Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 27, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | Southern First Bancshares, Inc. | |
Trading Symbol | SFST | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 8,047,975 | |
Amendment Flag | false | |
Entity Central Index Key | 0001090009 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-27719 | |
Entity Incorporation, State or Country Code | SC | |
Entity Tax Identification Number | 58-2459561 | |
Entity Address, Address Line One | 6 Verdae Boulevard | |
Entity Address, City or Town | Greenville | |
Entity Address, State or Province | SC | |
Entity Address, Postal Zip Code | 29607 | |
City Area Code | 864 | |
Local Phone Number | 679-9000 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents: | ||
Cash and due from banks | 22,213 | 18,788 |
Federal funds sold | 242,642 | 101,277 |
Interest-bearing deposits with banks | 7,350 | 50,809 |
Total cash and cash equivalents | 272,205 | 170,874 |
Investment securities: | ||
Investment securities available for sale | 94,036 | 93,347 |
Other investments | 10,097 | 10,833 |
Total investment securities | 104,133 | 104,180 |
Mortgage loans held for sale | 6,979 | 3,917 |
Loans | 3,417,945 | 3,273,363 |
Less allowance for credit losses | (40,435) | (38,639) |
Loans, net | 3,377,510 | 3,234,724 |
Bank owned life insurance | 51,453 | 51,122 |
Property and equipment, net | 97,806 | 99,183 |
Deferred income taxes, net | 12,087 | 12,522 |
Other assets | 15,967 | 15,459 |
Total assets | 3,938,140 | 3,691,981 |
LIABILITIES | ||
Deposits | 3,426,774 | 3,133,864 |
FHLB advances and related debt | 125,000 | 175,000 |
Subordinated debentures | 36,241 | 36,214 |
Other liabilities | 50,775 | 52,391 |
Total liabilities | 3,638,790 | 3,397,469 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $.01 per share, 10,000,000 shares authorized | ||
Common stock, par value $.01 per share, 10,000,000 shares authorized, 8,047,975 and 8,011,045 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 80 | 80 |
Nonvested restricted stock | (4,462) | (3,306) |
Additional paid-in capital | 120,683 | 119,027 |
Accumulated other comprehensive loss | (11,775) | (13,410) |
Retained earnings | 194,824 | 192,121 |
Total shareholders’ equity | 299,350 | 294,512 |
Total liabilities and shareholders’ equity | $ 3,938,140 | $ 3,691,981 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 10,000,000 | 10,000,000 |
Common stock, issued shares | 8,047,975 | 8,011,045 |
Common stock, outstanding shares | 8,047,975 | 8,011,045 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest income | ||
Loans | $ 36,748 | $ 23,931 |
Investment securities | 613 | 474 |
Federal funds sold and interest-bearing deposits with banks | 969 | 59 |
Total interest income | 38,330 | 24,464 |
Interest expense | ||
Deposits | 17,179 | 908 |
Borrowings | 727 | 392 |
Total interest expense | 17,906 | 1,300 |
Net interest income | 20,424 | 23,164 |
Provision for credit losses | 1,825 | 1,105 |
Net interest income after provision for credit losses | 18,599 | 22,059 |
Noninterest income | ||
Mortgage banking income | 622 | 1,494 |
Service fees on deposit accounts | 325 | 303 |
ATM and debit card income | 555 | 514 |
Income from bank owned life insurance | 332 | 315 |
Other income | 210 | 301 |
Total noninterest income | 2,044 | 2,927 |
Noninterest expenses | ||
Compensation and benefits | 10,356 | 9,455 |
Occupancy | 2,457 | 1,779 |
Outside service and data processing costs | 1,629 | 1,534 |
Insurance | 689 | 261 |
Professional fees | 660 | 599 |
Marketing | 366 | 266 |
Other | 947 | 791 |
Total noninterest expenses | 17,104 | 14,685 |
Income before income tax expense | 3,539 | 10,301 |
Income tax expense | 836 | 2,331 |
Net income | $ 2,703 | $ 7,970 |
Earnings per common share | ||
Basic (in Dollars per share) | $ 0.34 | $ 1 |
Diluted (in Dollars per share) | $ 0.33 | $ 0.98 |
Weighted average common shares outstanding | ||
Basic (in Shares) | 8,025,876 | 7,931,855 |
Diluted (in Shares) | 8,092,270 | 8,096,310 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net income | $ 2,703 | $ 7,970 |
Unrealized gain (loss) on securities available for sale: | ||
Unrealized holding gain (loss) arising during the period, pretax | 2,070 | (7,141) |
Tax benefit (expense) | (435) | 1,500 |
Reclassification of realized gain | (15) | |
Tax expense | 3 | |
Other comprehensive income (loss) | 1,635 | (5,653) |
Comprehensive income | $ 4,338 | $ 2,317 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Common stock | Preferred stock | Nonvested restricted stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained Earnings | Total |
Balance at Dec. 31, 2021 | $ 79 | $ (1,435) | $ 114,226 | $ (740) | $ 165,771 | $ 277,901 | |
Balance (in Shares) at Dec. 31, 2021 | 7,925,819 | ||||||
Net income | 7,970 | 7,970 | |||||
Proceeds from exercise of stock options | 579 | 579 | |||||
Proceeds from exercise of stock options (in Shares) | 18,125 | ||||||
Issuance of restricted stock | $ 1 | (2,235) | 2,234 | ||||
Issuance of restricted stock (in Shares) | 36,575 | ||||||
Adoption of ASU 2016-13 | (2,765) | (2,765) | |||||
Compensation expense related to restricted stock, net of tax | 245 | 245 | |||||
Compensation expense related to stock options, net of tax | 247 | 247 | |||||
Other comprehensive income (Loss) | (5,653) | (5,653) | |||||
Balance at Mar. 31, 2022 | $ 80 | (3,425) | 117,286 | (6,393) | 170,976 | 278,524 | |
Balance (in Shares) at Mar. 31, 2022 | 7,980,519 | ||||||
Balance at Dec. 31, 2022 | $ 80 | (3,306) | 119,027 | (13,410) | 192,121 | 294,512 | |
Balance (in Shares) at Dec. 31, 2022 | 8,011,045 | ||||||
Net income | 2,703 | 2,703 | |||||
Proceeds from exercise of stock options | 17 | 17 | |||||
Proceeds from exercise of stock options (in Shares) | 1,000 | ||||||
Issuance of restricted stock | (1,521) | 1,521 | |||||
Issuance of restricted stock (in Shares) | 35,930 | ||||||
Compensation expense related to restricted stock, net of tax | 365 | 365 | |||||
Compensation expense related to stock options, net of tax | 118 | 118 | |||||
Other comprehensive income (Loss) | 1,635 | 1,635 | |||||
Balance at Mar. 31, 2023 | $ 80 | $ (4,462) | $ 120,683 | $ (11,775) | $ 194,824 | $ 299,350 | |
Balance (in Shares) at Mar. 31, 2023 | 8,047,975 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net income | $ 2,703 | $ 7,970 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision for credit losses | 1,825 | 1,105 |
Depreciation and other amortization | 1,203 | 583 |
Accretion and amortization of securities discounts and premium, net | 129 | 210 |
Gain on sale of securities | (15) | |
Net change in operating leases | 53 | 108 |
Compensation expense related to stock options and restricted stock grants | 483 | 492 |
Gain on sale of loans held for sale | (530) | (899) |
Loans originated and held for sale | (17,892) | (75,729) |
Proceeds from sale of loans held for sale | 15,360 | 72,344 |
Increase in cash surrender value of bank owned life insurance | (331) | (315) |
Increase in other assets | (508) | (447) |
Increase (decrease) in other liabilities | (1,258) | 2,460 |
Net cash provided by operating activities | 1,237 | 7,867 |
Investing activities | ||
Increase in loans, net | (144,641) | (170,787) |
Purchase of property and equipment | (180) | (5,869) |
Purchase of investment securities: | ||
Available for sale | (10,094) | |
Other investments | (18,264) | (2,265) |
Payments and maturities, calls and repayments of investment securities: | ||
Available for sale | 1,252 | 16,046 |
Other investments | 19,000 | 2,182 |
Net cash used for investing activities | (142,833) | (170,787) |
Financing activities | ||
Increase in deposits, net | 292,910 | 144,348 |
Decrease in Federal Home Loan Bank advances and other borrowings, net | (50,000) | |
Proceeds from the exercise of stock options | 17 | 579 |
Net cash provided by financing activities | 242,927 | 144,927 |
Net increase (decrease) in cash and cash equivalents | 101,331 | (17,993) |
Cash and cash equivalents at beginning of the period | 170,874 | 167,209 |
Cash and cash equivalents at end of the period | 272,205 | 149,216 |
Cash paid for | ||
Interest | 16,801 | 1,789 |
Income taxes | ||
Schedule of non-cash transactions | ||
Unrealized gain (loss) on securities, net of income taxes | $ 1,635 | $ (5,641) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – Summary of Significant Accounting Policies Nature of Business Southern First Bancshares, Inc. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“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 the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2023 are 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 footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 13, 2023. The consolidated financial statements include the accounts of the Company and the Bank. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, “Consolidation,” the financial statements related to the Trusts have not been consolidated. Business Segments The Company, through the Bank, provides a broad range of financial services to individuals and companies in South Carolina, North Carolina, and Georgia. These services include demand, time and savings deposits; lending services; ATM processing and mortgage banking services. While the Company’s management periodically reviews limited production information for these revenue streams, that information is not complete as it does not include a full allocation of revenue, costs and capital from key corporate functions. Management will continue to evaluate these lines of business for separate reporting as facts and circumstances change. Accordingly, the Company’s various banking operations are not considered by management to constitute more than one reportable operating segment. Risk and Uncertainties There were two significant bank failures in the first part of March 2023, primarily due to the failed banks’ lack of liquidity as depositors sought to withdraw their deposits. Due to rising interest rates, the failed banks were unable to sell investment securities held to meet liquidity needs without realizing substantial losses. As a result of the March 2023 bank closures and in an effort to strengthen public confidence in the banking system and protect depositors, regulators have announced that any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law, which could increase the cost of our FDIC insurance assessments. Additionally, the Federal Reserve announced the creation of a new Bank Term Funding Program in an effort to minimize the need for banks to sell securities at a loss in times of stress. The future impact of these failures on the economy, financial institutions and their depositors, as well as any governmental regulatory responses or actions resulting from the same, is difficult to predict at this time. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of income and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, real estate acquired in the settlement of loans, fair value of financial instruments, and valuation of deferred tax assets. Reclassifications Certain amounts, previously reported, have been reclassified to state all periods on a comparable basis and had no effect on shareholders’ equity or net income. Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Adoption of New Accounting Standard In January 2023, the Company adopted ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, for public business entities, the guidance requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20. The Company adopted the guidance using the modified retrospective method. Upon adoption of this guidance, the Company no longer establishes a specific reserve for modifications to borrowers experiencing financial difficulty. Instead, these modifications are included in their respective cohort and a historical loss rate is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance. The difference between the allowance previously determined and the current allowance was not material to the Company’s financial statements. Newly Issued, But Not Yet Effective Accounting Standards In December 2022, the FASB issued amendments to defer the sunset date of the Reference Rate Reform Topic of the Accounting Standards Codification from December 31, 2022 to December 31, 2024, because the current relief in Reference Rate Reform Topic may not cover a period of time during which a significant number of modifications may take place. The amendments were effective upon issuance. The Company does not expect these amendments to have a material effect on its financial statements. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 2 – Investment Securities The amortized costs and fair value of investment securities are as follows: March 31, 2023 Amortized Gross Unrealized Fair (dollars in thousands) Cost Gains Losses Value Available for sale Corporate bonds $ 2,166 - 250 1,916 US treasuries 999 - 107 892 US government agencies 13,008 - 2,024 10,984 State and political subdivisions 22,844 8 3,203 19,649 Asset-backed securities 5,966 - 147 5,819 Mortgage-backed securities FHLMC 23,876 1 3,467 20,410 FNMA 34,612 - 5,029 29,583 GNMA 5,471 - 688 4,783 Total mortgage-backed securities 63,959 1 9,184 54,776 Total investment securities available for sale $ 108,942 9 14,915 94,036 December 31, 2022 Amortized Gross Unrealized Fair Cost Gains Losses Value Available for sale Corporate bonds $ 2,172 - 289 1,883 US treasuries 999 - 128 871 US government agencies 13,007 - 2,390 10,617 State and political subdivisions 22,910 - 4,004 18,906 Asset-backed securities 6,435 - 206 6,229 Mortgage-backed securities FHLMC 24,086 - 3,745 20,341 FNMA 35,141 - 5,520 29,621 GNMA 5,573 - 694 4,879 Total mortgage-backed securities 64,800 - 9,959 54,841 Total investment securities available for sale $ 110,323 - 16,976 93,347 Contractual maturities and yields on the Company’s investment securities at March 31, 2023 and December 31, 2022 are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2023 Less than one year One to five years Five to ten years Over ten years Total (dollars in thousands) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Available for sale Corporate bonds $ - - $ - - $ 1,916 2.00 % $ - - $ 1,916 2.00 % US treasuries - - - - 892 1.27 % - - 892 1.27 % US government agencies - - 3,291 0.85 % 7,693 1.55 % - - 10,984 1.34 % State and political subdivisions - - 465 2.13 % 5,598 1.80 % 13,586 2.16 % 19,649 2.06 % Asset-backed securities - - - - 452 4.43 % 5,367 5.62 % 5,819 5.53 % Mortgage-backed securities - - 4,902 1.17 % 3,712 1.57 % 46,162 1.95 % 54,776 1.85 % Total investment securities $ - - $ 8,658 1.10 % $ 20,263 1.72 % $ 65,115 2.30 % $ 94,036 2.06 % December 31, 2022 Less than one year One to five years Five to ten years Over ten years Total (dollars in thousands) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Available for sale Corporate bonds $ - - $ - - $ 1,883 2.00 % $ - - $ 1,883 2.00 % US treasuries - - - - 871 1.27 % - - 871 1.27 % US government agencies - - 3,223 0.85 % 7,394 1.55 % - - 10,617 1.34 % State and political subdivisions - - 460 2.13 % 5,382 1.80 % 13,064 2.16 % 18,906 2.05 % Asset-backed securities - - - - 554 4.77 % 5,675 5.14 % 6,229 5.10 % Mortgage-backed securities - - 4,594 1.13 % 3,959 1.60 % 46,288 1.90 % 54,841 1.82 % Total investment securities $ - - $ 8,277 1.08 % $ 20,043 1.75 % $ 65,027 2.24 % $ 93,347 2.03 % The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities at March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. March 31, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) # Fair Unrealized # Fair Unrealized # Fair Unrealized Available for sale Corporate bonds - $ - $ - 1 $ 1,916 $ 250 1 $ 1,916 $ 250 US treasuries - - - 1 892 107 1 892 107 US government agencies - - - 10 10,984 2,024 10 10,984 2,024 State and political subdivisions 1 465 5 29 18,404 3,198 30 18,869 3,203 Asset-backed 2 1,228 16 6 4,591 131 8 5,819 147 Mortgage-backed securities FHLMC 1 1,504 12 19 17,486 3,455 20 18,990 3,467 FNMA 1 5 - 36 29,578 5,029 37 29,583 5,029 GNMA - - - 7 4,783 688 7 4,783 688 Total investment securities 5 $ 3,202 $ 33 109 $ 88,634 $ 14,882 114 $ 91,836 $ 14,915 December 31, 2022 Less than 12 months 12 months or longer Total (dollars in thousands) # Fair Unrealized # Fair Unrealized # Fair Unrealized Available for sale Corporate bonds - $ - $ - 1 $ 1,883 $ 289 1 $ 1,883 $ 289 US treasuries - - - 1 871 128 1 871 128 US government agencies - - - 10 10,617 2,390 10 10,617 2,390 State and political subdivisions 10 5,101 763 22 13,805 3,241 32 18,906 4,004 Asset-backed 5 4,291 135 3 1,938 71 8 6,229 206 Mortgage-backed securities FHLMC 4 3,712 155 17 16,629 3,590 21 20,341 3,745 FNMA 9 2,208 201 28 27,413 5,319 37 29,621 5,520 GNMA 1 103 7 6 4,776 687 7 4,879 694 Total investment securities 29 $ 15,415 $ 1,261 88 $ 77,932 $ 15,715 117 $ 93,347 $ 16,976 At March 31, 2023 the Company had 114 individual investments that were in an unrealized loss position. The unrealized losses were primarily attributable to changes in interest rates, rather than deterioration in credit quality. The individual securities are each investment grade securities. The Company considers factors such as the financial condition of the issuer including credit ratings and specific events affecting the operations of the issuer, volatility of the security, underlying assets that collateralize the debt security, and other industry and macroeconomic conditions. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. As such, there is no allowance for credit losses on available for sale securities recognized as of March 31, 2023. Other investments are comprised of the following and are recorded at cost which approximates fair value. (dollars in thousands) March 31, 2023 December 31, 2022 Federal Home Loan Bank stock $ 7,534 9,250 Other nonmarketable investments 2,160 1,180 Investment in Trust Preferred subsidiaries 403 403 Total other investments $ 10,097 10,833 The Company has evaluated other investments for impairment and determined that the other investments are not impaired as of March 31, 2023 and that ultimate recoverability of the par value of the investments is probable. All of the FHLB stock is used to collateralize advances with the FHLB. |
