(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip code) |
Title of Each Class | Trading Symbol | Name of each exchange on which registered | ||||||
Note 9 – Other Comprehensive Income (Loss) | |||||
Note 10 – Financial Derivative Instruments | |||||
Debt Securities-Unrealized Loss Position | |||||
Non-Performing Loans and Loan Modifications | |||||
Capital Resources |
Item 4 - Controls and Procedures | |||||
Item 5 – Other Information | |||||
Dollars in thousands, | As of and for the nine months ended September 30, | As of and for the quarter ended September 30, | ||||||||||||
except for per share amounts | 2023 | 2022 | 2023 | 2022 | ||||||||||
Summary of Operations | ||||||||||||||
Interest Income | $ | 93,352 | $ | 65,955 | $ | 33,254 | $ | 23,991 | ||||||
Interest Expense | 43,998 | 9,273 | 17,300 | 4,627 | ||||||||||
Net Interest Income | 49,354 | 56,682 | 15,954 | 19,364 | ||||||||||
Provision (reduction) for Credit Losses | 501 | 1,300 | (200) | 400 | ||||||||||
Non-Interest Income | 11,330 | 13,027 | 3,891 | 4,715 | ||||||||||
Non-Interest Expense | 32,571 | 32,193 | 11,006 | 11,371 | ||||||||||
Net Income | 22,839 | 29,793 | 7,474 | 10,091 | ||||||||||
Per Common Share Data | ||||||||||||||
Basic Earnings per Share | $ | 2.08 | $ | 2.73 | $ | 0.68 | $ | 0.92 | ||||||
Diluted Earnings per Share | 2.06 | 2.70 | 0.67 | 0.91 | ||||||||||
Cash Dividends Declared | 1.04 | 1.00 | 0.35 | 0.34 | ||||||||||
Book Value per Common Share | 20.44 | 19.92 | 20.44 | 19.92 | ||||||||||
Tangible Book Value per Common Share2 | 17.66 | 17.13 | 17.66 | 17.13 | ||||||||||
Market Value | 23.50 | 27.55 | 23.50 | 27.55 | ||||||||||
Financial Ratios | ||||||||||||||
Return on Average Equity1 | 13.00 | % | 16.78 | % | 12.67 | % | 17.13 | % | ||||||
Return on Average Tangible Common Equity1,2 | 14.97 | % | 19.29 | % | 14.59 | % | 19.73 | % | ||||||
Return on Average Assets1 | 1.08 | % | 1.54 | % | 1.02 | % | 1.51 | % | ||||||
Average Equity to Average Assets | 8.27 | % | 9.16 | % | 8.07 | % | 8.80 | % | ||||||
Average Tangible Equity to Average Assets2 | 7.18 | % | 7.96 | % | 7.01 | % | 7.64 | % | ||||||
Net Interest Margin Tax-Equivalent1,2 | 2.54 | % | 3.17 | % | 2.40 | % | 3.14 | % | ||||||
Dividend Payout Ratio | 50.00 | % | 36.63 | % | 51.47 | % | 36.96 | % | ||||||
Allowance for Credit Losses/Total Loans | 1.12 | % | 0.88 | % | 1.12 | % | 0.88 | % | ||||||
Non-Performing Loans to Total Loans | 0.12 | % | 0.10 | % | 0.12 | % | 0.10 | % | ||||||
Non-Performing Assets to Total Assets | 0.09 | % | 0.07 | % | 0.09 | % | 0.07 | % | ||||||
Efficiency Ratio2 | 51.88 | % | 44.99 | % | 53.49 | % | 46.02 | % | ||||||
At Period End | ||||||||||||||
Total Assets | $ | 2,944,139 | $ | 2,735,065 | $ | 2,944,139 | $ | 2,735,065 | ||||||
Total Loans | 2,079,860 | 1,857,975 | 2,079,860 | 1,857,975 | ||||||||||
Total Investment Securities | 676,206 | 669,688 | 676,206 | 669,688 | ||||||||||
Total Deposits | 2,599,937 | 2,369,949 | 2,599,937 | 2,369,949 | ||||||||||
Total Shareholders' Equity | 226,665 | 219,917 | 226,665 | 219,917 |
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||
Interest bearing deposits in other banks | |||||||||||
Securities available for sale | |||||||||||
Securities held-to-maturity, net of allowance for credit losses of $ | |||||||||||
Restricted equity securities, at cost | |||||||||||
Loans held for sale | |||||||||||
Loans | |||||||||||
Less allowance for credit losses | |||||||||||
Net loans | |||||||||||
Accrued interest receivable | |||||||||||
Premises and equipment, net | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | $ | ||||||||
Liabilities | |||||||||||
Demand deposits | $ | $ | $ | ||||||||
NOW deposits | |||||||||||
Money market deposits | |||||||||||
Savings deposits | |||||||||||
Certificates of deposit | |||||||||||
Total deposits | |||||||||||
Borrowed funds – short term | |||||||||||
Borrowed funds – long term | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders' equity | |||||||||||
Common stock, | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | |||||||||||
Net unrealized loss on securities available-for-sale | ( | ( | ( | ||||||||
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity | ( | ( | ( | ||||||||
Net unrealized gain on cash flow hedging derivative instruments | |||||||||||
Net unrealized gain on postretirement costs | |||||||||||
Total shareholders' equity | |||||||||||
Total liabilities & shareholders' equity | $ | $ | $ | ||||||||
Common Stock | |||||||||||
Number of shares authorized | |||||||||||
Number of shares issued and outstanding | |||||||||||
Book value per common share | $ | $ | $ | ||||||||
Tangible book value per common share | $ | $ | $ |
For the nine months ended September 30, | For the quarter ended September 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Interest income | ||||||||||||||
Interest and fees on loans (includes YTD tax-exempt income of $ | $ | $ | $ | $ | ||||||||||
Interest on deposits with other banks | ||||||||||||||
Interest and dividends on investments (includes YTD tax-exempt income of $ | ||||||||||||||
Total interest income | ||||||||||||||
Interest expense | ||||||||||||||
Interest on deposits | ||||||||||||||
Interest on borrowed funds | ||||||||||||||
Total interest expense | ||||||||||||||
Net interest income | ||||||||||||||
Provision (reduction) for credit losses - loans | ( | |||||||||||||
Provision (reduction) for credit losses - debt securities HTM | ( | |||||||||||||
Provision (reduction) for credit losses - off-balance sheet credit exposures | ( | |||||||||||||
Total provision for credit losses | ( | |||||||||||||
Net interest income after provision for credit losses | ||||||||||||||
Non-interest income | ||||||||||||||
Investment management and fiduciary income | ||||||||||||||
Service charges on deposit accounts | ||||||||||||||
Net securities gains | ||||||||||||||
Mortgage origination and servicing income, net of amortization | ||||||||||||||
Debit card income | ||||||||||||||
Other operating income | ||||||||||||||
Total non-interest income | ||||||||||||||
Non-interest expense | ||||||||||||||
Salaries and employee benefits | ||||||||||||||
Occupancy expense | ||||||||||||||
Furniture and equipment expense | ||||||||||||||
FDIC insurance premiums | ||||||||||||||
Amortization of identified intangibles | ||||||||||||||
Other operating expense | ||||||||||||||
Total non-interest expense | ||||||||||||||
Income before income taxes | ||||||||||||||
Income tax expense | ||||||||||||||
NET INCOME | $ | $ | $ | $ | ||||||||||
Basic earnings per common share | $ | $ | $ | $ | ||||||||||
Diluted earnings per common share | $ | $ | $ | $ | ||||||||||
Other comprehensive income (loss) net of tax | ||||||||||||||
Net unrealized loss on securities available for sale, net of taxes | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Net unrealized gain on transferred securities, net of taxes | ||||||||||||||
Net unrealized gain on hedging derivative instruments | ||||||||||||||
Other comprehensive loss | ( | ( | ( | ( | ||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | ( | $ | ( |
Nine Month Period Ended September 30, 2023 and 2022 | |||||||||||||||||
Common stock and additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders' equity | ||||||||||||||
Shares | Amount | ||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | ||||||||||||
Net income | — | — | — | ||||||||||||||
Net unrealized loss on securities available for sale, net of tax | — | — | — | ( | ( | ||||||||||||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax | — | — | — | ||||||||||||||
Net unrealized gain on cash flow hedging derivative instruments, net of tax | — | — | — | ||||||||||||||
Comprehensive income (loss) | — | — | ( | ( | |||||||||||||
Cash dividends declared ($ | — | — | ( | — | ( | ||||||||||||
Equity compensation expense | — | — | — | ||||||||||||||
Payment to repurchase common stock | ( | — | ( | — | ( | ||||||||||||
Issuance of restricted stock | — | — | — | — | |||||||||||||
Proceeds from sale of common stock | — | — | |||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | ( | $ | ||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | ||||||||||||
Net income | — | — | — | ||||||||||||||
Net unrealized loss on securities available for sale, net of tax | — | — | — | ( | ( | ||||||||||||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax | — | — | — | ||||||||||||||
Net unrealized gain on hedging derivative instruments, net of tax | — | — | — | ||||||||||||||
Comprehensive income (loss) | — | — | ( | ||||||||||||||
Cash dividends declared ($ | — | — | ( | — | ( | ||||||||||||
Equity compensation expense | — | — | — | ||||||||||||||
Payment to repurchase common stock | ( | — | ( | — | ( | ||||||||||||
Issuance of restricted stock | — | — | — | — | |||||||||||||
Proceeds from sale of common stock | — | — | |||||||||||||||
— | — | ( | — | ( | |||||||||||||
Balance at September 30, 2023 | $ | $ | $ | ( | $ |
Three Month Period Ended September 30, 2023 and 2022 | |||||||||||||||||
Common stock and additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders' equity | ||||||||||||||
Shares | Amount | ||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ( | $ | ||||||||||||
Net income | — | — | — | ||||||||||||||
Net unrealized loss on securities available for sale, net of tax | — | — | — | ( | ( | ||||||||||||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax | — | — | — | ||||||||||||||
Net unrealized gain on cash flow hedging derivative instruments, net of tax | — | — | — | ||||||||||||||
Comprehensive income (loss) | — | — | ( | ( | |||||||||||||
Cash dividends declared ($ | — | — | ( | — | ( | ||||||||||||
Equity compensation expense | — | — | — | ||||||||||||||
Issuance of restricted stock | — | — | — | — | |||||||||||||
Proceeds from sale of common stock | — | — | |||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | ( | $ | ||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | ||||||||||||
Net income | — | — | — | ||||||||||||||
Net unrealized loss on securities available for sale, net of tax | — | — | — | ( | ( | ||||||||||||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax | — | — | — | ||||||||||||||
Net unrealized gain on hedging derivative instruments, net of tax | — | — | — | ||||||||||||||
Comprehensive income (loss) | — | — | ( | ( | |||||||||||||
Cash dividends declared ($ | — | — | ( | — | ( | ||||||||||||
Equity compensation expense | — | — | — | ||||||||||||||
Payment to repurchase common stock | ( | — | — | — | — | ||||||||||||
Proceeds from sale of common stock | — | — | |||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | ( | $ |
For the nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation | |||||||||||
Change in deferred taxes | ( | ||||||||||
Provision for credit losses | |||||||||||
Loans originated for resale | ( | ( | |||||||||
Proceeds from sales and transfers of loans | |||||||||||
Net gain on sales of loans | ( | ( | |||||||||
Net gain on sale or call of securities | ( | ||||||||||
Net amortization of premiums on investments | |||||||||||
Net (gain) loss on sale of other real estate owned | ( | ||||||||||
Equity compensation expense | |||||||||||
Net increase in other assets and accrued interest | ( | ( | |||||||||
Net increase in other liabilities | |||||||||||
Net (gain) loss on disposal of premises and equipment | ( | ||||||||||
Amortization of investment in limited partnership | |||||||||||
Net acquisition amortization | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
(Increase) decrease in interest-bearing deposits in other banks | ( | ||||||||||
Proceeds from sales of securities available for sale | |||||||||||
Proceeds from maturities, payments and calls of securities available for sale | |||||||||||
Proceeds from maturities, payments, calls and sales of securities to be held to maturity | |||||||||||
Proceeds from sales of other real estate owned | |||||||||||
Purchases of securities available for sale | ( | ( | |||||||||
Purchases of securities to be held to maturity | ( | ||||||||||
Redemption of restricted equity securities | |||||||||||
Net increase in loans | ( | ( | |||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from disposal of premises and equipment | |||||||||||
Net cash used by investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Net increase in demand, savings, and money market accounts | |||||||||||
Net increase in certificates of deposit | |||||||||||
Net (decrease) increase in short-term borrowings | ( | ||||||||||
Repayment on long-term borrowings | ( | ||||||||||
Payment to repurchase common stock | ( | ( | |||||||||
Proceeds from sale of common stock | |||||||||||
Dividends paid | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
For the nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Interest paid | $ | $ | |||||||||
Income taxes paid | |||||||||||
Non-cash transactions | |||||||||||
Change in net unrealized loss on available for sale securities, net of tax | $ | $ | |||||||||
Acronym | Description | Acronym | Description | ||||||||
ACL | Allowance for credit losses | GDP | Gross domestic product | ||||||||
AFS | Available-for-sale | GNMA | Government National Mortgage Association | ||||||||
ALCO | Asset/Liability Committee | HTM | Held-to-maturity | ||||||||
AOCI | Accumulated other comprehensive income (loss) | IRS | Internal Revenue Service | ||||||||
ASC | Accounting Standards Codification | LIBOR | London Interbank Offered Rate | ||||||||
ASU | Accounting Standards Update | MPF | Mortgage Partnership Finance Program | ||||||||
BTFP | Bank Term Funding Program | OAEM | Other assets especially mentioned | ||||||||
C&I | Commercial and Industrial | OCC | Office of the Comptroller of the Currency | ||||||||
CDs | Certificates of deposit | OCI | Other comprehensive income (loss) | ||||||||
CECL | Current Expected Credit Loss | OIS | Overnight Indexed Swap | ||||||||
CLLD | Construction, land, and land development | OREO | Other real estate owned | ||||||||
DFAST | Dodd Frank Act Stress Tests | POR | Period of Redemption | ||||||||
EPS | Earnings per share | PPP | Paycheck Protection Program | ||||||||
FASB | Financial Accounting Standards Board | PSA | Public Securities Association | ||||||||
FDIC | Federal Deposit Insurance Corporation | SBA | Small Business Association | ||||||||
FHLB | Federal Home Loan Bank | SEC | Securities and Exchange Commission | ||||||||
FHLBB | Federal Home Loan Bank of Boston | SOFR | Secured Overnight Financing Rate | ||||||||
FHLMC | Federal Home Loan Mortgage Corporation | TDR | Troubled debt restructuring | ||||||||
FNMA | Federal National Mortgage Association | The 2020 Plan | The 2020 Equity Incentive Plan | ||||||||
FOMC | Federal Open Market Committee | The Bank | First National Bank | ||||||||
FRB | Federal Reserve Board | The Company | The First Bancorp, Inc. | ||||||||
FRBB | Federal Reserve Bank of Boston | U.S. | United States of America | ||||||||
GAAP | Accounting principles generally accepted in the U.S. | USD | U.S. Dollar |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value (Estimated) | ||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||
U.S. Treasury & Agency securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
State and political subdivisions | ( | ||||||||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ | |||||||||||||||||||
Securities to be held to maturity | |||||||||||||||||||||||
U.S. Treasury & Agency securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
State and political subdivisions | ( | ||||||||||||||||||||||
Corporate securities | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ | |||||||||||||||||||
Less allowance for credit losses | ( | — | — | — | |||||||||||||||||||
Net securities to be held to maturity | $ | $ | — | $ | — | $ | — | ||||||||||||||||
Restricted equity securities | |||||||||||||||||||||||
Federal Home Loan Bank Stock | $ | $ | — | $ | — | $ | |||||||||||||||||
Federal Reserve Bank Stock | — | — | |||||||||||||||||||||
$ | $ | — | $ | — | $ |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value (Estimated) | ||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||
U.S. Treasury & Agency securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
State and political subdivisions | ( | ||||||||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ | |||||||||||||||||||
Securities to be held to maturity | |||||||||||||||||||||||
U.S. Treasury & Agency securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
State and political subdivisions | ( | ||||||||||||||||||||||
Corporate securities | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ | |||||||||||||||||||
Restricted equity securities | |||||||||||||||||||||||
Federal Home Loan Bank Stock | $ | $ | — | $ | — | $ | |||||||||||||||||
Federal Reserve Bank Stock | — | — | |||||||||||||||||||||
$ | $ | — | $ | — | $ |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value (Estimated) | ||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||
U.S. Treasury & Agency securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
State and political subdivisions | ( | ||||||||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ | |||||||||||||||||||
Securities to be held to maturity | |||||||||||||||||||||||
U.S. Treasury & Agency securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
State and political subdivisions | ( | ||||||||||||||||||||||
Corporate securities | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ | |||||||||||||||||||
Restricted equity securities | |||||||||||||||||||||||
Federal Home Loan Bank Stock | $ | $ | — | $ | — | $ | |||||||||||||||||
Federal Reserve Bank Stock | — | — | |||||||||||||||||||||
$ | $ | — | $ | — | $ |
Securities available for sale | Securities to be held to maturity | ||||||||||||||||||||||
Amortized Cost | Fair Value (Estimated) | Amortized Cost | Fair Value (Estimated) | ||||||||||||||||||||
Due in 1 year or less | $ | $ | $ | $ | |||||||||||||||||||
Due in 1 to 5 years | |||||||||||||||||||||||
Due in 5 to 10 years | |||||||||||||||||||||||
Due after 10 years | |||||||||||||||||||||||
$ | $ | $ | $ |
Securities available for sale | Securities to be held to maturity | ||||||||||||||||||||||
Amortized Cost | Fair Value (Estimated) | Amortized Cost | Fair Value (Estimated) | ||||||||||||||||||||
Due in 1 year or less | $ | $ | $ | $ | |||||||||||||||||||
Due in 1 to 5 years | |||||||||||||||||||||||
Due in 5 to 10 years | |||||||||||||||||||||||
Due after 10 years | |||||||||||||||||||||||
$ | $ | $ | $ |
Securities available for sale | Securities to be held to maturity | ||||||||||||||||||||||
Amortized Cost | Fair Value (Estimated) | Amortized Cost | Fair Value (Estimated) | ||||||||||||||||||||
Due in 1 year or less | $ | $ | $ | $ | |||||||||||||||||||
Due in 1 to 5 years | |||||||||||||||||||||||
Due in 5 to 10 years | |||||||||||||||||||||||
Due after 10 years | |||||||||||||||||||||||
$ | $ | $ | $ |
For the nine months ended September 30, | For the quarter ended September 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Proceeds from sales of securities | $ | $ | $ | $ | ||||||||||
Gross realized gains | ||||||||||||||
Gross realized losses | ( | ( | ||||||||||||
Net gain (loss) | $ | $ | $ | $ | ||||||||||
Related income taxes | $ | $ | $ | $ |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||
Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses | |||||||||||||||
U.S. Treasury & Agency securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
Mortgage-backed securities | ( | ( | ( | |||||||||||||||||
State and political subdivisions | ( | ( | ( | |||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||
Corporate securities | ( | ( | ||||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||
Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses | |||||||||||||||
U.S. Treasury & Agency securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
Mortgage-backed securities | ( | ( | ( | |||||||||||||||||
State and political subdivisions | ( | ( | ( | |||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||
Corporate securities | ( | ( | ( | |||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||
Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses | |||||||||||||||
U.S. Treasury & Agency securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
Mortgage-backed securities | ( | ( | ( | |||||||||||||||||
State and political subdivisions | ( | ( | ( | |||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||
Corporate securities | ( | ( | ( | |||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( |
State and Political Subdivisions | Corporate Securities | Total | |||||||||
Allowance for credit losses: | |||||||||||
Beginning balance | $ | $ | $ | ||||||||
Impact of adopting ASC 326 | |||||||||||
Credit loss expense (reduction)1 | ( | ( | |||||||||
Securities charged-off | |||||||||||
Recoveries | |||||||||||
Total ending allowance balance | $ | $ | $ |
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate owner occupied | $ | % | $ | % | $ | % | |||||||||||||||||||||||
Real estate non-owner occupied | % | % | % | ||||||||||||||||||||||||||
Construction | % | % | % | ||||||||||||||||||||||||||
C&I | % | % | % | ||||||||||||||||||||||||||
Multifamily | % | % | % | ||||||||||||||||||||||||||
Municipal | % | % | % | ||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Term | % | % | % | ||||||||||||||||||||||||||
Construction | % | % | % | ||||||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||||||||
Revolving and term | % | % | % | ||||||||||||||||||||||||||
Consumer | % | % | % | ||||||||||||||||||||||||||
Total | $ | % | $ | % | $ | % |
30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | All Past Due | Current | Total | 90+ Days & Accruing | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Real estate owner occupied | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Real estate non-owner occupied | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
C&I | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Term | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Home equity | |||||||||||||||||||||||
Revolving and term | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | All Past Due | Current | Total | 90+ Days & Accruing | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Real estate | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Construction | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Term | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Home equity line of credit | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | All Past Due | Current | Total | 90+ Days & Accruing | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Real estate | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Construction | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Term | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Home equity line of credit | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Nonaccrual with Allowance for Credit Loss | Nonaccrual with no Allowance for Credit Loss | Total Nonaccrual | Total Nonaccrual | Total Nonaccrual | |||||||||||||
Commercial | |||||||||||||||||
Real estate owner occupied | $ | $ | $ | $ | $ | ||||||||||||
Real estate non-owner occupied | |||||||||||||||||
Construction | |||||||||||||||||
C&I | |||||||||||||||||
Multifamily | |||||||||||||||||
Municipal | |||||||||||||||||
Residential | |||||||||||||||||
Term | |||||||||||||||||
Construction | |||||||||||||||||
Home equity | |||||||||||||||||
Revolving and term | |||||||||||||||||
Consumer | |||||||||||||||||
Total | $ | $ | $ | $ | $ |
Collateral Type | |||||||||||
Commercial Real Estate | Residential Real Estate | Total | |||||||||
Commercial | |||||||||||
Real estate owner occupied | $ | $ | $ | ||||||||
Real estate non-owner occupied | |||||||||||
Construction | |||||||||||
C&I | |||||||||||
Multifamily | |||||||||||
Municipal | |||||||||||
Residential | |||||||||||
Term | |||||||||||
Construction | |||||||||||
Home Equity | |||||||||||
Revolving and term | |||||||||||
Consumer | |||||||||||
Total | $ | $ | $ |
For the nine months ended September 30, 2023 | For the quarter ended September 30, 2023 | ||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Recognized Interest Income | Average Recorded Investment | Recognized Interest Income | |||||||||||||||||
With No Related Allowance | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Real estate owner occupied | $ | $ | $ | — | $ | $ | $ | $ | |||||||||||||||
Real estate non-owner occupied | — | ( | |||||||||||||||||||||
Construction | — | ||||||||||||||||||||||
C&I | — | ||||||||||||||||||||||
Multifamily | — | ||||||||||||||||||||||
Municipal | — | ||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Term | — | ||||||||||||||||||||||
Construction | — | ||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||
Revolving and term | — | ||||||||||||||||||||||
Consumer | — | ||||||||||||||||||||||
$ | $ | $ | — | $ | $ | $ | $ | ( | |||||||||||||||
With an Allowance Recorded | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Real estate owner occupied | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Real estate non-owner occupied | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
C&I | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Term | ( | ||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||
Revolving and term | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | ( | ||||||||||||||||
Total | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Real estate owner occupied | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Real estate non-owner occupied | ( | ||||||||||||||||||||||
Construction | $ | ||||||||||||||||||||||
C&I | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Term | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||
Revolving and term | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | ( |
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Recognized Interest Income | |||||||||||||
With No Related Allowance | |||||||||||||||||
Commercial | |||||||||||||||||
Real estate | $ | $ | $ | — | $ | $ | |||||||||||
Construction | — | ||||||||||||||||
Other | — | ||||||||||||||||
Municipal | — | ||||||||||||||||
Residential | |||||||||||||||||
Term | — | ||||||||||||||||
Construction | — | ||||||||||||||||
Home equity line of credit | — | ||||||||||||||||
Consumer | — | ||||||||||||||||
$ | $ | $ | — | $ | $ | ||||||||||||
With an Allowance Recorded | |||||||||||||||||
Commercial | |||||||||||||||||
Real estate | $ | $ | $ | $ | $ | ||||||||||||
Construction | |||||||||||||||||
Other | |||||||||||||||||
Municipal | |||||||||||||||||
Residential | |||||||||||||||||
Term | |||||||||||||||||
Construction | |||||||||||||||||
Home equity line of credit | |||||||||||||||||
Consumer | |||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||
Total | |||||||||||||||||
Commercial | |||||||||||||||||
Real estate | $ | $ | $ | $ | $ | ||||||||||||
Construction | |||||||||||||||||
Other | |||||||||||||||||
Municipal | |||||||||||||||||
Residential | |||||||||||||||||
Term | |||||||||||||||||
Construction | |||||||||||||||||
Home equity line of credit | |||||||||||||||||
Consumer | |||||||||||||||||
$ | $ | $ | $ | $ |
For the nine months ended September 30, 2022 | For the quarter ended September 30, 2022 | ||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Recognized Interest Income | Average Recorded Investment | Recognized Interest Income | |||||||||||||||||
With No Related Allowance | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Real estate | $ | $ | $ | — | $ | $ | $ | $ | |||||||||||||||
Construction | — | ||||||||||||||||||||||
Other | — | ||||||||||||||||||||||
Municipal | — | ||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Term | — | ( | |||||||||||||||||||||
Construction | — | ||||||||||||||||||||||
Home equity line of credit | — | ||||||||||||||||||||||
Consumer | — | ||||||||||||||||||||||
$ | $ | $ | — | $ | $ | $ | $ | ||||||||||||||||
With an Allowance Recorded | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Real estate | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Construction | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Term | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Home equity line of credit | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Total | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Real estate | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Construction | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Term | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Home equity line of credit | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
Payment Deferral | ||||||||
Amortized Cost Basis at September 30, 2023 | % of Total Class of Financing Receivable | |||||||
Commercial | ||||||||
Real estate owner occupied | $ | % | ||||||
C&I | % | |||||||
$ | % |
Payment Deferral | |||||
Financial Effect | |||||
Commercial | |||||
Real estate owner occupied | Temporary payment accommodation, payments deferred to end of loan. | ||||
C&I | Temporary payment accommodation, payments deferred to end of loan. |
Payment Status (Amortized Cost Basis) | ||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | |||||||||||
Commercial | ||||||||||||||
Real estate owner occupied | $ | $ | $ | $ | ||||||||||
C&I | ||||||||||||||
Total | $ | $ | $ | $ |
Number of Loans | Balance | Specific Reserves | |||||||||||||||
Commercial | |||||||||||||||||
Real estate | $ | $ | |||||||||||||||
Construction | |||||||||||||||||
Other | |||||||||||||||||
Municipal | |||||||||||||||||
Residential | |||||||||||||||||
Term | |||||||||||||||||
Construction | |||||||||||||||||
Home equity line of credit | |||||||||||||||||
