income taxes | 2,976 | 1,200 | |
Income tax expense (benefit) | (36) | (50) | |
Net income | 3,012 | 1,250 | |
Capital expenditures | 0 | 0 | |
Total assets | 117,956 | 111,861 | |
Operating Segments [Member] | Parent [Member] | Income from Fiduciary Activities [Member] | |||
Revenues [Abstract] | |||
Noninterest revenue | 0 | 0 | |
Operating Segments [Member] | Parent [Member] | Other Income [Member] | |||
Revenues [Abstract] | |||
Noninterest revenue | 50 | 50 | |
Eliminations [Member] | |||
Revenues [Abstract] | |||
Interest and dividend income | (3,148) | (1,439) | |
Total operating income | (3,213) | (1,504) | |
Expenses [Abstract] | |||
Interest expense | 0 | 0 | |
Provision for loan losses | 0 | 0 | |
Salaries and employee benefits | 0 | 0 | |
Other expenses | (65) | (65) | |
Total operating expenses | (65) | (65) | |
Income before income taxes | (3,148) | (1,439) | |
Income tax expense (benefit) | 0 | 0 | |
Net income | (3,148) | (1,439) | |
Capital expenditures | 0 | 0 | |
Total assets | (117,674) | (112,313) | |
Eliminations [Member] | Income from Fiduciary Activities [Member] | |||
Revenues [Abstract] | |||
Noninterest revenue | 0 | 0 | |
Eliminations [Member] | Other Income [Member] | |||
Revenues [Abstract] | |||
Noninterest revenue | $ (65) | $ (65) |
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