Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36706 | |
Entity Registrant Name | CB FINANCIAL SERVICES, INC. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 51-0534721 | |
Entity Address, Address Line One | 100 N. Market Street | |
Entity Address, City or Town | Carmichaels | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15320 | |
City Area Code | 724 | |
Local Phone Number | 966-5041 | |
Title of 12(b) Security | Common stock, par value $0.4167 per share | |
Trading Symbol | CBFV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,115,678 | |
Entity Central Index Key | 0001605301 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and Due From Banks: | ||
Interest-Earning | $ 60,287 | $ 82,957 |
Noninterest-Earning | 17,806 | 20,743 |
Total Cash and Due From Banks | 78,093 | 103,700 |
Securities: | ||
Available-for-Sale Debt Securities, at Fair Value | 179,061 | 187,360 |
Equity Securities, at Fair Value | 2,366 | 2,698 |
Total Securities | 181,427 | 190,058 |
Loans, Net of Allowance for Credit Losses of $10,666 and $12,819 at June 30, 2023 and December 31, 2022, Respectively | 1,090,488 | 1,037,054 |
Premises and Equipment, Net | 18,582 | 17,844 |
Bank-Owned Life Insurance | 25,082 | 25,893 |
Goodwill | 9,732 | 9,732 |
Intangible Assets, Net | 2,622 | 3,513 |
Accrued Interest Receivable and Other Assets | 26,707 | 21,144 |
TOTAL ASSETS | 1,432,733 | 1,408,938 |
Deposits: | ||
Noninterest-Bearing Demand Accounts | 316,098 | 390,405 |
Interest-Bearing Demand Accounts | 374,654 | 311,825 |
Money Market Accounts | 185,814 | 209,125 |
Savings Accounts | 217,267 | 248,022 |
Time Deposits | 169,482 | 109,126 |
Total Deposits | 1,263,315 | 1,268,503 |
Short-Term Borrowings | 0 | 8,060 |
Other Borrowings | 34,658 | 14,638 |
Accrued Interest Payable and Other Liabilities | 18,171 | 7,582 |
TOTAL LIABILITIES | 1,316,144 | 1,298,783 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock, No Par Value; 5,000,000 Shares Authorized | 0 | 0 |
Common Stock, $0.4167 Par Value; 35,000,000 Shares Authorized, 5,733,408 Shares Issued and 5,111,678 Shares Outstanding at June 30, 2023, with 5,708,433 and 5,100,189 Shares Issued and Outstanding at December 31, 2022. | 2,389 | 2,379 |
Capital Surplus | 84,325 | 83,953 |
Retained Earnings | 70,314 | 63,861 |
Treasury Stock, at Cost (621,730 and 608,244 Shares at June 30, 2023 and December 31, 2022, Respectively) | (14,100) | (13,797) |
Accumulated Other Comprehensive Loss | (26,339) | (26,241) |
TOTAL STOCKHOLDERS' EQUITY | 116,589 | 110,155 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,432,733 | $ 1,408,938 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for Credit Losses | $ 10,666 | $ 12,819 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Common Stock, Par Value (in dollars per share) | $ 0.4167 | $ 0.4167 |
Common Stock, Shares Authorized (in shares) | 35,000,000 | 35,000,000 |
Common Stock, Shares Issued (in shares) | 5,733,408 | 5,708,433 |
Common Stock, Shares Outstanding (in shares) | 5,111,678 | 5,100,189 |
Treasury Stock, at Cost (in shares) | 621,730 | 608,244 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans, Including Fees | $ 13,426 | $ 9,733 | $ 25,797 | $ 19,284 |
Investment Securities: | ||||
Taxable | 950 | 988 | 1,914 | 1,893 |
Tax-Exempt | 42 | 57 | 83 | 123 |
Dividends | 25 | 20 | 49 | 42 |
Other Interest and Dividend Income | 760 | 160 | 1,605 | 232 |
TOTAL INTEREST AND DIVIDEND INCOME | 15,203 | 10,958 | 29,448 | 21,574 |
INTEREST EXPENSE | ||||
Deposits | 3,842 | 604 | 6,346 | 1,134 |
Short-Term Borrowings | 3 | 18 | 5 | 37 |
Other Borrowings | 238 | 173 | 393 | 347 |
TOTAL INTEREST EXPENSE | 4,083 | 795 | 6,744 | 1,518 |
NET INTEREST AND DIVIDEND INCOME | 11,120 | 10,163 | 22,704 | 20,056 |
Provision (Recovery) for Credit Losses | 3,784 | 3,784 | ||
NET INTEREST AND DIVIDEND INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES | 10,688 | 6,379 | 22,192 | 16,272 |
NONINTEREST INCOME | ||||
Net Loss on Sales of Loans | (5) | 0 | (3) | 0 |
Net Loss on Securities | (100) | (199) | (332) | (206) |
Net Gain on Purchased Tax Credits | 7 | 14 | 14 | 28 |
Net Gain (Loss) on Disposal of Fixed Assets | 0 | 0 | 11 | (8) |
Income from Bank-Owned Life Insurance | 139 | 142 | 280 | 278 |
Net Gain on Bank-Owned Life Insurance Claims | 1 | 0 | 303 | 0 |
Other Income | 44 | 41 | 113 | 106 |
TOTAL NONINTEREST INCOME | 2,269 | 2,105 | 5,080 | 4,718 |
NONINTEREST EXPENSE | ||||
Salaries and Employee Benefits | 5,231 | 4,539 | 10,310 | 9,104 |