Consumer | |||||||||||||||||
$ | $ |
Number of Loans | Balance | Specific Reserves | |||||||||||||||
Commercial | |||||||||||||||||
Real estate | $ | $ | |||||||||||||||
Construction | |||||||||||||||||
Other | |||||||||||||||||
Municipal | |||||||||||||||||
Residential | |||||||||||||||||
Term | |||||||||||||||||
Construction | |||||||||||||||||
Home equity line of credit | |||||||||||||||||
Consumer | |||||||||||||||||
$ | $ |
Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserves | ||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Real estate | $ | $ | $ | ||||||||||||||||||||
Construction | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Term | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Home equity line of credit | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
$ | $ | $ |
As of September 30, 2023 | Specific Reserves on Loans Evaluated Individually | General Reserves on Loans Based on Historical Loss Experience | Reserves for Qualitative Factors | Total Reserves | ||||||||||
Commercial | ||||||||||||||
Real estate owner occupied | $ | $ | $ | $ | ||||||||||
Real estate non-owner occupied | ||||||||||||||
Construction | ||||||||||||||
C&I | ||||||||||||||
Multifamily | ||||||||||||||
Municipal | ||||||||||||||
Residential | ||||||||||||||
Term | ||||||||||||||
Construction | ( | |||||||||||||
Home Equity | ||||||||||||||
Revolving and term | ||||||||||||||
Consumer | ||||||||||||||
$ | $ | $ | $ |
As of December 31, 2022 | Specific Reserves on Loans Evaluated Individually for Impairment | General Reserves on Loans Based on Historical Loss Experience | Reserves for Qualitative Factors | Unallocated Reserves | Total Reserves | ||||||||||||
Commercial | |||||||||||||||||
Real estate | $ | $ | $ | $ | $ | ||||||||||||
Construction | |||||||||||||||||
Other | |||||||||||||||||
Municipal | |||||||||||||||||
Residential | |||||||||||||||||
Term | |||||||||||||||||
Construction | |||||||||||||||||
Home equity line of credit | |||||||||||||||||
Consumer | |||||||||||||||||
Unallocated | |||||||||||||||||
$ | $ | $ | $ | $ |
As of September 30, 2022 | Specific Reserves on Loans Evaluated Individually for Impairment | General Reserves on Loans Based on Historical Loss Experience | Reserves for Qualitative Factors | Unallocated Reserves | Total Reserves | ||||||||||||
Commercial | |||||||||||||||||
Real estate | $ | $ | $ | $ | $ | ||||||||||||
Construction | |||||||||||||||||
Other | |||||||||||||||||
Municipal | |||||||||||||||||
Residential | |||||||||||||||||
Term | |||||||||||||||||
Construction | |||||||||||||||||
Home equity line of credit | |||||||||||||||||
Consumer | |||||||||||||||||
Unallocated | |||||||||||||||||
$ | $ | $ | $ | $ |
Allowance for credit losses: | |||||
Beginning balance, prior to adoption of ASC 326 | $ | ||||
Impact of adopting ASC 326 | |||||
Credit loss expense | |||||
Total ending allowance balance | $ |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
Dollars in thousands | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of September 30, 2023 | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate owner occupied | |||||||||||||||||||||||||||||
Pass (risk rating 1-5) | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention (risk rating 6) | |||||||||||||||||||||||||||||
Substandard (risk rating 7) | |||||||||||||||||||||||||||||
Doubtful (risk rating 8) | |||||||||||||||||||||||||||||
Total Real Estate Owner Occupied | |||||||||||||||||||||||||||||
Current period gross write-offs | |||||||||||||||||||||||||||||
Real estate non-owner occupied | |||||||||||||||||||||||||||||
Pass (risk rating 1-5) | |||||||||||||||||||||||||||||
Special Mention (risk rating 6) | |||||||||||||||||||||||||||||
Substandard (risk rating 7) | |||||||||||||||||||||||||||||
Doubtful (risk rating 8) | |||||||||||||||||||||||||||||
Total Real Estate Non-Owner Occupied | |||||||||||||||||||||||||||||
Current period gross write-offs | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Pass (risk rating 1-5) | |||||||||||||||||||||||||||||
Special Mention (risk rating 6) | |||||||||||||||||||||||||||||
Substandard (risk rating 7) | |||||||||||||||||||||||||||||
Doubtful (risk rating 8) | |||||||||||||||||||||||||||||
Total Construction | |||||||||||||||||||||||||||||
Current period gross write-offs | |||||||||||||||||||||||||||||
C&I | |||||||||||||||||||||||||||||
Pass (risk rating 1-5) | |||||||||||||||||||||||||||||
Special Mention (risk rating 6) | |||||||||||||||||||||||||||||
Substandard (risk rating 7) | |||||||||||||||||||||||||||||
Doubtful (risk rating 8) | |||||||||||||||||||||||||||||
Total C&I | |||||||||||||||||||||||||||||
Current period gross write-offs | |||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||
Pass (risk rating 1-5) | |||||||||||||||||||||||||||||
Special Mention (risk rating 6) | |||||||||||||||||||||||||||||
Substandard (risk rating 7) | |||||||||||||||||||||||||||||
Doubtful (risk rating 8) | |||||||||||||||||||||||||||||
Total Multifamily | |||||||||||||||||||||||||||||
Current period gross write-offs | |||||||||||||||||||||||||||||
Municipal | |||||||||||||||||||||||||||||
Pass (risk rating 1-5) | |||||||||||||||||||||||||||||
Special Mention (risk rating 6) | |||||||||||||||||||||||||||||
Substandard (risk rating 7) | |||||||||||||||||||||||||||||
Doubtful (risk rating 8) | |||||||||||||||||||||||||||||
Total Municipal | |||||||||||||||||||||||||||||
Current period gross write-offs | |||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
Dollars in thousands | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of September 30, 2023 | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||||||
Total Term | |||||||||||||||||||||||||||||
Current period gross write-offs | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||||||
Total Construction | |||||||||||||||||||||||||||||
Current period gross write-offs | |||||||||||||||||||||||||||||
Home Equity Revolving and Term | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||||||
Total Home Equity Revolving and Term | |||||||||||||||||||||||||||||
Current period gross write-offs | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||||||
Total Consumer | |||||||||||||||||||||||||||||
Current period gross write-offs | |||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Dollars in thousands | Commercial | Municipal | Residential | Home Equity | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||
Real Estate Owner Occupied | Real Estate Non-Owner Occupied | Construction | C&I | Multifamily | Term | Construction | Revolving and term | |||||||||||||||||||||||||||||||
For the nine months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Beginning balance, prior to adoption of ASC 326 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Charge offs | ||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||
Provision (credit) | ( | ( | ||||||||||||||||||||||||||||||||||||
Impact of adopting ASC 326 | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
For the three months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Charge offs | ||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||
Provision (credit) | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Dollars in thousands | Commercial | Municipal | Residential | Home Equity Line of Credit | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Real Estate | Construction | Other | Term | Construction | ||||||||||||||||||||||||||||
For the year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Charge offs | ||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||
Provision (credit) | ( | ( | ||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Dollars in thousands | Commercial | Municipal | Residential | Home Equity Line of Credit | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Real Estate | Construction | Other | Term | Construction | ||||||||||||||||||||||||||||
For the nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Charge offs | ||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||
Provision (credit) | ( | |||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
For the three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Charge offs | ||||||||||||||||||||||||||||||||
Recoveries | ( | |||||||||||||||||||||||||||||||
Provision (credit) | ( | ( | ( | |||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Year Granted | Vesting Term (In Years) | Shares | Remaining Term (In Years) | ||||||||
2021 | |||||||||||
2022 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
2023 | |||||||||||
2023 | |||||||||||
Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||
For the nine months ended September 30, 2023 | |||||||||||||||||
Net income as reported | $ | ||||||||||||||||
Basic EPS: Income available to common shareholders | $ | ||||||||||||||||
Effect of dilutive securities: restricted stock | |||||||||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | $ | |||||||||||||||
For the nine months ended September 30, 2022 | |||||||||||||||||
Net income as reported | $ | ||||||||||||||||
Basic EPS: Income available to common shareholders | $ | ||||||||||||||||
Effect of dilutive securities: restricted stock | |||||||||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | $ |
Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||
For the quarter ended September 30, 2023 | |||||||||||||||||
Net income as reported | $ | ||||||||||||||||
Basic EPS: Income available to common shareholders | $ | ||||||||||||||||
Effect of dilutive securities: restricted stock | |||||||||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | $ | |||||||||||||||
For the quarter ended September 30, 2022 | |||||||||||||||||
Net income as reported | $ | ||||||||||||||||
Basic EPS: Income available to common shareholders | $ | ||||||||||||||||
Effect of dilutive securities: restricted stock | |||||||||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | $ |
At or for the nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Change in benefit obligation | |||||||||||
Benefit obligation at beginning of year | $ | $ | |||||||||
Interest cost | |||||||||||
Benefits paid | ( | ( | |||||||||
Benefit obligation at end of period | $ | $ | |||||||||
Funded status | |||||||||||
Benefit obligation at end of period | $ | ( | $ | ( | |||||||
Unamortized gain | ( | ( | |||||||||
Accrued benefit cost at end of period | $ | ( | $ | ( |
For the nine months ended September 30, | For the quarter ended September 30, | |||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||
Interest cost | $ | $ | $ | $ | ||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||
Unamortized net actuarial gain | $ | $ | $ | ||||||||
Deferred tax expense | ( | ( | ( | ||||||||
Net unrecognized postretirement benefits included in AOCI | $ | $ | $ |
For the nine months ended September 30, | For the quarter ended September 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Balance at beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Unrealized losses arising during the period | ( | ( | ( | ( | ||||||||||
Reclassification of net realized gains during the period | ( | ( | ||||||||||||
Related deferred taxes | ||||||||||||||
Net change | ( | ( | ( | ( | ||||||||||
Balance at end of period | $ | ( | $ | ( | $ | ( | $ | ( |
For the nine months ended September 30, | For the quarter ended September 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Balance at beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Amortization of net unrealized gains | ||||||||||||||
Related deferred taxes | ( | ( | ( | |||||||||||
Net change | ||||||||||||||
Balance at end of period | $ | ( | $ | ( | $ | ( | $ | ( |
For the nine months ended September 30, | For the quarter ended September 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Balance at beginning of period | $ | $ | $ | $ | ||||||||||
Unrealized gains on cash flow hedging derivatives arising during the period | ||||||||||||||
Related deferred taxes | ( | ( | ( | ( | ||||||||||
Net change | ||||||||||||||
Balance at end of period | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Variable Index Received | Fixed Rate Paid | Presentation on Consolidated Balance Sheets | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||||||||
04/27/2022 | 10/27/2023 | USD-SOFR-COMPOUND | Other Assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
04/27/2022 | 01/27/2024 | USD-SOFR-COMPOUND | Other Assets | |||||||||||||||||||||||||||||
04/27/2022 | 04/27/2024 | USD-SOFR-COMPOUND | Other Assets | |||||||||||||||||||||||||||||
01/10/2023 | 01/01/2026 | USD-SOFR-OIS COMPOUND | Other Assets | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Fair Value Hedges | ||||||||||||||||||||||||||||||||
03/08/2023 | 03/01/2026 | USD-SOFR-OIS COMPOUND | Other Assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
03/08/2023 | 03/01/2027 | USD-SOFR-OIS COMPOUND | Other Assets | |||||||||||||||||||||||||||||
03/08/2023 | 03/01/2028 | USD-SOFR-OIS COMPOUND | Other Assets | |||||||||||||||||||||||||||||
07/12/2023 | 08/01/2025 | USD-SOFR-OIS COMPOUND | Other Assets | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Total swap agreements | $ | $ | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||||||||||||||||||
Presentation on Consolidated Balance Sheet | Number of Positions | Notional Amount | Fair Value | Number of Positions | Notional Amount | Fair Value | Number of Positions | Notional Amount | Fair Value | |||||||||||||||||||||||
Pay Fixed, Receive Variable | Other Assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Receive Fixed, Pay Variable | Other Liabilities | ( | ( | ( | ||||||||||||||||||||||||||||
( | ( | ( | ||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Mortgage servicing rights | $ | $ | $ | ||||||||||||||
Accumulated amortization | ( | ( | ( | ||||||||||||||
Carrying value | $ | $ | $ |
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Certificates of deposit < $100,000 | $ | $ | $ | ||||||||||||||
Certificates $100,000 to $250,000 | |||||||||||||||||
Certificates $250,000 and over | |||||||||||||||||
$ | $ | $ |
At September 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | $ | $ | $ | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
State and political subdivisions | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Total securities available for sale | |||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||
Customer loan interest swap agreements | |||||||||||||||||||||||
Total interest rate swap agreements | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ |
At September 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Interest rate swap agreements | $ | $ | $ | $ | |||||||||||||||||||
Customer loan interest swap agreements | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
At December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | $ | $ | $ | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
State and political subdivisions | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Total securities available for sale | |||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||
Customer loan interest swap agreements | |||||||||||||||||||||||
Total interest rate swap agreements | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ |
At December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Customer loan interest swap agreements | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
At September 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | $ | $ | $ | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
State and political subdivisions | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Total securities available for sale | |||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||
Customer loan interest swap agreements | |||||||||||||||||||||||
Total interest swap agreements | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ |
At September 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Customer loan interest swap agreements | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
At September 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Mortgage servicing rights | $ | $ | $ | $ | |||||||||||||||||||
Individually analyzed loans | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ |
At December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Mortgage servicing rights | $ | $ | $ | $ | |||||||||||||||||||
Individually analyzed loans | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ |
At September 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Mortgage servicing rights | $ | $ | $ | $ | |||||||||||||||||||
Individually analyzed loans | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ |
Carrying value | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Securities to be held to maturity (net of allowance for credit losses) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans (net of allowance for credit losses) | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Municipal | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Home equity line of credit | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Local certificates of deposit | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
National certificates of deposit | |||||||||||||||||||||||||||||
Total certificates of deposit | |||||||||||||||||||||||||||||
Repurchase agreements | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances | |||||||||||||||||||||||||||||
Total borrowed funds | |||||||||||||||||||||||||||||
Carrying value | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Securities to be held to maturity | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans (net of allowance for loan losses) | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Municipal | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Home equity line of credit | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Local certificates of deposit | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
National certificates of deposit | |||||||||||||||||||||||||||||
Total certificates of deposit | |||||||||||||||||||||||||||||
Repurchase agreements | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances | |||||||||||||||||||||||||||||
Total borrowed funds | |||||||||||||||||||||||||||||
Carrying value | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Securities to be held to maturity | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans (net of allowance for loan losses) | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Municipal | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Home equity line of credit | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Local certificates of deposit | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
National certificates of deposit | |||||||||||||||||||||||||||||
Total certificates of deposit | |||||||||||||||||||||||||||||
Repurchase agreements | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances | |||||||||||||||||||||||||||||
Total borrowed funds | |||||||||||||||||||||||||||||
For the nine months ended September 30, | For the quarter ended September 30, | |||||||||||||
Dollars in thousands | 2023 | 2022 | 2023 | 2022 | ||||||||||
Net interest income as presented | $ | 49,354 | $ | 56,682 | $ | 15,954 | $ | 19,364 | ||||||
Effect of tax-exempt income | 1,965 | 1,719 | 685 | 592 | ||||||||||
Net interest income, tax equivalent | $ | 51,319 | $ | 58,401 | $ | 16,639 | $ | 19,956 |
For the nine months ended September 30, | For the quarter ended September 30, | |||||||||||||
Dollars in thousands | 2023 | 2022 | 2023 | 2022 | ||||||||||
Non-interest expense, as presented | $ | 32,571 | $ | 32,193 | $ | 11,006 | $ | 11,371 | ||||||
Net interest income, as presented | 49,354 | 56,682 | 15,954 | 19,364 | ||||||||||
Effect of tax-exempt interest income | 1,965 | 1,719 | 685 | 592 | ||||||||||
Non-interest income, as presented | 11,330 | 13,027 | 3,891 | 4,715 | ||||||||||
Effect of non-interest tax-exempt income | 131 | 127 | 44 | 43 | ||||||||||
Net securities gains | — | (7) | — | (6) | ||||||||||
Adjusted net interest income plus non-interest income | $ | 62,780 | $ | 71,548 | $ | 20,574 | $ | 24,708 | ||||||
Non-GAAP efficiency ratio | 51.88 | % | 44.99 | % | 53.49 | % | 46.02 | % | ||||||
GAAP efficiency ratio | 53.67 | % | 46.18 | % | 55.46 | % | 47.22 | % |
For the nine months ended September 30, | For the quarter ended September 30, | |||||||||||||
Dollars in thousands | 2023 | 2022 | 2023 | 2022 | ||||||||||
Average shareholders' equity as presented | $ | 234,832 | $ | 237,412 | $ | 234,024 | $ | 233,763 | ||||||
Less average intangible assets | (30,847) | (30,901) | (30,853) | (30,884) | ||||||||||
Average tangible shareholders' common equity | $ | 203,985 | $ | 206,511 | $ | 203,171 | $ | 202,879 |
For the nine months ended September 30, | For the quarter ended September 30, | |||||||||||||
Dollars in thousands | 2023 | 2022 | 2023 | 2022 | ||||||||||
Net Income, as presented | $ | 22,839 | $ | 29,793 | $ | 7,474 | $ | 10,091 | ||||||
Add: provision (reduction) for credit losses | 501 | 1,300 | (200) | 400 | ||||||||||
Add: income taxes expense | 4,773 | 6,423 | 1,565 | 2,217 | ||||||||||
Pre-tax, pre-provision net income | $ | 28,113 | $ | 37,516 | $ | 8,839 | $ | 12,708 |
For the nine months ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||
Dollars in thousands | Amount of interest | Average Yield/Rate | Amount of interest | Average Yield/Rate | ||||||||||||||||||||||
Interest on earning assets | ||||||||||||||||||||||||||
Interest-bearing deposits | $ | 300 | 5.30 | % | $ | 163 | 0.93 | % | ||||||||||||||||||
Investments | 15,795 | 3.12 | % | 13,815 | 2.68 | % | ||||||||||||||||||||
Loans held for sale | — | 0.00 | % | 11 | 2.53 | % | ||||||||||||||||||||
Loans | 79,222 | 5.26 | % | 53,685 | 4.10 | % | ||||||||||||||||||||
Total interest income | 95,317 | 4.72 | % | 67,674 | 3.67 | % | ||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Deposits | 42,384 | 2.62 | % | 8,190 | 0.59 | % | ||||||||||||||||||||
Other borrowings | 1,614 | 1.93 | % | 1,083 | 1.09 | % | ||||||||||||||||||||
Total interest expense | 43,998 | 2.58 | % | 9,273 | 0.62 | % | ||||||||||||||||||||
Net interest income | $ | 51,319 | $ | 58,401 | ||||||||||||||||||||||
Interest rate spread | 2.14 | % | 3.05 | % | ||||||||||||||||||||||
Net interest margin | 2.54 | % | 3.17 | % |
For the quarters ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||
Dollars in thousands | Amount of interest | Average Yield/Rate | Amount of interest | Average Yield/Rate | ||||||||||||||||||||||
Interest on earning assets | ||||||||||||||||||||||||||
Interest-bearing deposits | $ | 211 | 5.49 | % | $ | 92 | 2.32 | % | ||||||||||||||||||
Investments | 5,249 | 3.12 | % | 4,849 | 2.80 | % | ||||||||||||||||||||
Loans held for sale | — | 0.00 | % | 2 | 4.84 | % | ||||||||||||||||||||
Loans | 28,479 | 5.45 | % | 19,640 | 4.29 | % | ||||||||||||||||||||
Total interest-earning assets | 33,939 | 4.89 | % | 24,583 | 3.87 | % | ||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Deposits | 16,992 | 3.02 | % | 4,164 | 0.86 | % | ||||||||||||||||||||
Other borrowings | 308 | 1.32 | % | 463 | 1.40 | % | ||||||||||||||||||||
Total interest expense | 17,300 | 2.96 | % | 4,627 | 0.89 | % | ||||||||||||||||||||
Net interest income | $ | 16,639 | $ | 19,956 | ||||||||||||||||||||||
Interest rate spread | 1.93 | % | 2.97 | % | ||||||||||||||||||||||
Net interest margin | 2.40 | % | 3.14 | % |
For the nine months ended September 30, 2023 compared to 2022 | |||||||||||||||||||||||
Dollars in thousands | Volume | Rate | Rate/Volume1 | Total | |||||||||||||||||||
Interest on earning assets | |||||||||||||||||||||||
Interest-bearing deposits | $ | (110) | $ | 765 | $ | (518) | $ | 137 | |||||||||||||||
Investment securities | (259) | 2,282 | (43) | 1,980 | |||||||||||||||||||
Loans held for sale | (10) | (11) | 10 | (11) | |||||||||||||||||||
Loans | 8,132 | 15,115 | 2,290 | 25,537 | |||||||||||||||||||
Change in interest income | 7,753 | 18,151 | 1,739 | 27,643 | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | 1,292 | 28,418 | 4,484 | 34,194 | |||||||||||||||||||
Other borrowings | (168) | 827 | (128) | 531 | |||||||||||||||||||
Change in interest expense | 1,124 | 29,245 | 4,356 | 34,725 | |||||||||||||||||||
Change in net interest income | $ | 6,629 | $ | (11,094) | $ | (2,617) | $ | (7,082) |
For the quarter ended September 30, 2023 compared to 2022 | |||||||||||||||||||||||
Dollars in thousands | Volume | Rate | Rate/Volume1 | Total | |||||||||||||||||||
Interest on earning assets | |||||||||||||||||||||||
Interest-bearing deposits | $ | (3) | $ | 126 | $ | (4) | $ | 119 | |||||||||||||||
Investment securities | (148) | 565 | (17) | 400 | |||||||||||||||||||
Loans held for sale | (1) | (2) | 1 | (2) | |||||||||||||||||||
Loans | 2,753 | 5,338 | 748 | 8,839 | |||||||||||||||||||
Change in interest income | 2,601 | 6,027 | 728 | 9,356 | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | 670 | 10,474 | 1,684 | 12,828 | |||||||||||||||||||
Other borrowings | (136) | (27) | 8 | (155) | |||||||||||||||||||
Change in interest expense | 534 | 10,447 | 1,692 | 12,673 | |||||||||||||||||||
Change in net interest income | $ | 2,067 | $ | (4,420) | $ | (964) | $ | (3,317) |
For the nine months ended | For the quarters ended | |||||||||||||
Dollars in thousands | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 25,355 | $ | 23,926 | $ | 29,993 | $ | 27,062 | ||||||
Interest-bearing deposits in other banks | 7,567 | 23,405 | 15,241 | 15,711 | ||||||||||
Securities available for sale (includes tax exempt securities of $40,442 and $35,457 at September 30, 2023 and 2022, respectively) | 281,935 | 308,297 | 273,930 | 302,428 | ||||||||||
Securities to be held to maturity, net of allowance for credit losses of $432 at September 30, 20231 (included tax exempt securities of $257,421 and $253,554 at September 30, 2023 and 2022, respectively) | 390,828 | 377,163 | 388,623 | 380,512 | ||||||||||
Restricted equity securities, at cost | 4,778 | 5,011 | 4,243 | 4,809 | ||||||||||
Loans held for sale | 45 | 581 | 65 | 164 | ||||||||||
Loans | 2,015,081 | 1,750,004 | 2,073,265 | 1,818,419 | ||||||||||
Allowance for credit losses | (21,478) | (15,962) | (23,688) | (16,365) | ||||||||||
Net loans | 1,993,603 | 1,734,042 | 2,049,577 | 1,802,054 | ||||||||||
Accrued interest receivable | 13,223 | 9,539 | 13,419 | 9,425 | ||||||||||
Premises and equipment | 28,109 | 28,960 | 28,004 | 28,848 | ||||||||||
Other real estate owned | 8 | 12 | 19 | 33 | ||||||||||
Goodwill | 30,646 | 30,646 | 30,646 | 30,646 | ||||||||||
Other assets | 63,811 | 51,225 | 65,982 | 54,953 | ||||||||||
Total Assets | $ | 2,839,908 | $ | 2,592,807 | $ | 2,899,742 | $ | 2,656,645 | ||||||
Liabilities & Shareholders' Equity | ||||||||||||||
Demand deposits | $ | 301,738 | $ | 333,828 | $ | 316,488 | $ | 351,025 | ||||||
NOW deposits | 618,445 | 628,766 | 620,135 | 595,714 | ||||||||||
Money market deposits | 208,697 | 210,145 | 240,874 | 193,257 | ||||||||||
Savings deposits | 339,078 | 373,329 | 324,384 | 381,113 | ||||||||||
Certificates of deposit | 1,000,370 | 659,083 | 1,044,609 | 750,935 | ||||||||||
Total deposits | 2,468,328 | 2,205,151 | 2,546,490 | 2,272,044 | ||||||||||
Borrowed funds – short term | 112,080 | 132,533 | 92,461 | 130,695 | ||||||||||
Borrowed funds – long term | — | 85 | — | 85 | ||||||||||
Dividends payable | 892 | 956 | 928 | 1,226 | ||||||||||
Other liabilities | 23,776 | 16,670 | 25,839 | 18,832 | ||||||||||
Total Liabilities | 2,605,076 | 2,355,395 | 2,665,718 | 2,422,882 | ||||||||||
Shareholders' Equity: | ||||||||||||||
Common stock | 111 | 110 | 111 | 110 | ||||||||||
Additional paid-in capital | 68,975 | 67,364 | 69,381 | 67,761 | ||||||||||
Retained earnings | 208,884 | 192,666 | 210,148 | 198,897 | ||||||||||
Net unrealized loss on securities available for sale | (43,293) | (22,823) | (46,732) | (33,249) | ||||||||||
Net unrealized loss on securities transferred from available for sale to held to maturity | (60) | (77) | (58) | (70) | ||||||||||
Net unrealized gain (loss) on cash flow hedging derivative instruments | (58) | 67 | 901 | 209 | ||||||||||
Net unrealized gain on postretirement benefit costs | 273 | 105 | 273 | 105 | ||||||||||
Total Shareholders' Equity | 234,832 | 237,412 | 234,024 | 233,763 | ||||||||||
Total Liabilities & Shareholders' Equity | $ | 2,839,908 | $ | 2,592,807 | $ | 2,899,742 | $ | 2,656,645 |
Dollars in thousands | September 30, 2023 | December 31, 2022 | September 30, 2022 | ||||||||
Securities available for sale | |||||||||||
U.S. Treasury & Agency securities | $ | 38,252 | $ | 19,147 | $ | 19,144 | |||||
Mortgage-backed securities | 212,846 | 228,676 | 229,178 | ||||||||
State and political subdivisions | 30,780 | 33,191 | 31,106 | ||||||||
Asset-backed securities | 3,094 | 3,495 | 3,840 | ||||||||
$ | 284,972 | $ | 284,509 | $ | 283,268 | ||||||
Securities to be held to maturity | |||||||||||
U.S. Treasury & Agency securities | $ | 40,100 | $ | 40,100 | $ | 38,100 | |||||
Mortgage-backed securities | 57,224 | 60,497 | 56,423 | ||||||||
State and political subdivisions | 255,732 | 258,549 | 257,633 | ||||||||
Corporate securities | 34,750 | 34,750 | 29,750 | ||||||||
$ | 387,806 | $ | 393,896 | $ | 381,906 | ||||||
Less allowance for credit losses | (432) | — | — | ||||||||
Net securities to be held to maturity | $ | 387,374 | $ | 393,896 | $ | 381,906 | |||||
Restricted equity securities | |||||||||||
Federal Home Loan Bank Stock | $ | 2,823 | $ | 2,846 | $ | 3,477 | |||||
Federal Reserve Bank Stock | 1,037 | 1,037 | 1,037 | ||||||||
$ | 3,860 | $ | 3,883 | $ | 4,514 | ||||||
Total securities | $ | 676,206 | $ | 682,288 | $ | 669,688 |