Mortgage Loans Held for Sale
Mortgage Loans Held for Sale | 3 Months Ended |
Mar. 31, 2023 | |
Mortgage Loans Held For Sale [Abstract] | |
Mortgage Loans Held for Sale | NOTE 3 – Mortgage Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are reported as loans held for sale and carried at fair value under the fair value option with changes in fair value recognized in current period earnings. At the date of funding of the mortgage loan held for sale, the funded amount of the loan, the related derivative asset or liability of the associated interest rate lock commitment, less direct loan costs becomes the initial recorded investment in the loan held for sale. Such amount approximates the fair value of the loan. At March 31 2023, mortgage loans held for sale totaled $7.0 million compared to $3.9 million at December 31, 2022. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Allowance for Credit Losses [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 4 – Loans and Allowance for Credit Losses The following table summarizes the composition of our loan portfolio. Total gross loans are recorded net of deferred loan fees and costs, which totaled $7.4 million as of March 31, 2023 and $7.3 million as of December 31, 2022. March 31, 2023 December 31, 2022 (dollars in thousands) Amount % of Total Amount % of Total Commercial Owner occupied RE $ 615,094 18.0 % $ 612,901 18.7 % Non-owner occupied RE 928,059 27.2 % 862,579 26.3 % Construction 94,641 2.8 % 109,726 3.4 % Business 495,161 14.5 % 468,112 14.3 % Total commercial loans 2,132,955 62.5 % 2,053,318 62.7 % Consumer Real estate 993,258 29.1 % 931,278 28.4 % Home equity 180,974 5.3 % 179,300 5.5 % Construction 71,137 2.1 % 80,415 2.5 % Other 39,621 1.0 % 29,052 0.9 % Total consumer loans 1,284,990 37.5 % 1,220,045 37.3 % Total gross loans, net of deferred fees 3,417,945 100.0 % 3,273,363 100.0 % Less—allowance for credit losses (40,435 ) (38,639 ) Total loans, net $ 3,377,510 $ 3,234,724 Maturities and Sensitivity of Loans to Changes in Interest Rates The information in the following tables summarizes the loan maturity distribution by type and related interest rate characteristics based on the contractual maturities of individual loans, including loans which may be subject to renewal at their contractual maturity. Renewal of such loans is subject to review and credit approval, as well as modification of terms upon maturity. Actual repayments of loans may differ from the maturities reflected below, because borrowers have the right to prepay obligations with or without prepayment penalties. March 31, 2023 (dollars in thousands) One year After one After five After Total Commercial Owner occupied RE $ 9,295 144,602 418,450 42,747 615,094 Non-owner occupied RE 57,909 449,859 394,421 25,870 928,059 Construction 2,742 30,409 59,103 2,387 94,641 Business 92,502 211,145 187,033 4,481 495,161 Total commercial loans 162,448 836,015 1,059,007 75,485 2,132,955 Consumer Real estate 9,871 46,324 280,204 656,859 993,258 Home equity 1,028 20,452 154,189 5,305 180,974 Construction 1,014 227 32,358 37,538 71,137 Other 3,569 21,975 13,272 805 39,621 Total consumer loans 15,482 88,978 480,023 700,507 1,284,990 Total gross loans, net of deferred fees $ 177,930 924,993 1,539,030 775,992 3,417,945 December 31, 2022 (dollars in thousands) One year After one After five After fifteen Total Commercial Owner occupied RE $ 10,574 133,017 420,881 48,429 612,901 Non-owner occupied RE 44,570 419,976 371,208 26,825 862,579 Construction 5,509 36,537 61,009 6,671 109,726 Business 96,157 194,489 173,259 4,207 468,112 Total commercial loans 156,810 784,019 1,026,357 86,132 2,053,318 Consumer Real estate 12,137 38,948 260,005 620,188 931,278 Home equity 1,336 20,933 151,696 5,335 179,300 Construction 665 182 23,788 55,780 80,415 Other 3,926 21,890 2,458 778 29,052 Total consumer loans 18,064 81,953 437,947 682,081 1,220,045 Total gross loans, net of deferred fees $ 174,874 865,972 1,464,304 768,213 3,273,363 The following table summarizes the loans due after one year by category. March 31, 2023 December 31, 2022 Interest Rate Interest Rate (dollars in thousands) Fixed Floating or Fixed Floating or Commercial Owner occupied RE $ 602,302 3,497 598,513 3,814 Non-owner occupied RE 784,868 85,282 742,763 75,246 Construction 75,041 16,858 90,246 13,971 Business 310,976 91,683 298,866 73,089 Total commercial loans 1,773,187 197,320 1,730,388 166,120 Consumer Real estate 983,376 11 919,130 11 Home equity 13,508 166,438 14,173 163,791 Construction 70,123 - 79,750 - Other 19,173 16,879 19,113 6,013 Total consumer loans 1,086,180 183,328 1,032,166 169,815 Total gross loans, net of deferred fees $ 2,859,367 380,648 2,762,554 335,935 Credit Quality Indicators The Company tracks credit quality based on its internal risk ratings. Upon origination, a loan is assigned an initial risk grade, which is generally based on several factors such as the borrower’s credit score, the loan-to-value ratio, the debt-to-income ratio, etc. After loans are initially graded, they are monitored regularly for credit quality based on many factors, such as payment history, the borrower’s financial status, and changes in collateral value. Loans can be downgraded or upgraded depending on management’s evaluation of these factors. Internal risk-grading policies are consistent throughout each loan type. A description of the general characteristics of the risk grades is as follows: ● Pass— A pass loan ranges from minimal to average credit risk; however, still has acceptable credit risk. ● Watch—A watch loan exhibits above average credit risk due to minor weaknesses and warrants closer scrutiny by management. ● Special mention—A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date. ● Substandard—A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that may jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. ● Doubtful—A doubtful loan has all of the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of the currently existing facts, conditions and values, highly questionable and improbable. The following table presents loan balances classified by credit quality indicators by year of origination as of March 31, 2023. March 31, 2023 (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Revolving Converted to Term Total Commercial Owner occupied RE Pass $ 19,874 160,403 143,384 76,171 65,408 121,520 - 169 586,929 Watch - 3,548 475 9,281 3,628 6,716 - - 23,648 Special Mention - 196 - - - 3,133 - - 3,329 Substandard - - - - - 1,188 - - 1,188 Total Owner occupied RE 19,874 164,147 143,859 85,452 69,036 132,557 - 169 615,094 Non-owner occupied RE Pass 47,280 298,161 177,421 112,850 59,025 181,699 623 - 877,059 Watch 200 972 9,496 - 7,555 13,070 - - 31,293 Special Mention - - 201 - 8,893 906 - - 10,000 Substandard - 615 - - 7,996 1,096 - - 9,707 Total Non-owner occupied RE 47,480 299,748 187,118 112,850 83,469 196,771 623 - 928,059 Construction Pass 942 62,604 22,778 6,737 246 - - - 93,307 Watch - 1,334 - - - - - - 1,334 Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Construction 942 63,938 22,778 6,737 246 - - - 94,641 Business Pass 17,705 140,684 54,235 21,675 20,611 58,086 147,734 442 461,172 Watch 145 14,571 2,031 1,627 1,061 3,607 5,420 - 28,462 Special Mention - 1,259 236 463 279 424 15 99 2,775 Substandard - 495 - 28 202 1,344 683 - 2,752 Total Business 17,850 157,009 56,502 23,793 22,153 63,461 153,852 541 495,161 Total Commercial loans 86,146 684,842 410,257 228,832 174,904 392,789 154,475 710 2,132,955 Consumer Real estate Pass 49,330 253,611 284,238 183,939 69,806 112,705 - - 953,629 Watch 494 5,765 8,023 4,016 2,086 4,582 - - 24,966 Special Mention - 2,346 1,687 2,152 2,444 3,127 - - 11,756 Substandard - - 646 224 330 1,707 - - 2,907 Total Real estate 49,824 261,722 294,594 190,331 74,666 122,121 - - 993,258 Home equity Pass - - - - - - 167,694 - 167,694 Watch - - - - - - 6,701 - 6,701 Special Mention - - - - - - 3,861 - 3,861 Substandard - - - - - - 2,718 - 2,718 Total Home equity - - - - - - 180,974 - 180,974 Construction Pass 2,656 47,570 20,066 845 - - - - 71,137 Watch - - - - - - - - - Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Construction 2,656 47,570 20,066 845 - - - - 71,137 Other Pass 390 3,375 2,829 1,645 1,433 3,205 25,359 - 38,236 Watch 10 42 363 11 4 183 118 - 731 Special Mention - 11 - - 37 90 93 - 231 Substandard - 327 88 - 3 - 5 - 423 Total Other 400 3,755 3,280 1,656 1,477 3,478 25,575 - 39,621 Total Consumer loans 52,880 313,047 317,940 192,832 76,143 125,599 206,549 - 1,284,990 Total loans $ 139,026 997,889 728,197 421,664 251,047 518,388 361,024 710 3,417,945 Current period gross write-offs (160 ) (1 ) (161 ) The following table presents loan balances classified by credit quality indicators by year of origination as of December 31, 2022. December 31, 2022 (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Revolving Converted to Term Total Commercial Owner occupied RE Pass $ 169,083 122,654 85,867 66,299 36,718 93,915 - - 574,536 Watch 14,648 479 9,339 3,658 - 6,792 - - 34,916 Special Mention 200 - - - - 2,960 - - 3,160 Substandard - - - - 289 - - - 289 Total Owner occupied RE 183,931 123,133 95,206 69,957 37,007 103,667 - - 612,901 Non-owner occupied RE Pass 281,890 169,599 113,264 59,550 79,722 106,967 604 137 811,733 Watch 1,061 9,491 - 10,683 1,408 11,660 - - 34,303 Special Mention - 202 - 6,087 - 930 - - 7,219 Substandard - 134 - 7,992 327 871 - - 9,324 Total Non-owner occupied RE 282,951 179,426 113,264 84,312 81,457 120,428 604 137 862,579 Construction Pass 48,420 55,129 4,811 247 - - - - 108,607 Watch 1,119 - - - - - - - 1,119 Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Construction 49,539 55,129 4,811 247 - - - - 109,726 Business Pass 136,489 57,804 29,864 21,808 35,249 28,914 136,337 709 447,174 Watch 3,186 2,058 1,318 1,282 179 3,074 3,783 439 15,319 Special Mention 1,137 260 386 210 - 252 115 642 3,002 Substandard 498 - 188 233 315 911 472 - 2,617 Total Business 141,310 60,122 31,756 23,533 35,743 33,151 140,707 1,790 468,112 Total Commercial loans 657,731 417,810 245,037 178,049 154,207 257,246 141,311 1,927 2,053,318 Consumer Real estate Pass 243,589 269,565 189,075 72,499 39,042 76,172 - - 889,942 Watch 6,196 8,256 3,847 2,278 494 3,671 - - 24,742 Special Mention 3,114 1,938 2,644 2,258 955 2,639 - - 13,548 Substandard - 648 227 341 408 1,422 - - 3,046 Total Real estate 252,899 280,407 195,793 77,376 40,899 83,904 - - 931,278 Home equity Pass - - - - - - 165,847 - 165,847 Watch - - - - - - 7,226 - 7,226 Special Mention - - - - - - 4,055 - 4,055 Substandard - - - - - - 2,172 - 2,172 Total Home equity - - - - - - 179,300 - 179,300 Construction Pass 41,138 34,039 4,923 - - - - - 80,100 Watch - - - - - - - - - Special Mention - - - 315 - - - - 315 Substandard - - - - - - - - - Total Construction 41,138 34,039 4,923 315 - - - - 80,415 Other Pass 3,894 3,038 1,702 1,534 341 3,015 14,465 - 27,989 Watch 46 367 15 5 16 175 93 - 717 Special Mention 94 - - 44 75 23 97 - 332 Substandard - - - 5 - - 9 - 14 Total Other 4,034 3,405 1,717 1,588 432 3,213 14,663 - 29,052 Total Consumer loans 298,071 317,851 202,433 79,279 41,331 87,117 193,963 - 1,220,045 Total loans $ 955,802 735,661 447,470 257,328 195,538 344,363 335,274 1,927 3,273,363 The following tables present loan balances by age and payment status. March 31, 2023 (dollars in thousands) Accruing Accruing Accruing 90 Nonaccrual Accruing Total Commercial Owner occupied RE $ - - - - 615,094 615,094 Non-owner occupied RE 151 - - 1,384 926,524 928,059 Construction - - - - 94,641 94,641 Business 135 235 - 1,196 493,595 495,161 Consumer Real estate 886 - - 1,075 991,297 993,258 Home equity 587 - - 1,078 179,309 180,974 Construction - - - - 71,137 71,137 Other 1 88 - - 39,532 39,621 Total loans $ 1,760 323 - 4,733 3,411,129 3,417,945 Total loans over 90 days past due - - - - - 192 December 31, 2022 (dollars in thousands) Accruing Accruing Accruing 90 Nonaccrual Accruing Total Commercial Owner occupied RE $ - - - - 612,901 612,901 Non-owner occupied RE 119 757 - 247 861,456 862,579 Construction - - - - 109,726 109,726 Business 24 1 - 182 467,905 468,112 Consumer Real estate 330 - - 1,099 929,849 931,278 Home equity 50 - - 1,099 178,151 179,300 Construction - - - - 80,415 80,415 Other 88 - - - 28,964 29,052 Total loans $ 611 758 - 2,627 3,269,367 3,273,363 Total loans over 90 days past due - - - - - 402 As of March 31, 2023 and December 31, 2022, loans 30 days or more past due represented 0.11% of the Company’s total loan portfolio. Commercial loans 30 days or more past due were 0.03% of the Company’s total loan portfolio as of March 31, 2023 and December 31, 2022. Consumer loans 30 days or more past due were 0.08% of total loans as of March 31, 2023 and December 31, 2022. The table below summarizes nonaccrual loans by major categories for the periods presented. March 31, 2023 December 31, 2022 Nonaccrual Nonaccrual Nonaccrual Nonaccrual loans loans Total loans loans Total with no with an nonaccrual with no with an nonaccrual (dollars in thousands) allowance allowance loans allowance allowance loans Commercial Owner occupied RE - - - - - - Non-owner occupied RE $ 615 769 1,384 114 133 247 Construction - - - - - - Business 1,045 151 1,196 - 182 182 Total commercial 1,660 920 2,580 114 315 429 Consumer Real estate - 1,075 1,075 - 1,099 1,099 Home equity 192 886 1,078 194 905 1,099 Construction - - - - - - Other - - - - - - Total consumer 192 1,961 2,153 194 2,004 2,198 Total nonaccrual loans 1,852 2,881 4,733 308 2,319 2,627 We did not recognize interest income on nonaccrual loans for the three months ended March 31, 2023 and March 31, 2022. Accrued interest of $23,000 was reversed during the three months ended March 31, 2023. Accrued interest of $3,000 was reversed during the three months ended March 31, 2022. The table below summarizes information regarding nonperforming assets. (dollars in thousands) March 31, December 31, Nonaccrual loans $ 4,733 2,627 Other real estate owned - - Total nonperforming assets $ 4,733 2,627 Nonperforming assets as a percentage of: Total assets 0.12 % 0.07 % Gross loans 0.14 % 0.08 % Total loans over 90 days past due $ 192 402 Loans over 90 days past due and still accruing - - Accruing troubled debt restructurings - 4,503 Modifications to Borrowers Experiencing Financial Difficulty The Company adopted Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measure of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. There were no loan modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2023. Allowance for Credit Losses The Company maintains an allowance for credit losses to provide for expected credit losses. Losses are charged against the allowance when management believes that the principal is uncollectable. Subsequent recoveries, if any, are credited to the allowance. Allocations of the allowance are made for specific loans and for pools of similar types of loans, although the entire allowance is available for any loan that, in management’s judgment, should be charged against the allowance. A provision for credit losses is taken based on management’s ongoing evaluation of the appropriate allowance balance. A formal evaluation of the adequacy of the credit loss allowance is conducted quarterly. This assessment includes procedures to estimate the allowance and test the adequacy and appropriateness of the resulting balance. The level of the allowance is based upon management’s evaluation of historical default and loss experience, current and projected economic conditions, asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrowers’ ability to repay a loan, the estimated value of any underlying collateral, composition of the loan portfolio, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. Management believes the level of the allowance for credit losses is adequate to absorb all expected future losses inherent in the loan portfolio at the balance sheet date. The allowance is increased through provision for credit losses and decreased by charge-offs, net of recoveries of amounts previously charged-off. The Company uses a lifetime probability of default and loss given default modeling approach to estimate the allowance for credit losses on loans. This method uses historical correlations between default experience and the age of loans to forecast defaults and losses, assuming that a loan in a pool shares similar risk characteristics such as loan product type, risk rating and loan age, and demonstrates similar default characteristics as other loans in that pool, as the loan progresses through its lifecycle. The Company calculates lifetime probability of default and loss given default rates based on historical loss experience, which is used to calculate expected losses based on the pool’s loss rate and the age of loans in the pool. Management believes that the Company’s historical loss experience provides the best basis for its assessment of expected credit losses to determine the allowance for credit losses. The Company uses its own internal data to measure historical credit loss experience within the pools with similar risk characteristics over an economic cycle. The probability of default and loss given default method also includes assumptions of observed migration over the lifetime of the underlying loan data. Loans that do not share risk characteristics are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Management also considers further adjustments to historical loss information for current conditions and reasonable and supportable forecasts that differ from the conditions that exist for the period over which historical information is evaluated as well as other changes in qualitative factors not inherently considered in the quantitative analyses. The Company generally utilizes a four-quarter forecast period in evaluating the appropriateness of the reasonable and supportable forecast scenarios which are incorporated through qualitative adjustments. There is immediate reversion to historical loss rates. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management but measured by objective measurements period over period. The data for each measurement may be obtained from internal or external sources. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements over time. The resulting qualitative adjustments are applied to the relevant collectively evaluated loan pools. These adjustments are based upon quarterly trend assessments in certain economic factors such as labor, inflation, consumer sentiment and real disposable income, as well as associate retention and turnover, portfolio concentrations, and growth characteristics. The qualitative analysis increases or decreases the allowance allocation for each loan pool based on the assessment of factors described above. The following table summarizes the activity related to the allowance for credit losses for the three months ended March 31, 2023 under the CECL methodology. Three months ended March 31, 2023 Commercial Consumer (dollars in thousands) Owner occupied RE Non-owner occupied RE Construction Business Real Estate Home Construction Other Total Balance, beginning of period $ 5,867 10,376 1,292 7,861 9,487 2,551 893 312 38,639 Provision for credit losses 117 1,038 (182 ) 150 592 53 (83 ) 170 1,855 Loan charge-offs - (160 ) - (1 ) - - - - (161 ) Loan recoveries - 31 - 12 - 59 - - 102 Net loan recoveries (charge-offs) - (129 ) - 11 - 59 - - (59 ) Balance, end of period $ 5,984 11,285 1,110 8,022 10,079 2,663 810 482 40,435 Net charge-offs to average loans (annualized) 0.01 % Allowance for credit losses to gross loans 1.18 % Allowance for credit losses to nonperforming loans 854.33 % Three months ended March 31, 2022 Commercial Consumer (dollars in thousands) Owner occupied RE Non-owner occupied RE Construction Business Real Estate Home Construction Other Total Balance, beginning of period $ 4,700 10,518 625 4,887 7,083 1,697 578 320 30,408 Adjustment for CECL (313 ) 333 154 1,057 (294 ) 438 130 (5 ) 1,500 Provision for credit losses 511 (878 ) 150 159 813 165 136 (31 ) 1,025 Loan charge-offs - - - - - (169 ) - - (169 ) Loan recoveries - - - 114 - 66 - - 180 Net loan recoveries (charge-offs) - - - 114 - (103 ) - - 11 Balance, end of period $ 4,898 9,973 929 6,217 7,602 2,197 844 284 32,944 Net charge-offs (recoveries) to average loans (annualized) 0.00 % Allowance for credit losses to gross loans 1.24 % Allowance for credit losses to nonperforming loans 726.88 % The $1.9 million provision for credit losses for the three months ended March 31, 2023 was driven by $144.6 million in loan growth for the quarter. In addition to loan growth, the provision for credit losses was impacted by slightly lower expected loss rates due to continued low charge-offs during the first quarter of 2023, while minor adjustments to an internal qualitative factor increased the qualitative component of the allowance and related provision expense. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. The Company reviews individually evaluated loans for designation as collateral dependent loans, as well as other loans that management of the Company designates as having higher risk. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the allowance for credit losses. The following tables present an analysis of collateral-dependent loans of the Company. March 31, 2023 (dollars in thousands) Real Business Other Total Commercial Owner occupied RE $ - - - - Non-owner occupied RE 651 - - 651 Construction - - - - Business 28 - 1,045 1,073 Total commercial 679 - 1,045 1,724 Consumer Real estate 197 - - 197 Home equity 192 - - 192 Construction - - - - Other - - - - Total consumer 389 - - 389 Total $ 1,068 - 1,045 2,113 December 31, 2022 Real Business (dollars in thousands) estate assets Other Total Commercial Owner occupied RE $ - - - - Non-owner occupied RE 114 - - 114 Construction - - - - Business 30 - - 30 Total commercial 144 - - 144 Consumer Real estate 207 - - 207 Home equity 194 - - 194 Construction - - - - Other - - - - Total consumer 401 - - 401 Total $ 545 - - 545 Under CECL, for collateral dependent loans, the Company has adopted the practical expedient to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan’s collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. Allowance for Credit Losses - Unfunded Loan Commitments The allowance for credit losses for unfunded loan commitments was $2.8 million at March 31, 2023 and is separately classified on the balance sheet within other liabilities. The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three months ended March 31, 2023 and for the twelve months ended December 31, 2022. Three months ended Twelve months ended (dollars in thousands) March 31, 2023 December 31, 2022 Balance, beginning of period $ 2,780 - Adjustment for adoption of CECL - 2,000 Provision (reversal of) for credit losses (30 ) 780 Balance, end of period $ 2,750 2,780 Unfunded Loan Commitments $ 882,489 878,324 Reserve for Unfunded Commitments to Unfunded Loan Commitments 0.31 % 0.32 % |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 5 – Derivative Financial Instruments The Company utilizes derivative financial instruments primarily to hedge its exposure to changes in interest rates. All derivative financial instruments are recognized as either assets or liabilities and measured at fair value. The Company accounts for all of its derivatives as free-standing derivatives and does not designate any of these instruments for hedge accounting. Therefore, the gain or loss resulting from the change in the fair value of the derivative is recognized in the Company’s statement of income during the period of change. The Company enters into commitments to originate residential mortgage loans held for sale, at specified interest rates and within a specified period of time, with clients who have applied for a loan and meet certain credit and underwriting criteria (interest rate lock commitments). These interest rate lock commitments (“IRLCs”) meet the definition of a derivative financial instrument and are reflected in the balance sheet at fair value with changes in fair value recognized in current period earnings. Unrealized gains and losses on the IRLCs are recorded as derivative assets and derivative liabilities, respectively, and are measured based on the value of the underlying mortgage loan, quoted mortgage-backed securities (“MBS”) prices and an estimate of the probability that the mortgage loan will fund within the terms of the interest rate lock commitment, net of estimated commission expenses. The Company manages the interest rate and price risk associated with its outstanding IRLCs and mortgage loans held for sale by entering into derivative instruments such as forward sales of MBS. Management expects these derivatives will experience changes in fair value opposite to changes in fair value of the IRLCs and mortgage loans held for sale, thereby reducing earnings volatility. The Company takes into account various factors and strategies in determining the portion of the mortgage pipeline (IRLCs and mortgage loans held for sale) it wants to economically hedge. The following table summarizes the Company’s outstanding financial derivative instruments at March 31, 2023 and December 31, 2022. March 31, 2023 Fair Value (dollars in thousands) Notional Balance Sheet Location Asset/(Liability) Mortgage loan interest rate lock commitments $ 13,384 Other assets $ 187 MBS forward sales commitments 10,000 Other liabilities (86 ) Total derivative financial instruments $ 23,384 $ 101 December 31, 2022 Fair Value (dollars in thousands) Notional Balance Sheet Location Asset/(Liability) Mortgage loan interest rate lock commitments $ 6,793 Other assets $ 49 MBS forward sales commitments 5,750 Other assets 27 Total derivative financial instruments $ 12,543 $ 76 |
Fair Value Accounting
Fair Value Accounting | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | NOTE 6 – Fair Value Accounting FASB ASC 820, “Fair Value Measurement and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 – Quoted market price in active markets Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include certain debt and equity securities that are traded in an active exchange market. Level 2 – Significant other observable inputs Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include fixed income securities and mortgage-backed securities that are held in the Company’s available-for-sale portfolio and valued by a third-party pricing service, as well as certain impaired loans. Level 3 – Significant unobservable inputs Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. These methodologies may result in a significant portion of the fair value being derived from unobservable data. The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 14 of the Company’s 2022 Annual Report on Form 10-K. The Company’s loan portfolio is initially fair valued using a segmented approach, using the eight categories of loans as disclosed in Note 4 – Loans and Allowance for Credit Losses. Loans are considered a Level 3 classification. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022. March 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale Corporate bonds $ - 1,916 - 1,916 US treasuries - 892 - 892 US government agencies - 10,984 - 10,984 State and political subdivisions - 19,649 - 19,649 Asset-backed securities - 5,819 - 5,819 Mortgage-backed securities - 54,776 - 54,776 Mortgage loans held for sale - 6,979 - 6,979 Mortgage loan interest rate lock commitments - 187 - 187 Total assets measured at fair value on a recurring basis $ - 101,202 - 101,202 Liabilities MBS forward sales commitments $ - 86 - 86 Total liabilities measured at fair value on a recurring basis $ - 86 - 86 December 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale: Corporate bonds $ - 1,883 - 1,883 US treasuries - 871 - 871 US government agencies - 10,617 - 10,617 State and political subdivisions - 18,906 - 18,906 Asset-backed securities - 6,229 - 6,229 Mortgage-backed securities - 54,841 - 54,841 Mortgage loans held for sale - 3,917 - 3,917 Mortgage loan interest rate lock commitments - 49 - 49 MBS forward sales commitments - 27 - 27 Total assets measured at fair value on a recurring basis $ - 97,340 - 97,340 The Company had no liabilities recorded for fair value on a recurring basis as of December 31, 2022. Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis The tables below present the recorded amount of assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022. As of March 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Individually evaluated $ - 1,972 3,695 5,667 Total assets measured at fair value on a nonrecurring basis $ - 1,972 3,695 5,667 As of December 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Individually evaluated $ - 429 4,071 4,500 Total assets measured at fair value on a nonrecurring basis $ - 429 4,071 4,500 The Company had no liabilities carried at fair value or measured at fair value on a nonrecurring basis. For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of March 31, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows: Valuation Technique Significant Unobservable Inputs Range of Inputs Individually evaluated loans Appraised Value/ Discounted Cash Flows Discounts to appraisals or cash flows for estimated holding and/or selling costs or age of appraisal 0-25% Fair Value of Financial Instruments Financial instruments require disclosure of fair value information, whether or not recognized in the consolidated balance sheets, when it is practical to estimate the fair value. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contractual obligation which requires the exchange of cash. Certain items are specifically excluded from the disclosure requirements, including the Company’s common stock, premises and equipment and other assets and liabilities. The estimated fair values of the Company’s financial instruments at March 31, 2023 and December 31, 2022 are as follows: March 31, 2023 (dollars in thousands) Carrying Fair Level 1 Level 2 Level 3 Financial Assets: Other investments, at cost $ 10,097 10,097 - - 10,097 Loans 1 3,368,332 3,176,788 - - 3,176,788 Financial Liabilities: Deposits 3,426,774 3,065,819 - 3,065,819 - Subordinated debentures 36,241 40,369 - 40,369 - December 31, 2022 (dollars in thousands) Carrying Fair Level 1 Level 2 Level 3 Financial Assets: Other investments, at cost $ 10,833 10,833 - - 10,833 Loans 1 3,227,455 3,057,891 - - 3,057,891 Financial Liabilities: Deposits 3,133,864 2,717,900 - 2,717,900 - Subordinated debentures 36,214 39,885 - 39,885 - 1 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | NOTE 7 – Leases The Company had operating right-of-use assets, included in property and equipment, of $23.2 million and $23.6 million as of March 31, 2023 and December 31, 2022, respectively. The Company had lease liabilities, included in other liabilities, of $25.5 million and $25.8 million as of March 31, 2023 and December 31, 2022, respectively. We maintain operating leases on land and buildings for various office spaces. The lease agreements have maturity dates ranging from April 2025 to February 2032, some of which include options for multiple five-year extensions. The weighted average remaining life of the lease term for these leases was 6.74 years as of March 31, 2023. The ROU asset and lease liability are recognized at lease commencement by calculating the present value of lease payments over the lease term. The discount rate used in determining the lease liability for each individual lease was the FHLB fixed advance rate which corresponded with the remaining lease term at implementation of the accounting standard and as of the lease commencement date for leases subsequently entered into. The weighted average discount rate for leases was 2.32% as of March 31, 2023. The total operating lease costs were $595,000 and $778,000 for the three months ended March 31, 2023 and 2022, respectively. Maturities of lease liabilities as of March 31, 2023 were as follows: Operating (dollars in thousands) Leases 2023 $ 1,513 2024 2,067 2025 2,124 2026 2,176 2027 2,232 Thereafter 22,200 Total undiscounted lease payments 32,312 Discount effect of cash flows 6,813 Total lease liability $ 25,499 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 8 – Earnings Per Common Share The following schedule reconciles the numerators and denominators of the basic and diluted earnings per share computations for the three-month periods ended March 31, 2023 and 2022. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at March 31, 2023. The assumed conversion of stock options can create a difference between basic and dilutive net income per common share. At March 31, 2023 and 2022, there were 205,689 and 9,000 options, respectively, that were not considered in computing diluted earnings per common share because they were anti-dilutive. Three months ended (dollars in thousands, except share data) 2023 2022 Numerator: Net income available to common shareholders $ 2,703 7,970 Denominator: Weighted-average common shares outstanding – basic 8,025,876 7,931,855 Common stock equivalents 66,394 164,455 Weighted-average common shares outstanding – diluted 8,092,270 8,096,310 Earnings per common share: Basic $ 0.34 1.00 Diluted 0.33 0.98 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“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 the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2023 are 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 footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 13, 2023. The consolidated financial statements include the accounts of the Company and the Bank. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, “Consolidation,” the financial statements related to the Trusts have not been consolidated. |
Business Segments | Business Segments The Company, through the Bank, provides a broad range of financial services to individuals and companies in South Carolina, North Carolina, and Georgia. These services include demand, time and savings deposits; lending services; ATM processing and mortgage banking services. While the Company’s management periodically reviews limited production information for these revenue streams, that information is not complete as it does not include a full allocation of revenue, costs and capital from key corporate functions. Management will continue to evaluate these lines of business for separate reporting as facts and circumstances change. Accordingly, the Company’s various banking operations are not considered by management to constitute more than one reportable operating segment. |
Risk and Uncertainties | Risk and Uncertainties There were two significant bank failures in the first part of March 2023, primarily due to the failed banks’ lack of liquidity as depositors sought to withdraw their deposits. Due to rising interest rates, the failed banks were unable to sell investment securities held to meet liquidity needs without realizing substantial losses. As a result of the March 2023 bank closures and in an effort to strengthen public confidence in the banking system and protect depositors, regulators have announced that any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law, which could increase the cost of our FDIC insurance assessments. Additionally, the Federal Reserve announced the creation of a new Bank Term Funding Program in an effort to minimize the need for banks to sell securities at a loss in times of stress. The future impact of these failures on the economy, financial institutions and their depositors, as well as any governmental regulatory responses or actions resulting from the same, is difficult to predict at this time. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of income and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, real estate acquired in the settlement of loans, fair value of financial instruments, and valuation of deferred tax assets. |
Reclassifications | Reclassifications Certain amounts, previously reported, have been reclassified to state all periods on a comparable basis and had no effect on shareholders’ equity or net income. |
Subsequent Events | Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. |
Adoption of New Accounting Standard | Adoption of New Accounting Standard In January 2023, the Company adopted ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, for public business entities, the guidance requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20. The Company adopted the guidance using the modified retrospective method. Upon adoption of this guidance, the Company no longer establishes a specific reserve for modifications to borrowers experiencing financial difficulty. Instead, these modifications are included in their respective cohort and a historical loss rate is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance. The difference between the allowance previously determined and the current allowance was not material to the Company’s financial statements. |
Newly Issued, But Not Yet Effective Accounting Standards | Newly Issued, But Not Yet Effective Accounting Standards In December 2022, the FASB issued amendments to defer the sunset date of the Reference Rate Reform Topic of the Accounting Standards Codification from December 31, 2022 to December 31, 2024, because the current relief in Reference Rate Reform Topic may not cover a period of time during which a significant number of modifications may take place. The amendments were effective upon issuance. The Company does not expect these amendments to have a material effect on its financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized costs and fair value of investment securities | March 31, 2023 Amortized Gross Unrealized Fair (dollars in thousands) Cost Gains Losses Value Available for sale Corporate bonds $ 2,166 - 250 1,916 US treasuries 999 - 107 892 US government agencies 13,008 - 2,024 10,984 State and political subdivisions 22,844 8 3,203 19,649 Asset-backed securities 5,966 - 147 5,819 Mortgage-backed securities FHLMC 23,876 1 3,467 20,410 FNMA 34,612 - 5,029 29,583 GNMA 5,471 - 688 4,783 Total mortgage-backed securities 63,959 1 9,184 54,776 Total investment securities available for sale $ 108,942 9 14,915 94,036 December 31, 2022 Amortized Gross Unrealized Fair Cost Gains Losses Value Available for sale Corporate bonds $ 2,172 - 289 1,883 US treasuries 999 - 128 871 US government agencies 13,007 - 2,390 10,617 State and political subdivisions 22,910 - 4,004 18,906 Asset-backed securities 6,435 - 206 6,229 Mortgage-backed securities FHLMC 24,086 - 3,745 20,341 FNMA 35,141 - 5,520 29,621 GNMA 5,573 - 694 4,879 Total mortgage-backed securities 64,800 - 9,959 54,841 Total investment securities available for sale $ 110,323 - 16,976 93,347 |
Schedule of maturities and yields on the Company’s investment securities | March 31, 2023 Less than one year One to five years Five to ten years Over ten years Total (dollars in thousands) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Available for sale Corporate bonds $ - - $ - - $ 1,916 2.00 % $ - - $ 1,916 2.00 % US treasuries - - - - 892 1.27 % - - 892 1.27 % US government agencies - - 3,291 0.85 % 7,693 1.55 % - - 10,984 1.34 % State and political subdivisions - - 465 2.13 % 5,598 1.80 % 13,586 2.16 % 19,649 2.06 % Asset-backed securities - - - - 452 4.43 % 5,367 5.62 % 5,819 5.53 % Mortgage-backed securities - - 4,902 1.17 % 3,712 1.57 % 46,162 1.95 % 54,776 1.85 % Total investment securities $ - - $ 8,658 1.10 % $ 20,263 1.72 % $ 65,115 2.30 % $ 94,036 2.06 % December 31, 2022 Less than one year One to five years Five to ten years Over ten years Total (dollars in thousands) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Available for sale Corporate bonds $ - - $ - - $ 1,883 2.00 % $ - - $ 1,883 2.00 % US treasuries - - - - 871 1.27 % - - 871 1.27 % US government agencies - - 3,223 0.85 % 7,394 1.55 % - - 10,617 1.34 % State and political subdivisions - - 460 2.13 % 5,382 1.80 % 13,064 2.16 % 18,906 2.05 % Asset-backed securities - - - - 554 4.77 % 5,675 5.14 % 6,229 5.10 % Mortgage-backed securities - - 4,594 1.13 % 3,959 1.60 % 46,288 1.90 % 54,841 1.82 % Total investment securities $ - - $ 8,277 1.08 % $ 20,043 1.75 % $ 65,027 2.24 % $ 93,347 2.03 % |
Schedule of gross unrealized losses on investment securities and fair market value of related securities | March 31, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) # Fair Unrealized # Fair Unrealized # Fair Unrealized Available for sale Corporate bonds - $ - $ - 1 $ 1,916 $ 250 1 $ 1,916 $ 250 US treasuries - - - 1 892 107 1 892 107 US government agencies - - - 10 10,984 2,024 10 10,984 2,024 State and political subdivisions 1 465 5 29 18,404 3,198 30 18,869 3,203 Asset-backed 2 1,228 16 6 4,591 131 8 5,819 147 Mortgage-backed securities FHLMC 1 1,504 12 19 17,486 3,455 20 18,990 3,467 FNMA 1 5 - 36 29,578 5,029 37 29,583 5,029 GNMA - - - 7 4,783 688 7 4,783 688 Total investment securities 5 $ 3,202 $ 33 109 $ 88,634 $ 14,882 114 $ 91,836 $ 14,915 December 31, 2022 Less than 12 months 12 months or longer Total (dollars in thousands) # Fair Unrealized # Fair Unrealized # Fair Unrealized Available for sale Corporate bonds - $ - $ - 1 $ 1,883 $ 289 1 $ 1,883 $ 289 US treasuries - - - 1 871 128 1 871 128 US government agencies - - - 10 10,617 2,390 10 10,617 2,390 State and political subdivisions 10 5,101 763 22 13,805 3,241 32 18,906 4,004 Asset-backed 5 4,291 135 3 1,938 71 8 6,229 206 Mortgage-backed securities FHLMC 4 3,712 155 17 16,629 3,590 21 20,341 3,745 FNMA 9 2,208 201 28 27,413 5,319 37 29,621 5,520 GNMA 1 103 7 6 4,776 687 7 4,879 694 Total investment securities 29 $ 15,415 $ 1,261 88 $ 77,932 $ 15,715 117 $ 93,347 $ 16,976 |
Schedule of other investments | (dollars in thousands) March 31, 2023 December 31, 2022 Federal Home Loan Bank stock $ 7,534 9,250 Other nonmarketable investments 2,160 1,180 Investment in Trust Preferred subsidiaries 403 403 Total other investments $ 10,097 10,833 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Allowance for Credit Losses [Abstract] | |
Schedule of composition of our loan portfolio | March 31, 2023 December 31, 2022 (dollars in thousands) Amount % of Total Amount % of Total Commercial Owner occupied RE $ 615,094 18.0 % $ 612,901 18.7 % Non-owner occupied RE 928,059 27.2 % 862,579 26.3 % Construction 94,641 2.8 % 109,726 3.4 % Business 495,161 14.5 % 468,112 14.3 % Total commercial loans 2,132,955 62.5 % 2,053,318 62.7 % Consumer Real estate 993,258 29.1 % 931,278 28.4 % Home equity 180,974 5.3 % 179,300 5.5 % Construction 71,137 2.1 % 80,415 2.5 % Other 39,621 1.0 % 29,052 0.9 % Total consumer loans 1,284,990 37.5 % 1,220,045 37.3 % Total gross loans, net of deferred fees 3,417,945 100.0 % 3,273,363 100.0 % Less—allowance for credit losses (40,435 ) (38,639 ) Total loans, net $ 3,377,510 $ 3,234,724 |
Schedule of loan maturity distribution by type and related interest rate | March 31, 2023 (dollars in thousands) One year After one After five After Total Commercial Owner occupied RE $ 9,295 144,602 418,450 42,747 615,094 Non-owner occupied RE 57,909 449,859 394,421 25,870 928,059 Construction 2,742 30,409 59,103 2,387 94,641 Business 92,502 211,145 187,033 4,481 495,161 Total commercial loans 162,448 836,015 1,059,007 75,485 2,132,955 Consumer Real estate 9,871 46,324 280,204 656,859 993,258 Home equity 1,028 20,452 154,189 5,305 180,974 Construction 1,014 227 32,358 37,538 71,137 Other 3,569 21,975 13,272 805 39,621 Total consumer loans 15,482 88,978 480,023 700,507 1,284,990 Total gross loans, net of deferred fees $ 177,930 924,993 1,539,030 775,992 3,417,945 December 31, 2022 (dollars in thousands) One year After one After five After fifteen Total Commercial Owner occupied RE $ 10,574 133,017 420,881 48,429 612,901 Non-owner occupied RE 44,570 419,976 371,208 26,825 862,579 Construction 5,509 36,537 61,009 6,671 109,726 Business 96,157 194,489 173,259 4,207 468,112 Total commercial loans 156,810 784,019 1,026,357 86,132 2,053,318 Consumer Real estate 12,137 38,948 260,005 620,188 931,278 Home equity 1,336 20,933 151,696 5,335 179,300 Construction 665 182 23,788 55,780 80,415 Other 3,926 21,890 2,458 778 29,052 Total consumer loans 18,064 81,953 437,947 682,081 1,220,045 Total gross loans, net of deferred fees $ 174,874 865,972 1,464,304 768,213 3,273,363 |
Schedule of composition of gross loans by rate type | March 31, 2023 December 31, 2022 Interest Rate Interest Rate (dollars in thousands) Fixed Floating or Fixed Floating or Commercial Owner occupied RE $ 602,302 3,497 598,513 3,814 Non-owner occupied RE 784,868 85,282 742,763 75,246 Construction 75,041 16,858 90,246 13,971 Business 310,976 91,683 298,866 73,089 Total commercial loans 1,773,187 197,320 1,730,388 166,120 Consumer Real estate 983,376 11 919,130 11 Home equity 13,508 166,438 14,173 163,791 Construction 70,123 - 79,750 - Other 19,173 16,879 19,113 6,013 Total consumer loans 1,086,180 183,328 1,032,166 169,815 Total gross loans, net of deferred fees $ 2,859,367 380,648 2,762,554 335,935 |
Schedule of breakdown of outstanding loans by risk category | March 31, 2023 (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Revolving Converted to Term Total Commercial Owner occupied RE Pass $ 19,874 160,403 143,384 76,171 65,408 121,520 - 169 586,929 Watch - 3,548 475 9,281 3,628 6,716 - - 23,648 Special Mention - 196 - - - 3,133 - - 3,329 Substandard - - - - - 1,188 - - 1,188 Total Owner occupied RE 19,874 164,147 143,859 85,452 69,036 132,557 - 169 615,094 Non-owner occupied RE Pass 47,280 298,161 177,421 112,850 59,025 181,699 623 - 877,059 Watch 200 972 9,496 - 7,555 13,070 - - 31,293 Special Mention - - 201 - 8,893 906 - - 10,000 Substandard - 615 - - 7,996 1,096 - - 9,707 Total Non-owner occupied RE 47,480 299,748 187,118 112,850 83,469 196,771 623 - 928,059 Construction Pass 942 62,604 22,778 6,737 246 - - - 93,307 Watch - 1,334 - - - - - - 1,334 Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Construction 942 63,938 22,778 6,737 246 - - - 94,641 Business Pass 17,705 140,684 54,235 21,675 20,611 58,086 147,734 442 461,172 Watch 145 14,571 2,031 1,627 1,061 3,607 5,420 - 28,462 Special Mention - 1,259 236 463 279 424 15 99 2,775 Substandard - 495 - 28 202 1,344 683 - 2,752 Total Business 17,850 157,009 56,502 23,793 22,153 63,461 153,852 541 495,161 Total Commercial loans 86,146 684,842 410,257 228,832 174,904 392,789 154,475 710 2,132,955 Consumer Real estate Pass 49,330 253,611 284,238 183,939 69,806 112,705 - - 953,629 Watch 494 5,765 8,023 4,016 2,086 4,582 - - 24,966 Special Mention - 2,346 1,687 2,152 2,444 3,127 - - 11,756 Substandard - - 646 224 330 1,707 - - 2,907 Total Real estate 49,824 261,722 294,594 190,331 74,666 122,121 - - 993,258 Home equity Pass - - - - - - 167,694 - 167,694 Watch - - - - - - 6,701 - 6,701 Special Mention - - - - - - 3,861 - 3,861 Substandard - - - - - - 2,718 - 2,718 Total Home equity - - - - - - 180,974 - 180,974 Construction Pass 2,656 47,570 20,066 845 - - - - 71,137 Watch - - - - - - - - - Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Construction 2,656 47,570 20,066 845 - - - - 71,137 Other Pass 390 3,375 2,829 1,645 1,433 3,205 25,359 - 38,236 Watch 10 42 363 11 4 183 118 - 731 Special Mention - 11 - - 37 90 93 - 231 Substandard - 327 88 - 3 - 5 - 423 Total Other 400 3,755 3,280 1,656 1,477 3,478 25,575 - 39,621 Total Consumer loans 52,880 313,047 317,940 192,832 76,143 125,599 206,549 - 1,284,990 Total loans $ 139,026 997,889 728,197 421,664 251,047 518,388 361,024 710 3,417,945 Current period gross write-offs (160 ) (1 ) (161 ) December 31, 2022 (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Revolving Converted to Term Total Commercial Owner occupied RE Pass $ 169,083 122,654 85,867 66,299 36,718 93,915 - - 574,536 Watch 14,648 479 9,339 3,658 - 6,792 - - 34,916 Special Mention 200 - - - - 2,960 - - 3,160 Substandard - - - - 289 - - - 289 Total Owner occupied RE 183,931 123,133 95,206 69,957 37,007 103,667 - - 612,901 Non-owner occupied RE Pass 281,890 169,599 113,264 59,550 79,722 106,967 604 137 811,733 Watch 1,061 9,491 - 10,683 1,408 11,660 - - 34,303 Special Mention - 202 - 6,087 - 930 - - 7,219 Substandard - 134 - 7,992 327 871 - - 9,324 Total Non-owner occupied RE 282,951 179,426 113,264 84,312 81,457 120,428 604 137 862,579 Construction Pass 48,420 55,129 4,811 247 - - - - 108,607 Watch 1,119 - - - - - - - 1,119 Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Construction 49,539 55,129 4,811 247 - - - - 109,726 Business Pass 136,489 57,804 29,864 21,808 35,249 28,914 136,337 709 447,174 Watch 3,186 2,058 1,318 1,282 179 3,074 3,783 439 15,319 Special Mention 1,137 260 386 210 - 252 115 642 3,002 Substandard 498 - 188 233 315 911 472 - 2,617 Total Business 141,310 60,122 31,756 23,533 35,743 33,151 140,707 1,790 468,112 Total Commercial loans 657,731 417,810 245,037 178,049 154,207 257,246 141,311 1,927 2,053,318 Consumer Real estate Pass 243,589 269,565 189,075 72,499 39,042 76,172 - - 889,942 Watch 6,196 8,256 3,847 2,278 494 3,671 - - 24,742 Special Mention 3,114 1,938 2,644 2,258 955 2,639 - - 13,548 Substandard - 648 227 341 408 1,422 - - 3,046 Total Real estate 252,899 280,407 195,793 77,376 40,899 83,904 - - 931,278 Home equity Pass - - - - - - 165,847 - 165,847 Watch - - - - - - 7,226 - 7,226 Special Mention - - - - - - 4,055 - 4,055 Substandard - - - - - - 2,172 - 2,172 Total Home equity - - - - - - 179,300 - 179,300 Construction Pass 41,138 34,039 4,923 - - - - - 80,100 Watch - - - - - - - - - Special Mention - - - 315 - - - - 315 Substandard - - - - - - - - - Total Construction 41,138 34,039 4,923 315 - - - - 80,415 Other Pass 3,894 3,038 1,702 1,534 341 3,015 14,465 - 27,989 Watch 46 367 15 5 16 175 93 - 717 Special Mention 94 - - 44 75 23 97 - 332 Substandard - - - 5 - - 9 - 14 Total Other 4,034 3,405 1,717 1,588 432 3,213 14,663 - 29,052 Total Consumer loans 298,071 317,851 202,433 79,279 41,331 87,117 193,963 - 1,220,045 Total loans $ 955,802 735,661 447,470 257,328 195,538 344,363 335,274 1,927 3,273,363 |
Schedule of loan balances by payment status | March 31, 2023 (dollars in thousands) Accruing Accruing Accruing 90 Nonaccrual Accruing Total Commercial Owner occupied RE $ - - - - 615,094 615,094 Non-owner occupied RE 151 - - 1,384 926,524 928,059 Construction - - - - 94,641 94,641 Business 135 235 - 1,196 493,595 495,161 Consumer Real estate 886 - - 1,075 991,297 993,258 Home equity 587 - - 1,078 179,309 180,974 Construction - - - - 71,137 71,137 Other 1 88 - - 39,532 39,621 Total loans $ 1,760 323 - 4,733 3,411,129 3,417,945 Total loans over 90 days past due - - - - - 192 December 31, 2022 (dollars in thousands) Accruing Accruing Accruing 90 Nonaccrual Accruing Total Commercial Owner occupied RE $ - - - - 612,901 612,901 Non-owner occupied RE 119 757 - 247 861,456 862,579 Construction - - - - 109,726 109,726 Business 24 1 - 182 467,905 468,112 Consumer Real estate 330 - - 1,099 929,849 931,278 Home equity 50 - - 1,099 178,151 179,300 Construction - - - - 80,415 80,415 Other 88 - - - 28,964 29,052 Total loans $ 611 758 - 2,627 3,269,367 3,273,363 Total loans over 90 days past due - - - - - 402 |
Schedule of analysis of collateral-dependent loans of the company | March 31, 2023 December 31, 2022 Nonaccrual Nonaccrual Nonaccrual Nonaccrual loans loans Total loans loans Total with no with an nonaccrual with no with an nonaccrual (dollars in thousands) allowance allowance loans allowance allowance loans Commercial Owner occupied RE - - - - - - Non-owner occupied RE $ 615 769 1,384 114 133 247 Construction - - - - - - Business 1,045 151 1,196 - 182 182 Total commercial 1,660 920 2,580 114 315 429 Consumer Real estate - 1,075 1,075 - 1,099 1,099 Home equity 192 886 1,078 194 905 1,099 Construction - - - - - - Other - - - - - - Total consumer 192 1,961 2,153 194 2,004 2,198 Total nonaccrual loans 1,852 2,881 4,733 308 2,319 2,627 |
Schedule of nonperforming assets, including nonaccruing TDRs | (dollars in thousands) March 31, December 31, Nonaccrual loans $ 4,733 2,627 Other real estate owned - - Total nonperforming assets $ 4,733 2,627 Nonperforming assets as a percentage of: Total assets 0.12 % 0.07 % Gross loans 0.14 % 0.08 % Total loans over 90 days past due $ 192 402 Loans over 90 days past due and still accruing - - Accruing troubled debt restructurings - 4,503 |
Schedule of activity related to the allowance for credit losses | Three months ended March 31, 2023 Commercial Consumer (dollars in thousands) Owner occupied RE Non-owner occupied RE Construction Business Real Estate Home Construction Other Total Balance, beginning of period $ 5,867 10,376 1,292 7,861 9,487 2,551 893 312 38,639 Provision for credit losses 117 1,038 (182 ) 150 592 53 (83 ) 170 1,855 Loan charge-offs - (160 ) - (1 ) - - - - (161 ) Loan recoveries - 31 - 12 - 59 - - 102 Net loan recoveries (charge-offs) - (129 ) - 11 - 59 - - (59 ) Balance, end of period $ 5,984 11,285 1,110 8,022 10,079 2,663 810 482 40,435 Net charge-offs to average loans (annualized) 0.01 % Allowance for credit losses to gross loans 1.18 % Allowance for credit losses to nonperforming loans 854.33 % Three months ended March 31, 2022 Commercial Consumer (dollars in thousands) Owner occupied RE Non-owner occupied RE Construction Business Real Estate Home Construction Other Total Balance, beginning of period $ 4,700 10,518 625 4,887 7,083 1,697 578 320 30,408 Adjustment for CECL (313 ) 333 154 1,057 (294 ) 438 130 (5 ) 1,500 Provision for credit losses 511 (878 ) 150 159 813 165 136 (31 ) 1,025 Loan charge-offs - - - - - (169 ) - - (169 ) Loan recoveries - - - 114 - 66 - - 180 Net loan recoveries (charge-offs) - - - 114 - (103 ) - - 11 Balance, end of period $ 4,898 9,973 929 6,217 7,602 2,197 844 284 32,944 Net charge-offs (recoveries) to average loans (annualized) 0.00 % Allowance for credit losses to gross loans 1.24 % Allowance for credit losses to nonperforming loans 726.88 % |
Schedule of analysis of collateral-dependent loans of the company | March 31, 2023 (dollars in thousands) Real Business Other Total Commercial Owner occupied RE $ - - - - Non-owner occupied RE 651 - - 651 Construction - - - - Business 28 - 1,045 1,073 Total commercial 679 - 1,045 1,724 Consumer Real estate 197 - - 197 Home equity 192 - - 192 Construction - - - - Other - - - - Total consumer 389 - - 389 Total $ 1,068 - 1,045 2,113 December 31, 2022 Real Business (dollars in thousands) estate assets Other Total Commercial Owner occupied RE $ - - - - Non-owner occupied RE 114 - - 114 Construction - - - - Business 30 - - 30 Total commercial 144 - - 144 Consumer Real estate 207 - - 207 Home equity 194 - - 194 Construction - - - - Other - - - - Total consumer 401 - - 401 Total $ 545 - - 545 |