Available For Sale | Held to Maturity | |||||||||||||||||||||||||
Dollars in thousands | Fair Value | Yield to maturity | Amortized Cost | Yield to maturity | ||||||||||||||||||||||
U.S. Treasury & Agency Securities | ||||||||||||||||||||||||||
Due in 1 year or less | $ | 19,819 | 5.20 | % | $ | — | 0.00 | % | ||||||||||||||||||
Due in 1 to 5 years | 2,829 | 1.83 | % | — | 0.00 | % | ||||||||||||||||||||
Due in 5 to 10 years | 7,543 | 1.17 | % | 13,500 | 1.74 | % | ||||||||||||||||||||
Due after 10 years | 8,061 | 2.00 | % | 26,600 | 1.45 | % | ||||||||||||||||||||
Total | 38,252 | 3.48 | % | 40,100 | 1.55 | % | ||||||||||||||||||||
Mortgage-Backed Securities | ||||||||||||||||||||||||||
Due in 1 year or less | — | 0.00 | % | — | 0.00 | % | ||||||||||||||||||||
Due in 1 to 5 years | 274 | 3.21 | % | 3 | 8.87 | % | ||||||||||||||||||||
Due in 5 to 10 years | 10,286 | 3.65 | % | 348 | 6.13 | % | ||||||||||||||||||||
Due after 10 years | 202,286 | 2.29 | % | 56,873 | 1.66 | % | ||||||||||||||||||||
Total | 212,846 | 2.35 | % | 57,224 | 1.69 | % | ||||||||||||||||||||
State & Political Subdivisions | ||||||||||||||||||||||||||
Due in 1 year or less | — | 0.00 | % | 1,408 | 3.68 | % | ||||||||||||||||||||
Due in 1 to 5 years | 365 | 5.06 | % | 9,777 | 3.89 | % | ||||||||||||||||||||
Due in 5 to 10 years | 5,531 | 2.62 | % | 50,717 | 3.20 | % | ||||||||||||||||||||
Due after 10 years | 24,884 | 3.28 | % | 193,830 | 2.26 | % | ||||||||||||||||||||
Total | 30,780 | 3.19 | % | 255,732 | 2.51 | % | ||||||||||||||||||||
Asset-Backed Securities | ||||||||||||||||||||||||||
Due in 1 year or less | — | 0.00 | % | — | 0.00 | % | ||||||||||||||||||||
Due in 1 to 5 years | — | 0.00 | % | — | 0.00 | % | ||||||||||||||||||||
Due in 5 to 10 years | — | 0.00 | % | — | 0.00 | % | ||||||||||||||||||||
Due after 10 years | 3,094 | 6.57 | % | — | 0.00 | % | ||||||||||||||||||||
Total | 3,094 | 6.57 | % | — | 0.00 | % | ||||||||||||||||||||
Corporate Securities | ||||||||||||||||||||||||||
Due in 1 year or less | — | 0.00 | % | 750 | 1.50 | % | ||||||||||||||||||||
Due in 1 to 5 years | — | 0.00 | % | 6,000 | 4.75 | % | ||||||||||||||||||||
Due in 5 to 10 years | — | 0.00 | % | 28,000 | 4.59 | % | ||||||||||||||||||||
Due after 10 years | — | 0.00 | % | — | 0.00 | % | ||||||||||||||||||||
Total | — | 0.00 | % | 34,750 | 4.55 | % | ||||||||||||||||||||
$ | 284,972 | 2.64 | % | $ | 387,806 | 2.48 | % |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Dollars in thousands | Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses | |||||||||||||||||||||||||||||
U.S. Treasury & Agency securities | $ | 11,842 | $ | (40) | $ | 44,577 | $ | (19,555) | $ | 56,419 | $ | (19,595) | |||||||||||||||||||||||
Mortgage-backed securities | 18,017 | (441) | 238,150 | (63,825) | 256,167 | (64,266) | |||||||||||||||||||||||||||||
State and political subdivisions | 66,583 | (6,675) | 147,818 | (49,769) | 214,401 | (56,444) | |||||||||||||||||||||||||||||
Asset-backed securities | — | — | 1,510 | (4) | 1,510 | (4) | |||||||||||||||||||||||||||||
Corporate Securities | — | — | 21,677 | (3,823) | 21,677 | (3,823) | |||||||||||||||||||||||||||||
$ | 96,442 | $ | (7,156) | $ | 453,732 | $ | (136,976) | $ | 550,174 | $ | (144,132) |
Dollars in thousands | September 30, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate owner occupied | $ | 299,943 | 14.4 | % | $ | 256,623 | 13.4 | % | $ | 251,410 | 13.6 | % | |||||||||||||||||
Real estate non-owner occupied | 397,024 | 19.1 | % | 363,660 | 19.0 | % | 315,514 | 17.0 | % | ||||||||||||||||||||
Construction | 72,424 | 3.5 | % | 93,907 | 4.9 | % | 129,036 | 6.9 | % | ||||||||||||||||||||
C&I | 350,596 | 16.9 | % | 319,359 | 16.7 | % | 310,110 | 16.7 | % | ||||||||||||||||||||
Multifamily | 91,041 | 4.4 | % | 79,057 | 4.1 | % | 71,784 | 3.9 | % | ||||||||||||||||||||
Municipal | 58,447 | 2.8 | % | 40,619 | 2.1 | % | 48,702 | 2.6 | % | ||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Term | 660,049 | 31.7 | % | 597,404 | 31.2 | % | 581,066 | 31.3 | % | ||||||||||||||||||||
Construction | 28,986 | 1.4 | % | 49,907 | 2.6 | % | 41,631 | 2.2 | % | ||||||||||||||||||||
Home Equity | |||||||||||||||||||||||||||||
Revolving and term | 101,980 | 4.9 | % | 93,075 | 4.9 | % | 87,903 | 4.7 | % | ||||||||||||||||||||
Consumer | 19,370 | 0.9 | % | 21,063 | 1.1 | % | 20,819 | 1.1 | % | ||||||||||||||||||||
Total loans | $ | 2,079,860 | 100.0 | % | $ | 1,914,674 | 100.0 | % | $ | 1,857,975 | 100.0 | % |
Dollars in thousands | < 1 Year | 1 - 5 Years | 5 - 10 Years | > 10 Years | Total | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate owner occupied | $ | 201 | $ | 13,166 | $ | 30,298 | $ | 256,278 | $ | 299,943 | |||||||||||||||||||
Real estate non-owner occupied | — | 17,606 | 59,813 | 319,605 | 397,024 | ||||||||||||||||||||||||
Construction | 7 | 5,068 | 9,301 | 58,048 | 72,424 | ||||||||||||||||||||||||
C&I | 584 | 164,368 | 82,441 | 103,203 | 350,596 | ||||||||||||||||||||||||
Multifamily | — | 1,162 | 331 | 89,548 | 91,041 | ||||||||||||||||||||||||
Municipal | — | 17,609 | 10,573 | 30,265 | 58,447 | ||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Term | — | 7,018 | 36,517 | 616,514 | 660,049 | ||||||||||||||||||||||||
Construction | 62 | 1,026 | — | 27,898 | 28,986 | ||||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||||||||
Revolving and term | 1,095 | 6,104 | 5,437 | 89,344 | 101,980 | ||||||||||||||||||||||||
Consumer | 5,764 | 7,577 | 2,706 | 3,323 | 19,370 | ||||||||||||||||||||||||
Total loans | $ | 7,713 | $ | 240,704 | $ | 237,417 | $ | 1,594,026 | $ | 2,079,860 |
Fixed-Rate | Adjustable-Rate | Total | |||||||||||||||||||||||||||
Dollars in thousands | Amount | % of total | Amount | % of total | Amount | % of total | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate owner occupied | $ | 19,717 | 0.9 | % | $ | 280,226 | 13.5 | % | $ | 299,943 | 14.4 | % | |||||||||||||||||
Real estate non-owner occupied | 95,580 | 4.6 | % | 301,444 | 14.5 | % | 397,024 | 19.1 | % | ||||||||||||||||||||
Construction | 22,517 | 1.1 | % | 49,907 | 2.4 | % | 72,424 | 3.5 | % | ||||||||||||||||||||
C&I | 133,381 | 6.5 | % | 217,215 | 10.4 | % | 350,596 | 16.9 | % | ||||||||||||||||||||
Multifamily | 694 | 0.0 | % | 90,347 | 4.4 | % | 91,041 | 4.4 | % | ||||||||||||||||||||
Municipal | 58,201 | 2.8 | % | 246 | 0.0 | % | 58,447 | 2.8 | % | ||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Term | 460,759 | 22.1 | % | 199,290 | 9.6 | % | 660,049 | 31.7 | % | ||||||||||||||||||||
Construction | 13,101 | 0.6 | % | 15,885 | 0.8 | % | 28,986 | 1.4 | % | ||||||||||||||||||||
Home Equity | |||||||||||||||||||||||||||||
Revolving and Term | 12,359 | 0.6 | % | 89,621 | 4.3 | % | 101,980 | 4.9 | % | ||||||||||||||||||||
Consumer | 13,688 | 0.6 | % | 5,682 | 0.3 | % | 19,370 | 0.9 | % | ||||||||||||||||||||
Total loans | $ | 829,997 | 39.8 | % | $ | 1,249,863 | 60.2 | % | $ | 2,079,860 | 100.0 | % |
Dollars in thousands | September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Real estate owner occupied | $ | 4,511 | 14.4 | % | $ | 6,116 | 36.5 | % | $ | 5,575 | 34.5 | % | ||||||||||||||||||||||||||
Real estate non-owner occupied | 4,429 | 19.1 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||
Construction | 1,602 | 3.5 | % | 821 | 4.9 | % | 1,121 | 6.9 | % | |||||||||||||||||||||||||||||
C&I | 4,797 | 16.9 | % | 3,097 | 16.7 | % | 3,014 | 16.7 | % | |||||||||||||||||||||||||||||
Multifamily | 1,277 | 4.4 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||
Municipal | 376 | 2.8 | % | 162 | 2.1 | % | 160 | 2.6 | % | |||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||
Term | 4,886 | 31.7 | % | 2,559 | 32.1 | % | 2,547 | 32.0 | % | |||||||||||||||||||||||||||||
Construction | 576 | 1.4 | % | 199 | 2.6 | % | 168 | 2.2 | % | |||||||||||||||||||||||||||||
Home Equity | ||||||||||||||||||||||||||||||||||||||
Revolving and term | 617 | 4.9 | % | 1,029 | 4.0 | % | 993 | 4.0 | % | |||||||||||||||||||||||||||||
Consumer | 251 | 0.9 | % | 1,062 | 1.1 | % | 872 | 1.1 | % | |||||||||||||||||||||||||||||
Unallocated | — | — | % | 1,678 | — | % | 1,937 | — | % | |||||||||||||||||||||||||||||
Total | $ | 23,322 | 100.0 | % | $ | 16,723 | 100.0 | % | $ | 16,387 | 100.0 | % |
Dollars in thousands | Specific Reserves on Loans Evaluated Individually | General Reserves on Loans Based on Historical Loss Experience | Reserves for Qualitative Factors | Total Reserves | |||||||||||||||||||
Commercial | |||||||||||||||||||||||
Real estate owner occupied | $ | — | $ | 3,731 | $ | 780 | $ | 4,511 | |||||||||||||||
Real estate non-owner occupied | — | 3,855 | 574 | 4,429 | |||||||||||||||||||
Construction | — | 1,445 | 157 | 1,602 | |||||||||||||||||||
C&I | 225 | 3,909 | 663 | 4,797 | |||||||||||||||||||
Multifamily | — | 1,184 | 93 | 1,277 | |||||||||||||||||||
Municipal | — | 332 | 44 | 376 | |||||||||||||||||||
Residential | |||||||||||||||||||||||
Term | 41 | 4,020 | 825 | 4,886 | |||||||||||||||||||
Construction | — | 602 | (26) | 576 | |||||||||||||||||||
Home Equity | |||||||||||||||||||||||
Revolving and term | — | 442 | 175 | 617 | |||||||||||||||||||
Consumer | — | 219 | 32 | 251 | |||||||||||||||||||
$ | 266 | $ | 19,739 | $ | 3,317 | $ | 23,322 |
Dollars in thousands | September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||
Balance at the beginning of period | $ | 16,723 | $ | 15,521 | $ | 15,521 | ||||||||||||||
Loans charged off: | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Real estate owner occupied | 40 | — | — | |||||||||||||||||
Real estate non-owner occupied | — | — | — | |||||||||||||||||
Construction | — | — | — | |||||||||||||||||
C&I | 16 | 309 | 272 | |||||||||||||||||
Multifamily | — | — | — | |||||||||||||||||
Municipal | — | — | — | |||||||||||||||||
Residential | ||||||||||||||||||||
Term | — | 8 | — | |||||||||||||||||
Construction | — | — | — | |||||||||||||||||
Home Equity | ||||||||||||||||||||
Revolving and term | — | 29 | 29 | |||||||||||||||||
Consumer | 152 | 412 | 318 | |||||||||||||||||
Total | 208 | 758 | 619 | |||||||||||||||||
Recoveries on loans previously charged off | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Real estate owner occupied | 2 | 20 | 16 | |||||||||||||||||
Real estate non-owner occupied | 75 | — | — | |||||||||||||||||
Construction | — | — | — | |||||||||||||||||
C&I | 3 | 13 | 11 | |||||||||||||||||
Multifamily | — | — | — | |||||||||||||||||
Municipal | — | — | — | |||||||||||||||||
Residential | ||||||||||||||||||||
Term | 10 | 29 | 27 | |||||||||||||||||
Construction | — | — | — | |||||||||||||||||
Home Equity | ||||||||||||||||||||
Revolving and term | 10 | 4 | 3 | |||||||||||||||||
Consumer | 78 | 144 | 128 | |||||||||||||||||
Total | 178 | 210 | 185 | |||||||||||||||||
Net loans charged off | 30 | 548 | 434 | |||||||||||||||||
Provision for credit losses | 419 | 1,750 | 1,300 | |||||||||||||||||
Adoption of ASU No. 2016-13 | 6,210 | — | — | |||||||||||||||||
Balance at end of period | $ | 23,322 | $ | 16,723 | $ | 16,387 | ||||||||||||||
Ratio of net loans charged off to average loans outstanding1 | 0.002 | % | 0.030 | % | 0.030 | % | ||||||||||||||
Ratio of allowance for credit losses to total loans outstanding | 1.12 | % | 0.87 | % | 0.88 | % |
Dollars in thousands | September 30, 2023 | December 31, 2022 | September 30, 2022 | ||||||||
Commercial | |||||||||||
Real estate owner occupied | $ | — | $ | 193 | $ | 195 | |||||
Real estate non-owner occupied | — | — | — | ||||||||
Construction | 29 | 23 | 25 | ||||||||
C&I | 714 | 663 | 756 | ||||||||
Multifamily | — | — | — | ||||||||
Municipal | — | — | — | ||||||||
Residential | |||||||||||
Term | 1,320 | 572 | 637 | ||||||||
Construction | — | — | — | ||||||||
Home Equity | |||||||||||
Revolving and term | 490 | 304 | 247 | ||||||||
Consumer | — | — | — | ||||||||
Total nonperforming loans | $ | 2,553 | $ | 1,755 | $ | 1,860 | |||||
Allowance for credit losses as a percentage of nonperforming loans | 913.5 | % | 952.9 | % | 881.0 | % |
Dollars in thousands | September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||
Commercial | ||||||||||||||||||||
Real estate owner occupied | $ | — | $ | 193 | $ | 195 | ||||||||||||||
Real estate non-owner occupied | — | — | — | |||||||||||||||||
Construction | 15 | — | — | |||||||||||||||||
C&I | 670 | 226 | 271 | |||||||||||||||||
Multifamily | — | — | — | |||||||||||||||||
Municipal | — | — | — | |||||||||||||||||
Residential | ||||||||||||||||||||
Term | 723 | 452 | 322 | |||||||||||||||||
Construction | 62 | — | — | |||||||||||||||||
Home Equity | ||||||||||||||||||||
Revolving and term | 258 | 421 | 502 | |||||||||||||||||
Consumer | 260 | 167 | 171 | |||||||||||||||||
Total | $ | 1,988 | $ | 1,459 | $ | 1,461 | ||||||||||||||
Loans 30-89 days past due to total loans | 0.048 | % | 0.039 | % | 0.055 | % | ||||||||||||||
Loans 90+ days past due and accruing to total loans | 0.001 | % | 0.013 | % | 0.000 | % | ||||||||||||||
Loans 90+ days past due on non-accrual to total loans | 0.047 | % | 0.025 | % | 0.024 | % | ||||||||||||||
Total past due loans to total loans | 0.096 | % | 0.077 | % | 0.079 | % |
As of September 30, 2023 | Leverage | Common Equity Tier 1 | Tier 1 | Total Risk-Based | ||||||||||||||||||||||
Bank | 8.48 | % | 12.47 | % | 12.47 | % | 13.72 | % | ||||||||||||||||||
Company | 8.65 | % | 12.52 | % | 12.52 | % | 13.76 | % | ||||||||||||||||||
Adequately capitalized ratio | 4.00 | % | 4.50 | % | 6.00 | % | 8.00 | % | ||||||||||||||||||
Adequately capitalized ratio plus capital conservation buffer | n/a | % | 7.00 | % | 8.50 | % | 10.50 | % | ||||||||||||||||||
Well capitalized ratio (Bank only) | 5.00 | % | 6.50 | % | 8.00 | % | 10.00 | % |
As of December 31, 2022 | Leverage | Common Equity Tier 1 | Tier 1 | Total Risk-Based | ||||||||||||||||||||||
Bank | 8.81 | % | 12.64 | % | 12.64 | % | 13.52 | % | ||||||||||||||||||
Company | 9.01 | % | 12.70 | % | 12.70 | % | 13.58 | % | ||||||||||||||||||
Adequately capitalized ratio | 4.00 | % | 4.50 | % | 6.00 | % | 8.00 | % | ||||||||||||||||||
Adequately capitalized ratio plus capital conservation buffer | n/a | % | 7.00 | % | 8.50 | % | 10.50 | % | ||||||||||||||||||
Well capitalized ratio (Bank only) | 5.00 | % | 6.50 | % | 8.00 | % | 10.00 | % |
Dollars in thousands | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||
Borrowed funds | $ | 82,993 | $ | 82,993 | $ | — | $ | — | $ | — | |||||||||||||||||||
Operating leases | 778 | 106 | 195 | 67 | 410 | ||||||||||||||||||||||||
Certificates of deposit | 1,009,166 | 608,788 | 339,093 | 61,285 | — | ||||||||||||||||||||||||
Total | $ | 1,092,937 | $ | 691,887 | $ | 339,288 | $ | 61,352 | $ | 410 | |||||||||||||||||||
Total loan commitments and unused lines of credit | $ | 334,148 | $ | 334,148 | $ | — | $ | — | $ | — |
0-90 | 90-365 | 1-5 | 5+ | |||||||||||||||||||||||
Dollars in thousands | Days | Days | Years | Years | ||||||||||||||||||||||
Investment securities at amortized cost (HTM) and fair value (AFS) | $ | 45,117 | $ | 24,676 | $ | 151,747 | $ | 450,806 | ||||||||||||||||||
Restricted stock, at cost | 2,823 | — | — | 1,037 | ||||||||||||||||||||||
Loans held for sale | — | — | — | 268 | ||||||||||||||||||||||
Loans | 482,344 | 230,027 | 1,056,092 | 311,396 | ||||||||||||||||||||||
Other interest-earning assets | — | 26,511 | — | — | ||||||||||||||||||||||
Non-rate-sensitive assets | 52,843 | — | — | 108,452 | ||||||||||||||||||||||
Total assets | 583,127 | 281,214 | 1,207,839 | 871,959 | ||||||||||||||||||||||
Interest-bearing deposits | 690,724 | 422,421 | 402,343 | 817,348 | ||||||||||||||||||||||
Borrowed funds | 30,000 | 78 | — | — | ||||||||||||||||||||||
Non-rate-sensitive liabilities and equity | — | — | — | 581,225 | ||||||||||||||||||||||
Total liabilities and equity | 720,724 | 422,499 | 402,343 | 1,398,573 | ||||||||||||||||||||||
Period gap | $ | (137,597) | $ | (141,285) | $ | 805,496 | $ | (526,614) | ||||||||||||||||||
Percent of total assets | (4.67) | % | (4.80) | % | 27.36 | % | (17.89) | % | ||||||||||||||||||
Cumulative gap (current) | $ | (137,597) | $ | (278,882) | $ | 526,614 | $ | — | ||||||||||||||||||
Percent of total assets | (4.67) | % | (9.47) | % | 17.89 | % | — | % |
Changes in Net Interest Income | September 30, 2023 | December 31, 2022 | ||||||
Year 1 | ||||||||
Projected change if rates decrease by 1.0% | 1.7% | 0.2% | ||||||
Projected change if rates decrease by 2.0% | 2.8% | 0.0% | ||||||
Projected change if rates increase by 2.0% | (4.8)% | (3.8)% | ||||||
Year 2 | ||||||||
Projected change if rates decrease by 1.0% | 16.1% | 6.8% | ||||||
Projected change if rates decrease by 2.0% | 18.5% | 5.7% | ||||||
Projected change if rates increase by 2.0% | (1.0)% | (3.4)% |
Month | Shares Purchased | Average Price Per Share | Total shares purchased as part of publicly announced repurchase plans | Maximum number of shares that may be purchased under the plans | ||||||||||
January 2023 | 8,090 | $ | 29.41 | — | — | |||||||||
February 2023 | — | — | — | — | ||||||||||
March 2023 | — | — | — | — | ||||||||||
April 2023 | — | — | — | — | ||||||||||
May 2023 | 555 | 23.22 | — | — | ||||||||||
June 2023 | — | — | — | — | ||||||||||
July 2023 | — | — | — | — | ||||||||||
August 2023 | — | — | — | — | ||||||||||
September 2023 | — | — | — | — | ||||||||||
8,645 | $ | 26.32 | — |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
|||
---|---|---|---|---|---|---|
Assets | ||||||
Securities to be held to maturity, allowance for credit loss | $ 432,000 | [1] | $ 0 | $ 0 | ||
Securities to be held to maturity, fair value | $ 311,864,000 | $ 339,011,000 | $ 313,796,000 | |||
Shareholders' equity | ||||||
Common stock par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
|
Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Interest income | ||||
Interest and fees on loans (includes YTD tax-exempt income of $1,362,000 for September 30, 2023 and $879,000 for September 30, 2022) | $ 28,329 | $ 19,564 | $ 78,860 | $ 53,463 |
Interest on deposits with other banks | 211 | 92 | 300 | 163 |
Interest and dividends on investments (includes YTD tax-exempt income of $6,030,000 for September 30, 2023 and $5,588,000 for September 30, 2022) | 4,714 | 4,335 | 14,192 | 12,329 |
Total interest income | 33,254 | 23,991 | 93,352 | 65,955 |
Interest expense | ||||
Interest on deposits | 16,992 | 4,164 | 42,384 | 8,190 |
Interest on borrowed funds | 308 | 463 | 1,614 | 1,083 |
Total interest expense | 17,300 | 4,627 | 43,998 | 9,273 |
Net interest income | 15,954 | 19,364 | 49,354 | 56,682 |
Provision (reduction) for credit losses - loans | (161) | 400 | 419 | 1,300 |
Provision (reduction) for credit losses - debt securities HTM | 3 | 0 | (7) | 0 |
Provision (reduction) for credit losses - off-balance sheet credit exposures | (42) | 0 | 89 | 0 |
Total provision for credit losses | (200) | 400 | 501 | 1,300 |
Net interest income after provision for credit losses | 16,154 | 18,964 | 48,853 | 55,382 |
Non-interest income | ||||
Net securities gains | 0 | 6 | 0 | 7 |
Other operating income | 675 | 684 | 1,962 | 2,031 |
Total non-interest income | 3,891 | 4,715 | 11,330 | 13,027 |
Non-interest expense | ||||
Salaries and employee benefits | 5,523 | 5,757 | 16,420 | 17,092 |
Occupancy expense | 784 | 720 | 2,494 | 2,298 |
Furniture and equipment expense | 1,403 | 1,266 | 4,009 | 3,740 |
FDIC insurance premiums | 551 | 298 | 1,429 | 738 |
Amortization of identified intangibles | 7 | 17 | 20 | 52 |
Other operating expense | 2,738 | 3,313 | 8,199 | 8,273 |
Total non-interest expense | 11,006 | 11,371 | 32,571 | 32,193 |
Income before income taxes | 9,039 | 12,308 | 27,612 | 36,216 |
Income tax expense | 1,565 | 2,217 | 4,773 | 6,423 |
NET INCOME | $ 7,474 | $ 10,091 | $ 22,839 | $ 29,793 |
Basic earnings per common share (usd per share) | $ 0.68 | $ 0.92 | $ 2.08 | $ 2.73 |
Diluted earnings per common share (usd per share) | $ 0.67 | $ 0.91 | $ 2.06 | $ 2.70 |
Other comprehensive income (loss) net of tax | ||||
Net unrealized loss on securities available for sale, net of taxes | $ (10,071) | $ (14,866) | $ (9,134) | $ (45,943) |
Net unrealized gain on transferred securities, net of taxes | 1 | 6 | 6 | 20 |
Net unrealized gain on hedging derivative instruments | 730 | 354 | 866 | 500 |
Other comprehensive loss | (9,340) | (14,506) | (8,262) | (45,423) |
Comprehensive income (loss) | (1,866) | (4,415) | 14,577 | (15,630) |
Investment management and fiduciary income | ||||
Non-interest income | ||||
Non-interest income | 1,160 | 1,087 | 3,515 | 3,513 |
Service charges on deposit accounts | ||||
Non-interest income | ||||
Non-interest income | 465 | 454 | 1,399 | 1,358 |
Mortgage origination and servicing income, net of amortization | ||||
Non-interest income | ||||
Non-interest income | 224 | 356 | 611 | 1,234 |
Debit card income | ||||
Non-interest income | ||||
Non-interest income | $ 1,367 | $ 2,128 | $ 3,843 | $ 4,884 |
Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement [Abstract] | ||
Interest and fees on loans (tax-exempt income) | $ 1,362 | $ 879 |
Interest and dividends on investments (tax-exempt income) | $ 6,030 | $ 5,588 |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Common stock and additional paid-in capital |
Retained earnings |
Retained earnings
Cumulative Effect, Period of Adoption, Adjustment
|
Accumulated other comprehensive income (loss) |
---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2021 | 10,998,765 | |||||
Balance at beginning of period at Dec. 31, 2021 | $ 245,657 | $ 66,940 | $ 180,417 | $ (1,700) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 29,793 | 29,793 | ||||
Net unrealized loss on securities available for sale, net of tax | (45,943) | (45,943) | ||||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax | 20 | 20 | ||||
Net unrealized gain on cash flow hedging derivative instruments, net of tax | 500 | 500 | ||||
Comprehensive income (loss) | (15,630) | 29,793 | (45,423) | |||
Cash dividends declared | (11,032) | (11,032) | ||||
Equity compensation expense | 610 | $ 610 | ||||
Payment to repurchase common stock (in shares) | (8,640) | |||||
Payment to repurchase common stock | (276) | (276) | ||||
Issuance of restricted stock (in shares) | 28,745 | |||||
Proceeds from sale of common stock (in shares) | 19,354 | |||||
Proceeds from sale of common stock | $ 588 | $ 588 | ||||
Ending balance (in shares) at Sep. 30, 2022 | 11,038,224 | 11,038,224 | ||||
Balance at end of period at Sep. 30, 2022 | $ 219,917 | $ 68,138 | 198,902 | (47,123) | ||
Beginning balance (in shares) at Dec. 31, 2021 | 10,998,765 | |||||
Balance at beginning of period at Dec. 31, 2021 | $ 245,657 | $ 66,940 | 180,417 | (1,700) | ||
Ending balance (in shares) at Dec. 31, 2022 | 11,045,186 | 11,045,186 | ||||
Balance at end of period at Dec. 31, 2022 | $ 228,923 | $ (6,277) | $ 68,545 | 204,343 | $ (6,277) | (43,965) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | |||||
Beginning balance (in shares) at Jun. 30, 2022 | 11,030,236 | |||||
Balance at beginning of period at Jun. 30, 2022 | $ 227,685 | $ 67,737 | 192,565 | (32,617) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 10,091 | 10,091 | ||||
Net unrealized loss on securities available for sale, net of tax | (14,866) | (14,866) | ||||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax | 6 | 6 | ||||
Net unrealized gain on cash flow hedging derivative instruments, net of tax | 354 | 354 | ||||
Comprehensive income (loss) | (4,415) | 10,091 | (14,506) | |||
Cash dividends declared | (3,754) | (3,754) | ||||
Equity compensation expense | 198 | $ 198 | ||||
Issuance of restricted stock (in shares) | 1,250 | |||||
Proceeds from sale of common stock (in shares) | 6,738 | |||||
Proceeds from sale of common stock | $ 203 | $ 203 | ||||
Ending balance (in shares) at Sep. 30, 2022 | 11,038,224 | 11,038,224 | ||||
Balance at end of period at Sep. 30, 2022 | $ 219,917 | $ 68,138 | 198,902 | (47,123) | ||
Beginning balance (in shares) at Dec. 31, 2022 | 11,045,186 | 11,045,186 | ||||
Balance at beginning of period at Dec. 31, 2022 | $ 228,923 | $ (6,277) | $ 68,545 | 204,343 | $ (6,277) | (43,965) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 22,839 | 22,839 | ||||
Net unrealized loss on securities available for sale, net of tax | (9,134) | (9,134) | ||||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax | 6 | 6 | ||||
Net unrealized gain on cash flow hedging derivative instruments, net of tax | 866 | 866 | ||||
Comprehensive income (loss) | 14,577 | 22,839 | (8,262) | |||
Cash dividends declared | (11,525) | (11,525) | ||||
Equity compensation expense | 607 | $ 607 | ||||
Payment to repurchase common stock (in shares) | (12,629) | |||||
Payment to repurchase common stock | (248) | (248) | ||||
Issuance of restricted stock (in shares) | 33,610 | |||||
Proceeds from sale of common stock (in shares) | 23,123 | |||||
Proceeds from sale of common stock | $ 608 | $ 608 | ||||
Ending balance (in shares) at Sep. 30, 2023 | 11,089,290 | 11,089,290 | ||||
Balance at end of period at Sep. 30, 2023 | $ 226,665 | $ 69,760 | 209,132 | (52,227) | ||
Beginning balance (in shares) at Jun. 30, 2023 | 11,081,800 | |||||
Balance at beginning of period at Jun. 30, 2023 | 232,003 | $ 69,351 | 205,539 | (42,887) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,474 | 7,474 | ||||
Net unrealized loss on securities available for sale, net of tax | (10,071) | (10,071) | ||||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax | 1 | 1 | ||||
Net unrealized gain on cash flow hedging derivative instruments, net of tax | 730 | 730 | ||||
Comprehensive income (loss) | (1,866) | 7,474 | (9,340) | |||
Cash dividends declared | (3,881) | (3,881) | ||||
Equity compensation expense | 210 | $ 210 | ||||
Payment to repurchase common stock (in shares) | (250) | |||||
Proceeds from sale of common stock (in shares) | 7,740 | |||||
Proceeds from sale of common stock | $ 199 | $ 199 | ||||
Ending balance (in shares) at Sep. 30, 2023 | 11,089,290 | 11,089,290 | ||||
Balance at end of period at Sep. 30, 2023 | $ 226,665 | $ 69,760 | $ 209,132 | $ (52,227) |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared (usd per share) | $ 0.35 | $ 0.34 | $ 1.04 | $ 1.00 |
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Cash flows from operating activities | ||
Net income | $ 22,839 | $ 29,793 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 1,563 | 1,495 |
Change in deferred taxes | (1,283) | 19 |
Provision for credit losses | 501 | 1,300 |
Loans originated for resale | (3,082) | (20,152) |
Proceeds from sales and transfers of loans | 3,157 | 21,372 |
Net gain on sales of loans | (68) | (385) |
Net gain on sale or call of securities | 0 | (7) |
Net amortization of premiums on investments | 423 | 763 |
Net (gain) loss on sale of other real estate owned | (42) | 1 |
Equity compensation expense | 607 | 610 |
Net increase in other assets and accrued interest | (6,858) | (11,362) |
Net increase in other liabilities | 8,156 | 8,720 |
Net (gain) loss on disposal of premises and equipment | 33 | (15) |
Amortization of investment in limited partnership | 227 | 229 |
Net acquisition amortization | 20 | 52 |
Net cash provided by operating activities | 26,193 | 32,433 |
Cash flows from investing activities | ||
(Increase) decrease in interest-bearing deposits in other banks | (34,673) | 892 |
Proceeds from sales of securities available for sale | 0 | 1,301 |
Proceeds from maturities, payments and calls of securities available for sale | 17,037 | 35,633 |
Proceeds from maturities, payments, calls and sales of securities to be held to maturity | 6,023 | 15,073 |
Proceeds from sales of other real estate owned | 106 | 50 |
Purchases of securities available for sale | (29,409) | (58,324) |
Purchases of securities to be held to maturity | 0 | (27,138) |
Redemption of restricted equity securities | 23 | 851 |
Net increase in loans | (165,280) | (210,811) |
Capital expenditures | (2,253) | (1,165) |
Proceeds from disposal of premises and equipment | 3 | 38 |
Net cash used by investing activities | (208,423) | (243,600) |
Cash flows from financing activities | ||
Net increase in demand, savings, and money market accounts | 79,565 | 26,681 |
Net increase in certificates of deposit | 141,495 | 219,971 |
Net (decrease) increase in short-term borrowings | (20,490) | 37,006 |
Repayment on long-term borrowings | 0 | (55,005) |
Payment to repurchase common stock | (248) | (276) |
Proceeds from sale of common stock | 608 | 588 |
Dividends paid | (11,534) | (11,024) |
Net cash provided by financing activities | 189,396 | 217,941 |
Net increase in cash and cash equivalents | 7,166 | 6,774 |
Cash and cash equivalents at beginning of period | 22,728 | 20,634 |
Cash and cash equivalents at end of period | 29,894 | 27,408 |
Interest paid | 43,643 | 9,061 |
Income taxes paid | 4,500 | 5,745 |
Non-cash transactions | ||
Change in net unrealized loss on available for sale securities, net of tax | $ 9,134 | $ 45,943 |
Basis of Presentation |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The Company is a financial holding company that owns all of the common stock of the Bank. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments (consisting of normally recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany transactions and balances are eliminated in consolidation. The income reported for the 2023 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the consolidated financial statements and notes included in the Company's annual report on Form 10-K for the year ended December 31, 2022. The acronyms, abbreviations and definitions identified below are used throughout this Form 10-Q, including Item 1 - Financial Statements and Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations. The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q.
Risks and Uncertainties The ongoing conflict between Russia and Ukraine coupled with new tensions in the Middle East have increased economic uncertainty and geopolitical instability. Concern continues to be expressed nationally about the commercial real estate market and the impact a downturn in this sector could have on the banking industry. The failures in 2023 of several regional banks in the U.S. caused disruption in markets in the first half of 2023, and could have a lingering impact. Any or all could have negative downstream effects on the Company's operating results, the extent of which is indeterminable at this time. Subsequent Events Events occurring subsequent to September 30, 2023, have been evaluated as to their potential impact to the financial statements.
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Investment Securities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The following table summarizes the amortized cost and estimated fair value of investment securities at September 30, 2023:
Allowance for Credit Losses: The Company adopted ASC 326, the CECL standard, in the first quarter of 2023. In conjunction with adoption, holdings of AFS and HTM securities were evaluated to determine the need to establish an allowance for credit losses, if any. AFS securities, as shown in the table above, consist of securities issued by U.S. Government Agencies, U.S. Government Sponsored Entities, State or Local Municipal Governments, or are backed by collateral that is guaranteed by the U.S. Government. We monitor the credit quality of these investments through credit ratings issued by major rating providers and through substantial price changes not consistent with general market movements. Each of the AFS securities is deemed to be investment grade, and no ACL has been established for AFS securities. Similarly, the agency and mortgage-backed securities in the HTM portfolio have been determined to all be investment grade with no ACL required. Municipal securities within HTM include two private activity bonds issued by well-known customers of the Bank with total balances of $19,734,000 as of September 30, 2023. These bonds carry similar risk characteristics to the commercial real estate - owner occupied segment of the Bank's loan portfolio described in Note 3; management has elected to apply a loss rate matching the loan segment to the balance of these bonds for purposes of establishing an ACL. Corporate securities in HTM consist of fourteen individual companies in the banking industry. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, and other performance factors. Aggregate credit risk of the corporate securities is considered very low and an immaterial ACL has been established. The total ACL for HTM securities was $432,000 as of September 30, 2023; there was no reserve as of December 31, 2022 and September 30, 2022. Changes in the allowance for credit losses are recorded as credit loss expense, or reversal. Losses would be charged against the allowance when management believes collection of the full contractual amount due on a security is unlikely. The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2022:
The following table summarizes the amortized cost and estimated fair value of investment securities at September 30, 2022:
The following table summarizes the contractual maturities of investment securities at September 30, 2023:
The following table summarizes the contractual maturities of investment securities at December 31, 2022:
The following table summarizes the contractual maturities of investment securities at September 30, 2022:
At September 30, 2023, securities with a carrying value of $383,946,000 were pledged to secure public deposits, repurchase agreements, and for other purposes as required by law. This compares to securities with a carrying value of $350,411,000 as of December 31, 2022 and $343,677,000 at September 30, 2022, pledged for the same purposes. Gains and losses on the sale of securities are computed by subtracting the amortized cost at the time of sale from the security's selling price, net of accrued interest to be received. The following table shows securities gains and losses for the nine months and quarters ended September 30, 2023 and 2022:
As of September 30, 2023, there were 941 securities with unrealized losses held in the Company's portfolio. The Company has the ability and intent to hold its securities which are in an unrealized loss position until a recovery of their amortized cost, which may be at maturity. The following table summarizes debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2023, aggregated by major security type and length of time in a continuous unrealized loss position:
As of December 31, 2022, there were 869 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 300 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2022 is summarized below:
As of September 30, 2022, there were 912 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 138 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of September 30, 2022 is summarized below:
Credit Quality Indicators: Agency-backed and government-sponsored enterprise securities have a long history with no credit losses, including during times of severe stress. The principal and interest payments on agency-guaranteed debt is backed by the U.S. Government. Government-sponsored enterprises similarly guarantee principal and interest payments and carry an implicit guarantee from the U.S. Department of the Treasury. Additionally, government-sponsored enterprise securities are exceptionally liquid, readily marketable, and provide a substantial amount of price transparency and price parity, indicating a perception of zero credit losses. HTM municipal debt holdings are comprised primarily of high credit quality (rated A- or higher) state and municipal obligations. High credit quality state and municipal obligations have a history of zero to near-zero credit loss. HTM municipal debt holdings also include two unrated private activity bonds issued by well known customers of the Bank. These securities are regularly monitored as part of an overall credit relationship with the issuers; both issuers were in good standing as of September 30, 2023. HTM corporate debt holdings consist of 14 individual companies in the banking industry. Management conducts periodic reviews of the collectability of these securities taking into consideration such factors as the financial condition of the issuers; each were in good standing as of September 30, 2023. The following table presents the activity in the ACL for held-to-maturity debt securities by major security type for the nine months ended September 30, 2023:
1Difference between total and amount reported on the Consolidated Statements of Income is due to rounding. There was no ACL on U.S. Government-sponsored enterprise and agency securities as of September 30, 2023. A security is considered to be past due once it is 30 days contractually past due under the terms of the agreement. As of September 30, 2023, none of the Company’s HTM debt securities were past due or on non-accrual status. During the third quarter of 2014, the Company transferred securities with a total amortized cost of $89,780,000 with a corresponding fair value of $89,757,000 from available for sale to held to maturity. The net unrealized loss, net of taxes, on these securities at the date of the transfer was $15,000. The net unrealized holding loss at the time of transfer continues to be reported in AOCI, net of tax and is amortized over the remaining lives of the securities as an adjustment of the yield. The amortization of the net unrealized loss reported in AOCI will offset the effect on interest income of the discount for the transferred securities. The remaining unamortized balance of the net unrealized losses for the securities transferred from available for sale to held to maturity was $58,000, net of taxes, at September 30, 2023. This compares to $64,000 and $67,000, net of taxes, at December 31, 2022 and September 30, 2022, respectively. These securities were transferred as a part of the Company's overall investment and balance sheet strategies. The Bank is a member of the FHLBB, a cooperatively owned wholesale bank for housing and finance in the six New England States. As a requirement of membership in the FHLBB, the Bank must own a minimum required amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. The Bank uses the FHLBB for a portion of its wholesale funding needs. As of September 30, 2023 and 2022, and December 31, 2022, the Bank's investment in FHLBB stock totaled $2,823,000, $3,477,000 and $2,846,000, respectively. FHLBB stock is a non-marketable equity security and therefore is reported at cost, which equals par value. The Bank is also a member of the FRBB. As a requirement for membership in the FRBB, the Bank must own a minimum required amount of FRBB stock. The Bank uses FRBB for certain correspondent banking services and maintains borrowing capacity at its discount window. The Bank's investment in FRBB stock totaled $1,037,000 at September 30, 2023 and 2022, and December 31, 2022. The Company periodically evaluates its investment in FHLBB and FRBB stock for impairment based on, among other factors, the capital adequacy of the Banks and their overall financial condition. No impairment losses have been recorded through September 30, 2023. The Bank will continue to monitor its investment in these restricted equity securities.
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Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans Upon adoption of ASU 2016-13/ASC 326, the CECL standard, as described in Notes 4 and 16 of these financial statements, the Company updated the segmentation of its loan portfolio. The updates primarily consist of reporting what had been a single class, commercial real estate loans, as three classes - commercial real estate owner occupied, commercial real estate non-owner occupied, and commercial multi-family. In addition home equity installment loans which had previously been included in the residential term class are now included in the home equity revolving and term class. Loan data as of September 30, 2023 is reported herein with the new class structure while certain prior period data retains the prior class structure. Loan Portfolio by Class: The following table shows the composition of the Company's loan portfolio by class of financing receivable as of September 30, 2023 and 2022 and at December 31, 2022:
Loan balances include net deferred loan costs of $11,213,000 as of September 30, 2023, $10,132,000 as of December 31, 2022, and $9,978,000 as of September 30, 2022. Net deferred loan costs have increased from a year ago and year-to-date due to loan origination unit volume over the period. Loan balances in the Residential Term segment also include a valuation adjustment for fair value swaps hedged by certain loans in the portfolio. This adjustment subtracted $705,000 from the loan balances as of September 30, 2023; there was no such adjustment as of December 31, 2022 or September 30, 2022. Pursuant to collateral agreements, qualifying first mortgage loans and commercial real estate loans, which totaled $525,904,000 at September 30, 2023, were used to collateralize borrowings from the FHLBB. This compares to qualifying loans which totaled $475,233,000 at December 31, 2022, and $464,069,000 at September 30, 2022. In addition, commercial, residential construction and home equity loans totaling $332,657,000 at September 30, 2023, $338,636,000 at December 31, 2022, and $327,551,000 at September 30, 2022, were used to collateralize a standby line of credit at the FRBB. In September 2022 the Bank sold a block of 41 mixed performing residential mortgage loans. This block of loans carried general ledger balances that totaled $5.2 million and included a number of past-due, non-accrual, and TDR loans. The impact of the sale on the portfolio is included in the information presented herein for the prior year. Past Due Loans: For all loan classes, loans over 30 days past due are considered delinquent. Information on the past-due status of loans by class of financing receivable as of September 30, 2023, is presented in the following table:
Information on the past-due status of loans by class of financing receivable as of December 31, 2022, is presented in the following table:
Information on the past-due status of loans by class of financing receivable as of September 30, 2022, is presented in the following table:
Non-Accrual Loans: For all classes, loans are placed on non-accrual status when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement or when principal and interest is 90 days or more past due unless the loan is both well secured and in the process of collection (in which case the loan may continue to accrue interest in spite of its past due status). A loan is "well secured" if it is secured (1) by collateral in the form of liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt (including accrued interest) in full, or (2) by the guarantee of a financially responsible party. A loan is "in the process of collection" if collection of the loan is proceeding in due course either (1) through legal action, including judgment enforcement procedures, or, (2) in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to a current status in the near future. Cash payments received on non-accrual loans are applied to reduce the loan's principal balance until the remaining principal balance is deemed collectible, after which interest is recognized when collected. As a general rule, a loan may be restored to accrual status when payments are current for a substantial period of time, generally six months, and repayment of the remaining contractual amounts is expected, or when it otherwise becomes well secured and in the process of collection. The following table presents the amortized costs basis of loans on nonaccrual status as of September 30, 2023, December 31, 2022 and September 30, 2022:
Individually Analyzed Loans: Individually analyzed loans include loans placed on non-accrual and loans reported as TDR prior to adoption of ASU 2022-02 Troubled Debt Restructurings and Vintage Disclosures, with balances of $250,000 or more. These loans are measured at the present value of expected future cash flows discounted at the loan's effective interest rate or at the fair value of the collateral if the loan is collateral dependent. If the measure of an individually analyzed loan is lower than the recorded investment in the loan and estimated selling costs, a specific reserve is established for the difference, or, in certain situations, if the measure of an individually analyzed loan is lower than the recorded investment in the loan and estimated selling costs, the difference is written off. The following table presents the amortized cost basis of collateral-dependent loans as of September 30, 2023 by collateral type:
Collateral-dependent loans are loans for which the repayment is expected to be provided substantially by the underlying collateral and there are no other available and reliable sources of repayment. A breakdown of individually analyzed loans by class of financing receivable as of and for the period ended September 30, 2023 is presented in the following table:
Substantially all interest income recognized on individually analyzed loans for all classes of financing receivables was recognized on a cash basis as received. A breakdown of individually analyzed loans by class of financing receivable as of and for the year ended December 31, 2022 is presented in the following table:
A breakdown of individually analyzed loans by class of financing receivable as of and for the period ended September 30, 2022 is presented in the following table:
Loan Modifications: ASU 2022-02 amends ASC 326 for entities that have adopted ASU 2016-13, the CECL standard, such as the Company. ASU 2022-02 eliminates the accounting guidance for TDRs and introduces new guidance for enhanced reporting of certain loan modifications to borrowers experiencing financial difficulty. Loan modifications may include interest rate reduction, term extension, payment deferral, principle forgiveness or a combination thereof. It is the intent to minimize future losses while providing borrowers with financial relief. The following table represents loan modifications made to borrowers experiencing financial difficulty by modification type and class of financing receivable, during the three months ended September 30, 2023:
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty for the three months ended September 30, 2023:
The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified during the nine months ended September 30, 2023:
Troubled Debt Restructured: Prior to adoption of ASU 2022-02, the Company evaluated loan modifications and other transactions to determine if classification as a TDR was necessary. A TDR constitutes a restructuring of debt if the Company, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. To determine whether or not a loan was to be classified as a TDR, Management evaluated a loan based upon the following criteria: •The borrower demonstrates financial difficulty; common indicators include past due status with bank obligations, substandard credit bureau reports, or an inability to refinance with another lender; and •The Company has granted a concession; common concession types include maturity date extension, interest rate adjustments to below market pricing, and deferment of payments. As of December 31, 2022, the company had 29 loans with a balance of $4,744,000 that were classified as TDRs. The impairment carried as a specific reserve in the allowance for loan losses is calculated by present valuing the expected cash flows on the loan at the original interest rate, or, for collateral-dependent loans, using the fair value of the collateral less costs to sell. The following table shows TDRs by class and the specific reserve as of December 31, 2022:
As of December 31, 2022, one of the loans classified as TDR with a total balance of $97,000 was more than 30 days past due and was not placed on TDR status in the previous 12 months. The following table shows past-due TDRs by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2022:
For the year ended December 31, 2022, one loan was placed on TDR status. The following table shows this TDR by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2022:
As of December 31, 2022, Management was aware of four loans classified as TDRs that are involved in bankruptcy with an outstanding balance of $550,000. As of December 31, 2022, there were five loans with an outstanding balance of $339,000 that were classified as TDRs and were on non-accrual status, of which none were in the process of foreclosure. Residential Mortgage Loans in Process of Foreclosure As of September 30, 2023, there were four mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $459,000. This compares to two mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $166,000 as of December 31, 2022 and September 30, 2022.
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Allowance for Credit Losses | Allowance for Credit Losses Upon adoption of ASC 326, in the first quarter of 2023, the Company replaced the incurred loss model that recognized losses when it became probable that a credit loss would be incurred, with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. The ACL is a valuation amount that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the allowance when they are deemed uncollectible. The ACL consists of three elements: (1) specific reserves for loans individually analyzed; (2) general reserves for each portfolio segment; and, (3) qualitative reserves. All outstanding loans are considered in evaluating the appropriateness of the allowance. Loans are segmented by common risk characteristics as delineated in the paragraph below. Prior to adoption of ASC 326, under the incurred loss methodology, the Company evaluated portfolio risk characteristics largely on loan purpose. The Company provides for loan losses through the allowance for credit losses which represents an estimated reserve for losses in the loan portfolio. To determine an appropriate level for general reserves, a discounted cash flow approach is applied to each portfolio segment implementing a probability of default and loss given default estimate based upon a number of factors including historical losses over an economic cycle, economic forecasts, loan prepayment speeds and curtailment rates. To determine an appropriate level for qualitative reserves, various factors are considered including underwriting policies, credit administration practices, experience, ability and depth of lending management, and economic factors not captured in the general reserve calculation. Adoption of ASC 326 added $6,210,000 to the Allowance for Credit Losses, recorded as a charge to retained earnings at January 1, 2023. Loan Portfolio Composition & Risk Characteristics: The loan portfolio is segmented into ten classes and credit risk is evaluated separately in each class. Major risk characteristics relevant to each portfolio segment are as follows: Commercial Real Estate Owner Occupied - commercial real estate owner occupied loans consist of mortgage loans to finance investments in real property such as retail space, offices, industrial buildings, hotels, educational facilities, and other specific or mixed use properties. Loans are typically written with amortizing payment structures. Collateral values are determined based on appraisals and evaluations in accordance with established policy and regulatory guidelines. Loans typically have a loan-to-value ratio of up to 80% based upon current valuation information at the time the loan is made, and are primarily paid by the cash flow generated from the real property, typically the operating entity of owner occupant. Risk factors typically include competitive market forces, net operating incomes of the operating entity, and overall economic demand. Loans in the recreational and tourism sector can be affected by weather conditions, such as unseasonably low winter snowfalls. Commercial real estate lending also carries a higher degree of environmental risk than other types of lending. Commercial Real Estate Non-Owner Occupied - commercial real estate loans non-owner occupied share many of the purpose, loan structure and risk characteristics of owner-occupied commercial real estate. Repayment is generally reliant upon cash flow generated from tenants with risk factors also influenced by vacancy rates, cap rates, lease renewals, and underlying financial health of lessees. Commercial Construction - commercial construction loans consist of loans to finance construction in a mix of owner- and non-owner occupied commercial real estate properties. Loans typically have construction periods of less than two years, and payment structures during the construction period are typically on an interest only basis, although principal payments may be established depending on the type of construction project being financed. During the construction phase, commercial construction loans are primarily paid by cash flow generated from the construction project or other operating cash flows from the borrower or guarantors, if applicable. Commercial construction loans will typically convert to permanent financing from the Company, or loan repayment may come from a third party source in the event that the Company will not be providing permanent term financing. Collateral valuation and loan-to-value guidelines follow those for commercial real estate loans. Commercial construction loans are impacted by factors similar to those for commercial real estate loans in addition to risks related to contractor financial capacity and ability to complete a project within acceptable time frames and within budget. Commercial and Industry- C&I loans consist of revolving and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and or capital investment. C&I loans may be secured or unsecured; when secured, collateral generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, equipment, and/or other tangible and intangible assets. C&I loans are primarily paid by the operating cash flow of the borrower. A weakened economy, soft consumer spending, and the rising cost of labor or raw materials are examples of issues that can impact the credit quality in this segment. Commercial Multifamily - multifamily loans share structure and risk characteristics with non-owner occupied commercial real estate; underlying collateral is residential in nature rather than commercial, consisting of properties with five or more units. Municipal Loans - municipal loans are comprised of loans to municipalities in Maine for capitalized expenditures, construction projects, or tax anticipation notes. All municipal loans are considered either general obligations of the municipality collateralized by the taxing ability of the municipality for repayment of debt or have a pledge of specific revenues. The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment. Residential Real Estate Term - residential term loans consist of residential real estate loans held in the Company's loan portfolio made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors. Borrower qualifications include favorable credit history combined with supportive income requirements and loan-to-value ratios within established policy and regulatory guidelines. Collateral values are determined based on appraisals and evaluations in accordance with established policy and regulatory guidelines. Residential loans typically have a loan-to-value ratio of up to 80% based on appraisal information at the time the loan is made. Collateral consists of mortgage liens on one-to four-family residential properties. Loans are offered with fixed or adjustable rates with amortization terms of up to thirty years. The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment. Residential Real Estate Construction - residential construction loans typically consist of loans for the purpose of constructing single family residences to be owned and occupied by the borrower. Borrower qualifications include favorable credit history combined with supportive income requirements and loan-to-value ratios within established policy and regulatory guidelines. Residential construction loans normally have construction terms of one year or less and payment during the construction term is typically on an interest only basis from sources including interest reserves, borrower liquidity, and/or income. Residential construction loans will typically convert to permanent financing from the Company or have another financing commitment in place from an acceptable mortgage lender. Collateral valuation and loan-to-value guidelines are consistent with those for residential term loans. Residential construction loans are impacted by factors similar to those for residential real estate term loans in addition to risks related to contractor financial capacity and ability to complete a project within acceptable time frames and within budget. Home Equity Revolving and Term - home equity revolving and term loans are made to qualified individuals and are secured by senior or junior mortgage liens on owner occupied one- to four-family homes, condominiums, or vacation homes. The home equity line of credit typically has a variable interest rate and is billed as interest-only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the principal balance plus all accrued interest. Loan maturities are normally 300 months. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios usually not exceeding 80% inclusive of priority liens. Collateral valuation guidelines follow those for residential real estate loans. The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment. Consumer - consumer loans include personal lines of credit and amortizing loans made to qualified individuals for various purposes such as autos, recreational vehicles, debt consolidation, personal expenses, or overdraft protection. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines. Consumer loans may be secured or unsecured. The overall health of the economy, including unemployment rates, has an impact on the credit quality of this segment. Construction, land, and land development: CLLD loans, both commercial and residential, represented 37.3% of total Bank capital as of September 30, 2023 and remain below the regulatory guidance of 100.0% of total Bank capital. Construction loans and non-owner-occupied commercial real estate loans represented 215.5% of total Bank capital at September 30, 2023, below the regulatory guidance of 300.0% of total Bank capital. Composition of the ACL: A breakdown of the allowance for credit losses as of September 30, 2023, by class of financing receivable and allowance element, is presented in the following table:
A breakdown of the allowance for loan losses as of December 31, 2022 under the incurred loss method, by class of financing receivable and allowance element, is presented in the following table:
A breakdown of the allowance for loan losses as of September 30, 2022 under the incurred loss method, by class of financing receivable and allowance element, is presented in the following table:
The allowance for credit losses as a percent of total loans stood at 1.12% as of September 30, 2023, 0.87% at December 31, 2022 and 0.88% as of September 30, 2022. Off-Balance Sheet Credit Exposures: In the ordinary course of business, the Company enters into commitments to extend credit, including commercial letters of credit and standby letters of credit. Such financial instruments are recorded as loans when they are funded. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures: The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The ACL on off-balance sheet credit exposures is adjusted through credit loss expense and any adjustment is recognized in net income. To appropriately measure expected credit losses, management disaggregates the loan portfolio into similar risk characteristics, identical to those determined for the loan portfolio. An estimated funding rate is then applied to the qualifying unfunded loan commitments and letters of credit using the Company’s own historical experience to estimate the expected funded amount for each loan segment as of the reporting date. Once the expected funded amount for each loan segment is determined, the loss rate, which is the calculated expected loan loss as a percent of the amortized cost basis for each loan segment, is applied to calculate the ACL on off-balance sheet credit exposures as of the reporting date. The Company’s allowance for credit losses on unfunded commitments is recognized as a liability, included within other liabilities on the consolidated balance sheet. The following table presents the activity in the ACL for off-balance sheet credit exposures for the nine months ended September 30, 2023 :
Credit Quality Indicators: To monitor the credit quality of its loan portfolio, management applies an internal risk rating system to categorize commercial loan segments. Approximately 60% of commercial loan outstanding balances are subject to review and validation annually by an independent consulting firm. Additionally, commercial loan relationships with exposure greater than or equal to 750,000 are subject to review annually by the Company's internal credit review function. The risk rating system has eight levels, defined as follows: 1 Strong Credits rated "1" are characterized by borrowers fully responsible for the credit with excellent capacity to pay principal and interest. Loans rated "1" may be secured with acceptable forms of liquid collateral. 2 Above Average Credits rated "2" are characterized by borrowers that have better than average liquidity, capitalization, earnings, and/or cash flow with a consistent record of solid financial performance. 3 Satisfactory Credits rated "3" are characterized by borrowers with favorable liquidity, profitability, and financial condition with adequate cash flow to pay debt service. 4 Average Credits rated "4" are characterized by borrowers that present risk more than 1, 2 and 3 rated loans and merit an ordinary level of ongoing monitoring. Financial condition is on par or somewhat below industry averages while cash flow is generally adequate to meet debt service requirements. 5 Watch Credits rated "5" are characterized by borrowers that warrant greater monitoring due to financial condition or unresolved and identified risk factors. 6 Other Assets Especially Mentioned Loans in this category are currently protected but are potentially weak and constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of substandard. OAEM have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the Company's credit position at some future date. 7 Substandard Loans in this category are inadequately protected by the paying capacity of the borrower or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company may sustain some loss if the deficiencies are not corrected. 8 Doubtful Loans classified "Doubtful" have the same weaknesses as those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Most residential real estate, home equity, and consumer loans are not assigned ratings; therefore they are categorized as performing and non-performing loans. Performing loans include loans that are current and loans that are past due less than 90 days. Loans that are past due more than 90 days are considered non-performing. The following table summarizes the credit quality for the Company's portfolio by risk category of loans and by class by vintage as follows:
Loss Recognition: Commercial loans are generally charged off when all or a portion of the principal amount is determined to be uncollectible. This determination is based on circumstances specific to a borrower including repayment ability, analysis of collateral, and other factors as applicable. Consumer loans greater than 120 days past due are generally charged off. Residential loans 90 days or more past due are placed on non-accrual status unless the loans are both well secured and in the process of collection. One- to four-family residential real estate loans and home equity loans are written down or charged-off no later than 180 days past due, or for residential real estate secured loans having a borrower in bankruptcy, within 60 days of receipt of notification of filing from the bankruptcy court, whichever is sooner. This is subject to completion of a current assessment of the value of the collateral with any outstanding loan balance in excess of the fair value of the property, less costs to sell, written down or charged-off. The following table presents allowance for credit losses activity by class for the nine months and quarter ended September 30, 2023:
As of September 30, 2023, the significant model inputs and assumptions used within the discounted cash flow model for purposes of estimating the ACL on loans were: Macroeconomic (loss) drivers: The following loss drivers for each loan segment were used to calculate the expected Probability of Default over the forecast and reversion period: •Commercial Real Estate Owner Occupied: FOMC median forecasts of national unemployment and change in national GDP •Commercial Real Estate Non-Owner Occupied: FOMC median forecasts of national unemployment and change in national GDP •Commercial Construction: FOMC median forecasts of national unemployment and change in national GDP •Commercial & Industrial: FOMC median forecasts of national unemployment and change in national GDP •Commercial Multifamily: FOMC median forecast of national unemployment and Case-Shiller National Home Price Index •Municipal: FOMC median forecasts of national unemployment and change in national GDP •Residential Real Estate Term: FOMC median forecasts of national unemployment and change in national GDP •Residential Real Estate Construction: FOMC median forecast of national unemployment •Home Equity Revolving & Term: FOMC median forecasts of national unemployment and change in national GDP •Consumer: FOMC median forecasts of national unemployment and change in national GDP Reasonable and supportable forecast period: The ACL on loans estimate used a reasonable and supportable forecast period of one year. Reversion period: The ACL on loans estimate used a reversion period of one year. Prepayment speeds: The estimate of prepayment speed for each loan segment was derived using internally sourced prepayment data. Qualitative factors: The ACL on loans estimate incorporated various qualitative factors into the calculation such as changes in lending policies, changes in the nature and volume and terms of loans, changes in the experience, depth and ability of lending management, and economic factors not captured in the quantitative model. The following table presents allowance for loan losses activity by class for the year ended December 31, 2022:
The following table presents allowance for loan losses activity by class for the nine months and quarter ended September 30, 2022:
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation At the 2020 Annual Meeting, shareholders approved the 2020 Equity Incentive Plan. The 2020 Plan reserves 400,000 shares of common stock for issuance in connection with stock options, restricted stock awards, and other equity based awards to attract and retain the best available personnel, provide additional incentive to officers, employees, and non-employee Directors, and promote the success of the Company. Such grants and awards will be structured in a manner that does not encourage the recipients to expose the Company to undue or inappropriate risk. Options issued under the 2020 Plan qualify for treatment as incentive stock options for purposes of Section 422 of the Internal Revenue Code. Other compensation under the 2020 Plan qualifies as performance-based for purposes of Section 162(m) of the Internal Revenue Code, and satisfies NASDAQ guidelines relating to equity compensation. As of September 30, 2023, 98,810 shares of restricted stock had been granted under the 2020 Plan, of which 83,127 shares remain restricted as of September 30, 2023 as detailed in the following table:
The compensation cost related to these non-vested restricted stock grants is $2,402,000 and is recognized over the vesting terms of each grant. In the nine months ended September 30, 2023, $607,000 of expense was recognized for these restricted shares, leaving $1,069,000 in unrecognized expense as of September 30, 2023. In the nine months ended September 30, 2022, $610,000 of expense was recognized for restricted shares, leaving $994,000 in unrecognized expense as of September 30, 2022.