Schedule of allowance for credit losses for unfunded loan commitments | Three months ended Twelve months ended (dollars in thousands) March 31, 2023 December 31, 2022 Balance, beginning of period $ 2,780 - Adjustment for adoption of CECL - 2,000 Provision (reversal of) for credit losses (30 ) 780 Balance, end of period $ 2,750 2,780 Unfunded Loan Commitments $ 882,489 878,324 Reserve for Unfunded Commitments to Unfunded Loan Commitments 0.31 % 0.32 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of outstanding financial derivative instruments | March 31, 2023 Fair Value (dollars in thousands) Notional Balance Sheet Location Asset/(Liability) Mortgage loan interest rate lock commitments $ 13,384 Other assets $ 187 MBS forward sales commitments 10,000 Other liabilities (86 ) Total derivative financial instruments $ 23,384 $ 101 December 31, 2022 Fair Value (dollars in thousands) Notional Balance Sheet Location Asset/(Liability) Mortgage loan interest rate lock commitments $ 6,793 Other assets $ 49 MBS forward sales commitments 5,750 Other assets 27 Total derivative financial instruments $ 12,543 $ 76 |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | March 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale Corporate bonds $ - 1,916 - 1,916 US treasuries - 892 - 892 US government agencies - 10,984 - 10,984 State and political subdivisions - 19,649 - 19,649 Asset-backed securities - 5,819 - 5,819 Mortgage-backed securities - 54,776 - 54,776 Mortgage loans held for sale - 6,979 - 6,979 Mortgage loan interest rate lock commitments - 187 - 187 Total assets measured at fair value on a recurring basis $ - 101,202 - 101,202 Liabilities MBS forward sales commitments $ - 86 - 86 Total liabilities measured at fair value on a recurring basis $ - 86 - 86 December 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale: Corporate bonds $ - 1,883 - 1,883 US treasuries - 871 - 871 US government agencies - 10,617 - 10,617 State and political subdivisions - 18,906 - 18,906 Asset-backed securities - 6,229 - 6,229 Mortgage-backed securities - 54,841 - 54,841 Mortgage loans held for sale - 3,917 - 3,917 Mortgage loan interest rate lock commitments - 49 - 49 MBS forward sales commitments - 27 - 27 Total assets measured at fair value on a recurring basis $ - 97,340 - 97,340 |
Schedule of assets and liabilities measured at fair value on a nonrecurring basis | As of March 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Individually evaluated $ - 1,972 3,695 5,667 Total assets measured at fair value on a nonrecurring basis $ - 1,972 3,695 5,667 As of December 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Individually evaluated $ - 429 4,071 4,500 Total assets measured at fair value on a nonrecurring basis $ - 429 4,071 4,500 |
Schedule of unobservable inputs used in the fair value measurements | Valuation Technique Significant Unobservable Inputs Range of Inputs Individually evaluated loans Appraised Value/ Discounted Cash Flows Discounts to appraisals or cash flows for estimated holding and/or selling costs or age of appraisal 0-25% |
Schedule of estimated fair values of the company's financial instruments | March 31, 2023 (dollars in thousands) Carrying Fair Level 1 Level 2 Level 3 Financial Assets: Other investments, at cost $ 10,097 10,097 - - 10,097 Loans 1 3,368,332 3,176,788 - - 3,176,788 Financial Liabilities: Deposits 3,426,774 3,065,819 - 3,065,819 - Subordinated debentures 36,241 40,369 - 40,369 - December 31, 2022 (dollars in thousands) Carrying Fair Level 1 Level 2 Level 3 Financial Assets: Other investments, at cost $ 10,833 10,833 - - 10,833 Loans 1 3,227,455 3,057,891 - - 3,057,891 Financial Liabilities: Deposits 3,133,864 2,717,900 - 2,717,900 - Subordinated debentures 36,214 39,885 - 39,885 - 1 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating (dollars in thousands) Leases 2023 $ 1,513 2024 2,067 2025 2,124 2026 2,176 2027 2,232 Thereafter 22,200 Total undiscounted lease payments 32,312 Discount effect of cash flows 6,813 Total lease liability $ 25,499 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share computations | Three months ended (dollars in thousands, except share data) 2023 2022 Numerator: Net income available to common shareholders $ 2,703 7,970 Denominator: Weighted-average common shares outstanding – basic 8,025,876 7,931,855 Common stock equivalents 66,394 164,455 Weighted-average common shares outstanding – diluted 8,092,270 8,096,310 Earnings per common share: Basic $ 0.34 1.00 Diluted 0.33 0.98 |
Investment Securities (Details)
Investment Securities (Details) | Mar. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | |
Fair market value, less than 12 months, number of investments | 114 |
Investment Securities (Detail_2
Investment Securities (Details) - Schedule of amortized costs and fair value of investment securities - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Corporate bonds [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | $ 2,166 | $ 2,172 |
Available for sale, Gross Unrealized Gains | ||
Available for sale, Gross Unrealized Losses | 250 | 289 |
Available for sale, Fair Value | 1,916 | 1,883 |
US treasuries [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | 999 | 999 |
Available for sale, Gross Unrealized Gains | ||
Available for sale, Gross Unrealized Losses | 107 | 128 |
Available for sale, Fair Value | 892 | 871 |
US Government Agencies [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | 13,008 | 13,007 |
Available for sale, Gross Unrealized Gains | ||
Available for sale, Gross Unrealized Losses | 2,024 | 2,390 |
Available for sale, Fair Value | 10,984 | 10,617 |
State and Political Subdivisions [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | 22,844 | 22,910 |
Available for sale, Gross Unrealized Gains | 8 | |
Available for sale, Gross Unrealized Losses | 3,203 | 4,004 |
Available for sale, Fair Value | 19,649 | 18,906 |
Asset-backed Securities [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | 5,966 | 6,435 |
Available for sale, Gross Unrealized Gains | ||
Available for sale, Gross Unrealized Losses | 147 | 206 |
Available for sale, Fair Value | 5,819 | 6,229 |
Mortgage-backed securities [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | 64,800 | |
Available for sale, Gross Unrealized Gains | ||
Available for sale, Gross Unrealized Losses | 9,959 | |
Available for sale, Fair Value | 54,841 | |
Mortgage-backed securities [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | 63,959 | |
Available for sale, Gross Unrealized Gains | 1 | |
Available for sale, Gross Unrealized Losses | 9,184 | |
Available for sale, Fair Value | 54,776 | |
FHLMC [Member] | Mortgage-backed securities [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | 23,876 | 24,086 |
Available for sale, Gross Unrealized Gains | 1 | |
Available for sale, Gross Unrealized Losses | 3,467 | 3,745 |
Available for sale, Fair Value | 20,410 | 20,341 |
FNMA [Member] | Mortgage-backed securities [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | 34,612 | 35,141 |
Available for sale, Gross Unrealized Gains | ||
Available for sale, Gross Unrealized Losses | 5,029 | 5,520 |
Available for sale, Fair Value | 29,583 | 29,621 |
GNMA [Member] | Mortgage-backed securities [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | 5,471 | |
Available for sale, Gross Unrealized Gains | ||
Available for sale, Gross Unrealized Losses | 688 | |
Available for sale, Fair Value | 4,783 | |
Total investment securities available for sale [Member] | Mortgage-backed securities [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | 108,942 | 110,323 |
Available for sale, Gross Unrealized Gains | 9 | |
Available for sale, Gross Unrealized Losses | 14,915 | 16,976 |
Available for sale, Fair Value | $ 94,036 | 93,347 |
GNMA [Member] | Mortgage-backed securities [Member] | ||
Available for sale | ||
Available for sale, Amortized Cost | 5,573 | |
Available for sale, Gross Unrealized Gains | ||
Available for sale, Gross Unrealized Losses | 694 | |
Available for sale, Fair Value | $ 4,879 |
Investment Securities (Detail_3
Investment Securities (Details) - Schedule of maturities and yields on the Company’s investment securities - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Corporate bonds [Member] | ||
Available for sale | ||
Contractual Maturities, Less than one year, Amount | ||
Contractual Maturities, Less than one year, Yield | ||
Contractual Maturities, One to five years, Amount | ||
Contractual Maturities, One to five years, Yield | ||
Contractual Maturities, Five to ten years, Amount | $ 1,916 | $ 1,883 |
Contractual Maturities, Five to ten years, Yield | 2% | 2% |
Contractual Maturities, Over ten years, Amount | ||
Contractual Maturities, Over ten years, Yield | ||
Contractual Maturities, Total, Amount | $ 1,916 | $ 1,883 |
Contractual Maturities, Total, Yield | 2% | 2% |
US treasuries [Member] | ||
Available for sale | ||
Contractual Maturities, Less than one year, Amount | ||
Contractual Maturities, Less than one year, Yield | ||
Contractual Maturities, One to five years, Amount | ||
Contractual Maturities, One to five years, Yield | ||
Contractual Maturities, Five to ten years, Amount | $ 892 | $ 871 |
Contractual Maturities, Five to ten years, Yield | 1.27% | 1.27% |
Contractual Maturities, Over ten years, Amount | ||
Contractual Maturities, Over ten years, Yield | ||
Contractual Maturities, Total, Amount | $ 892 | $ 871 |
Contractual Maturities, Total, Yield | 1.27% | 1.27% |
US government agencies [Member] | ||
Available for sale | ||
Contractual Maturities, Less than one year, Amount | ||
Contractual Maturities, Less than one year, Yield | ||
Contractual Maturities, One to five years, Amount | $ 3,291 | $ 3,223 |
Contractual Maturities, One to five years, Yield | 0.85% | 0.85% |
Contractual Maturities, Five to ten years, Amount | $ 7,693 | $ 7,394 |
Contractual Maturities, Five to ten years, Yield | 1.55% | 1.55% |
Contractual Maturities, Over ten years, Amount | ||
Contractual Maturities, Over ten years, Yield | ||
Contractual Maturities, Total, Amount | $ 10,984 | $ 10,617 |
Contractual Maturities, Total, Yield | 1.34% | 1.34% |
State and political subdivisions [Member] | ||
Available for sale | ||
Contractual Maturities, Less than one year, Amount | ||
Contractual Maturities, Less than one year, Yield | ||
Contractual Maturities, One to five years, Amount | $ 465 | $ 460 |
Contractual Maturities, One to five years, Yield | 2.13% | 2.13% |
Contractual Maturities, Five to ten years, Amount | $ 5,598 | $ 5,382 |
Contractual Maturities, Five to ten years, Yield | 1.80% | 1.80% |
Contractual Maturities, Over ten years, Amount | $ 13,586 | $ 13,064 |
Contractual Maturities, Over ten years, Yield | 2.16% | 2.16% |
Contractual Maturities, Total, Amount | $ 19,649 | $ 18,906 |
Contractual Maturities, Total, Yield | 2.06% | 2.05% |
Asset-backed securities [Member] | ||
Available for sale | ||
Contractual Maturities, Less than one year, Amount | ||
Contractual Maturities, Less than one year, Yield | ||
Contractual Maturities, One to five years, Amount | ||
Contractual Maturities, One to five years, Yield | ||
Contractual Maturities, Five to ten years, Amount | $ 452 | $ 554 |
Contractual Maturities, Five to ten years, Yield | 4.43% | 4.77% |
Contractual Maturities, Over ten years, Amount | $ 5,367 | $ 5,675 |
Contractual Maturities, Over ten years, Yield | 5.62% | 5.14% |
Contractual Maturities, Total, Amount | $ 5,819 | $ 6,229 |
Contractual Maturities, Total, Yield | 5.53% | 5.10% |
Mortgage-backed securities [Member] | ||
Available for sale | ||
Contractual Maturities, Less than one year, Amount | ||
Contractual Maturities, Less than one year, Yield | ||
Contractual Maturities, One to five years, Amount | $ 4,902 | $ 4,594 |
Contractual Maturities, One to five years, Yield | 1.17% | 1.13% |
Contractual Maturities, Five to ten years, Amount | $ 3,712 | $ 3,959 |
Contractual Maturities, Five to ten years, Yield | 1.57% | 1.60% |
Contractual Maturities, Over ten years, Amount | $ 46,162 | $ 46,288 |
Contractual Maturities, Over ten years, Yield | 1.95% | 1.90% |
Contractual Maturities, Total, Amount | $ 54,776 | $ 54,841 |
Contractual Maturities, Total, Yield | 1.85% | 1.82% |
Total investment securities [Member] | ||
Available for sale | ||
Contractual Maturities, Less than one year, Amount | ||
Contractual Maturities, Less than one year, Yield | ||
Contractual Maturities, One to five years, Amount | $ 8,658 | $ 8,277 |
Contractual Maturities, One to five years, Yield | 1.10% | 1.08% |
Contractual Maturities, Five to ten years, Amount | $ 20,263 | $ 20,043 |
Contractual Maturities, Five to ten years, Yield | 1.72% | 1.75% |
Contractual Maturities, Over ten years, Amount | $ 65,115 | $ 65,027 |
Contractual Maturities, Over ten years, Yield | 2.30% | 2.24% |
Contractual Maturities, Total, Amount | $ 94,036 | $ 93,347 |
Contractual Maturities, Total, Yield | 2.06% | 2.03% |
Investment Securities (Detail_4
Investment Securities (Details) - Schedule of gross unrealized losses on investment securities and fair market value of related securities $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Corporate bonds [Member] | ||
Investment Securities (Details) - Schedule of gross unrealized losses on investment securities and fair market value of related securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | ||
Available for sale Securities, Less than 12 months, Fair value | ||
Available for sale Securities, Less than 12 months, Unrealized losses | ||
Available for sale Securities, 12 months or longer, Number of investments | 1 | 1 |
Available for sale Securities, 12 months or longer, Fair value | $ 1,916 | $ 1,883 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 250 | $ 289 |
Available for sale Securities, Total, Number of investments | 1 | 1 |
Available for sale Securities, Total, Fair value | $ 1,916 | $ 1,883 |
Available for sale Securities, Total, Unrealized losses | $ 250 | $ 289 |
US treasuries [Member] | ||
Investment Securities (Details) - Schedule of gross unrealized losses on investment securities and fair market value of related securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | ||
Available for sale Securities, Less than 12 months, Fair value | ||
Available for sale Securities, Less than 12 months, Unrealized losses | ||
Available for sale Securities, 12 months or longer, Number of investments | 1 | 1 |
Available for sale Securities, 12 months or longer, Fair value | $ 892 | $ 871 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 107 | $ 128 |
Available for sale Securities, Total, Number of investments | 1 | 1 |
Available for sale Securities, Total, Fair value | $ 892 | $ 871 |
Available for sale Securities, Total, Unrealized losses | $ 107 | $ 128 |
US government agencies [Member] | ||
Investment Securities (Details) - Schedule of gross unrealized losses on investment securities and fair market value of related securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | ||
Available for sale Securities, Less than 12 months, Fair value | ||
Available for sale Securities, Less than 12 months, Unrealized losses | ||
Available for sale Securities, 12 months or longer, Number of investments | 10 | 10 |
Available for sale Securities, 12 months or longer, Fair value | $ 10,984 | $ 10,617 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 2,024 | $ 2,390 |
Available for sale Securities, Total, Number of investments | 10 | 10 |
Available for sale Securities, Total, Fair value | $ 10,984 | $ 10,617 |
Available for sale Securities, Total, Unrealized losses | $ 2,024 | $ 2,390 |
State and political subdivisions [Member] | ||
Investment Securities (Details) - Schedule of gross unrealized losses on investment securities and fair market value of related securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | 1 | 10 |
Available for sale Securities, Less than 12 months, Fair value | $ 465 | $ 5,101 |
Available for sale Securities, Less than 12 months, Unrealized losses | $ 5 | $ 763 |
Available for sale Securities, 12 months or longer, Number of investments | 29 | 22 |
Available for sale Securities, 12 months or longer, Fair value | $ 18,404 | $ 13,805 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 3,198 | $ 3,241 |
Available for sale Securities, Total, Number of investments | 30 | 32 |
Available for sale Securities, Total, Fair value | $ 18,869 | $ 18,906 |
Available for sale Securities, Total, Unrealized losses | $ 3,203 | $ 4,004 |
Asset-backed [Member] | ||
Investment Securities (Details) - Schedule of gross unrealized losses on investment securities and fair market value of related securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | 2 | 5 |
Available for sale Securities, Less than 12 months, Fair value | $ 1,228 | $ 4,291 |
Available for sale Securities, Less than 12 months, Unrealized losses | $ 16 | $ 135 |
Available for sale Securities, 12 months or longer, Number of investments | 6 | 3 |
Available for sale Securities, 12 months or longer, Fair value | $ 4,591 | $ 1,938 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 131 | $ 71 |
Available for sale Securities, Total, Number of investments | 8 | 8 |
Available for sale Securities, Total, Fair value | $ 5,819 | $ 6,229 |
Available for sale Securities, Total, Unrealized losses | $ 147 | $ 206 |
Total investment securities [Member] | ||
Investment Securities (Details) - Schedule of gross unrealized losses on investment securities and fair market value of related securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | 5 | 29 |
Available for sale Securities, Less than 12 months, Fair value | $ 3,202 | $ 15,415 |
Available for sale Securities, Less than 12 months, Unrealized losses | $ 33 | $ 1,261 |
Available for sale Securities, 12 months or longer, Number of investments | 109 | 88 |
Available for sale Securities, 12 months or longer, Fair value | $ 88,634 | $ 77,932 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 14,882 | $ 15,715 |
Available for sale Securities, Total, Number of investments | 114 | 117 |
Available for sale Securities, Total, Fair value | $ 91,836 | $ 93,347 |
Available for sale Securities, Total, Unrealized losses | $ 14,915 | $ 16,976 |
FHLMC [Member] | Mortgage-backed securities [Member] | ||