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Common Stock |
9 Months Ended |
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Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | Common StockProceeds from sale of common stock totaled $608,000 and $588,000 for the nine months ended September 30, 2023 and 2022, respectively. |
Earnings Per Share |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted EPS for the nine months ended September 30, 2023 and 2022:
The following table sets forth the computation of basic and diluted EPS for the quarters ended September 30, 2023 and 2022:
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Employee Benefit Plans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits, Description [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans 401(k) Plan The Bank has a defined contribution plan available to substantially all employees who have completed three months of service. Employees may contribute up to IRS determined limits and the Bank may match employee contributions not to exceed 3.0% of compensation depending on contribution level. The Plan is a safe harbor plan whereby the Bank also contributes a minimum 3.0% of annual compensation to the plan for all eligible employees. The expense related to the 401(k) plan was $826,000 and $752,000 for the nine months ended September 30, 2023 and 2022, respectively. Deferred Compensation and Supplemental Retirement Benefits The Bank also provides unfunded supplemental retirement benefits for certain officers, payable in installments over 20 years upon retirement or death. The agreements consist of individual contracts with differing characteristics that, when taken together, do not constitute a postretirement plan. There are no active officers eligible for these benefits. The costs for these benefits are recognized over the service periods of the participating officers in accordance with FASB ASC Topic 712 "Compensation – Nonretirement Postemployment Benefits". The expense of these supplemental retirement benefits was $57,000 and $231,000 for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the associated accrued liability included in other liabilities in the balance sheet was $2,735,000 compared to $2,893,000 and $2,888,000 at December 31, 2022 and September 30, 2022, respectively. Postretirement Benefit Plans The Bank sponsors two postretirement benefit plans. One plan currently provides a subsidy for health insurance premiums to certain retired employees; these subsidies are based on years of service and range between $40 and $1,200 per month per person. The other plan provides life insurance coverage to certain retired employees and health insurance for retired directors. None of these plans are prefunded. The Company utilizes FASB ASC Topic 712 to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its balance sheet and to recognize changes in the funded status in the year in which the changes occur through comprehensive income (loss). The following table sets forth the accumulated postretirement benefit obligation and funded status:
The following table sets forth the net periodic pension cost:
Amounts not yet reflected in net periodic benefit cost and included in AOCI are as follows:
A weighted average discount rate of 4.75% was used in determining the accumulated benefit obligation and the net periodic benefit cost. The assumed health care cost trend rate is 7.00%. The measurement date for benefit obligations was as of year-end for prior years presented. The expected benefit payments for all of 2023 are $88,000. Plan expense for 2023 is estimated to be $19,000. A 1.00% change in trend assumptions would create an approximate change in the same direction of $100,000 in the accumulated benefit obligation, $7,000 in the interest cost, and $1,000 in the service cost.
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Other Comprehensive Income (Loss) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following table summarizes activity in the unrealized gain or loss on available for sale securities included in OCI for the nine months and quarters ended September 30, 2023 and 2022.
The reclassification of realized gains is included in the net securities gains line of the consolidated statements of income and comprehensive income and the tax effect is included in the income tax expense line of the same statement. The following table summarizes activity in the unrealized loss on securities transferred from available for sale to held to maturity included in OCI for the nine months and quarters ended September 30, 2023 and 2022.
The following table presents the effect of the Company's derivative financial instruments included in OCI for the nine months and quarters ended September 30, 2023 and 2022.
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Financial Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Derivative Instruments | Financial Derivative Instruments The Bank uses derivative financial instruments for risk management purposes and not for trading or speculative purposes. As part of its overall asset and liability management strategy, the Bank periodically uses derivative instruments to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. The Bank’s interest rate risk management strategy involves modifying the re-pricing characteristics of certain assets or liabilities so that changes in interest rates do not have a significant effect on net interest income. The Bank recognizes its derivative instruments in the consolidated balance sheets at fair value. On the date the derivative instrument is entered into, the Bank designates whether the derivative is part of a hedging relationship (i.e., cash flow or fair value hedge). The Bank formally documents relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking hedge transactions. The Bank also assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting the changes in cash flows or fair values of hedged items. Changes in fair value of derivative instruments that are highly effective and qualify as cash flow hedges are recorded in OCI. Any ineffective portion is recorded in earnings. The Bank discontinues hedge accounting when it is determined that the derivative is no longer highly effective in offsetting changes of the hedged risk on the hedged item, or management determines that the designation of the derivative as a hedging instrument is no longer appropriate. The details of the Bank's swap agreements are as follows:
The Company would reclassify unrealized gains or losses accounted for within AOCI into earnings if the interest rate swaps were to become ineffective or the swaps were to terminate for cash flow hedges, or would amortize the gain or loss over the remaining life of the hedged instrument for fair value hedges. Amounts paid or received under the swaps are reported in interest income or interest expense in the consolidated statements of income, and reflected in net income in the consolidated statements of cash flows. Customer loan derivatives The Bank will enter into interest rate swaps with qualified commercial customers. Through these arrangements, the Bank is able to provide a means for a loan customer to obtain a long-term fixed rate, while it simultaneously contracts with an approved, highly-rated, third-party financial institution as counterparty to swap the fixed rate for a variable rate. Such loan level arrangements are not designated as hedges for accounting purposes, and are recorded at fair value in the Company’s consolidated balance sheets. At September 30, 2023 and 2022, and December 31, 2022, there were six customer loan swap arrangements in place, detailed below:
Derivative collateral The Bank has entered into a master netting arrangement with its counterparty and settles payments with the counterparty as necessary. The Bank's arrangement with its institutional counterparty requires it to post cash or other assets as collateral for its various loan swap contracts in a net liability position based on their fair values and the Bank's credit rating or receive cash collateral for contracts in a net asset position as requested. At September 30, 2023, there was no collateral posted on its swap contracts or required amount to be pledged. Cessation of LIBOR The Company adopted SOFR as its replacement reference rate index for each of the customer loan interest rate swap contracts that were tied to a LIBOR tenor. The six contracts shown in the table immediately above have maturity dates of December 19, 2029, August 21, 2030, April 1, 2031, July 1, 2035, October 1, 2035 and October 1, 2039. The necessary actions to amend these legacy contracts to incorporate the new replacement reference rate index were completed in the second quarter 2023.
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Mortgage Servicing Rights |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights FASB ASC Topic 860 "Transfers and Servicing", requires all separately recognized servicing assets and servicing liabilities to be initially measured at fair value, if practicable. The Company's servicing assets and servicing liabilities are reported using the amortization method and carried at the lower of amortized cost or fair value by strata. In evaluating the carrying values of mortgage servicing rights, the Company obtains third party valuations based on loan level data including note rate, type, and term of the underlying loans. The model utilizes several assumptions, the most significant of which is loan prepayments, calculated using a three-months moving average of weekly prepayment data published by the PSA and modeled against the serviced loan portfolio, and the discount rate to discount future cash flows. As of September 30, 2023, the prepayment assumption using the PSA model was 93, which translates into an anticipated prepayment rate of 4.46%. The discount rate is 10.00%. Other assumptions include delinquency rates, foreclosure rates, servicing cost inflation, and annual unit loan cost. All assumptions are adjusted periodically to reflect current circumstances. Amortization of mortgage servicing rights, as well as write-offs due to prepayments of the related mortgage loans, are recorded as a charge against mortgage servicing fee income. For the nine months ended September 30, 2023 and 2022, servicing rights capitalized totaled $34,000 and $299,000, respectively. Servicing rights amortized for the nine-month periods ended September 30, 2023 and 2022 were $280,000 and $402,000, respectively. The fair value of servicing rights was $3,673,000, $3,734,000, and $3,789,000 at September 30, 2023, December 31, 2022 and September 30, 2022, respectively. The Bank serviced loans for others totaling $327,428,000, $342,870,000, and $348,589,000 at September 30, 2023, December 31, 2022, and September 30, 2022, respectively. Mortgage servicing rights are included in other assets and detailed in the following table:
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Income Taxes |
9 Months Ended |
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Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFASB ASC Topic 740 "Income Taxes" defines the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company's financial statements. Topic 740 prescribes a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the financial statements. The Company is currently open to audit under the statute of limitations by the IRS for the years ended December 31, 2019 through 2022. |
Certificates of Deposit |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of Deposit | Certificates of Deposit The following table represents the breakdown of certificates of deposit at September 30, 2023 and 2022, and at December 31, 2022:
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Reclassifications |
9 Months Ended |
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Sep. 30, 2023 | |
Prior Period Adjustment [Abstract] | |
Reclassifications | ReclassificationsCertain items from the prior year were reclassified in the consolidated financial statements to conform with the current year presentation. These do not have a material impact on the consolidated balance sheet or statement of income and comprehensive income presentations. |
Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Certain assets and liabilities are recorded at fair value to provide additional insight into the Company's quality of earnings. Some of these assets and liabilities are measured on a recurring basis while others are measured on a nonrecurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available for sale are recorded at fair value on a recurring basis. Other assets, such as other real estate owned and individually analyzed loans, are recorded at fair value on a nonrecurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities, which are recorded at fair value in 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. A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with level 1 considered highest and level 3 considered lowest). A brief description of each level follows: Level 1 - Valuation is based upon quoted prices for identical instruments in active markets. Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates that market participants would use in pricing the asset or liability. Valuation includes use of discounted cash flow models and similar techniques. The fair value methods and assumptions for the Company's financial instruments and other assets measured at fair value are set forth below. Investment Securities The fair values of investment securities are estimated by independent providers using a market approach with observable inputs, including matrix pricing and recent transactions. In obtaining such valuation information from third parties, the Company has evaluated their valuation methodologies used to develop the fair values in order to determine whether the valuations are representative of an exit price in the Company's principal markets. The Company's principal markets for its securities portfolios are the secondary institutional markets, with an exit price that is predominantly reflective of bid level pricing in those markets. Fair values are calculated based on the value of one unit without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications, or estimated transaction costs. If these considerations had been incorporated into the fair value estimates, the aggregate fair value could have been changed. The carrying values of restricted equity securities approximate fair values. As such, the Company classifies investment securities as Level 2. Loans Fair values are estimated for portfolios of loans are based on an exit pricing notion. The fair values of performing loans are calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest risk inherent in the loan. The estimates of maturity are based on the Company's historical experience with repayments for each loan classification, modified, as required, by an estimate of the effect of current economic and lending conditions, and the effects of estimated prepayments. Assumptions regarding credit risk, cash flows, and discount rates are judgmentally determined using available market information and specific borrower information. Management has made estimates of fair value using discount rates that it believes to be reasonable. However, because there is no market for many of these financial instruments, Management has no basis to determine whether the fair value presented above would be indicative of the value negotiated in an actual sale. As such, the Company classifies loans as Level 3, except for certain individually analyzed loans. Fair values of individually analyzed loans are based on estimated cash flows and are discounted using a rate commensurate with the risk associated with the estimated cash flows, or if collateral dependent, discounted to the appraised value of the collateral as determined by reference to sale prices of similar properties, less costs to sell. As such, the Company classifies individually analyzed loans for which a specific reserve results in a fair value measure as Level 2. All other individually analyzed loans are classified as Level 3. Other Real Estate Owned Real estate acquired through foreclosure is initially recorded at fair value. The fair value of other real estate owned is based on property appraisals and an analysis of similar properties currently available. As such, the Company records other real estate owned as nonrecurring Level 2. Mortgage Servicing Rights Mortgage servicing rights represent the value associated with servicing residential mortgage loans. Servicing assets and servicing liabilities are reported using the amortization method and compared to fair value for impairment. In evaluating the fair values of mortgage servicing rights, the Company obtains third party valuations based on loan level data including note rate, type, and term of the underlying loans. As such, the Company classifies mortgage servicing rights as Level 2. Time Deposits The fair value of maturity deposits is based on the discounted value of contractual cash flows using a replacement cost of funds approach. The discount rate is estimated using the cost of funds borrowing rate in the market. As such, the Company classifies time deposits as Level 2. Borrowed Funds The fair value of borrowed funds is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently available for borrowings of similar remaining maturities. As such, the Company classifies borrowed funds as Level 2. Derivatives The fair value of interest rate swaps is determined using inputs that are observable in the market place obtained from third parties including yield curves, publicly available volatilities, and floating indexes and, accordingly, are classified as Level 2 inputs. The credit value adjustments associated with derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of September 30, 2023 and 2022, and December 31, 2022, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives due to collateral postings. Customer Loan Derivatives The valuation of the Company’s customer loan derivatives is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of master netting arrangements and any applicable credit enhancements, such as collateral postings. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These values do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company's financial instruments, fair value estimates are based on Management's judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial instruments include the deferred tax asset, premises and equipment, and other real estate owned. In addition, tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2023, December 31, 2022 and September 30, 2022.
Assets Recorded at Fair Value on a Non-Recurring Basis The following tables include assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Mortgage servicing rights are presented at fair value with no impairment reserve for each of the periods presented. Only collateral-dependent individually analyzed loans with a related specific allowance for credit losses or a partial charge off are included in individually analyzed loans for purposes of fair value disclosures. Individually analyzed loans below are presented net of specific allowances of $19,000, $135,000 and $151,000 at September 30, 2023, December 31, 2022, and September 30, 2022, respectively.
Fair Value of Financial Instruments FASB ASC Topic 825 "Financial Instruments" requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet if the fair values can be reasonably determined. 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 using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. This summary excludes financial assets and liabilities for which carrying value approximates fair values and financial instruments that are recorded at fair value on a recurring basis. Financial instruments for which carrying values approximate fair value include cash equivalents, interest-bearing deposits in other banks, demand, NOW, savings, and money market deposits. The estimated fair value of demand, NOW, savings, and money market deposits is the amount payable on demand at the reporting date. Carrying value is used because the accounts have no stated maturity and the customer has the ability to withdraw funds immediately. The carrying amount and estimated fair values for financial instruments as of September 30, 2023 were as follows:
The carrying amounts and estimated fair values for financial instruments as of December 31, 2022 were as follows:
The carrying amount and estimated fair values for financial instruments as of September 30, 2022 were as follows:
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Impact of Recently Issued Accounting Standards |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Impact of Recently Issued Accounting Standards | Impact of Recently Issued Accounting Standards Adoption of New Accounting Standards: On January 1, 2023, the Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the CECL methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as loans, such as loan commitments, standby letters of credit, certain lines of credit. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets, measured at amortized cost, and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. On adoption, the Company recognized an increase in the allowance for credit losses on held to maturity securities of $438,000, an increase to the allowance for credit losses on loans of $6,210,000, and an increase to the reserve for off-balance sheet commitments of $1,297,000. The net, after-tax impact of the increases of the allowances for credit losses and reserve for off-balance sheet commitments was a net decrease to retained earnings of $6,277,000 shown in the Consolidated Statements of Changes in Stockholders Equity. Additional details can be found in Notes 3 and 4. In March 2023, the FASB issued ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. This ASU expands the use of proportional amortization method of accounting — currently allowed only for investments in low-income housing tax credit (LIHTC) structures — to equity investments in other tax credit structures that meet certain criteria. The proportional amortization method results in (1) the tax credit investment being amortized in proportion to the allocation of tax credits and other tax benefits in each period and (2) net presentation within the income tax line item. The ASU is effective beginning in 2024 for calendar year-end public business entities. Adoption is not expected to have a material impact on the Company's consolidated financial statements.
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Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe Company is a financial holding company that owns all of the common stock of the Bank. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments (consisting of normally recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany transactions and balances are eliminated in consolidation. The income reported for the 2023 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2023. |
Financial Derivative Instruments | Financial Derivative Instruments The Bank uses derivative financial instruments for risk management purposes and not for trading or speculative purposes. As part of its overall asset and liability management strategy, the Bank periodically uses derivative instruments to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. The Bank’s interest rate risk management strategy involves modifying the re-pricing characteristics of certain assets or liabilities so that changes in interest rates do not have a significant effect on net interest income. The Bank recognizes its derivative instruments in the consolidated balance sheets at fair value. On the date the derivative instrument is entered into, the Bank designates whether the derivative is part of a hedging relationship (i.e., cash flow or fair value hedge). The Bank formally documents relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking hedge transactions. The Bank also assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting the changes in cash flows or fair values of hedged items. Changes in fair value of derivative instruments that are highly effective and qualify as cash flow hedges are recorded in OCI. Any ineffective portion is recorded in earnings. The Bank discontinues hedge accounting when it is determined that the derivative is no longer highly effective in offsetting changes of the hedged risk on the hedged item, or management determines that the designation of the derivative as a hedging instrument is no longer appropriate.
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Reclassifications | ReclassificationsCertain items from the prior year were reclassified in the consolidated financial statements to conform with the current year presentation. These do not have a material impact on the consolidated balance sheet or statement of income and comprehensive income presentations. |
Fair Value | Certain assets and liabilities are recorded at fair value to provide additional insight into the Company's quality of earnings. Some of these assets and liabilities are measured on a recurring basis while others are measured on a nonrecurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available for sale are recorded at fair value on a recurring basis. Other assets, such as other real estate owned and individually analyzed loans, are recorded at fair value on a nonrecurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities, which are recorded at fair value in 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. A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with level 1 considered highest and level 3 considered lowest). A brief description of each level follows: Level 1 - Valuation is based upon quoted prices for identical instruments in active markets. Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates that market participants would use in pricing the asset or liability. Valuation includes use of discounted cash flow models and similar techniques.
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Fair Value of Financial Instruments | The fair value methods and assumptions for the Company's financial instruments and other assets measured at fair value are set forth below. Investment Securities The fair values of investment securities are estimated by independent providers using a market approach with observable inputs, including matrix pricing and recent transactions. In obtaining such valuation information from third parties, the Company has evaluated their valuation methodologies used to develop the fair values in order to determine whether the valuations are representative of an exit price in the Company's principal markets. The Company's principal markets for its securities portfolios are the secondary institutional markets, with an exit price that is predominantly reflective of bid level pricing in those markets. Fair values are calculated based on the value of one unit without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications, or estimated transaction costs. If these considerations had been incorporated into the fair value estimates, the aggregate fair value could have been changed. The carrying values of restricted equity securities approximate fair values. As such, the Company classifies investment securities as Level 2. Loans Fair values are estimated for portfolios of loans are based on an exit pricing notion. The fair values of performing loans are calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest risk inherent in the loan. The estimates of maturity are based on the Company's historical experience with repayments for each loan classification, modified, as required, by an estimate of the effect of current economic and lending conditions, and the effects of estimated prepayments. Assumptions regarding credit risk, cash flows, and discount rates are judgmentally determined using available market information and specific borrower information. Management has made estimates of fair value using discount rates that it believes to be reasonable. However, because there is no market for many of these financial instruments, Management has no basis to determine whether the fair value presented above would be indicative of the value negotiated in an actual sale. As such, the Company classifies loans as Level 3, except for certain individually analyzed loans. Fair values of individually analyzed loans are based on estimated cash flows and are discounted using a rate commensurate with the risk associated with the estimated cash flows, or if collateral dependent, discounted to the appraised value of the collateral as determined by reference to sale prices of similar properties, less costs to sell. As such, the Company classifies individually analyzed loans for which a specific reserve results in a fair value measure as Level 2. All other individually analyzed loans are classified as Level 3. Other Real Estate Owned Real estate acquired through foreclosure is initially recorded at fair value. The fair value of other real estate owned is based on property appraisals and an analysis of similar properties currently available. As such, the Company records other real estate owned as nonrecurring Level 2. Mortgage Servicing Rights Mortgage servicing rights represent the value associated with servicing residential mortgage loans. Servicing assets and servicing liabilities are reported using the amortization method and compared to fair value for impairment. In evaluating the fair values of mortgage servicing rights, the Company obtains third party valuations based on loan level data including note rate, type, and term of the underlying loans. As such, the Company classifies mortgage servicing rights as Level 2. Time Deposits The fair value of maturity deposits is based on the discounted value of contractual cash flows using a replacement cost of funds approach. The discount rate is estimated using the cost of funds borrowing rate in the market. As such, the Company classifies time deposits as Level 2. Borrowed Funds The fair value of borrowed funds is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently available for borrowings of similar remaining maturities. As such, the Company classifies borrowed funds as Level 2. Derivatives The fair value of interest rate swaps is determined using inputs that are observable in the market place obtained from third parties including yield curves, publicly available volatilities, and floating indexes and, accordingly, are classified as Level 2 inputs. The credit value adjustments associated with derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of September 30, 2023 and 2022, and December 31, 2022, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives due to collateral postings. Customer Loan Derivatives The valuation of the Company’s customer loan derivatives is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of master netting arrangements and any applicable credit enhancements, such as collateral postings. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These values do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company's financial instruments, fair value estimates are based on Management's judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial instruments include the deferred tax asset, premises and equipment, and other real estate owned. In addition, tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. Fair Value of Financial Instruments FASB ASC Topic 825 "Financial Instruments" requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet if the fair values can be reasonably determined. 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 using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. This summary excludes financial assets and liabilities for which carrying value approximates fair values and financial instruments that are recorded at fair value on a recurring basis. Financial instruments for which carrying values approximate fair value include cash equivalents, interest-bearing deposits in other banks, demand, NOW, savings, and money market deposits. The estimated fair value of demand, NOW, savings, and money market deposits is the amount payable on demand at the reporting date. Carrying value is used because the accounts have no stated maturity and the customer has the ability to withdraw funds immediately.
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Impact of Recently Issued Accounting Standards | Impact of Recently Issued Accounting Standards Adoption of New Accounting Standards: On January 1, 2023, the Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the CECL methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as loans, such as loan commitments, standby letters of credit, certain lines of credit. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets, measured at amortized cost, and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. On adoption, the Company recognized an increase in the allowance for credit losses on held to maturity securities of $438,000, an increase to the allowance for credit losses on loans of $6,210,000, and an increase to the reserve for off-balance sheet commitments of $1,297,000. The net, after-tax impact of the increases of the allowances for credit losses and reserve for off-balance sheet commitments was a net decrease to retained earnings of $6,277,000 shown in the Consolidated Statements of Changes in Stockholders Equity. Additional details can be found in Notes 3 and 4. In March 2023, the FASB issued ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. This ASU expands the use of proportional amortization method of accounting — currently allowed only for investments in low-income housing tax credit (LIHTC) structures — to equity investments in other tax credit structures that meet certain criteria. The proportional amortization method results in (1) the tax credit investment being amortized in proportion to the allocation of tax credits and other tax benefits in each period and (2) net presentation within the income tax line item. The ASU is effective beginning in 2024 for calendar year-end public business entities. Adoption is not expected to have a material impact on the Company's consolidated financial statements.
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Basis of Presentation (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acronyms, Abbreviations and Definitions | The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities | The following table summarizes the amortized cost and estimated fair value of investment securities at September 30, 2023:
The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2022:
The following table summarizes the amortized cost and estimated fair value of investment securities at September 30, 2022:
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Schedule of Contractual Maturities of Investment Securities | The following table summarizes the contractual maturities of investment securities at September 30, 2023:
The following table summarizes the contractual maturities of investment securities at December 31, 2022:
The following table summarizes the contractual maturities of investment securities at September 30, 2022:
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Schedule of Securities Gains and Losses | The following table shows securities gains and losses for the nine months and quarters ended September 30, 2023 and 2022:
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Schedule of Temporary Impairment Losses | The following table summarizes debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2023, aggregated by major security type and length of time in a continuous unrealized loss position:
As of December 31, 2022, there were 869 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 300 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2022 is summarized below:
As of September 30, 2022, there were 912 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 138 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of September 30, 2022 is summarized below:
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Schedule of Activity in the ACL for Held-to-maturity Debt Securities | The following table presents the activity in the ACL for held-to-maturity debt securities by major security type for the nine months ended September 30, 2023:
1Difference between total and amount reported on the Consolidated Statements of Income is due to rounding.
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Loans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Composition of Loan Portfolio | The following table shows the composition of the Company's loan portfolio by class of financing receivable as of September 30, 2023 and 2022 and at December 31, 2022:
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Schedule of Past Due Loans Aging | For all loan classes, loans over 30 days past due are considered delinquent. Information on the past-due status of loans by class of financing receivable as of September 30, 2023, is presented in the following table:
Information on the past-due status of loans by class of financing receivable as of December 31, 2022, is presented in the following table:
Information on the past-due status of loans by class of financing receivable as of September 30, 2022, is presented in the following table:
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Schedule of Nonaccrual Loans | The following table presents the amortized costs basis of loans on nonaccrual status as of September 30, 2023, December 31, 2022 and September 30, 2022:
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Schedule of Individually Analyzed Loans by Class of Financing Receivable | The following table presents the amortized cost basis of collateral-dependent loans as of September 30, 2023 by collateral type:
A breakdown of individually analyzed loans by class of financing receivable as of and for the period ended September 30, 2023 is presented in the following table:
A breakdown of individually analyzed loans by class of financing receivable as of and for the year ended December 31, 2022 is presented in the following table:
A breakdown of individually analyzed loans by class of financing receivable as of and for the period ended September 30, 2022 is presented in the following table:
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Schedule of Troubled Debt Restructurings on Financing Receivables | The following table represents loan modifications made to borrowers experiencing financial difficulty by modification type and class of financing receivable, during the three months ended September 30, 2023:
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty for the three months ended September 30, 2023:
The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified during the nine months ended September 30, 2023:
The following table shows TDRs by class and the specific reserve as of December 31, 2022:
As of December 31, 2022, one of the loans classified as TDR with a total balance of $97,000 was more than 30 days past due and was not placed on TDR status in the previous 12 months. The following table shows past-due TDRs by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2022:
For the year ended December 31, 2022, one loan was placed on TDR status. The following table shows this TDR by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2022:
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Allowance for Credit Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses by Class of Financing Receivable and Allowance | A breakdown of the allowance for credit losses as of September 30, 2023, by class of financing receivable and allowance element, is presented in the following table:
A breakdown of the allowance for loan losses as of December 31, 2022 under the incurred loss method, by class of financing receivable and allowance element, is presented in the following table:
A breakdown of the allowance for loan losses as of September 30, 2022 under the incurred loss method, by class of financing receivable and allowance element, is presented in the following table:
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Schedule of ACL for Off-balance Sheet Credit Exposure | The following table presents the activity in the ACL for off-balance sheet credit exposures for the nine months ended September 30, 2023 :
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Schedule of Credit Quality Risk Ratings for Loans | The following table summarizes the credit quality for the Company's portfolio by risk category of loans and by class by vintage as follows:
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Schedule of Allowance for Loan Losses Transactions | The following table presents allowance for credit losses activity by class for the nine months and quarter ended September 30, 2023:
The following table presents allowance for loan losses activity by class for the year ended December 31, 2022:
The following table presents allowance for loan losses activity by class for the nine months and quarter ended September 30, 2022:
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity | As of September 30, 2023, 98,810 shares of restricted stock had been granted under the 2020 Plan, of which 83,127 shares remain restricted as of September 30, 2023 as detailed in the following table:
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Earnings per Share (EPS) | The following table sets forth the computation of basic and diluted EPS for the nine months ended September 30, 2023 and 2022:
The following table sets forth the computation of basic and diluted EPS for the quarters ended September 30, 2023 and 2022:
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Employee Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits, Description [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Postretirement Benefit Obligation and Funded Status | The following table sets forth the accumulated postretirement benefit obligation and funded status:
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Schedule of Net Pension Costs | The following table sets forth the net periodic pension cost:
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Schedule of Net Periodic Benefit Cost Not Yet Recognized | Amounts not yet reflected in net periodic benefit cost and included in AOCI are as follows:
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Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes activity in the unrealized gain or loss on available for sale securities included in OCI for the nine months and quarters ended September 30, 2023 and 2022.
The following table summarizes activity in the unrealized loss on securities transferred from available for sale to held to maturity included in OCI for the nine months and quarters ended September 30, 2023 and 2022.
The following table presents the effect of the Company's derivative financial instruments included in OCI for the nine months and quarters ended September 30, 2023 and 2022.
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Financial Derivative Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The details of the Bank's swap agreements are as follows:
|
Mortgage Servicing Rights (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Mortgage Servicing Assets | Mortgage servicing rights are included in other assets and detailed in the following table:
|
Certificates of Deposit (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Certificates of Deposit | The following table represents the breakdown of certificates of deposit at September 30, 2023 and 2022, and at December 31, 2022:
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Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured on Recurring Basis Measured at Fair Value | The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2023, December 31, 2022 and September 30, 2022.
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Schedule of Assets Measured on Nonrecurring Basis Measured at Fair Value | The following tables include assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Mortgage servicing rights are presented at fair value with no impairment reserve for each of the periods presented. Only collateral-dependent individually analyzed loans with a related specific allowance for credit losses or a partial charge off are included in individually analyzed loans for purposes of fair value disclosures. Individually analyzed loans below are presented net of specific allowances of $19,000, $135,000 and $151,000 at September 30, 2023, December 31, 2022, and September 30, 2022, respectively.
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Schedule of Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair values for financial instruments as of September 30, 2023 were as follows:
The carrying amounts and estimated fair values for financial instruments as of December 31, 2022 were as follows:
The carrying amount and estimated fair values for financial instruments as of September 30, 2022 were as follows:
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Investment Securities - Summary of Amortized Cost and Estimated Fair Value, AFS (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 353,140 | $ 341,113 | $ 343,599 |
Unrealized Gains | 2 | 57 | 4 |
Unrealized Losses | (68,170) | (56,661) | (60,335) |
Fair Value (Estimated) | 284,972 | 284,509 | 283,268 |
U.S. Treasury & Agency securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 45,851 | 26,025 | 26,023 |
Unrealized Gains | 0 | 0 | 0 |
Unrealized Losses | (7,599) | (6,878) | (6,879) |
Fair Value (Estimated) | 38,252 | 19,147 | 19,144 |
Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 263,775 | 271,068 | 273,215 |
Unrealized Gains | 1 | 55 | 4 |
Unrealized Losses | (50,930) | (42,447) | (44,041) |
Fair Value (Estimated) | 212,846 | 228,676 | 229,178 |
State and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 40,417 | 40,472 | 40,489 |
Unrealized Gains | 0 | 2 | 0 |
Unrealized Losses | (9,637) | (7,283) | (9,383) |
Fair Value (Estimated) | 30,780 | 33,191 | 31,106 |
Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 3,097 | 3,548 | 3,872 |
Unrealized Gains | 1 | 0 | 0 |
Unrealized Losses | (4) | (53) | (32) |
Fair Value (Estimated) | $ 3,094 | $ 3,495 | $ 3,840 |
Investment Securities - Summary of Amortized Cost and Estimated Fair Value, HTM and Restricted Equity Securities (Details) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
|||
---|---|---|---|---|---|---|
Securities to be held to maturity | ||||||
Amortized Cost | $ 387,806,000 | $ 393,896,000 | $ 381,906,000 | |||
Unrealized Gains | 20,000 | 200,000 | 86,000 | |||
Unrealized Losses | (75,962,000) | (55,085,000) | (68,196,000) | |||
Fair Value (Estimated) | 311,864,000 | 339,011,000 | 313,796,000 | |||
Less allowance for credit losses | (432,000) | [1] | 0 | 0 | ||
Net securities to be held to maturity | [1] | 387,374,000 | 393,896,000 | 381,906,000 | ||
Restricted equity securities | ||||||
Federal Home Loan Bank Stock | 2,823,000 | 2,846,000 | 3,477,000 | |||
Federal Reserve Bank Stock | 1,037,000 | 1,037,000 | 1,037,000 | |||
Restricted equity securities | 3,860,000 | 3,883,000 | 4,514,000 | |||
U.S. Treasury & Agency securities | ||||||
Securities to be held to maturity | ||||||
Amortized Cost | 40,100,000 | 40,100,000 | 38,100,000 | |||
Unrealized Gains | 0 | 4,000 | 0 | |||
Unrealized Losses | (11,996,000) | (10,477,000) | (10,428,000) | |||
Fair Value (Estimated) | 28,104,000 | 29,627,000 | 27,672,000 | |||
Less allowance for credit losses | 0 | |||||
Mortgage-backed securities | ||||||
Securities to be held to maturity | ||||||
Amortized Cost | 57,224,000 | 60,497,000 | 56,423,000 | |||
Unrealized Gains | 4,000 | 42,000 | 48,000 | |||
Unrealized Losses | (13,336,000) | (11,392,000) | (11,784,000) | |||
Fair Value (Estimated) | 43,892,000 | 49,147,000 | 44,687,000 | |||
State and political subdivisions | ||||||
Securities to be held to maturity | ||||||
Amortized Cost | 255,732,000 | 258,549,000 | 257,633,000 | |||
Unrealized Gains | 16,000 | 154,000 | 38,000 | |||
Unrealized Losses | (46,807,000) | (30,733,000) | (43,899,000) | |||
Fair Value (Estimated) | 208,941,000 | 227,970,000 | 213,772,000 | |||
Less allowance for credit losses | (212,000) | 0 | ||||
Corporate securities | ||||||
Securities to be held to maturity | ||||||
Amortized Cost | 34,750,000 | 34,750,000 | 29,750,000 | |||
Unrealized Gains | 0 | 0 | 0 | |||
Unrealized Losses | (3,823,000) | (2,483,000) | (2,085,000) | |||
Fair Value (Estimated) | 30,927,000 | 32,267,000 | $ 27,665,000 | |||
Less allowance for credit losses | $ (220,000) | $ 0 | ||||
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Investment Securities - Narrative (Details) |
9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
security
|
Dec. 31, 2022
USD ($)
security
|
Sep. 30, 2023
USD ($)
bond
company
state
security
|
Sep. 30, 2014
USD ($)
|
||||
Debt Securities, Available-for-sale [Line Items] | |||||||
AFS allowance | $ 0 | ||||||
HTM allowance for credit losses | $ 0 | $ 0 | 432,000 | [1] | |||
Amortized cost | $ 381,906,000 | $ 393,896,000 | $ 387,806,000 | ||||
Number of securities temporarily impaired (security) | security | 912 | 869 | 941 | ||||
Number of securities temporarily impaired for twelve months or more (security) | security | 138 | 300 | |||||
Period of temporary impairment | 12 months | 12 months | |||||
Financing receivable, threshold period past due | 30 days | ||||||
Debt securities, held-to-maturity, nonaccrual | $ 0 | ||||||
Amortized cost of securities transferred | $ 89,780,000 | ||||||
Fair value of securities transferred | 89,757,000 | ||||||
Net unrealized loss, net of taxes on transferred securities | $ 15,000 | ||||||
Unamortized balance of net unrealized losses transferred | $ 67,000 | $ 64,000 | $ 58,000 | ||||
Number of states | state | 6 | ||||||
FHLB stock investment | 3,477,000 | 2,846,000 | $ 2,823,000 | ||||
Federal reserve bank stock | 1,037,000 | 1,037,000 | 1,037,000 | ||||
Impairment losses | 0 | ||||||
Other equity securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Securities pledged as collateral | 343,677,000 | 350,411,000 | 383,946,000 | ||||
Agency and mortgage-backed securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
HTM allowance for credit losses | $ 0 | ||||||
Municipal Bonds | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Number of private activity bonds | bond | 2 | ||||||
Amortized cost | $ 19,734,000 | ||||||
Corporate securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
HTM allowance for credit losses | 0 | 220,000 | |||||
Amortized cost | 29,750,000 | 34,750,000 | $ 34,750,000 | ||||
Number of individual companies | company | 14 | ||||||
U.S. Treasury & Agency securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
HTM allowance for credit losses | $ 0 | ||||||
Amortized cost | $ 38,100,000 | $ 40,100,000 | $ 40,100,000 | ||||
|
Investment Securities - Summary of Contractual Maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Securities available for sale | |||
Amortized Cost, Due in 1 year or less | $ 19,819 | $ 0 | $ 4 |
Fair Value (Estimated), Due in 1 year or less | 19,819 | 0 | 4 |
Amortized Cost, Due in 1 to 5 years | 3,640 | 3,609 | 3,640 |
Fair Value (Estimated), Due in 1 to 5 years | 3,468 | 3,409 | 3,427 |
Amortized Cost, Due in 5 to 10 years | 28,082 | 18,591 | 18,064 |
Fair Value (Estimated), Due in 5 to 10 years | 23,360 | 15,203 | 14,436 |
Amortized Cost, Due after 10 years | 301,599 | 318,913 | 321,891 |
Fair Value (Estimated), Due after 10 years | 238,325 | 265,897 | 265,401 |
Amortized Cost | 353,140 | 341,113 | 343,599 |
Fair Value (Estimated) | 284,972 | 284,509 | 283,268 |
Securities to be held to maturity | |||
Amortized Cost, Due in 1 year or less | 2,158 | 1,787 | 1,346 |
Fair Value (Estimated), Due in 1 year or less | 2,151 | 1,782 | 1,343 |
Amortized Cost, Due in 1 to 5 years | 15,780 | 14,998 | 15,235 |
Fair Value (Estimated), Due in 1 to 5 years | 14,771 | 14,480 | 14,644 |
Amortized Cost, Due in 5 to 10 years | 92,565 | 86,833 | 75,492 |
Fair Value (Estimated), Due in 5 to 10 years | 81,812 | 81,443 | 68,704 |
Amortized Cost, Due after 10 years | 277,303 | 290,278 | 289,833 |
Fair Value (Estimated), Due after 10 years | 213,130 | 241,306 | 229,105 |
Amortized Cost | 387,806 | 393,896 | 381,906 |
Securities to be held to maturity, Fair Value (Estimated) | $ 311,864 | $ 339,011 | $ 313,796 |
Investment Securities - Securities Gains and Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales of securities | $ 0 | $ 1,301 | $ 0 | $ 1,301 |
Gross realized gains | 0 | 6 | 0 | 8 |
Gross realized losses | 0 | (1) | 0 | (1) |
Net gain (loss) | 0 | 5 | 0 | 7 |
Related income taxes | $ 0 | $ 1 | $ 0 | $ 1 |
Investment Securities - Securities Temporarily Impaired (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | |||
Fair Value (Estimated) (Less than 12 months) | $ 96,442 | $ 251,182 | $ 337,576 |
Unrealized Losses (Less than 12 months) | (7,156) | (23,126) | (61,255) |
Fair Value (Estimated) (12 months or more) | 453,732 | 310,159 | 223,562 |
Unrealized Losses (12 months or more) | (136,976) | (88,620) | (67,276) |
Fair Value (Estimated) | 550,174 | 561,341 | 561,138 |
Unrealized Losses | (144,132) | (111,746) | (128,531) |
U.S. Treasury & Agency securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair Value (Estimated) (Less than 12 months) | 11,842 | 4,804 | 7,364 |
Unrealized Losses (Less than 12 months) | (40) | (675) | (1,264) |
Fair Value (Estimated) (12 months or more) | 44,577 | 41,965 | 39,452 |
Unrealized Losses (12 months or more) | (19,555) | (16,680) | (16,043) |
Fair Value (Estimated) | 56,419 | 46,769 | 46,816 |
Unrealized Losses | (19,595) | (17,355) | (17,307) |
Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair Value (Estimated) (Less than 12 months) | 18,017 | 73,509 | 109,041 |
Unrealized Losses (Less than 12 months) | (441) | (6,486) | (13,868) |
Fair Value (Estimated) (12 months or more) | 238,150 | 197,102 | 162,979 |
Unrealized Losses (12 months or more) | (63,825) | (47,353) | (41,957) |
Fair Value (Estimated) | 256,167 | 270,611 | 272,020 |
Unrealized Losses | (64,266) | (53,839) | (55,825) |
State and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair Value (Estimated) (Less than 12 months) | 66,583 | 149,517 | 197,145 |
Unrealized Losses (Less than 12 months) | (6,675) | (13,769) | (44,277) |
Fair Value (Estimated) (12 months or more) | 147,818 | 67,932 | 17,902 |
Unrealized Losses (12 months or more) | (49,769) | (24,247) | (9,005) |
Fair Value (Estimated) | 214,401 | 217,449 | 215,047 |
Unrealized Losses | (56,444) | (38,016) | (53,282) |
Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair Value (Estimated) (Less than 12 months) | 0 | 3,495 | 3,840 |
Unrealized Losses (Less than 12 months) | 0 | (53) | (32) |
Fair Value (Estimated) (12 months or more) | 1,510 | 0 | 0 |
Unrealized Losses (12 months or more) | (4) | 0 | 0 |
Fair Value (Estimated) | 1,510 | 3,495 | 3,840 |
Unrealized Losses | (4) | (53) | (32) |
Corporate securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair Value (Estimated) (Less than 12 months) | 0 | 19,857 | 20,186 |
Unrealized Losses (Less than 12 months) | 0 | (2,143) | (1,814) |
Fair Value (Estimated) (12 months or more) | 21,677 | 3,160 | 3,229 |
Unrealized Losses (12 months or more) | (3,823) | (340) | (271) |
Fair Value (Estimated) | 21,677 | 23,017 | 23,415 |
Unrealized Losses | $ (3,823) | $ (2,483) | $ (2,085) |
Investment Securities - Debt Securities, Held-to-Maturity, Allowance for Credit Loss (Details) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
| ||||
Allowance for credit losses: | ||||
Beginning balance | $ 0 | |||
Credit loss expense (reduction) | (6,000) | |||
Securities charged-off | 0 | |||
Recoveries | 0 | |||
Total ending allowance balance | 432,000 | [1] | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for credit losses: | ||||
Beginning balance | 438,000 | |||
State and political subdivisions | ||||
Allowance for credit losses: | ||||
Beginning balance | 0 | |||
Credit loss expense (reduction) | (17,000) | |||
Securities charged-off | 0 | |||
Recoveries | 0 | |||
Total ending allowance balance | 212,000 | |||
State and political subdivisions | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for credit losses: | ||||
Beginning balance | 229,000 | |||
Corporate securities | ||||
Allowance for credit losses: | ||||
Beginning balance | 0 | |||
Credit loss expense (reduction) | 11,000 | |||
Securities charged-off | 0 | |||
Recoveries | 0 | |||
Total ending allowance balance | 220,000 | |||
Corporate securities | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for credit losses: | ||||
Beginning balance | $ 209,000 | |||
|
Loans - Loan Portfolio (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 2,079,860 | $ 1,914,674 | $ 1,857,975 |
Percentage of loans receivable, by type | 100.00% | 100.00% | 100.00% |
Commercial | Real estate owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 299,943 | $ 256,623 | $ 251,410 |
Percentage of loans receivable, by type | 14.40% | 13.40% | 13.60% |
Commercial | Real estate non-owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 397,024 | $ 363,660 | $ 315,514 |
Percentage of loans receivable, by type | 19.10% | 19.00% | 17.00% |
Commercial | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 72,424 | $ 93,907 | $ 129,036 |
Percentage of loans receivable, by type | 3.50% | 4.90% | 6.90% |
Commercial | C&I | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 350,596 | $ 319,359 | $ 310,110 |
Percentage of loans receivable, by type | 16.90% | 16.70% | 16.70% |
Commercial | Multifamily | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 91,041 | $ 79,057 | $ 71,784 |
Percentage of loans receivable, by type | 4.40% | 4.10% | 3.90% |
Municipal | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 58,447 | $ 40,619 | $ 48,702 |
Percentage of loans receivable, by type | 2.80% | 2.10% | 2.60% |
Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 28,986 | $ 49,907 | $ 41,631 |
Percentage of loans receivable, by type | 1.40% | 2.60% | 2.20% |
Residential | Term | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 660,049 | $ 597,404 | $ 581,066 |
Percentage of loans receivable, by type | 31.70% | 31.20% | 31.30% |
Home Equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 101,980 | $ 93,075 | $ 87,903 |
Percentage of loans receivable, by type | 4.90% | 4.90% | 4.70% |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 19,370 | $ 21,063 | $ 20,819 |
Percentage of loans receivable, by type | 0.90% | 1.10% | 1.10% |
Loans - Narrative (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022
USD ($)
loan
|
Sep. 30, 2023
USD ($)
loan
|
Sep. 30, 2022
USD ($)
loan
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net deferred loan costs | $ 10,132,000 | $ 11,213,000 | $ 9,978,000 |
Loans used to collateralize borrowings from the Federal Home Loan Bank of Boston | 475,233,000 | 525,904,000 | 464,069,000 |
Loans | $ 1,914,674,000 | $ 2,079,860,000 | $ 1,857,975,000 |
Loans sold by bank | loan | 41 | ||
Ledger balances carried by loans | $ 5,200,000 | ||
Number of loans | loan | 29 | ||
TDR recorded investment | $ 4,744,000 | ||
Number of loans | loan | 1 | ||
TDR recorded investment more than 30 days past due | $ 97,000 | ||
Number of days past due | 30 days | ||
Number of loans placed on TDR status | loan | 1 | ||
Number of TDR loans involved in bankruptcy (loan) | loan | 4 | ||
Loans classified as TDRs that are involved in bankruptcy | $ 550,000 | ||
Number of loans classified as TDRs that were on non-accrual status | loan | 5 | ||
Loans classified as TDRs that were on non-accrual status | $ 339,000 | ||
Loans classified as TDRs that are involved in foreclosure | $ 0 | ||
Number of mortgage loans in the process of foreclosure | loan | 2 | 4 | 2 |
Mortgage loans in the process of foreclosure | $ 166,000 | $ 459,000 | $ 166,000 |
Interest rate swap agreements | Designated as Hedging Instrument | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan adjustments | 689,000 | 2,489,000 | 633,000 |
Interest rate swap agreements | Fair Value Hedging | Designated as Hedging Instrument | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan adjustments | 0 | 705,000 | 0 |
Asset Pledged as Collateral | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 338,636,000 | $ 332,657,000 | $ 327,551,000 |
Loans - Past-due Status of Loans by Class (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 2,079,860 | $ 1,914,674 | $ 1,857,975 |
90+ Days & Accruing | 11 | 241 | 0 |
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 677 | 625 | 867 |
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 314 | 121 | 154 |
90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 997 | 713 | 440 |
All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,988 | 1,459 | 1,461 |
Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,077,872 | 1,913,215 | 1,856,514 |
Commercial | Real estate owner occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 299,943 | 256,623 | 251,410 |
90+ Days & Accruing | 0 | ||
Commercial | Real estate owner occupied | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Real estate owner occupied | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Real estate owner occupied | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Real estate owner occupied | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Real estate owner occupied | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 299,943 | ||
Commercial | Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 699,340 | 638,708 | |
90+ Days & Accruing | 0 | 0 | |
Commercial | Real Estate | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | |
Commercial | Real Estate | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3 | 4 | |
Commercial | Real Estate | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 190 | 191 | |
Commercial | Real Estate | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 193 | 195 | |
Commercial | Real Estate | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 699,147 | 638,513 | |
Commercial | Real estate non-owner occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 397,024 | 363,660 | 315,514 |
90+ Days & Accruing | 0 | ||
Commercial | Real estate non-owner occupied | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Real estate non-owner occupied | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Real estate non-owner occupied | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Real estate non-owner occupied | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Real estate non-owner occupied | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 397,024 | ||
Commercial | Construction | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 72,424 | 93,907 | 129,036 |
90+ Days & Accruing | 0 | 0 | 0 |
Commercial | Construction | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | 0 |
Commercial | Construction | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 7 | 0 | 0 |
Commercial | Construction | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8 | 0 | 0 |
Commercial | Construction | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 15 | 0 | 0 |
Commercial | Construction | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 72,409 | 93,907 | 129,036 |
Commercial | C&I | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 350,596 | 319,359 | 310,110 |
90+ Days & Accruing | 0 | ||
Commercial | C&I | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 349 | ||
Commercial | C&I | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 100 | ||
Commercial | C&I | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 221 | ||
Commercial | C&I | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 670 | ||
Commercial | C&I | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 349,926 | ||
Commercial | Other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 319,359 | 310,110 | |
90+ Days & Accruing | 34 | 0 | |
Commercial | Other | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 118 | 172 | |
Commercial | Other | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 23 | 16 | |
Commercial | Other | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 85 | 83 | |
Commercial | Other | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 226 | 271 | |
Commercial | Other | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 319,133 | 309,839 | |
Commercial | Multifamily | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 91,041 | 79,057 | 71,784 |
90+ Days & Accruing | 0 | ||
Commercial | Multifamily | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Multifamily | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Multifamily | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Multifamily | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Commercial | Multifamily | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 91,041 | ||
Municipal | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 58,447 | 40,619 | 48,702 |
90+ Days & Accruing | 0 | 0 | 0 |
Municipal | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | 0 |
Municipal | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | 0 |
Municipal | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | 0 |
Municipal | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | 0 |
Municipal | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 58,447 | 40,619 | 48,702 |
Residential | Construction | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 28,986 | 49,907 | 41,631 |
90+ Days & Accruing | 0 | 0 | 0 |
Residential | Construction | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | 0 |
Residential | Construction | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 62 | 0 | 0 |
Residential | Construction | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | 0 |
Residential | Construction | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 62 | 0 | 0 |
Residential | Construction | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 28,924 | 49,907 | 41,631 |
Residential | Term | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 660,049 | 597,404 | 581,066 |
90+ Days & Accruing | 0 | 118 | 0 |
Residential | Term | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 39 | 135 | 79 |
Residential | Term | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 106 | 33 | 77 |
Residential | Term | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 578 | 284 | 166 |
Residential | Term | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 723 | 452 | 322 |
Residential | Term | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 659,326 | 596,952 | 580,744 |
Home Equity | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 101,980 | 93,075 | 87,903 |
90+ Days & Accruing | 0 | 86 | 0 |
Home Equity | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 79 | 241 | 473 |
Home Equity | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 29 | 29 |
Home Equity | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 179 | 151 | 0 |
Home Equity | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 258 | 421 | 502 |
Home Equity | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 101,722 | 92,654 | 87,401 |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 19,370 | 21,063 | 20,819 |
90+ Days & Accruing | 11 | 3 | 0 |
Consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 210 | 131 | 143 |
Consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 39 | 33 | 28 |
Consumer | 90+ Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 11 | 3 | 0 |
Consumer | All Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 260 | 167 | 171 |
Consumer | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 19,110 | $ 20,896 | $ 20,648 |
Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual with Allowance for Credit Loss | $ 667 | ||
Nonaccrual with no Allowance for Credit Loss | 1,886 | ||
Nonaccrual with Allowance for Credit Loss | 2,553 | $ 1,755 | $ 1,860 |
Commercial | Real estate owner occupied | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual with Allowance for Credit Loss | 0 | ||
Nonaccrual with no Allowance for Credit Loss | 0 | ||
Nonaccrual with Allowance for Credit Loss | 0 | 193 | 195 |
Commercial | Real estate non-owner occupied | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual with Allowance for Credit Loss | 0 | ||
Nonaccrual with no Allowance for Credit Loss | 0 | ||
Nonaccrual with Allowance for Credit Loss | 0 | 0 | 0 |
Commercial | Construction | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual with Allowance for Credit Loss | 0 | ||
Nonaccrual with no Allowance for Credit Loss | 29 | ||
Nonaccrual with Allowance for Credit Loss | 29 | 23 | 25 |
Commercial | C&I | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual with Allowance for Credit Loss | 363 | ||
Nonaccrual with no Allowance for Credit Loss | 351 | ||
Nonaccrual with Allowance for Credit Loss | 714 | 663 | 756 |
Commercial | Multifamily | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual with Allowance for Credit Loss | 0 | ||
Nonaccrual with no Allowance for Credit Loss | 0 | ||
Nonaccrual with Allowance for Credit Loss | 0 | 0 | 0 |
Municipal | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual with Allowance for Credit Loss | 0 | ||
Nonaccrual with no Allowance for Credit Loss | 0 | ||
Nonaccrual with Allowance for Credit Loss | 0 | 0 | 0 |
Residential | Construction | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual with Allowance for Credit Loss | 0 | ||
Nonaccrual with no Allowance for Credit Loss | 0 | ||
Nonaccrual with Allowance for Credit Loss | 0 | 0 | 0 |
Residential | Term | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual with Allowance for Credit Loss | 304 | ||
Nonaccrual with no Allowance for Credit Loss | 1,016 | ||
Nonaccrual with Allowance for Credit Loss | 1,320 | 572 | 637 |
Home Equity | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual with Allowance for Credit Loss | 0 | ||
Nonaccrual with no Allowance for Credit Loss | 490 | ||
Nonaccrual with Allowance for Credit Loss | 490 | 304 | 247 |
Consumer | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual with Allowance for Credit Loss | 0 | ||
Nonaccrual with no Allowance for Credit Loss | 0 | ||
Nonaccrual with Allowance for Credit Loss | $ 0 | $ 0 | $ 0 |
Loans - Amortized Cost Basis of Collateral-Dependent Loans (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Commercial Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | $ 0 |
Commercial Real Estate | Commercial | Real estate owner occupied | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Commercial Real Estate | Commercial | Real estate non-owner occupied | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Commercial Real Estate | Commercial | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Commercial Real Estate | Commercial | C&I | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Commercial Real Estate | Commercial | Multifamily | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Commercial Real Estate | Commercial | Municipal | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Commercial Real Estate | Residential | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Commercial Real Estate | Residential | Term | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Commercial Real Estate | Home Equity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Commercial Real Estate | Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Residential Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 687 |
Residential Real Estate | Commercial | Real estate owner occupied | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Residential Real Estate | Commercial | Real estate non-owner occupied | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Residential Real Estate | Commercial | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Residential Real Estate | Commercial | C&I | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Residential Real Estate | Commercial | Multifamily | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Residential Real Estate | Commercial | Municipal | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Residential Real Estate | Residential | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Residential Real Estate | Residential | Term | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 687 |
Residential Real Estate | Home Equity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Residential Real Estate | Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Collateral Pledged | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 687 |
Collateral Pledged | Commercial | Real estate owner occupied | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Collateral Pledged | Commercial | Real estate non-owner occupied | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Collateral Pledged | Commercial | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Collateral Pledged | Commercial | C&I | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Collateral Pledged | Commercial | Multifamily | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Collateral Pledged | Commercial | Municipal | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Collateral Pledged | Residential | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Collateral Pledged | Residential | Term | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 687 |
Collateral Pledged | Home Equity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | 0 |
Collateral Pledged | Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, individually evaluated for impairment | $ 0 |
Loans - Individually Analyzed Loans by Class (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Recorded Investment | |||||
Recorded investment, with no related allowance | $ 384 | $ 3,878 | $ 384 | $ 3,878 | $ 4,359 |
Recorded investment, with related allowance | 929 | 2,477 | 929 | 2,477 | 1,801 |
Recorded Investment | 1,313 | 6,355 | 1,313 | 6,355 | 6,160 |
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 411 | 4,511 | 411 | 4,511 | 4,942 |
Unpaid principal balance with related allowance | 1,029 | 2,575 | 1,029 | 2,575 | 1,906 |
Unpaid Principal Balance | 1,440 | 7,086 | 1,440 | 7,086 | 6,848 |
Related Allowance | 266 | 420 | 266 | 420 | 398 |
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 384 | 6,659 | 2,124 | 7,635 | 6,732 |
Average recorded investment, with related allowance | 1,063 | 2,724 | 1,389 | 2,993 | 2,804 |
Average Recorded Investment | 1,447 | 9,383 | 3,513 | 10,628 | 9,536 |
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | (4) | 7 | 15 | 92 | 154 |
Recognized interest income, with related allowance | (2) | 25 | 10 | 61 | 50 |
Recognized Interest Income | (6) | 32 | 25 | 153 | 204 |
Commercial | Real estate owner occupied | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 0 | 0 | |||
Recorded investment, with related allowance | 0 | 0 | |||
Recorded Investment | 0 | 0 | |||
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 0 | 0 | |||
Unpaid principal balance with related allowance | 0 | 0 | |||
Unpaid Principal Balance | 0 | 0 | |||
Related Allowance | 0 | 0 | |||
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 0 | 143 | |||
Average recorded investment, with related allowance | 0 | 0 | |||
Average Recorded Investment | 0 | 143 | |||
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | 0 | 0 | |||
Recognized interest income, with related allowance | 0 | 0 | |||
Recognized Interest Income | 0 | 0 | |||
Commercial | Real Estate | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 1,295 | 1,295 | 1,236 | ||
Recorded investment, with related allowance | 0 | 0 | 0 | ||
Recorded Investment | 1,295 | 1,295 | 1,236 | ||
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 1,607 | 1,607 | 1,532 | ||
Unpaid principal balance with related allowance | 0 | 0 | 0 | ||
Unpaid Principal Balance | 1,607 | 1,607 | 1,532 | ||
Related Allowance | 0 | 0 | 0 | ||
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 1,314 | 1,497 | 1,440 | ||
Average recorded investment, with related allowance | 0 | 14 | 11 | ||
Average Recorded Investment | 1,314 | 1,511 | 1,451 | ||
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | 14 | 42 | 50 | ||
Recognized interest income, with related allowance | 0 | 0 | 0 | ||
Recognized Interest Income | 14 | 42 | 50 | ||
Commercial | Real estate non-owner occupied | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 0 | 0 | |||
Recorded investment, with related allowance | 0 | 0 | |||
Recorded Investment | 0 | 0 | |||
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 0 | 0 | |||
Unpaid principal balance with related allowance | 0 | 0 | |||
Unpaid Principal Balance | 0 | 0 | |||
Related Allowance | 0 | 0 | |||
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 0 | 537 | |||
Average recorded investment, with related allowance | 0 | 0 | |||
Average Recorded Investment | 0 | 537 | |||
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | (12) | 0 | |||
Recognized interest income, with related allowance | 0 | 0 | |||
Recognized Interest Income | (12) | 0 | |||
Commercial | Construction | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 0 | 25 | 0 | 25 | 685 |
Recorded investment, with related allowance | 0 | 661 | 0 | 661 | 0 |
Recorded Investment | 0 | 686 | 0 | 686 | 685 |
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 0 | 27 | 0 | 27 | 687 |
Unpaid principal balance with related allowance | 0 | 661 | 0 | 661 | 0 |
Unpaid Principal Balance | 0 | 688 | 0 | 688 | 687 |
Related Allowance | 0 | 6 | 0 | 6 | 0 |
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 0 | 25 | 157 | 26 | 81 |
Average recorded investment, with related allowance | 0 | 661 | 0 | 661 | 606 |
Average Recorded Investment | 0 | 686 | 157 | 687 | 687 |
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | 0 | 0 | 0 | 0 | 35 |
Recognized interest income, with related allowance | 0 | 16 | 0 | 27 | 0 |
Recognized Interest Income | 0 | 16 | 0 | 27 | 35 |
Commercial | C&I | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 0 | 0 | |||
Recorded investment, with related allowance | 363 | 363 | |||