Investment Securities (Details) - Schedule of gross unrealized losses on investment securities and fair market value of related securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | 1 | 4 |
Available for sale Securities, Less than 12 months, Fair value | $ 1,504 | $ 3,712 |
Available for sale Securities, Less than 12 months, Unrealized losses | $ 12 | $ 155 |
Available for sale Securities, 12 months or longer, Number of investments | 19 | 17 |
Available for sale Securities, 12 months or longer, Fair value | $ 17,486 | $ 16,629 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 3,455 | $ 3,590 |
Available for sale Securities, Total, Number of investments | 20 | 21 |
Available for sale Securities, Total, Fair value | $ 18,990 | $ 20,341 |
Available for sale Securities, Total, Unrealized losses | $ 3,467 | $ 3,745 |
FNMA [Member] | Mortgage-backed securities [Member] | ||
Investment Securities (Details) - Schedule of gross unrealized losses on investment securities and fair market value of related securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | 1 | 9 |
Available for sale Securities, Less than 12 months, Fair value | $ 5 | $ 2,208 |
Available for sale Securities, Less than 12 months, Unrealized losses | $ 201 | |
Available for sale Securities, 12 months or longer, Number of investments | 36 | 28 |
Available for sale Securities, 12 months or longer, Fair value | $ 29,578 | $ 27,413 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 5,029 | $ 5,319 |
Available for sale Securities, Total, Number of investments | 37 | 37 |
Available for sale Securities, Total, Fair value | $ 29,583 | $ 29,621 |
Available for sale Securities, Total, Unrealized losses | $ 5,029 | $ 5,520 |
GNMA [Member] | Mortgage-backed securities [Member] | ||
Investment Securities (Details) - Schedule of gross unrealized losses on investment securities and fair market value of related securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | 1 | |
Available for sale Securities, Less than 12 months, Fair value | $ 103 | |
Available for sale Securities, Less than 12 months, Unrealized losses | $ 7 | |
Available for sale Securities, 12 months or longer, Number of investments | 7 | 6 |
Available for sale Securities, 12 months or longer, Fair value | $ 4,783 | $ 4,776 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 688 | $ 687 |
Available for sale Securities, Total, Number of investments | 7 | 7 |
Available for sale Securities, Total, Fair value | $ 4,783 | $ 4,879 |
Available for sale Securities, Total, Unrealized losses | $ 688 | $ 694 |
Investment Securities (Detail_5
Investment Securities (Details) - Schedule of other investments - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Summary Of Other Investments [Abstract] | ||
Federal Home Loan Bank stock | $ 7,534 | $ 9,250 |
Other nonmarketable investments | 2,160 | 1,180 |
Investment in Trust Preferred subsidiaries | 403 | 403 |
Total other investments | $ 10,097 | $ 10,833 |
Mortgage Loans Held for Sale (D
Mortgage Loans Held for Sale (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Mortgage Loans Held For Sale [Abstract] | ||
Mortgage loans held for sale, fair value | $ 7 | $ 3.9 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Net of deferred loan fees and costs | $ 7,400,000 | $ 7,300,000 | |
Part of loans of 30 days or more past due as a percentage of total loan portfolio | 0.11% | ||
Accrued interest | $ 23,000 | $ 3,000 | |
Provision for credit losses | 1,900,000 | ||
Primarily loan growth | 144,600,000 | ||
Allowance for credit losses for loan commitments | $ 2,800,000 | ||
Commercial Loan [Member] | |||
Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Part of loans of 30 days or more past due as a percentage of total loan portfolio | 0.03% | 0.03% | |
Consumer Loan [Member] | |||
Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Part of loans of 30 days or more past due as a percentage of total loan portfolio | 0.08% | 0.08% |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Details) - Schedule of composition of our loan portfolio - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Consumer | ||
Total gross loans, net of deferred fees | $ 3,417,945 | $ 3,273,363 |
Total gross loans, net of deferred fees percentage | 100% | 100% |
Less—allowance for credit losses | $ (40,435) | $ (38,639) |
Total loans, net | 3,377,510 | 3,234,724 |
Commercial [Member] | ||
Commercial | ||
Total commercial loans | $ 2,132,955 | $ 2,053,318 |
Total commercial loans percentage | 62.50% | 62.70% |
Commercial [Member] | Construction [Member] | ||
Commercial | ||
Total commercial loans | $ 94,641 | $ 109,726 |
Total commercial loans percentage | 2.80% | 3.40% |
Commercial [Member] | Business [Member] | ||
Commercial | ||
Total commercial loans | $ 495,161 | $ 468,112 |
Total commercial loans percentage | 14.50% | 14.30% |
Consumer [Member] | ||
Consumer | ||
Total consumer loans | $ 1,284,990 | $ 1,220,045 |
Total consumer loans percentage | 37.50% | 37.30% |
Consumer [Member] | Construction [Member] | ||
Consumer | ||
Total consumer loans | $ 71,137 | $ 80,415 |
Total consumer loans percentage | 2.10% | 2.50% |
Consumer [Member] | Real estate [Member] | ||
Consumer | ||
Total consumer loans | $ 993,258 | $ 931,278 |
Total consumer loans percentage | 29.10% | 28.40% |
Consumer [Member] | Home equity [Member] | ||
Consumer | ||
Total consumer loans | $ 180,974 | $ 179,300 |
Total consumer loans percentage | 5.30% | 5.50% |
Consumer [Member] | Other [Member] | ||
Consumer | ||
Total consumer loans | $ 39,621 | $ 29,052 |
Total consumer loans percentage | 1% | 0.90% |
Owner occupied RE [Member] | Commercial [Member] | ||
Commercial | ||
Total commercial loans | $ 615,094 | $ 612,901 |
Total commercial loans percentage | 18% | 18.70% |
Non-owner occupied RE [Member] | Commercial [Member] | ||
Commercial | ||
Total commercial loans | $ 928,059 | $ 862,579 |
Total commercial loans percentage | 27.20% | 26.30% |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | $ 2,132,955 | $ 2,053,318 |
Total consumer loans | 1,284,990 | 1,220,045 |
Total gross loans, net of deferred fees | 3,417,945 | 3,273,363 |
Owner occupied RE [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 615,094 | 612,901 |
Non-owner occupied RE [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 928,059 | 862,579 |
Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 94,641 | |
Business [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 495,161 | 468,112 |
Real Estate [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 993,258 | 931,278 |
Home Equity [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 180,974 | 179,300 |
Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 71,137 | 80,415 |
Other [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 39,621 | 29,052 |
Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 109,726 | |
One Year or Less [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 162,448 | 156,810 |
Total consumer loans | 15,482 | 18,064 |
Total gross loans, net of deferred fees | 177,930 | 174,874 |
One Year or Less [Member] | Owner occupied RE [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 9,295 | 10,574 |
One Year or Less [Member] | Non-owner occupied RE [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 57,909 | 44,570 |
One Year or Less [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 2,742 | |
One Year or Less [Member] | Business [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 92,502 | 96,157 |
One Year or Less [Member] | Real Estate [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 9,871 | 12,137 |
One Year or Less [Member] | Home Equity [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 1,028 | 1,336 |
One Year or Less [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 1,014 | 665 |
One Year or Less [Member] | Other [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 3,569 | 3,926 |
One Year or Less [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 5,509 | |
After One but Within Five Years [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 836,015 | 784,019 |
Total consumer loans | 88,978 | 81,953 |
Total gross loans, net of deferred fees | 924,993 | 865,972 |
After One but Within Five Years [Member] | Owner occupied RE [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 144,602 | 133,017 |
After One but Within Five Years [Member] | Non-owner occupied RE [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 449,859 | 419,976 |
After One but Within Five Years [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 30,409 | |
After One but Within Five Years [Member] | Business [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 211,145 | 194,489 |
After One but Within Five Years [Member] | Real Estate [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 46,324 | 38,948 |
After One but Within Five Years [Member] | Home Equity [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 20,452 | 20,933 |
After One but Within Five Years [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 227 | 182 |
After One but Within Five Years [Member] | Other [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 21,975 | 21,890 |
After One but Within Five Years [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 36,537 | |
After Five but Within Fifteen Years [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 1,059,007 | 1,026,357 |
Total consumer loans | 480,023 | 437,947 |
Total gross loans, net of deferred fees | 1,539,030 | 1,464,304 |
After Five but Within Fifteen Years [Member] | Owner occupied RE [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 418,450 | 420,881 |
After Five but Within Fifteen Years [Member] | Non-owner occupied RE [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 394,421 | 371,208 |
After Five but Within Fifteen Years [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 59,103 | |
After Five but Within Fifteen Years [Member] | Business [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 187,033 | 173,259 |
After Five but Within Fifteen Years [Member] | Real Estate [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 280,204 | 260,005 |
After Five but Within Fifteen Years [Member] | Home Equity [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 154,189 | 151,696 |
After Five but Within Fifteen Years [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 32,358 | 23,788 |
After Five but Within Fifteen Years [Member] | Other [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 13,272 | 2,458 |
After Five but Within Fifteen Years [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 61,009 | |
After Fifteen Years [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 75,485 | 86,132 |
Total consumer loans | 700,507 | 682,081 |
Total gross loans, net of deferred fees | 775,992 | 768,213 |
After Fifteen Years [Member] | Owner occupied RE [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 42,747 | 48,429 |
After Fifteen Years [Member] | Non-owner occupied RE [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 25,870 | 26,825 |
After Fifteen Years [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 2,387 | |
After Fifteen Years [Member] | Business [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | 4,481 | 4,207 |
After Fifteen Years [Member] | Real Estate [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 656,859 | 620,188 |
After Fifteen Years [Member] | Home Equity [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 5,305 | 5,335 |
After Fifteen Years [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | 37,538 | 55,780 |
After Fifteen Years [Member] | Other [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total consumer loans | $ 805 | 778 |
After Fifteen Years [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate [Line Items] | ||
Total commercial loans | $ 6,671 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses (Details) - Schedule of composition of gross loans by rate type - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Commercial | ||
Interest Rate, Fixed total gross loans, net of deferred fees | $ 2,859,367 | $ 2,762,554 |
Interest Rate, Floating or Adjustable total gross loans, net of deferred fees | 380,648 | 335,935 |
Commercial [Member] | ||
Commercial | ||
Interest Rate, Fixed | 1,773,187 | 1,730,388 |
Interest Rate, Floating or Adjustable | 197,320 | 166,120 |
Commercial [Member] | Construction [Member] | ||
Commercial | ||
Interest Rate, Fixed | 75,041 | 90,246 |
Interest Rate, Floating or Adjustable | 16,858 | 13,971 |
Commercial [Member] | Business [Member] | ||
Commercial | ||
Interest Rate, Fixed | 310,976 | 298,866 |
Interest Rate, Floating or Adjustable | 91,683 | 73,089 |
Consumer [Member] | ||
Commercial | ||
Interest Rate, Fixed | 1,086,180 | 1,032,166 |
Interest Rate, Floating or Adjustable | 183,328 | 169,815 |
Consumer [Member] | Construction [Member] | ||
Commercial | ||
Interest Rate, Fixed | 70,123 | 79,750 |
Interest Rate, Floating or Adjustable | ||
Consumer [Member] | Real estate [Member] | ||
Commercial | ||
Interest Rate, Fixed | 983,376 | 919,130 |
Interest Rate, Floating or Adjustable | 11 | 11 |
Consumer [Member] | Home equity [Member] | ||
Commercial | ||
Interest Rate, Fixed | 13,508 | 14,173 |
Interest Rate, Floating or Adjustable | 166,438 | 163,791 |
Consumer [Member] | Other [Member] | ||
Commercial | ||
Interest Rate, Fixed | 19,173 | 19,113 |
Interest Rate, Floating or Adjustable | 16,879 | 6,013 |
Owner occupied RE [Member] | Commercial [Member] | ||
Commercial | ||
Interest Rate, Fixed | 602,302 | 598,513 |
Interest Rate, Floating or Adjustable | 3,497 | 3,814 |
Non-owner occupied RE [Member] | Commercial [Member] | ||
Commercial | ||
Interest Rate, Fixed | 784,868 | 742,763 |
Interest Rate, Floating or Adjustable | $ 85,282 | $ 75,246 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | $ 139,026 | $ 955,802 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 997,889 | 735,661 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 728,197 | 447,470 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 421,664 | 257,328 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 251,047 | 195,538 |
Prior | 518,388 | 344,363 |
Revolving | 361,024 | 335,274 |
Revolving Converted to Term | 710 | 1,927 |
Total | 3,417,945 | 3,273,363 |
Current period gross write-offs 2022 | (160) | |
Current period gross write-offs 2020 | (1) | |
Current period gross write-offs total | (161) | |
Commercial [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 86,146 | 657,731 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 684,842 | 417,810 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 410,257 | 245,037 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 228,832 | 178,049 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 174,904 | 154,207 |
Prior | 392,789 | 257,246 |
Revolving | 154,475 | 141,311 |
Revolving Converted to Term | 710 | 1,927 |
Total | 2,132,955 | 2,053,318 |
Commercial [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 942 | 49,539 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 63,938 | 55,129 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 22,778 | 4,811 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 6,737 | 247 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 246 | |
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | 94,641 | 109,726 |
Commercial [Member] | Construction [Member] | Pass [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 942 | 48,420 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 62,604 | 55,129 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 22,778 | 4,811 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 6,737 | 247 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 246 | |
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | 93,307 | 108,607 |
Commercial [Member] | Construction [Member] | Watch [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 1,119 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 1,334 | |
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | 1,334 | 1,119 |
Commercial [Member] | Construction [Member] | Special Mention [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | ||
Commercial [Member] | Construction [Member] | Substandard [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | ||
Commercial [Member] | Business [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 17,850 | 141,310 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 157,009 | 60,122 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 56,502 | 31,756 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 23,793 | 23,533 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 22,153 | 35,743 |
Prior | 63,461 | 33,151 |
Revolving | 153,852 | 140,707 |
Revolving Converted to Term | 541 | 1,790 |
Total | 495,161 | 468,112 |
Commercial [Member] | Business [Member] | Pass [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 17,705 | 136,489 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 140,684 | 57,804 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 54,235 | 29,864 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 21,675 | 21,808 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 20,611 | 35,249 |
Prior | 58,086 | 28,914 |
Revolving | 147,734 | 136,337 |
Revolving Converted to Term | 442 | 709 |
Total | 461,172 | 447,174 |
Commercial [Member] | Business [Member] | Watch [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 145 | 3,186 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 14,571 | 2,058 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 2,031 | 1,318 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 1,627 | 1,282 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 1,061 | 179 |
Prior | 3,607 | 3,074 |
Revolving | 5,420 | 3,783 |
Revolving Converted to Term | 439 | |
Total | 28,462 | 15,319 |
Commercial [Member] | Business [Member] | Special Mention [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 1,137 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 1,259 | 260 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 236 | 386 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 463 | 210 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 279 | |
Prior | 424 | 252 |
Revolving | 15 | 115 |
Revolving Converted to Term | 99 | 642 |
Total | 2,775 | 3,002 |
Commercial [Member] | Business [Member] | Substandard [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 498 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 495 | |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 188 | |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 28 | 233 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 202 | 315 |
Prior | 1,344 | 911 |
Revolving | 683 | 472 |
Revolving Converted to Term | ||
Total | 2,752 | 2,617 |
Consumer [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 52,880 | 298,071 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 313,047 | 317,851 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 317,940 | 202,433 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 192,832 | 79,279 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 76,143 | 41,331 |
Prior | 125,599 | 87,117 |
Revolving | 206,549 | 193,963 |
Revolving Converted to Term | ||
Total | 1,284,990 | 1,220,045 |
Consumer [Member] | Construction [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 2,656 | 41,138 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 47,570 | 34,039 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 20,066 | 4,923 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 845 | 315 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | 71,137 | 80,415 |
Consumer [Member] | Construction [Member] | Pass [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 2,656 | 41,138 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 47,570 | 34,039 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 20,066 | 4,923 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 845 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | 71,137 | 80,100 |
Consumer [Member] | Construction [Member] | Watch [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | ||
Consumer [Member] | Construction [Member] | Special Mention [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | 315 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | 315 | |
Consumer [Member] | Construction [Member] | Substandard [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | ||
Consumer [Member] | Real estate [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 49,824 | 252,899 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 261,722 | 280,407 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 294,594 | 195,793 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 190,331 | 77,376 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 74,666 | 40,899 |
Prior | 122,121 | 83,904 |
Revolving | ||
Revolving Converted to Term | ||
Total | 993,258 | 931,278 |
Consumer [Member] | Real estate [Member] | Pass [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 49,330 | 243,589 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 253,611 | 269,565 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 284,238 | 189,075 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 183,939 | 72,499 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 69,806 | 39,042 |
Prior | 112,705 | 76,172 |
Revolving | ||
Revolving Converted to Term | ||
Total | 953,629 | 889,942 |
Consumer [Member] | Real estate [Member] | Watch [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 494 | 6,196 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 5,765 | 8,256 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 8,023 | 3,847 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 4,016 | 2,278 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 2,086 | 494 |
Prior | 4,582 | 3,671 |
Revolving | ||
Revolving Converted to Term | ||
Total | 24,966 | 24,742 |
Consumer [Member] | Real estate [Member] | Special Mention [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 3,114 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 2,346 | 1,938 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 1,687 | 2,644 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 2,152 | 2,258 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 2,444 | 955 |
Prior | 3,127 | 2,639 |
Revolving | ||
Revolving Converted to Term | ||
Total | 11,756 | 13,548 |
Consumer [Member] | Real estate [Member] | Substandard [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 648 | |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 646 | 227 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 224 | 341 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 330 | 408 |
Prior | 1,707 | 1,422 |
Revolving | ||
Revolving Converted to Term | ||
Total | 2,907 | 3,046 |
Consumer [Member] | Home equity [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | 180,974 | 179,300 |
Revolving Converted to Term | ||
Total | 180,974 | 179,300 |
Consumer [Member] | Home equity [Member] | Pass [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | 167,694 | 165,847 |
Revolving Converted to Term | ||
Total | 167,694 | 165,847 |
Consumer [Member] | Home equity [Member] | Watch [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | 6,701 | 7,226 |
Revolving Converted to Term | ||
Total | 6,701 | 7,226 |
Consumer [Member] | Home equity [Member] | Special Mention [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | 3,861 | 4,055 |
Revolving Converted to Term | ||
Total | 3,861 | 4,055 |
Consumer [Member] | Home equity [Member] | Substandard [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | 2,718 | 2,172 |
Revolving Converted to Term | ||
Total | 2,718 | 2,172 |
Consumer [Member] | Other [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 400 | 4,034 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 3,755 | 3,405 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 3,280 | 1,717 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 1,656 | 1,588 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 1,477 | 432 |
Prior | 3,478 | 3,213 |
Revolving | 25,575 | 14,663 |
Revolving Converted to Term | ||
Total | 39,621 | 29,052 |
Consumer [Member] | Other [Member] | Pass [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 390 | 3,894 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 3,375 | 3,038 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 2,829 | 1,702 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 1,645 | 1,534 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 1,433 | 341 |
Prior | 3,205 | 3,015 |
Revolving | 25,359 | 14,465 |
Revolving Converted to Term | ||
Total | 38,236 | 27,989 |
Consumer [Member] | Other [Member] | Watch [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 10 | 46 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 42 | 367 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 363 | 15 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 11 | 5 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 4 | 16 |
Prior | 183 | 175 |
Revolving | 118 | 93 |
Revolving Converted to Term | ||
Total | 731 | 717 |
Consumer [Member] | Other [Member] | Special Mention [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 94 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 11 | |
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | 44 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 37 | 75 |
Prior | 90 | 23 |
Revolving | 93 | 97 |
Revolving Converted to Term | ||
Total | 231 | 332 |
Consumer [Member] | Other [Member] | Substandard [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 327 | |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 88 | |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 5 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 3 | |
Prior | ||
Revolving | 5 | 9 |
Revolving Converted to Term | ||
Total | 423 | 14 |
Owner occupied RE [Member] | Commercial [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 19,874 | 183,931 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 164,147 | 123,133 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 143,859 | 95,206 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 85,452 | 69,957 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 69,036 | 37,007 |
Prior | 132,557 | 103,667 |
Revolving | ||
Revolving Converted to Term | 169 | |
Total | 615,094 | 612,901 |
Owner occupied RE [Member] | Commercial [Member] | Pass [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 19,874 | 169,083 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 160,403 | 122,654 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 143,384 | 85,867 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 76,171 | 66,299 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 65,408 | 36,718 |
Prior | 121,520 | 93,915 |
Revolving | ||
Revolving Converted to Term | 169 | |
Total | 586,929 | 574,536 |
Owner occupied RE [Member] | Commercial [Member] | Watch [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 14,648 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 3,548 | 479 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 475 | 9,339 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 9,281 | 3,658 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 3,628 | |
Prior | 6,716 | 6,792 |
Revolving | ||
Revolving Converted to Term | ||
Total | 23,648 | 34,916 |
Owner occupied RE [Member] | Commercial [Member] | Special Mention [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 200 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 196 | |
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | 3,133 | 2,960 |
Revolving | ||
Revolving Converted to Term | ||
Total | 3,329 | 3,160 |
Owner occupied RE [Member] | Commercial [Member] | Substandard [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | 289 | |
Prior | 1,188 | |
Revolving | ||
Revolving Converted to Term | ||
Total | 1,188 | 289 |
Non-owner occupied RE [Member] | Commercial [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 47,480 | 282,951 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 299,748 | 179,426 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 187,118 | 113,264 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 112,850 | 84,312 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 83,469 | 81,457 |
Prior | 196,771 | 120,428 |
Revolving | 623 | 604 |
Revolving Converted to Term | 137 | |
Total | 928,059 | 862,579 |
Non-owner occupied RE [Member] | Commercial [Member] | Pass [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 47,280 | 281,890 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 298,161 | 169,599 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 177,421 | 113,264 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 112,850 | 59,550 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 59,025 | 79,722 |
Prior | 181,699 | 106,967 |
Revolving | 623 | 604 |
Revolving Converted to Term | 137 | |
Total | 877,059 | 811,733 |
Non-owner occupied RE [Member] | Commercial [Member] | Watch [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 200 | 1,061 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 972 | 9,491 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 9,496 | 0 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 10,683 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 7,555 | 1,408 |
Prior | 13,070 | 11,660 |
Revolving | 0 | |
Revolving Converted to Term | 0 | |
Total | 31,293 | 34,303 |
Non-owner occupied RE [Member] | Commercial [Member] | Special Mention [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 202 | |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 201 | |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 6,087 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 8,893 | |
Prior | 906 | 930 |
Revolving | ||
Revolving Converted to Term | ||
Total | 10,000 | 7,219 |
Non-owner occupied RE [Member] | Commercial [Member] | Substandard [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of breakdown of outstanding loans by risk category [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year' | 615 | 134 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | 7,992 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 7,996 | 327 |
Prior | 1,096 | 871 |
Revolving | ||
Revolving Converted to Term | ||
Total | $ 9,707 | $ 9,324 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Details) - Schedule of loan balances by payment status - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Consumer | ||
Total loans over 90 days past due | $ 192 | $ 402 |
Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | 615,094 | 612,901 |
Non-Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | 928,059 | 862,579 |
Construction [Member] | ||
Commercial | ||
Total loan balances by payment | 94,641 | 109,726 |
Business [Member] | ||
Commercial | ||
Total loan balances by payment | 495,161 | 468,112 |
Real Estate [Member] | ||
Consumer | ||
Total loan balances by payment | 993,258 | 931,278 |
Home Equity [Member] | ||
Consumer | ||
Total loan balances by payment | 180,974 | 179,300 |
Construction [Member] | ||
Consumer | ||
Total loan balances by payment | 71,137 | 80,415 |
Other [Member] | ||
Consumer | ||
Total loan balances by payment | 39,621 | 29,052 |
Total loan balances by payment | 3,417,945 | 3,273,363 |
Accruing 30-59 Days Past Due [Member] | ||
Consumer | ||
Total loans over 90 days past due | ||
Accruing 30-59 Days Past Due [Member] | Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | ||
Accruing 30-59 Days Past Due [Member] | Non-Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | 151 | 119 |
Accruing 30-59 Days Past Due [Member] | Construction [Member] | ||
Commercial | ||
Total loan balances by payment | ||
Accruing 30-59 Days Past Due [Member] | Business [Member] | ||
Commercial | ||
Total loan balances by payment | 135 | 24 |
Accruing 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Consumer | ||
Total loan balances by payment | 886 | 330 |
Accruing 30-59 Days Past Due [Member] | Home Equity [Member] | ||
Consumer | ||
Total loan balances by payment | 587 | 50 |
Accruing 30-59 Days Past Due [Member] | Construction [Member] | ||
Consumer | ||
Total loan balances by payment | ||
Accruing 30-59 Days Past Due [Member] | Other [Member] | ||
Consumer | ||
Total loan balances by payment | 1 | 88 |
Total loan balances by payment | 1,760 | 611 |
Accruing 60-89 Days Past Due [Member] | ||
Consumer | ||
Total loans over 90 days past due | ||
Accruing 60-89 Days Past Due [Member] | Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | ||
Accruing 60-89 Days Past Due [Member] | Non-Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | 757 | |
Accruing 60-89 Days Past Due [Member] | Construction [Member] | ||
Commercial | ||
Total loan balances by payment | ||
Accruing 60-89 Days Past Due [Member] | Business [Member] | ||
Commercial | ||
Total loan balances by payment | 235 | 1 |
Accruing 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Consumer | ||
Total loan balances by payment | ||
Accruing 60-89 Days Past Due [Member] | Home Equity [Member] | ||
Consumer | ||
Total loan balances by payment | ||
Accruing 60-89 Days Past Due [Member] | Construction [Member] | ||
Consumer | ||
Total loan balances by payment | ||
Accruing 60-89 Days Past Due [Member] | Other [Member] | ||
Consumer | ||
Total loan balances by payment | 88 | |
Total loan balances by payment | 323 | 758 |
Accruing 90 Days Or More Past Due [Member] | ||
Consumer | ||
Total loans over 90 days past due | ||
Accruing 90 Days Or More Past Due [Member] | Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | ||
Accruing 90 Days Or More Past Due [Member] | Non-Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | ||
Accruing 90 Days Or More Past Due [Member] | Construction [Member] | ||
Commercial | ||
Total loan balances by payment | ||
Accruing 90 Days Or More Past Due [Member] | Business [Member] | ||
Commercial | ||
Total loan balances by payment | ||
Accruing 90 Days Or More Past Due [Member] | Real Estate [Member] | ||
Consumer | ||
Total loan balances by payment | ||
Accruing 90 Days Or More Past Due [Member] | Home Equity [Member] | ||
Consumer | ||
Total loan balances by payment | ||
Accruing 90 Days Or More Past Due [Member] | Construction [Member] | ||
Consumer | ||
Total loan balances by payment | ||
Accruing 90 Days Or More Past Due [Member] | Other [Member] | ||
Consumer | ||
Total loan balances by payment | ||
Total loan balances by payment | ||
Nonaccrual Loans [Member] | ||
Consumer | ||
Total loans over 90 days past due | ||
Nonaccrual Loans [Member] | Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | ||
Nonaccrual Loans [Member] | Non-Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | 1,384 | 247 |
Nonaccrual Loans [Member] | Construction [Member] | ||
Commercial | ||
Total loan balances by payment | ||
Nonaccrual Loans [Member] | Business [Member] | ||
Commercial | ||
Total loan balances by payment | 1,196 | 182 |
Nonaccrual Loans [Member] | Real Estate [Member] | ||
Consumer | ||
Total loan balances by payment | 1,075 | 1,099 |
Nonaccrual Loans [Member] | Home Equity [Member] | ||
Consumer | ||
Total loan balances by payment | 1,078 | 1,099 |
Nonaccrual Loans [Member] | Construction [Member] | ||
Consumer | ||
Total loan balances by payment | ||
Nonaccrual Loans [Member] | Other [Member] | ||
Consumer | ||
Total loan balances by payment | ||
Total loan balances by payment | 4,733 | 2,627 |
Accruing Current [Member] | ||
Consumer | ||
Total loans over 90 days past due | ||
Accruing Current [Member] | Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | 615,094 | 612,901 |
Accruing Current [Member] | Non-Owner Occupied RE [Member] | ||
Commercial | ||
Total loan balances by payment | 926,524 | 861,456 |
Accruing Current [Member] | Construction [Member] | ||
Commercial | ||
Total loan balances by payment | 94,641 | 109,726 |
Accruing Current [Member] | Business [Member] | ||
Commercial | ||
Total loan balances by payment | 493,595 | 467,905 |
Accruing Current [Member] | Real Estate [Member] | ||
Consumer | ||
Total loan balances by payment | 991,297 | 929,849 |
Accruing Current [Member] | Home Equity [Member] | ||
Consumer | ||
Total loan balances by payment | 179,309 | 178,151 |
Accruing Current [Member] | Construction [Member] | ||
Consumer | ||
Total loan balances by payment | 71,137 | 80,415 |
Accruing Current [Member] | Other [Member] | ||