Recorded Investment | 363 | 363 | |||
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 0 | 0 | |||
Unpaid principal balance with related allowance | 456 | 456 | |||
Unpaid Principal Balance | 456 | 456 | |||
Related Allowance | 225 | 225 | |||
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 0 | 72 | |||
Average recorded investment, with related allowance | 366 | 502 | |||
Average Recorded Investment | 366 | 574 | |||
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | 0 | 0 | |||
Recognized interest income, with related allowance | 0 | 0 | |||
Recognized Interest Income | 0 | 0 | |||
Commercial | Other | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 399 | 399 | 301 | ||
Recorded investment, with related allowance | 552 | 552 | 545 | ||
Recorded Investment | 951 | 951 | 846 | ||
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 459 | 459 | 348 | ||
Unpaid principal balance with related allowance | 647 | 647 | 647 | ||
Unpaid Principal Balance | 1,106 | 1,106 | 995 | ||
Related Allowance | 315 | 315 | 298 | ||
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 405 | 432 | 408 | ||
Average recorded investment, with related allowance | 679 | 745 | 693 | ||
Average Recorded Investment | 1,084 | 1,177 | 1,101 | ||
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | 2 | 10 | 13 | ||
Recognized interest income, with related allowance | 0 | 0 | 0 | ||
Recognized Interest Income | 2 | 10 | 13 | ||
Commercial | Multifamily | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 0 | 0 | |||
Recorded investment, with related allowance | 0 | 0 | |||
Recorded Investment | 0 | 0 | |||
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 0 | 0 | |||
Unpaid principal balance with related allowance | 0 | 0 | |||
Unpaid Principal Balance | 0 | 0 | |||
Related Allowance | 0 | 0 | |||
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 0 | 0 | |||
Average recorded investment, with related allowance | 0 | 0 | |||
Average Recorded Investment | 0 | 0 | |||
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | 0 | 0 | |||
Recognized interest income, with related allowance | 0 | 0 | |||
Recognized Interest Income | 0 | 0 | |||
Municipal | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recorded investment, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance with related allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Average recorded investment, with related allowance | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized interest income, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized Interest Income | 0 | 0 | 0 | 0 | 0 |
Residential | Construction | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recorded investment, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance with related allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Average recorded investment, with related allowance | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized interest income, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized Interest Income | 0 | 0 | 0 | 0 | 0 |
Residential | Term | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 384 | 1,912 | 384 | 1,912 | 1,833 |
Recorded investment, with related allowance | 566 | 1,264 | 566 | 1,264 | 1,256 |
Recorded Investment | 950 | 3,176 | 950 | 3,176 | 3,089 |
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 411 | 2,139 | 411 | 2,139 | 2,035 |
Unpaid principal balance with related allowance | 573 | 1,267 | 573 | 1,267 | 1,259 |
Unpaid Principal Balance | 984 | 3,406 | 984 | 3,406 | 3,294 |
Related Allowance | 41 | 99 | 41 | 99 | 100 |
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 384 | 4,666 | 977 | 5,380 | 4,507 |
Average recorded investment, with related allowance | 697 | 1,384 | 878 | 1,562 | 1,486 |
Average Recorded Investment | 1,081 | 6,050 | 1,855 | 6,942 | 5,993 |
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | 8 | (9) | 15 | 40 | 56 |
Recognized interest income, with related allowance | (2) | 9 | 10 | 34 | 50 |
Recognized Interest Income | 6 | 0 | 25 | 74 | 106 |
Home Equity | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 0 | 247 | 0 | 247 | 304 |
Recorded investment, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 247 | 0 | 247 | 304 |
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 0 | 279 | 0 | 279 | 340 |
Unpaid principal balance with related allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 279 | 0 | 279 | 340 |
Related Allowance | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 0 | 249 | 238 | 299 | 295 |
Average recorded investment, with related allowance | 0 | 0 | 9 | 11 | 8 |
Average Recorded Investment | 0 | 249 | 247 | 310 | 303 |
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized interest income, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized Interest Income | 0 | 0 | 0 | 0 | 0 |
Consumer | |||||
Recorded Investment | |||||
Recorded investment, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recorded investment, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Unpaid Principal Balance | |||||
Unpaid principal balance, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance with related allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | |||||
Average recorded investment, with no related allowance | 0 | 0 | 0 | 1 | 1 |
Average recorded investment, with related allowance | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 | 1 | 1 |
Recognized Interest Income | |||||
Recognized interest income, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized interest income, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized Interest Income | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Loans - Loan Modifications (Details) - Commercial $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | $ 723 |
30-59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | 40 |
60-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | 0 |
90+ Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | 0 |
Payment Deferral | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | $ 523 |
% of Total Class of Financing Receivable | 0.03% |
Real estate owner occupied | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | $ 503 |
Real estate owner occupied | 30-59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | 0 |
Real estate owner occupied | 60-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | 0 |
Real estate owner occupied | 90+ Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | 0 |
Real estate owner occupied | Payment Deferral | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | $ 504 |
% of Total Class of Financing Receivable | 0.17% |
C&I | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | $ 220 |
C&I | 30-59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | 40 |
C&I | 60-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | 0 |
C&I | 90+ Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | 0 |
C&I | Payment Deferral | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost Basis | $ 19 |
% of Total Class of Financing Receivable | 0.01% |
Loans - TDR's by Class and Specific Reserves (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
loan
| |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 29 |
Balance | $ 4,744 |
Specific Reserves | $ 181 |
Commercial | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 5 |
Balance | $ 1,044 |
Specific Reserves | $ 0 |
Commercial | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 1 |
Balance | $ 661 |
Specific Reserves | $ 0 |
Commercial | Other | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 3 |
Balance | $ 361 |
Specific Reserves | $ 81 |
Municipal | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 0 |
Balance | $ 0 |
Specific Reserves | $ 0 |
Residential | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 0 |
Balance | $ 0 |
Specific Reserves | $ 0 |
Residential | Term | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 20 |
Balance | $ 2,678 |
Specific Reserves | $ 100 |
Home Equity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 0 |
Balance | $ 0 |
Specific Reserves | $ 0 |
Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 0 |
Balance | $ 0 |
Specific Reserves | $ 0 |
Loans - TDRs by Class and Associated Specific Reserves (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
loan
|
---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 1 |
Balance | $ 97 |
Specific Reserves | $ 0 |
Commercial | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 0 |
Balance | $ 0 |
Specific Reserves | $ 0 |
Commercial | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 0 |
Balance | $ 0 |
Specific Reserves | $ 0 |
Commercial | Other | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 1 |
Balance | $ 97 |
Specific Reserves | $ 0 |
Municipal | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 0 |
Balance | $ 0 |
Specific Reserves | $ 0 |
Residential | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 0 |
Balance | $ 0 |
Specific Reserves | $ 0 |
Residential | Term | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 0 |
Balance | $ 0 |
Specific Reserves | $ 0 |
Home Equity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 0 |
Balance | $ 0 |
Specific Reserves | $ 0 |
Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | loan | 0 |
Balance | $ 0 |
Specific Reserves | $ 0 |
Loans - Pre-Modification and Post-Modification Outstanding Recorded Investment (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
loan
| |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 38 |
Post-Modification Outstanding Recorded Investment | 38 |
Specific Reserves | $ 0 |
Commercial | Real Estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Specific Reserves | $ 0 |
Commercial | Construction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Specific Reserves | $ 0 |
Commercial | Other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Specific Reserves | $ 0 |
Municipal | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Specific Reserves | $ 0 |
Residential | Construction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Specific Reserves | $ 0 |
Residential | Term | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 38 |
Post-Modification Outstanding Recorded Investment | 38 |
Specific Reserves | $ 0 |
Home Equity | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Specific Reserves | $ 0 |
Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Specific Reserves | $ 0 |
Allowance for Credit Losses - Narrative (Details) |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
Unit
loan_class
|
Jun. 30, 2023
USD ($)
|
Jan. 01, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | $ 23,322,000 | $ 23,465,000 | $ 16,723,000 | $ 16,387,000 | $ 16,201,000 | $ 15,521,000 | |
Number of loan classes | loan_class | 10 | ||||||
Loan-to-value percent, commercial real estate | 80.00% | ||||||
Construction loans, percent of capital | 37.30% | ||||||
Construction loans, maximum percent of capital | 100.00% | ||||||
Construction loans and non-owner-occupied commercial real estate loans, percent of capital | 215.50% | ||||||
Construction loans and non-owner-occupied commercial real estate loans, maximum percent of capital | 300.00% | ||||||
Allowance for loan losses as a percent of total loans | 1.12% | 0.87% | 0.88% | ||||
Outstanding loans and commitments subject by independent consulting firm | 60.00% | ||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | $ 6,210,000 | $ 6,210,000 | |||||
Commercial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Amount of claims under review by management | $ 750,000 | ||||||
Commercial | Construction | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | $ 1,602,000 | 1,469,000 | 821,000 | $ 1,121,000 | 1,151,000 | 746,000 | |
Loan maturities | 2 years | ||||||
Commercial | Construction | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | 943,000 | ||||||
Commercial | Multifamily | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | $ 1,277,000 | 1,312,000 | 0 | ||||
Number of units | Unit | 5 | ||||||
Commercial | Multifamily | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | 1,184,000 | ||||||
Residential | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loan maturities | 30 years | ||||||
Loan to value ratio | 0.80 | ||||||
Delinquent period before residential loans are placed on non-accrual status | 90 days | ||||||
Delinquent period for loans charged off | 180 days | ||||||
Delinquent period for loans charged off after receipt of notification | 60 days | ||||||
Residential | Construction | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | $ 576,000 | 609,000 | 199,000 | 168,000 | 191,000 | 148,000 | |
Loan maturities | 1 year | ||||||
Residential | Construction | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | 735,000 | ||||||
Home Equity | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | $ 617,000 | 635,000 | 1,029,000 | 993,000 | 966,000 | 925,000 | |
Loan maturities | 300 months | ||||||
Loan to value ratio | 0.80 | ||||||
Home Equity | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | (456,000) | ||||||
Consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | $ 251,000 | $ 278,000 | 1,062,000 | $ 872,000 | $ 866,000 | $ 833,000 | |
Delinquent period before consumer loans are charged off | 120 days | ||||||
Consumer | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | $ (802,000) |
Allowance for Credit Losses - Financing Receivable and Allowance Element by Class (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 23,322 | $ 23,465 | $ 16,723 | $ 16,387 | $ 16,201 | $ 15,521 |
Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 266 | 398 | 420 | |||
General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 19,739 | 2,028 | 1,891 | |||
Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 3,317 | 12,619 | 12,139 | |||
Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 1,678 | 1,937 | ||||
Commercial | Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 4,511 | 4,719 | 6,116 | 5,575 | 5,480 | 5,367 |
Commercial | Real Estate | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Commercial | Real Estate | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 974 | 867 | ||||
Commercial | Real Estate | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 5,142 | 4,708 | ||||
Commercial | Real Estate | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Commercial | Real estate owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 4,511 | 6,116 | ||||
Commercial | Real estate owner occupied | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | |||||
Commercial | Real estate owner occupied | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 3,731 | |||||
Commercial | Real estate owner occupied | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 780 | |||||
Commercial | Real estate non-owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 4,429 | 4,492 | 0 | |||
Commercial | Real estate non-owner occupied | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | |||||
Commercial | Real estate non-owner occupied | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 3,855 | |||||
Commercial | Real estate non-owner occupied | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 574 | |||||
Commercial | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 1,602 | 1,469 | 821 | 1,121 | 1,151 | 746 |
Commercial | Construction | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 6 | |||
Commercial | Construction | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 1,445 | 131 | 173 | |||
Commercial | Construction | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 157 | 690 | 942 | |||
Commercial | Construction | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Commercial | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 4,797 | 3,097 | 3,014 | 2,948 | 2,830 | |
Commercial | Other | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 225 | 298 | 315 | |||
Commercial | Other | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 3,909 | 446 | 420 | |||
Commercial | Other | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 663 | 2,353 | 2,279 | |||
Commercial | Other | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Commercial | Multifamily | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 1,277 | 1,312 | 0 | |||
Commercial | Multifamily | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | |||||
Commercial | Multifamily | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 1,184 | |||||
Commercial | Multifamily | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 93 | |||||
Municipal | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 376 | 399 | 162 | 160 | 157 | 157 |
Municipal | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Municipal | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 332 | 0 | 0 | |||
Municipal | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 44 | 162 | 160 | |||
Municipal | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Residential | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 576 | 609 | 199 | 168 | 191 | 148 |
Residential | Construction | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Residential | Construction | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 602 | 7 | 7 | |||
Residential | Construction | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | (26) | 192 | 161 | |||
Residential | Construction | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Residential | Term | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 4,886 | 4,831 | 2,559 | 2,547 | 2,592 | 2,733 |
Residential | Term | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 41 | 100 | 99 | |||
Residential | Term | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 4,020 | 83 | 102 | |||
Residential | Term | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 825 | 2,376 | 2,346 | |||
Residential | Term | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Home Equity Line of Credit | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 617 | 635 | 1,029 | 993 | 966 | 925 |
Home Equity Line of Credit | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Home Equity Line of Credit | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 442 | 101 | 106 | |||
Home Equity Line of Credit | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 175 | 928 | 887 | |||
Home Equity Line of Credit | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 251 | 278 | 1,062 | 872 | 866 | 833 |
Consumer | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Consumer | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 219 | 286 | 216 | |||
Consumer | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 32 | 776 | 656 | |||
Consumer | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Unallocated | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 0 | $ 0 | 1,678 | 1,937 | $ 1,850 | $ 1,782 |
Unallocated | Specific Reserves on Loans Evaluated Individually | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Unallocated | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Unallocated | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | ||||
Unallocated | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 1,678 | $ 1,937 |
Allowance for Credit Losses - Off-balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Allowance for credit losses: | ||||
Beginning balance | $ 100 | |||
Credit loss expense | $ (42) | $ 0 | 89 | $ 0 |
Ending balance | $ 1,486 | 1,486 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for credit losses: | ||||
Beginning balance | $ 1,297 |
Allowance for Credit Losses - Credit Quality Risk Ratings by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | $ 2,079,860 | $ 1,857,975 | $ 2,079,860 | $ 1,857,975 | $ 1,914,674 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) [Abstract] | |||||
Charge offs | 86 | 260 | 208 | 619 | 758 |
Total loans | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 238,987 | 238,987 | |||
2022 | 467,901 | 467,901 | |||
2021 | 404,578 | 404,578 | |||
2020 | 244,494 | 244,494 | |||
2019 | 124,553 | 124,553 | |||
Prior | 395,244 | 395,244 | |||
Revolving Loans Amortized Cost Basis | 180,900 | 180,900 | |||
Revolving Loans Converted to Term | 23,203 | 23,203 | |||
Total | 2,079,860 | 2,079,860 | |||
Commercial | Real estate owner occupied | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | 299,943 | 251,410 | 299,943 | 251,410 | 256,623 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 40 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Revolving Loans Converted to Term | 0 | ||||
Charge offs | 40 | ||||
Commercial | Real estate owner occupied | Pass (risk rating 1-5) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 43,022 | 43,022 | |||
2022 | 75,590 | 75,590 | |||
2021 | 41,851 | 41,851 | |||
2020 | 28,387 | 28,387 | |||
2019 | 35,696 | 35,696 | |||
Prior | 65,064 | 65,064 | |||
Revolving Loans Amortized Cost Basis | 9,355 | 9,355 | |||
Revolving Loans Converted to Term | 175 | 175 | |||
Total | 299,140 | 299,140 | |||
Commercial | Real estate owner occupied | Special Mention (risk rating 6) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Commercial | Real estate owner occupied | Substandard (risk rating 7) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 283 | 283 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 503 | 503 | |||
Prior | 17 | 17 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 803 | 803 | |||
Commercial | Real estate owner occupied | Doubtful (risk rating 8) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Commercial | Real estate owner occupied | Total loans | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 43,305 | 43,305 | |||
2022 | 75,590 | 75,590 | |||
2021 | 41,851 | 41,851 | |||
2020 | 28,387 | 28,387 | |||
2019 | 36,199 | 36,199 | |||
Prior | 65,081 | 65,081 | |||
Revolving Loans Amortized Cost Basis | 9,355 | 9,355 | |||
Revolving Loans Converted to Term | 175 | 175 | |||
Total | 299,943 | 299,943 | |||
Commercial | Real estate non-owner occupied | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | 397,024 | 315,514 | 397,024 | 315,514 | 363,660 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Revolving Loans Converted to Term | 0 | ||||
Charge offs | 0 | 0 | |||
Commercial | Real estate non-owner occupied | Pass (risk rating 1-5) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 27,875 | 27,875 | |||
2022 | 71,474 | 71,474 | |||
2021 | 130,132 | 130,132 | |||
2020 | 49,160 | 49,160 | |||
2019 | 27,670 | 27,670 | |||
Prior | 85,559 | 85,559 | |||
Revolving Loans Amortized Cost Basis | 5,092 | 5,092 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 396,962 | 396,962 | |||
Commercial | Real estate non-owner occupied | Special Mention (risk rating 6) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Commercial | Real estate non-owner occupied | Substandard (risk rating 7) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 62 | 62 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 62 | 62 | |||
Commercial | Real estate non-owner occupied | Doubtful (risk rating 8) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Commercial | Real estate non-owner occupied | Total loans | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 27,875 | 27,875 | |||
2022 | 71,474 | 71,474 | |||
2021 | 130,132 | 130,132 | |||
2020 | 49,160 | 49,160 | |||
2019 | 27,670 | 27,670 | |||
Prior | 85,621 | 85,621 | |||
Revolving Loans Amortized Cost Basis | 5,092 | 5,092 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 397,024 | 397,024 | |||
Commercial | Construction | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | 72,424 | 129,036 | 72,424 | 129,036 | 93,907 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Revolving Loans Converted to Term | 0 | ||||
Charge offs | 0 | 0 | 0 | 0 | 0 |
Commercial | Construction | Pass (risk rating 1-5) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 16,892 | 16,892 | |||
2022 | 41,852 | 41,852 | |||
2021 | 8,506 | 8,506 | |||
2020 | 1,665 | 1,665 | |||
2019 | 1,039 | 1,039 | |||
Prior | 2,470 | 2,470 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 72,424 | 72,424 | |||
Commercial | Construction | Special Mention (risk rating 6) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Commercial | Construction | Substandard (risk rating 7) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Commercial | Construction | Doubtful (risk rating 8) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Commercial | Construction | Total loans | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 16,892 | 16,892 | |||
2022 | 41,852 | 41,852 | |||
2021 | 8,506 | 8,506 | |||
2020 | 1,665 | 1,665 | |||
2019 | 1,039 | 1,039 | |||
Prior | 2,470 | 2,470 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 72,424 | 72,424 | |||
Commercial | C&I | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | 350,596 | 310,110 | 350,596 | 310,110 | 319,359 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 16 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Revolving Loans Converted to Term | 0 | ||||
Charge offs | 16 | 16 | |||
Commercial | C&I | Pass (risk rating 1-5) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 43,648 | 43,648 | |||
2022 | 66,873 | 66,873 | |||
2021 | 53,712 | 53,712 | |||
2020 | 37,052 | 37,052 | |||
2019 | 6,526 | 6,526 | |||
Prior | 38,003 | 38,003 | |||
Revolving Loans Amortized Cost Basis | 90,748 | 90,748 | |||
Revolving Loans Converted to Term | 11,937 | 11,937 | |||
Total | 348,499 | 348,499 | |||
Commercial | C&I | Special Mention (risk rating 6) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 129 | 129 | |||
2021 | 268 | 268 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 8 | 8 | |||
Revolving Loans Amortized Cost Basis | 400 | 400 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 805 | 805 | |||
Commercial | C&I | Substandard (risk rating 7) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 94 | 94 | |||
2022 | 363 | 363 | |||
2021 | 35 | 35 | |||
2020 | 0 | 0 | |||
2019 | 188 | 188 | |||
Prior | 545 | 545 | |||
Revolving Loans Amortized Cost Basis | 67 | 67 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 1,292 | 1,292 | |||
Commercial | C&I | Doubtful (risk rating 8) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Commercial | C&I | Total loans | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 43,742 | 43,742 | |||
2022 | 67,365 | 67,365 | |||
2021 | 54,015 | 54,015 | |||
2020 | 37,052 | 37,052 | |||
2019 | 6,714 | 6,714 | |||
Prior | 38,556 | 38,556 | |||
Revolving Loans Amortized Cost Basis | 91,215 | 91,215 | |||
Revolving Loans Converted to Term | 11,937 | 11,937 | |||
Total | 350,596 | 350,596 | |||
Commercial | Multifamily | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | 91,041 | 71,784 | 91,041 | 71,784 | 79,057 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Revolving Loans Converted to Term | 0 | ||||
Charge offs | 0 | 0 | |||
Commercial | Multifamily | Pass (risk rating 1-5) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 8,435 | 8,435 | |||
2022 | 32,082 | 32,082 | |||
2021 | 18,172 | 18,172 | |||
2020 | 16,103 | 16,103 | |||
2019 | 5,553 | 5,553 | |||
Prior | 8,796 | 8,796 | |||
Revolving Loans Amortized Cost Basis | 329 | 329 | |||
Revolving Loans Converted to Term | 207 | 207 | |||
Total | 89,677 | 89,677 | |||
Commercial | Multifamily | Special Mention (risk rating 6) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 1,364 | 1,364 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 1,364 | 1,364 | |||
Commercial | Multifamily | Substandard (risk rating 7) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Commercial | Multifamily | Doubtful (risk rating 8) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Commercial | Multifamily | Total loans | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 8,435 | 8,435 | |||
2022 | 32,082 | 32,082 | |||
2021 | 19,536 | 19,536 | |||
2020 | 16,103 | 16,103 | |||
2019 | 5,553 | 5,553 | |||
Prior | 8,796 | 8,796 | |||
Revolving Loans Amortized Cost Basis | 329 | 329 | |||
Revolving Loans Converted to Term | 207 | 207 | |||
Total | 91,041 | 91,041 | |||
Municipal | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | 58,447 | 48,702 | 58,447 | 48,702 | 40,619 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Revolving Loans Converted to Term | 0 | ||||
Charge offs | 0 | 0 | 0 | 0 | 0 |
Municipal | Pass (risk rating 1-5) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 24,527 | 24,527 | |||
2022 | 6,239 | 6,239 | |||
2021 | 4,121 | 4,121 | |||
2020 | 10,226 | 10,226 | |||
2019 | 5,270 | 5,270 | |||
Prior | 8,064 | 8,064 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 58,447 | 58,447 | |||
Municipal | Special Mention (risk rating 6) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Municipal | Substandard (risk rating 7) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Municipal | Doubtful (risk rating 8) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Municipal | Total loans | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 24,527 | 24,527 | |||
2022 | 6,239 | 6,239 | |||
2021 | 4,121 | 4,121 | |||
2020 | 10,226 | 10,226 | |||
2019 | 5,270 | 5,270 | |||
Prior | 8,064 | 8,064 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 58,447 | 58,447 | |||
Residential | Construction | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | 28,986 | 41,631 | 28,986 | 41,631 | 49,907 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Revolving Loans Converted to Term | 0 | ||||
Charge offs | 0 | 0 | 0 | 0 | 0 |
Residential | Construction | Pass (risk rating 1-5) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 15,966 | 15,966 | |||
2022 | 11,715 | 11,715 | |||
2021 | 0 | 0 | |||
2020 | 1,305 | 1,305 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 28,986 | 28,986 | |||
Residential | Construction | Special Mention (risk rating 6) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Residential | Construction | Total loans | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 15,966 | 15,966 | |||
2022 | 11,715 | 11,715 | |||
2021 | 0 | 0 | |||
2020 | 1,305 | 1,305 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 28,986 | 28,986 | |||
Residential | Term | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | 660,049 | 581,066 | 660,049 | 581,066 | 597,404 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Revolving Loans Converted to Term | 0 | ||||
Charge offs | 0 | 0 | 0 | 0 | 8 |
Residential | Term | Pass (risk rating 1-5) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 47,019 | 47,019 | |||
2022 | 149,470 | 149,470 | |||
2021 | 143,048 | 143,048 | |||
2020 | 97,350 | 97,350 | |||
2019 | 40,621 | 40,621 | |||
Prior | 179,788 | 179,788 | |||
Revolving Loans Amortized Cost Basis | 1,301 | 1,301 | |||
Revolving Loans Converted to Term | 132 | 132 | |||
Total | 658,729 | 658,729 | |||
Residential | Term | Special Mention (risk rating 6) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 304 | 304 | |||
2021 | 0 | 0 | |||
2020 | 81 | 81 | |||
2019 | 340 | 340 | |||
Prior | 595 | 595 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 1,320 | 1,320 | |||
Residential | Term | Total loans | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 47,019 | 47,019 | |||
2022 | 149,774 | 149,774 | |||
2021 | 143,048 | 143,048 | |||
2020 | 97,431 | 97,431 | |||
2019 | 40,961 | 40,961 | |||
Prior | 180,383 | 180,383 | |||
Revolving Loans Amortized Cost Basis | 1,301 | 1,301 | |||
Revolving Loans Converted to Term | 132 | 132 | |||
Total | 660,049 | 660,049 | |||
Home Equity | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | 101,980 | 87,903 | 101,980 | 87,903 | 93,075 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Revolving Loans Converted to Term | 0 | ||||
Charge offs | 0 | 0 | 0 | 29 | 29 |
Home Equity | Pass (risk rating 1-5) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 8,154 | 8,154 | |||
2022 | 9,472 | 9,472 | |||
2021 | 2,073 | 2,073 | |||
2020 | 1,214 | 1,214 | |||
2019 | 609 | 609 | |||
Prior | 1,754 | 1,754 | |||
Revolving Loans Amortized Cost Basis | 67,639 | 67,639 | |||
Revolving Loans Converted to Term | 10,575 | 10,575 | |||
Total | 101,490 | 101,490 | |||
Home Equity | Special Mention (risk rating 6) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 115 | 115 | |||
Revolving Loans Amortized Cost Basis | 198 | 198 | |||
Revolving Loans Converted to Term | 177 | 177 | |||
Total | 490 | 490 | |||
Home Equity | Total loans | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 8,154 | 8,154 | |||
2022 | 9,472 | 9,472 | |||
2021 | 2,073 | 2,073 | |||
2020 | 1,214 | 1,214 | |||
2019 | 609 | 609 | |||
Prior | 1,869 | 1,869 | |||
Revolving Loans Amortized Cost Basis | 67,837 | 67,837 | |||
Revolving Loans Converted to Term | 10,752 | 10,752 | |||
Total | 101,980 | 101,980 | |||
Consumer | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | 19,370 | 20,819 | 19,370 | 20,819 | 21,063 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) [Abstract] | |||||
2023 | 5 | ||||
2022 | 41 | ||||
2021 | 30 | ||||
2020 | 30 | ||||
2019 | 7 | ||||
Prior | 39 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Revolving Loans Converted to Term | 0 | ||||
Charge offs | 69 | $ 31 | 152 | $ 318 | $ 412 |
Consumer | Pass (risk rating 1-5) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 3,072 | 3,072 | |||
2022 | 2,338 | 2,338 | |||
2021 | 1,296 | 1,296 | |||
2020 | 1,951 | 1,951 | |||
2019 | 538 | 538 | |||
Prior | 4,404 | 4,404 | |||
Revolving Loans Amortized Cost Basis | 5,771 | 5,771 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 19,370 | 19,370 | |||
Consumer | Special Mention (risk rating 6) | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | 0 | 0 | |||
Consumer | Total loans | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2023 | 3,072 | 3,072 | |||
2022 | 2,338 | 2,338 | |||
2021 | 1,296 | 1,296 | |||
2020 | 1,951 | 1,951 | |||
2019 | 538 | 538 | |||
Prior | 4,404 | 4,404 | |||
Revolving Loans Amortized Cost Basis | 5,771 | 5,771 | |||
Revolving Loans Converted to Term | 0 | 0 | |||
Total | $ 19,370 | $ 19,370 |
Allowance for Credit Losses - Activity by Class (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | $ 23,465 | $ 16,201 | $ 16,723 | $ 15,521 | $ 15,521 |
Charge offs | 86 | 260 | 208 | 619 | 758 |
Recoveries | 104 | 46 | 178 | 185 | 210 |
Provision (credit) | (161) | 400 | 419 | 1,300 | 1,750 |
Ending balance | 23,322 | 16,387 | 23,322 | 16,387 | 16,723 |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 6,210 | ||||
Ending balance | 6,210 | ||||
Commercial | Real Estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Recoveries | (1) | ||||
Commercial | Real Estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 4,719 | 5,480 | 6,116 | 5,367 | 5,367 |
Charge offs | 1 | 0 | 0 | 0 | |
Recoveries | 2 | 16 | 20 | ||
Provision (credit) | (209) | 96 | 192 | 729 | |
Ending balance | 4,511 | 5,575 | 4,511 | 5,575 | 6,116 |
Commercial | Real estate owner occupied | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 6,116 | ||||
Charge offs | 40 | ||||
Recoveries | 2 | ||||
Provision (credit) | 119 | ||||
Ending balance | 4,511 | 4,511 | 6,116 | ||
Commercial | Real estate owner occupied | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | (1,686) | ||||
Ending balance | (1,686) | ||||
Commercial | Real estate non-owner occupied | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 4,492 | 0 | |||
Charge offs | 0 | 0 | |||
Recoveries | 0 | 75 | |||
Provision (credit) | (63) | 39 | |||
Ending balance | 4,429 | 4,429 | 0 | ||
Commercial | Real estate non-owner occupied | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 4,315 | ||||
Ending balance | 4,315 | ||||
Commercial | Construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,469 | 1,151 | 821 | 746 | 746 |
Charge offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision (credit) | 133 | (30) | (162) | 375 | 75 |
Ending balance | 1,602 | 1,121 | 1,602 | 1,121 | 821 |
Commercial | Construction | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 943 | ||||
Ending balance | 943 | ||||
Commercial | C&I | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 4,721 | 3,097 | |||
Charge offs | 16 | 16 | |||
Recoveries | 0 | 3 | |||
Provision (credit) | 92 | 68 | |||
Ending balance | 4,797 | 4,797 | 3,097 | ||
Commercial | C&I | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,645 | ||||
Ending balance | 1,645 | ||||
Commercial | Other | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 2,948 | 3,097 | 2,830 | 2,830 | |
Charge offs | 229 | 272 | 309 | ||
Recoveries | 9 | 11 | 13 | ||
Provision (credit) | 286 | 445 | 563 | ||
Ending balance | 4,797 | 3,014 | 4,797 | 3,014 | 3,097 |
Commercial | Multifamily | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,312 | 0 | |||
Charge offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provision (credit) | (35) | 93 | |||
Ending balance | 1,277 | 1,277 | 0 | ||
Commercial | Multifamily | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,184 | ||||
Ending balance | 1,184 | ||||
Municipal | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 399 | 157 | 162 | 157 | 157 |
Charge offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision (credit) | (23) | 3 | 82 | 3 | 5 |
Ending balance | 376 | 160 | 376 | 160 | 162 |
Municipal | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 132 | ||||
Ending balance | 132 | ||||
Residential | Construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 609 | 191 | 199 | 148 | 148 |
Charge offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision (credit) | (33) | (23) | (358) | 20 | 51 |
Ending balance | 576 | 168 | 576 | 168 | 199 |
Residential | Construction | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 735 | ||||
Ending balance | 735 | ||||
Residential | Term | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 4,831 | 2,592 | 2,559 | 2,733 | 2,733 |
Charge offs | 0 | 0 | 0 | 0 | 8 |
Recoveries | 4 | 16 | 10 | 27 | 29 |
Provision (credit) | 51 | (61) | 439 | (213) | (195) |
Ending balance | 4,886 | 2,547 | 4,886 | 2,547 | 2,559 |
Residential | Term | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,878 | ||||
Ending balance | 1,878 | ||||
Home Equity Line of Credit | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 635 | 966 | 1,029 | 925 | 925 |
Charge offs | 0 | 0 | 0 | 29 | 29 |
Recoveries | 3 | 2 | 10 | 3 | 4 |
Provision (credit) | (21) | 25 | 34 | 94 | 129 |
Ending balance | 617 | 993 | 617 | 993 | 1,029 |
Home Equity Line of Credit | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | (456) | ||||
Ending balance | (456) | ||||
Consumer | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 278 | 866 | 1,062 | 833 | 833 |
Charge offs | 69 | 31 | 152 | 318 | 412 |
Recoveries | 20 | 20 | 78 | 128 | 144 |
Provision (credit) | 22 | 17 | 65 | 229 | 497 |
Ending balance | 251 | 872 | 251 | 872 | 1,062 |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | (802) | ||||
Ending balance | (802) | ||||
Unallocated | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 0 | 1,850 | 1,678 | 1,782 | 1,782 |
Charge offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision (credit) | 0 | 87 | 0 | 155 | (104) |
Ending balance | $ 0 | $ 1,937 | 0 | $ 1,937 | 1,678 |
Unallocated | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | $ (1,678) | ||||
Ending balance | $ (1,678) |
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2020 |
|
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during the period (in shares) | 83,127 | ||
Total share based compensation cost | $ 2,402 | ||
Compensation expense recognized for restricted shares | 607 | $ 610 | |
Unrecognized compensation costs | $ 1,069 | $ 994 | |
2020 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock reserved for issuance (in shares) | 400,000 | ||
2020 Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during the period (in shares) | 98,810 |
Stock-Based Compensation - Summary of Restricted Stock Granted (Details) - 2010 and 2020 Equity Incentive Plan - Restricted Stock - shares |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares | 83,127 | ||
Remaining Term (In Years) | 1 year 3 months 18 days | ||
2021 | Three Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Term (In Years) | 3 years | ||
Shares | 25,968 | ||
Remaining Term (In Years) | 3 months 18 days | ||
2022 | Three Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Term (In Years) | 3 years | ||
Shares | 23,654 | ||
Remaining Term (In Years) | 1 year 3 months 18 days | ||
2022 | Two And Half Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Term (In Years) | 2 years 6 months | ||
Shares | 1,250 | ||
Remaining Term (In Years) | 1 year 3 months 18 days | ||
2023 | Three Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Term (In Years) | 3 years | ||
Shares | 27,559 | ||
Remaining Term (In Years) | 2 years 3 months 18 days | ||
2023 | Two Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Term (In Years) | 2 years | ||
Shares | 2,946 | ||
Remaining Term (In Years) | 1 year 3 months 18 days | ||
2023 | One Year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Term (In Years) | 1 year | ||
Shares | 1,750 | ||
Remaining Term (In Years) | 3 months 18 days |
Common Stock (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Class of Stock [Line Items] | ||||
Proceeds from sale of common stock | $ 199 | $ 203 | $ 608 | $ 588 |
Capital Purchase Program | ||||
Class of Stock [Line Items] | ||||
Proceeds from sale of common stock | $ 608 | $ 588 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income (Numerator) | ||||
Net income as reported | $ 7,474 | $ 10,091 | $ 22,839 | $ 29,793 |
Basic EPS: Income available to common shareholders | 7,474 | 10,091 | 22,839 | 29,793 |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ 7,474 | $ 10,091 | $ 22,839 | $ 29,793 |
Shares (Denominator) | ||||
Basic EPS: Income available to common shareholders (in shares) | 11,003,987 | 10,934,492 | 10,993,406 | 10,927,920 |
Effect of dilutive securities: restricted stock (in shares) | 83,146 | 100,899 | 84,089 | 98,651 |
Diluted EPS: Income available to common shareholders plus assumed conversions (in shares) | 11,087,133 | 11,035,391 | 11,077,495 | 11,026,571 |
Basic EPS: Income available to common shareholders (usd per share) | $ 0.68 | $ 0.92 | $ 2.08 | $ 2.73 |
Diluted EPS: Income available to common shareholders plus assumed conversions (usd per share) | $ 0.67 | $ 0.91 | $ 2.06 | $ 2.70 |
Employee Benefit Plans - Narrative (Details) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023
USD ($)
post_retirement_benefit_plan
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Retirement Benefits, Description [Abstract] | |||
Defined contribution plan service period (in months) | 3 months | ||
Defined contribution plan employer maximum percentage match of annual salary based on employee contribution | 3.00% | ||
Defined contribution plan, employer matching contribution, percent of match | 3.00% | ||
Expense related to 401(k) plan | $ 826,000 | $ 752,000 | |
Unfunded, supplemental retirement benefits payable period | 20 years | ||
Pension expense | $ 57,000 | 231,000 | |
Accrued pension liability | $ 2,735,000 | $ 2,888,000 | $ 2,893,000 |
Number of post-retirement benefit plans | post_retirement_benefit_plan | 2 | ||
Post-retirement benefit plan health insurance subsidy range minimum per month per person | $ 40 | ||
Post-retirement benefit plan health insurance subsidy range maximum per month per person | $ 1,200 | ||
Discount rate | 4.75% | ||
Assumed health care cost trend rate | 7.00% | ||
Expected future benefit payments, current year | $ 88,000 | ||
Estimated plan expense | 19,000 | ||
Effect of one percentage point increase on accumulated benefit obligation | 100,000 | ||
Effect of one percentage point increase on interest cost | 7,000 | ||
Effect of one percentage point increase on service cost | $ 1,000 |
Employee Benefit Plans - Accumulated Post-Retirement Benefit Obligation, Funded Status, and Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Change in benefit obligation | ||||
Benefit obligation at beginning of year | $ 1,050 | $ 1,353 | ||
Interest cost | $ 4 | $ 7 | 14 | 24 |
Benefits paid | (66) | (66) | ||
Benefit obligation at end of period | 998 | 1,311 | 998 | 1,311 |
Funded status | ||||
Benefit obligation at end of period | (998) | (1,311) | (998) | (1,311) |
Unamortized gain | (345) | (133) | ||
Accrued benefit cost at end of period | (1,343) | (1,444) | (1,343) | (1,444) |
Components of net periodic benefit cost | ||||
Interest cost | 4 | 7 | 14 | 24 |
Net periodic benefit cost | $ 4 | $ 7 | $ 14 | $ 24 |
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost Not Yet Recognized (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Retirement Benefits, Description [Abstract] | |||
Unamortized net actuarial gain | $ 345 | $ 345 | $ 133 |
Deferred tax expense | (72) | (72) | (28) |
Net unrecognized postretirement benefits included in AOCI | $ 273 | $ 273 | $ 105 |
Other Comprehensive Income (Loss) - Summary of Unrealized Gains and Losses on Available-for-Sale Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of period | $ 232,003 | $ 227,685 | $ 228,923 | $ 245,657 |
Other comprehensive loss | (9,340) | (14,506) | (8,262) | (45,423) |
Balance at end of period | 226,665 | 219,917 | 226,665 | 219,917 |
Accumulated Net Investment Gain (Loss) Attributable to Parent | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of period | (43,781) | (32,795) | (44,718) | (1,718) |
Unrealized losses arising during the period | (12,748) | (18,812) | (11,562) | (58,149) |
Reclassification of net realized gains during the period | 0 | (6) | 0 | (7) |
Related deferred taxes | 2,677 | 3,952 | 2,428 | 12,213 |
Other comprehensive loss | (10,071) | (14,866) | (9,134) | (45,943) |
Balance at end of period | $ (53,852) | $ (47,661) | $ (53,852) | $ (47,661) |
Other Comprehensive Income (Loss) - Summary of Transfer of AFS Securities to HTM (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of period | $ 232,003 | $ 227,685 | $ 228,923 | $ 245,657 |
Other comprehensive loss | (9,340) | (14,506) | (8,262) | (45,423) |
Balance at end of period | 226,665 | 219,917 | 226,665 | 219,917 |
Accumulated Net Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of period | (59) | (73) | (64) | (87) |
Amortization of net unrealized gains | 1 | 7 | 7 | 25 |
Related deferred taxes | 0 | (1) | (1) | (5) |
Other comprehensive loss | 1 | 6 | 6 | 20 |
Balance at end of period | $ (58) | $ (67) | $ (58) | $ (67) |
Other Comprehensive Income (Loss) - Summary of Derivative Financial Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of period | $ 232,003 | $ 227,685 | $ 228,923 | $ 245,657 |
Other comprehensive loss | (9,340) | (14,506) | (8,262) | (45,423) |
Balance at end of period | 226,665 | 219,917 | 226,665 | 219,917 |
Accumulated Net Gain (Loss) from Cash Flow Hedges | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of period | 680 | 146 | 544 | 0 |
Unrealized gains on cash flow hedging derivatives arising during the period | 924 | 448 | 1,096 | 633 |
Related deferred taxes | (194) | (94) | (230) | (133) |
Other comprehensive loss | 730 | 354 | 866 | 500 |
Balance at end of period | $ 1,410 | $ 500 | $ 1,410 | $ 500 |
Financial Derivative Instruments (Details) |
Sep. 30, 2023
USD ($)
derivative
|
Dec. 31, 2022
USD ($)
derivative
|
Sep. 30, 2022
USD ($)
derivative
|
---|---|---|---|
Customer loan interest swap agreements | |||
Derivative [Line Items] | |||
Collateral posted | $ 0 | ||
Designated as Hedging Instrument | Interest rate swap agreements | |||
Derivative [Line Items] | |||
Derivative asset | 255,000,000 | $ 30,000,000 | $ 30,000,000 |
Fair Value | $ 2,489,000 | 689,000 | 633,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap October 27 2023 | |||
Derivative [Line Items] | |||
Fixed Rate Paid | 2.498% | ||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap January 27 2024 | |||
Derivative [Line Items] | |||
Fixed Rate Paid | 2.576% | ||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap April 27 2024 | |||
Derivative [Line Items] | |||
Fixed Rate Paid | 2.619% | ||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap January 01 2026 | |||
Derivative [Line Items] | |||
Fixed Rate Paid | 3.836% | ||
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swap agreements | |||
Derivative [Line Items] | |||
Derivative asset | $ 105,000,000 | 30,000,000 | 30,000,000 |
Fair Value | $ 1,784,000 | $ 689,000 | $ 633,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Customer loan interest swap agreements | |||
Derivative [Line Items] | |||
Number of derivative instruments | derivative | 6 | 6 | 6 |
Cash Flow Hedging | Designated as Hedging Instrument | Other Assets | Interest Rate Swap October 27 2023 | |||
Derivative [Line Items] | |||
Derivative asset | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 |
Fair Value | 20,000 | 187,000 | 179,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Other Assets | Interest Rate Swap January 27 2024 | |||
Derivative [Line Items] | |||
Derivative asset | 10,000,000 | 10,000,000 | 10,000,000 |
Fair Value | 92,000 | 233,000 | 212,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Other Assets | Interest Rate Swap April 27 2024 | |||
Derivative [Line Items] | |||
Derivative asset | 10,000,000 | 10,000,000 | 10,000,000 |
Fair Value | 159,000 | 269,000 | 242,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Other Assets | Interest Rate Swap January 01 2026 | |||
Derivative [Line Items] | |||
Derivative asset | 75,000,000 | 0 | 0 |
Fair Value | 1,513,000 | 0 | 0 |
Cash Flow Hedging | Not Designated as Hedging Instrument | Customer loan interest swap agreements | |||
Derivative [Line Items] | |||
Fair Value | $ 0 | $ 0 | $ 0 |
Number of derivative instruments | derivative | 12 | 12 | 12 |
Derivative notional amount | $ 73,144,000 | $ 74,822,000 | $ 77,256,000 |
Cash Flow Hedging | Not Designated as Hedging Instrument | Customer loan interest swap agreements | Pay Fixed, Receive Variable | |||
Derivative [Line Items] | |||
Fair Value | $ 6,031,000 | $ 4,910,000 | $ 5,365,000 |
Number of derivative instruments | derivative | 6 | 6 | 6 |
Derivative notional amount | $ 36,572,000 | $ 37,411,000 | $ 38,628,000 |
Cash Flow Hedging | Not Designated as Hedging Instrument | Customer loan interest swap agreements | Receive Fixed, Pay Variable | |||
Derivative [Line Items] | |||
Fair Value | $ (6,031,000) | $ (4,910,000) | $ (5,365,000) |
Number of derivative instruments | derivative | 6 | 6 | 6 |
Derivative notional amount | $ 36,572,000 | $ 37,411,000 | $ 38,628,000 |
Cash Flow Hedging | Not Designated as Hedging Instrument | Other Assets | Customer loan interest swap agreements | Pay Fixed, Receive Variable | |||
Derivative [Line Items] | |||
Fair Value | $ 6,031,000 | $ 4,910,000 | $ 5,365,000 |
Number of derivative instruments | derivative | 6 | 6 | 6 |
Derivative notional amount | $ 36,572,000 | $ 37,411,000 | $ 38,628,000 |
Cash Flow Hedging | Not Designated as Hedging Instrument | Other Liabilities | Customer loan interest swap agreements | Receive Fixed, Pay Variable | |||
Derivative [Line Items] | |||
Fair Value | $ (6,031,000) | $ (4,910,000) | $ (5,365,000) |
Number of derivative instruments | derivative | 6 | 6 | 6 |
Derivative notional amount | $ 36,572,000 | $ 37,411,000 | $ 38,628,000 |
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap March 01 2026 | |||
Derivative [Line Items] | |||
Fixed Rate Paid | 4.712% | ||
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap March 01 2027 | |||
Derivative [Line Items] | |||
Fixed Rate Paid | 4.402% | ||
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap March 01 2028 | |||
Derivative [Line Items] | |||
Fixed Rate Paid | 4.189% | ||
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap August 01 2025 | |||
Derivative [Line Items] | |||
Fixed Rate Paid | 4.703% | ||
Fair Value Hedging | Designated as Hedging Instrument | Interest rate swap agreements | |||
Derivative [Line Items] | |||
Derivative asset | $ 150,000,000 | 0 | 0 |
Fair Value | 705,000 | 0 | 0 |
Fair Value Hedging | Designated as Hedging Instrument | Other Assets | Interest Rate Swap March 01 2026 | |||
Derivative [Line Items] | |||
Derivative asset | 40,000,000 | 0 | 0 |
Fair Value | 63,000 | 0 | 0 |
Fair Value Hedging | Designated as Hedging Instrument | Other Assets | Interest Rate Swap March 01 2027 | |||
Derivative [Line Items] | |||
Derivative asset | 30,000,000 | 0 | 0 |
Fair Value | 120,000 | 0 | 0 |
Fair Value Hedging | Designated as Hedging Instrument | Other Assets | Interest Rate Swap March 01 2028 | |||
Derivative [Line Items] | |||
Derivative asset | 30,000,000 | 0 | 0 |
Fair Value | 250,000 | 0 | 0 |
Fair Value Hedging | Designated as Hedging Instrument | Other Assets | Interest Rate Swap August 01 2025 | |||
Derivative [Line Items] | |||
Derivative asset | 50,000,000 | 0 | 0 |
Fair Value | $ 272,000 | $ 0 | $ 0 |
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Transfers and Servicing [Abstract] | |||
Moving average of weekly prepayment data (in months) | 3 months | ||
Anticipated loan prepayment rate of servicing assets (in hundredths) | 4.46% | ||
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate adjustment factor (in hundredths) | 10.00% | ||
Mortgage servicing rights capitalized | $ 34 | $ 299 | |
Amortization of mortgage servicing rights | 280 | 402 | |
Fair value of mortgage servicing rights | 3,673 | 3,789 | $ 3,734 |
Outstanding principal balance of loans serviced for others | $ 327,428 | $ 348,589 | $ 342,870 |
Mortgage Servicing Rights - Schedule of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Transfers and Servicing [Abstract] | |||
Mortgage servicing rights | $ 8,687 | $ 8,654 | $ 8,640 |
Accumulated amortization | (6,441) | (6,161) | (6,046) |
Carrying value | $ 2,246 | $ 2,493 | $ 2,594 |
Certificates of Deposit (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Deposits [Abstract] | |||
Certificates of deposit less than $100,000 | $ 641,429 | $ 489,793 | $ 407,344 |
Certificates $100,000 to $250,000 | 234,962 | 259,614 | 295,112 |
Certificates $250,000 and over | 132,775 | 118,264 | 83,720 |
Total certificates of deposit | $ 1,009,166 | $ 867,671 | $ 786,176 |
Fair Value - Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 284,972 | $ 284,509 | $ 283,268 |
U.S. Treasury & Agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 38,252 | 19,147 | 19,144 |
Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 212,846 | 228,676 | 229,178 |
State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 30,780 | 33,191 | 31,106 |
Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 3,094 | 3,495 | 3,840 |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Derivative assets | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Interest rate swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | 0 |
Derivative liabilities | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Customer loan interest swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | 0 |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury & Agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 284,972 | 284,509 | 283,268 |
Derivative assets | 8,520 | 5,599 | 5,998 |
Total assets | 293,492 | 290,108 | 289,266 |
Derivative liabilities | 6,031 | 4,910 | 5,365 |
Fair Value, Measurements, Recurring | Level 2 | Interest rate swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 2,489 | 689 | 633 |
Derivative liabilities | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | Customer loan interest swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 6,031 | 4,910 | 5,365 |
Derivative liabilities | 6,031 | 4,910 | 5,365 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury & Agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 38,252 | 19,147 | 19,144 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 212,846 | 228,676 | 229,178 |
Fair Value, Measurements, Recurring | Level 2 | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 30,780 | 33,191 | 31,106 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 3,094 | 3,495 | 3,840 |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Derivative assets | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Interest rate swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | 0 |
Derivative liabilities | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Customer loan interest swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | 0 |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury & Agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 284,972 | 284,509 | 283,268 |
Derivative assets | 8,520 | 5,599 | 5,998 |
Total assets | 293,492 | 290,108 | 289,266 |
Derivative liabilities | 6,031 | 4,910 | 5,365 |
Fair Value, Measurements, Recurring | Total Fair Value | Interest rate swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 2,489 | 689 | 633 |
Derivative liabilities | 0 | ||
Fair Value, Measurements, Recurring | Total Fair Value | Customer loan interest swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 6,031 | 4,910 | 5,365 |
Derivative liabilities | 6,031 | 4,910 | 5,365 |
Fair Value, Measurements, Recurring | Total Fair Value | U.S. Treasury & Agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 38,252 | 19,147 | 19,144 |
Fair Value, Measurements, Recurring | Total Fair Value | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 212,846 | 228,676 | 229,178 |
Fair Value, Measurements, Recurring | Total Fair Value | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 30,780 | 33,191 | 31,106 |
Fair Value, Measurements, Recurring | Total Fair Value | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 3,094 | $ 3,495 | $ 3,840 |
Fair Value - Narrative (Details) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Fair Value Disclosures [Abstract] | |||
Mortgage servicing rights impairment | $ 0 | $ 0 | |
Valuation allowance on individually analyzed financing receivable | $ 19,000 | $ 151,000 | $ 135,000 |
Fair Value - Assets Recorded at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | $ 3,673 | $ 3,734 | $ 3,789 |
Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 3,673 | 3,734 | 3,789 |
Total Fair Value | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 0 | 0 | 0 |
Total Fair Value | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 3,673 | 3,734 | 3,789 |
Total Fair Value | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 0 | 0 | 0 |
Individually analyzed loans | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 3,673 | 3,734 | 3,789 |
Individually analyzed loans | 285 | 20 | 5 |
Total assets | 3,958 | 3,754 | 3,794 |
Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 0 | 0 | 0 |
Individually analyzed loans | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 3,673 | 3,734 | 3,789 |
Individually analyzed loans | 285 | 20 | 5 |
Total assets | $ 3,958 | $ 3,754 | $ 3,794 |
Fair Value - Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Financial assets | |||
Securities to be held to maturity (net of allowance for credit losses) | $ 311,864 | $ 339,011 | $ 313,796 |
Mortgage servicing rights | 3,673 | 3,734 | 3,789 |
Financial liabilities | |||
Local certificates of deposit | 1,009,166 | 867,671 | 786,176 |
Total deposits | 2,599,937 | 2,378,877 | 2,369,949 |
Carrying value | |||
Financial assets | |||
Securities to be held to maturity (net of allowance for credit losses) | 387,374 | 393,896 | 381,906 |
Loans | 2,056,806 | 1,898,226 | 1,841,588 |
Mortgage servicing rights | 2,246 | 2,493 | 2,594 |
Financial liabilities | |||
Local certificates of deposit | 338,280 | 291,152 | 252,211 |
National certificates of deposit | 670,886 | 576,519 | 533,965 |
Total deposits | 1,009,166 | 867,671 | 786,176 |
Repurchase agreements | 52,915 | 64,409 | 68,258 |
Federal Home Loan Bank advances | 30,078 | 39,074 | 50,085 |
Total borrowed funds | 82,993 | 103,483 | 118,343 |
Carrying value | Commercial | Real Estate | |||
Financial assets | |||
Loans | 688,027 | 692,541 | 632,385 |
Carrying value | Commercial | Construction | |||
Financial assets | |||
Loans | 70,822 | 92,994 | 127,765 |
Carrying value | Commercial | Other | |||
Financial assets | |||
Loans | 435,563 | 315,917 | 306,692 |
Carrying value | Municipal | |||
Financial assets | |||
Loans | 58,071 | 40,439 | 48,521 |
Carrying value | Residential | Construction | |||
Financial assets | |||
Loans | 28,410 | 49,686 | 41,440 |
Carrying value | Residential | Term | |||
Financial assets | |||
Loans | 655,431 | 611,350 | 592,143 |
Carrying value | Home Equity | |||
Financial assets | |||
Loans | 101,363 | 75,416 | 72,812 |
Carrying value | Consumer | |||
Financial assets | |||
Loans | 19,119 | 19,883 | 19,830 |
Total Fair Value | |||
Financial assets | |||
Securities to be held to maturity (net of allowance for credit losses) | 311,864 | 339,011 | 313,796 |
Loans | 1,920,157 | 1,809,678 | 1,765,525 |
Mortgage servicing rights | 3,673 | 3,734 | 3,789 |
Financial liabilities | |||
Local certificates of deposit | 319,218 | 275,658 | 239,377 |
National certificates of deposit | 672,654 | 569,883 | 525,169 |
Total deposits | 991,872 | 845,541 | 764,546 |
Repurchase agreements | 52,793 | 64,289 | 59,208 |
Federal Home Loan Bank advances | 30,074 | 39,064 | 50,071 |
Total borrowed funds | 82,867 | 103,353 | 109,279 |
Total Fair Value | Commercial | Real Estate | |||
Financial assets | |||
Loans | 652,297 | 669,752 | 615,560 |
Total Fair Value | Commercial | Construction | |||
Financial assets | |||
Loans | 67,144 | 89,934 | 124,366 |
Total Fair Value | Commercial | Other | |||
Financial assets | |||
Loans | 423,464 | 312,219 | 304,024 |
Total Fair Value | Municipal | |||
Financial assets | |||
Loans | 52,196 | 38,069 | 46,475 |
Total Fair Value | Residential | Construction | |||
Financial assets | |||
Loans | 27,972 | 44,410 | 37,263 |
Total Fair Value | Residential | Term | |||
Financial assets | |||
Loans | 577,982 | 558,274 | 543,378 |
Total Fair Value | Home Equity | |||
Financial assets | |||
Loans | 102,124 | 78,878 | 76,287 |
Total Fair Value | Consumer | |||
Financial assets | |||
Loans | 16,978 | 18,142 | 18,172 |
Total Fair Value | Level 1 | |||
Financial assets | |||
Securities to be held to maturity (net of allowance for credit losses) | 0 | 0 | 0 |
Loans | 0 | 0 | 0 |
Mortgage servicing rights | 0 | 0 | 0 |
Financial liabilities | |||
Local certificates of deposit | 0 | 0 | 0 |
National certificates of deposit | 0 | 0 | 0 |
Total deposits | 0 | 0 | 0 |
Repurchase agreements | 0 | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 | 0 |
Total borrowed funds | 0 | 0 | 0 |
Total Fair Value | Level 1 | Commercial | Real Estate | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Commercial | Construction | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Commercial | Other | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Municipal | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Residential | Construction | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Residential | Term | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Home Equity | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Consumer | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 2 | |||
Financial assets | |||
Securities to be held to maturity (net of allowance for credit losses) | 311,864 | 339,011 | 313,796 |
Loans | 285 | 20 | 5 |
Mortgage servicing rights | 3,673 | 3,734 | 3,789 |
Financial liabilities | |||
Local certificates of deposit | 319,218 | 275,658 | 239,377 |
National certificates of deposit | 672,654 | 569,883 | 525,169 |
Total deposits | 991,872 | 845,541 | 764,546 |
Repurchase agreements | 52,793 | 64,289 | 59,208 |
Federal Home Loan Bank advances | 30,074 | 39,064 | 50,071 |
Total borrowed funds | 82,867 | 103,353 | 109,279 |
Total Fair Value | Level 2 | Commercial | Real Estate | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 2 | Commercial | Construction | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 2 | Commercial | Other | |||
Financial assets | |||
Loans | 0 | 20 | 5 |
Total Fair Value | Level 2 | Municipal | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 2 | Residential | Construction | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 2 | Residential | Term | |||
Financial assets | |||
Loans | 285 | 0 | 0 |
Total Fair Value | Level 2 | Home Equity | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 2 | Consumer | |||
Financial assets | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 3 | |||
Financial assets | |||
Securities to be held to maturity (net of allowance for credit losses) | 0 | 0 | 0 |
Loans | 1,919,872 | 1,809,658 | 1,765,520 |
Mortgage servicing rights | 0 | 0 | 0 |
Financial liabilities | |||
Local certificates of deposit | 0 | 0 | 0 |
National certificates of deposit | 0 | 0 | 0 |
Total deposits | 0 | 0 | 0 |
Repurchase agreements | 0 | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 | 0 |
Total borrowed funds | 0 | 0 | 0 |
Total Fair Value | Level 3 | Commercial | Real Estate | |||
Financial assets | |||
Loans | 652,297 | 669,752 | 615,560 |
Total Fair Value | Level 3 | Commercial | Construction | |||
Financial assets | |||
Loans | 67,144 | 89,934 | 124,366 |
Total Fair Value | Level 3 | Commercial | Other | |||
Financial assets | |||
Loans | 423,464 | 312,199 | 304,019 |
Total Fair Value | Level 3 | Municipal | |||
Financial assets | |||
Loans | 52,196 | 38,069 | 46,475 |
Total Fair Value | Level 3 | Residential | Construction | |||
Financial assets | |||
Loans | 27,972 | 44,410 | 37,263 |
Total Fair Value | Level 3 | Residential | Term | |||
Financial assets | |||
Loans | 577,697 | 558,274 | 543,378 |
Total Fair Value | Level 3 | Home Equity | |||
Financial assets | |||
Loans | 102,124 | 78,878 | 76,287 |
Total Fair Value | Level 3 | Consumer | |||
Financial assets | |||
Loans | $ 16,978 | $ 18,142 | $ 18,172 |
Impact of Recently Issued Accounting Standards (Details) - USD ($) |
Sep. 30, 2023 |
Jun. 30, 2023 |
Jan. 01, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|||
---|---|---|---|---|---|---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Securities to be held to maturity, allowance for credit loss | $ 432,000 | [1] | $ 0 | $ 0 | ||||||
Allowance for loan losses | 23,322,000 | $ 23,465,000 | 16,723,000 | 16,387,000 | $ 16,201,000 | $ 15,521,000 | ||||
Unfunded commitments | 1,486,000 | 100,000 | ||||||||
Decrease to retained earnings | (226,665,000) | (232,003,000) | (228,923,000) | (219,917,000) | (227,685,000) | (245,657,000) | ||||
Retained earnings | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Decrease to retained earnings | $ (209,132,000) | $ (205,539,000) | (204,343,000) | $ (198,902,000) | $ (192,565,000) | $ (180,417,000) | ||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Securities to be held to maturity, allowance for credit loss | $ 438,000 | 438,000 | ||||||||
Allowance for loan losses | 6,210,000 | 6,210,000 | ||||||||
Unfunded commitments | 1,297,000 | 1,297,000 | ||||||||
Decrease to retained earnings | 6,277,000 | |||||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained earnings | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Decrease to retained earnings | $ 6,277,000 | $ 6,277,000 | ||||||||
|
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