Consumer | ||
Total loan balances by payment | 39,532 | 28,964 |
Total loan balances by payment | $ 3,411,129 | $ 3,269,367 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Details) - Schedule of nonaccrual loans by major categories - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Nonaccrual Loans With No Allowance [Member] | ||
Commercial | ||
Total commercial | $ 1,660 | $ 114 |
Consumer | ||
Total consumer | 192 | 194 |
Total nonaccrual loans | 1,852 | 308 |
Nonaccrual Loans With No Allowance [Member] | Owner Occupied RE [Member] | ||
Commercial | ||
Total commercial | ||
Nonaccrual Loans With No Allowance [Member] | Non-Owner Occupied RE [Member] | ||
Commercial | ||
Total commercial | 615 | 114 |
Nonaccrual Loans With No Allowance [Member] | Construction [Member] | ||
Commercial | ||
Total commercial | ||
Consumer | ||
Total consumer | ||
Nonaccrual Loans With No Allowance [Member] | Business [Member] | ||
Commercial | ||
Total commercial | 1,045 | |
Nonaccrual Loans With No Allowance [Member] | Real Estate [Member] | ||
Consumer | ||
Total consumer | ||
Nonaccrual Loans With No Allowance [Member] | Home Equity [Member] | ||
Consumer | ||
Total consumer | 192 | 194 |
Nonaccrual Loans With No Allowance [Member] | Other [Member] | ||
Consumer | ||
Total consumer | ||
Nonaccrual Loans With An Allowance [Member] | ||
Commercial | ||
Total commercial | 920 | 315 |
Consumer | ||
Total consumer | 1,961 | 2,004 |
Total nonaccrual loans | 2,881 | 2,319 |
Nonaccrual Loans With An Allowance [Member] | Owner Occupied RE [Member] | ||
Commercial | ||
Total commercial | ||
Nonaccrual Loans With An Allowance [Member] | Non-Owner Occupied RE [Member] | ||
Commercial | ||
Total commercial | 769 | 133 |
Nonaccrual Loans With An Allowance [Member] | Construction [Member] | ||
Commercial | ||
Total commercial | ||
Consumer | ||
Total consumer | ||
Nonaccrual Loans With An Allowance [Member] | Business [Member] | ||
Commercial | ||
Total commercial | 151 | 182 |
Nonaccrual Loans With An Allowance [Member] | Real Estate [Member] | ||
Consumer | ||
Total consumer | 1,075 | 1,099 |
Nonaccrual Loans With An Allowance [Member] | Home Equity [Member] | ||
Consumer | ||
Total consumer | 886 | 905 |
Nonaccrual Loans With An Allowance [Member] | Other [Member] | ||
Consumer | ||
Total consumer | ||
Total Nonaccrual Loans [Member] | ||
Commercial | ||
Total commercial | 2,580 | 429 |
Consumer | ||
Total consumer | 2,153 | 2,198 |
Total nonaccrual loans | 4,733 | 2,627 |
Total Nonaccrual Loans [Member] | Owner Occupied RE [Member] | ||
Commercial | ||
Total commercial | ||
Total Nonaccrual Loans [Member] | Non-Owner Occupied RE [Member] | ||
Commercial | ||
Total commercial | 1,384 | 247 |
Total Nonaccrual Loans [Member] | Construction [Member] | ||
Commercial | ||
Total commercial | ||
Consumer | ||
Total consumer | ||
Total Nonaccrual Loans [Member] | Business [Member] | ||
Commercial | ||
Total commercial | 1,196 | 182 |
Total Nonaccrual Loans [Member] | Real Estate [Member] | ||
Consumer | ||
Total consumer | 1,075 | 1,099 |
Total Nonaccrual Loans [Member] | Home Equity [Member] | ||
Consumer | ||
Total consumer | 1,078 | $ 1,099 |
Total Nonaccrual Loans [Member] | Other [Member] | ||
Consumer | ||
Total consumer |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Details) - Schedule of nonperforming assets, including nonaccruing TDRs - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Nonperforming Assets Including Nonaccruing Tdrs [Abstract] | ||
Nonaccrual loans | $ 4,733 | $ 2,627 |
Other real estate owned | ||
Total nonperforming assets | $ 4,733 | $ 2,627 |
Nonperforming assets as a percentage of: | ||
Total assets | 0.12% | 0.07% |
Gross loans | 0.14% | 0.08% |
Total loans over 90 days past due | $ 192 | $ 402 |
Loans over 90 days past due and still accruing | ||
Accruing troubled debt restructurings | $ 4,503 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses (Details) - Schedule of activity related to the allowance for credit losses - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Commercial & Consumer [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of activity related to the allowance for credit losses [Line Items] | ||
Balance, beginning of period | $ 38,639 | $ 30,408 |
Balance, end of period | 40,435 | 32,944 |
Adjustment for CECL | 1,500 | |
Provision for credit losses | 1,855 | 1,025 |
Loan charge-offs | (161) | (169) |
Loan recoveries | 102 | 180 |
Net loan recoveries (charge-offs) | $ (59) | $ 11 |
Net charge-offs to average loans (annualized) | 0.01% | 0% |
Allowance for credit losses to gross loans | 1.18% | 1.24% |
Allowance for credit losses to nonperforming loans | 854.33% | 726.88% |
Owner occupied RE [Member] | Commercial [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of activity related to the allowance for credit losses [Line Items] | ||
Balance, beginning of period | $ 5,867 | $ 4,700 |
Balance, end of period | 5,984 | 4,898 |
Adjustment for CECL | (313) | |
Provision for credit losses | 117 | 511 |
Loan charge-offs | ||
Loan recoveries | ||
Net loan recoveries (charge-offs) | ||
Non-owner occupied RE [Member] | Commercial [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of activity related to the allowance for credit losses [Line Items] | ||
Balance, beginning of period | 10,376 | 10,518 |
Balance, end of period | 11,285 | 9,973 |
Adjustment for CECL | 333 | |
Provision for credit losses | 1,038 | (878) |
Loan charge-offs | (160) | |
Loan recoveries | 31 | |
Net loan recoveries (charge-offs) | (129) | |
Construction [Member] | Commercial [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of activity related to the allowance for credit losses [Line Items] | ||
Balance, beginning of period | 1,292 | 625 |
Balance, end of period | 1,110 | 929 |
Adjustment for CECL | 154 | |
Provision for credit losses | (182) | 150 |
Loan charge-offs | ||
Loan recoveries | ||
Net loan recoveries (charge-offs) | ||
Construction [Member] | Consumer [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of activity related to the allowance for credit losses [Line Items] | ||
Balance, beginning of period | 893 | 578 |
Balance, end of period | 810 | 844 |
Adjustment for CECL | 130 | |
Provision for credit losses | (83) | 136 |
Loan charge-offs | ||
Loan recoveries | ||
Net loan recoveries (charge-offs) | ||
Business [Member] | Commercial [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of activity related to the allowance for credit losses [Line Items] | ||
Balance, beginning of period | 7,861 | 4,887 |
Balance, end of period | 8,022 | 6,217 |
Adjustment for CECL | 1,057 | |
Provision for credit losses | 150 | 159 |
Loan charge-offs | (1) | |
Loan recoveries | 12 | 114 |
Net loan recoveries (charge-offs) | 11 | 114 |
Real Estate [Member] | Consumer [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of activity related to the allowance for credit losses [Line Items] | ||
Balance, beginning of period | 9,487 | 7,083 |
Balance, end of period | 10,079 | 7,602 |
Adjustment for CECL | (294) | |
Provision for credit losses | 592 | 813 |
Loan charge-offs | ||
Loan recoveries | ||
Net loan recoveries (charge-offs) | ||
Home Equity [Member] | Consumer [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of activity related to the allowance for credit losses [Line Items] | ||
Balance, beginning of period | 2,551 | 1,697 |
Balance, end of period | 2,663 | 2,197 |
Adjustment for CECL | 438 | |
Provision for credit losses | 53 | 165 |
Loan charge-offs | (169) | |
Loan recoveries | 59 | 66 |
Net loan recoveries (charge-offs) | 59 | (103) |
Other [Member] | Consumer [Member] | ||
Loans and Allowance for Credit Losses (Details) - Schedule of activity related to the allowance for credit losses [Line Items] | ||
Balance, beginning of period | 312 | 320 |
Balance, end of period | 482 | 284 |
Adjustment for CECL | (5) | |
Provision for credit losses | $ 170 | (31) |
Loan charge-offs | ||
Loan recoveries | ||
Net loan recoveries (charge-offs) |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses (Details) - Schedule of analysis of collateral-dependent loans of the company - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Commercial | ||
Real estate | $ 1,068 | $ 545 |
Business assets | ||
Other | 1,045 | |
Total | 2,113 | 545 |
Commercial [Member] | ||
Commercial | ||
Real estate | 679 | 144 |
Business assets | ||
Other | 1,045 | |
Total | 1,724 | 144 |
Commercial [Member] | Construction [Member] | ||
Commercial | ||
Real estate | ||
Business assets | ||
Other | ||
Total | ||
Commercial [Member] | Business [Member] | ||
Commercial | ||
Real estate | 28 | 30 |
Business assets | ||
Other | 1,045 | |
Total | 1,073 | 30 |
Consumer [Member] | ||
Commercial | ||
Real estate | 389 | 401 |
Business assets | ||
Other | ||
Total | 389 | 401 |
Consumer [Member] | Construction [Member] | ||
Commercial | ||
Real estate | ||
Business assets | ||
Other | ||
Total | ||
Consumer [Member] | Real Estate [Member] | ||
Commercial | ||
Real estate | 197 | 207 |
Business assets | ||
Other | ||
Total | 197 | 207 |
Consumer [Member] | Home equity [Member] | ||
Commercial | ||
Real estate | 192 | 194 |
Business assets | ||
Other | ||
Total | 192 | 194 |
Consumer [Member] | Other [Member] | ||
Commercial | ||
Real estate | ||
Business assets | ||
Other | ||
Total | ||
Owner occupied RE [Member] | Commercial [Member] | ||
Commercial | ||
Real estate | ||
Business assets | ||
Other | ||
Total | ||
Non-owner occupied RE [Member] | Commercial [Member] | ||
Commercial | ||
Real estate | 651 | 114 |
Business assets | ||
Other | ||
Total | $ 651 | $ 114 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses (Details) - Schedule of allowance for credit losses for unfunded loan commitments - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance, beginning of period | $ 2,780 | |
Adjustment for adoption of CECL | 2,000 | |
Provision (reversal of) for credit losses | 780 | |
Balance, end of period | 2,780 | |
Unfunded Loan Commitments | $ 878,324 | |
Reserve for Unfunded Commitments to Unfunded Loan Commitments | 0.32% | |
Allowance for Credit Losses - Unfunded Loan Commitments [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance, beginning of period | 2,780 | |
Adjustment for adoption of CECL | ||
Provision (reversal of) for credit losses | (30) | |
Balance, end of period | 2,750 | $ 2,780 |
Unfunded Loan Commitments | $ 882,489 | |
Reserve for Unfunded Commitments to Unfunded Loan Commitments | 0.31% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - Schedule of outstanding financial derivative instruments - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Mortgage loan interest rate lock commitments [Member] | ||
Derivative Financial Instruments (Details) - Schedule of outstanding financial derivative instruments [Line Items] | ||
Derivative financial instruments, notional amount | $ 13,384 | $ 6,793 |
Balance Sheet Location, description | Other assets | Other assets |
Derivative Asset/(Liability), Fair Value | $ 187 | $ 49 |
MBS forward sales commitments [Member] | ||
Derivative Financial Instruments (Details) - Schedule of outstanding financial derivative instruments [Line Items] | ||
Derivative financial instruments, notional amount | $ 10,000 | $ 5,750 |
Balance Sheet Location, description | Other liabilities | Other assets |
Derivative Asset/(Liability), Fair Value | $ (86) | $ 27 |
Total derivative financial instruments [Member] | ||
Derivative Financial Instruments (Details) - Schedule of outstanding financial derivative instruments [Line Items] | ||
Derivative financial instruments, notional amount | 23,384 | 12,543 |
Derivative Asset/(Liability), Fair Value | $ 101 | $ 76 |
Fair Value Accounting (Details)
Fair Value Accounting (Details) - Schedule of assets and liabilities measured at fair value on a recurring basis - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Corporate bonds | $ 1,916 | $ 1,883 |
US treasuries | 892 | 871 |
US government agencies | 10,984 | 10,617 |
State and political subdivisions | 19,649 | 18,906 |
Asset-backed securities | 5,819 | 6,229 |
Mortgage-backed securities | 54,776 | 54,841 |
Mortgage loans held for sale | 6,979 | 3,917 |
Mortgage loan interest rate lock commitments | 187 | 49 |
Total assets measured at fair value on a recurring basis | 101,202 | 97,340 |
Liabilities | ||
MBS forward sales commitments | 86 | 27 |
Total liabilities measured at fair value on a recurring basis | 86 | |
Level 1 [Member] | ||
Assets | ||
Corporate bonds | ||
US treasuries | ||
US government agencies | ||
State and political subdivisions | ||
Asset-backed securities | ||
Mortgage-backed securities | ||
Mortgage loans held for sale | ||
Mortgage loan interest rate lock commitments | ||
Total assets measured at fair value on a recurring basis | ||
Liabilities | ||
MBS forward sales commitments | ||
Total liabilities measured at fair value on a recurring basis | ||
Level 2 [Member] | ||
Assets | ||
Corporate bonds | 1,916 | 1,883 |
US treasuries | 892 | 871 |
US government agencies | 10,984 | 10,617 |
State and political subdivisions | 19,649 | 18,906 |
Asset-backed securities | 5,819 | 6,229 |
Mortgage-backed securities | 54,776 | 54,841 |
Mortgage loans held for sale | 6,979 | 3,917 |
Mortgage loan interest rate lock commitments | 187 | 49 |
Total assets measured at fair value on a recurring basis | 101,202 | 97,340 |
Liabilities | ||
MBS forward sales commitments | 86 | 27 |
Total liabilities measured at fair value on a recurring basis | 86 | |
Level 3 [Member] | ||
Assets | ||
Corporate bonds | ||
US treasuries | ||
US government agencies | ||
State and political subdivisions | ||
Asset-backed securities | ||
Mortgage-backed securities | ||
Mortgage loans held for sale | ||
Mortgage loan interest rate lock commitments | ||
Total assets measured at fair value on a recurring basis | ||
Liabilities | ||
MBS forward sales commitments | ||
Total liabilities measured at fair value on a recurring basis |
Fair Value Accounting (Detail_2
Fair Value Accounting (Details) - Schedule of assets and liabilities measured at fair value on a nonrecurring basis - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Individually evaluated | $ 5,667 | $ 4,500 |
Total assets measured at fair value on a nonrecurring basis | 5,667 | 4,500 |
Level 1 [Member] | ||
Assets | ||
Individually evaluated | ||
Total assets measured at fair value on a nonrecurring basis | ||
Level 2 [Member] | ||
Assets | ||
Individually evaluated | 1,972 | 429 |
Total assets measured at fair value on a nonrecurring basis | 1,972 | 429 |
Level 3 [Member] | ||
Assets | ||
Individually evaluated | 3,695 | 4,071 |
Total assets measured at fair value on a nonrecurring basis | $ 3,695 | $ 4,071 |
Fair Value Accounting (Detail_3
Fair Value Accounting (Details) - Schedule of unobservable inputs used in the fair value measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Valuation Technique | Appraised Value/ Discounted Cash Flows |
Significant Unobservable Inputs | Discounts to appraisals or cash flows for estimated holding and/or selling costs or age of appraisal |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Range of Inputs | 0% |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Range of Inputs | 25% |
Fair Value Accounting (Detail_4
Fair Value Accounting (Details) - Schedule of estimated fair values of the company's financial instruments - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Financial Assets: | |||
Other investments, at cost, Carrying Amount | $ 10,097 | $ 10,833 | |
Other investments, at cost, Fair Value | 10,097 | 10,833 | |
Loans, Carrying Amount | [1] | 3,368,332 | 3,227,455 |
Loans, Fair Value | [1] | 3,176,788 | 3,057,891 |
Financial Liabilities: | |||
Deposits, Carrying Amount | 3,426,774 | 3,133,864 | |
Deposits, Fair Value | 3,065,819 | 2,717,900 | |
Subordinated debentures, Carrying Amount | 36,241 | 36,214 | |
Subordinated debentures, Fair Value | 40,369 | 39,885 | |
Level 1 [Member] | |||
Financial Assets: | |||
Other investments, at cost, Fair Value | |||
Loans, Fair Value | [1] | ||
Financial Liabilities: | |||
Deposits, Fair Value | |||
Subordinated debentures, Fair Value | |||
Level 2 [Member] | |||
Financial Assets: | |||
Other investments, at cost, Fair Value | |||
Loans, Fair Value | [1] | ||
Financial Liabilities: | |||
Deposits, Fair Value | 3,065,819 | 2,717,900 | |
Subordinated debentures, Fair Value | 40,369 | 39,885 | |
Level 3 [Member] | |||
Financial Assets: | |||
Other investments, at cost, Fair Value | 10,097 | 10,833 | |
Loans, Fair Value | [1] | 3,176,788 | 3,057,891 |
Financial Liabilities: | |||
Deposits, Fair Value | |||
Subordinated debentures, Fair Value | |||
[1]Carrying amount is net of the allowance for credit losses and individually evaluated loans. |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Leases [Abstract] | |||
Property and equipment | $ 23,200,000 | $ 23,600,000 | |
Lease Liabilities | $ 25,500,000 | $ 25,800,000 | |
Weighted average remaining life of the lease term | 6 years 8 months 26 days | ||
Weighted average discount rate | 2.32% | ||
Operating lease costs | $ 595,000 | $ 778,000 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of maturities of lease liabilities $ in Thousands | Mar. 31, 2023 USD ($) |
Schedule of Maturities of Lease Liabilities [Abstract] | |
2023 | $ 1,513 |
2024 | 2,067 |
2025 | 2,124 |
2026 | 2,176 |
2027 | 2,232 |
Thereafter | 22,200 |
Total undiscounted lease payments | 32,312 |
Discount effect of cash flows | 6,813 |
Total lease liability | $ 25,499 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive securties excluded from computation of earnings per share amount | 205,689 | 9,000 |
Earnings Per Common Share (De_2
Earnings Per Common Share (Details) - Schedule of earnings per share computations - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net income available to common shareholders (in Dollars) | $ 2,703 | $ 7,970 |
Denominator: | ||
Weighted-average common shares outstanding – basic | 8,025,876 | 7,931,855 |
Common stock equivalents | 66,394 | 164,455 |
Weighted-average common shares outstanding – diluted | 8,092,270 | 8,096,310 |
Earnings per common share: | ||
Basic (in Dollars per share) | $ 0.34 | $ 1 |
Diluted (in Dollars per share) | $ 0.33 | $ 0.98 |