Occupancy | 789 | 776 | 1,490 | 1,462 |
Equipment | 283 | 182 | 501 | 392 |
Data Processing | 718 | 446 | 1,575 | 931 |
FDIC Assessment | 224 | 128 | 376 | 337 |
PA Shares Tax | 195 | 240 | 455 | 480 |
Contracted Services | 434 | 348 | 581 | 935 |
Legal and Professional Fees | 246 | 389 | 428 | 541 |
Advertising | 75 | 115 | 154 | 231 |
Other Real Estate Owned (Income) | (35) | (37) | (72) | (75) |
Amortization of Intangible Assets | 446 | 446 | 891 | 891 |
Other Expense | 895 | 838 | 1,841 | 1,837 |
TOTAL NONINTEREST EXPENSE | 9,501 | 8,410 | 18,530 | 17,066 |
Income Before Income Tax Expense (Benefit) | 3,456 | 74 | 8,742 | 3,924 |
Income Tax Expense (Benefit) | 699 | (44) | 1,827 | 759 |
NET INCOME | $ 2,757 | $ 118 | $ 6,915 | $ 3,165 |
EARNINGS PER SHARE | ||||
Basic (in dollars per share) | $ 0.54 | $ 0.02 | $ 1.35 | $ 0.61 |
Diluted (in dollars per share) | $ 0.54 | $ 0.02 | $ 1.35 | $ 0.61 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||
Basic (in shares) | 5,111,987 | 5,147,846 | 5,110,799 | 5,172,881 |
Diluted (in shares) | 5,116,134 | 5,156,975 | 5,118,396 | 5,189,144 |
Loans | ||||
INTEREST EXPENSE | ||||
Provision (Recovery) for Credit Losses | $ 492 | $ 3,784 | $ 572 | $ 3,784 |
Unfunded Commitments | ||||
INTEREST EXPENSE | ||||
Provision (Recovery) for Credit Losses | (60) | 0 | (60) | 0 |
Service Fees | ||||
NONINTEREST INCOME | ||||
Revenue from contract with customer, excluding assessed tax | 448 | 559 | 892 | 1,085 |
Insurance Commissions | ||||
NONINTEREST INCOME | ||||
Revenue from contract with customer, excluding assessed tax | 1,511 | 1,369 | 3,434 | 3,167 |
Other Commissions | ||||
NONINTEREST INCOME | ||||
Revenue from contract with customer, excluding assessed tax | $ 224 | $ 179 | $ 368 | $ 268 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 2,757 | $ 118 | $ 6,915 | $ 3,165 |
Other Comprehensive Loss: | ||||
Change in Unrealized Loss on Investment Securities Available-for-Sale | (2,704) | (8,680) | (124) | (21,032) |
Income Tax Effect | 583 | 1,870 | 26 | 4,531 |
Other Comprehensive Loss, Net of Income Tax Effect | (2,121) | (6,810) | (98) | (16,501) |
Total Comprehensive Income (Loss) | $ 636 | $ (6,692) | $ 6,817 | $ (13,336) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Capital Surplus | Capital Surplus Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance | Treasury Stock | Treasury Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Cumulative Effect, Period of Adoption, Adjusted Balance |
Beginning balance (in shares) at Dec. 31, 2021 | 5,680,993 | |||||||||||||
Beginning balance at Dec. 31, 2021 | $ 133,124 | $ 2,367 | $ 83,294 | $ 57,534 | $ (9,144) | $ (927) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 3,165 | 3,165 | ||||||||||||
Other Comprehensive Loss | (16,501) | (16,501) | ||||||||||||
Restricted Stock Awards Forfeited (in shares) | (325) | |||||||||||||
Restricted Stock Awards Forfeited | 0 | 47 | (47) | |||||||||||
Restricted Stock Awards Granted (in shares) | 21,765 | |||||||||||||
Restricted Stock Awards Granted | 0 | $ 9 | (9) | |||||||||||
Stock-Based Compensation Expense | 279 | 279 | ||||||||||||
Exercise of Stock Options | 167 | 3 | 164 | |||||||||||
Treasury stock purchased, at cost | (3,988) | (3,988) | ||||||||||||
Dividends Paid | (2,474) | (2,474) | ||||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 5,702,433 | |||||||||||||
Ending balance at Jun. 30, 2022 | $ 113,772 | $ 2,376 | 83,614 | 58,225 | (13,015) | (17,428) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Accounting Standards Update [Extensible Enumeration] | Adoption of Accounting Standard ASU 2016-13 | |||||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 5,680,993 | |||||||||||||
Beginning balance at Dec. 31, 2021 | $ 133,124 | $ 2,367 | 83,294 | 57,534 | (9,144) | (927) | ||||||||
Ending balance (in shares) at Dec. 31, 2022 | 5,708,433 | 5,708,433 | ||||||||||||
Ending balance at Dec. 31, 2022 | 110,155 | $ 2,092 | $ 112,247 | $ 2,379 | $ 2,379 | 83,953 | $ 83,953 | 63,861 | $ 2,092 | $ 65,953 | (13,797) | $ (13,797) | (26,241) | $ (26,241) |
Beginning balance (in shares) at Mar. 31, 2022 | 5,701,758 | |||||||||||||
Beginning balance at Mar. 31, 2022 | 122,156 | $ 2,376 | 83,422 | 59,343 | (12,367) | (10,618) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 118 | 118 | ||||||||||||
Other Comprehensive Loss | (6,810) | (6,810) | ||||||||||||
Restricted Stock Awards Forfeited (in shares) | (325) | |||||||||||||
Restricted Stock Awards Forfeited | 0 | 43 | (43) | |||||||||||
Restricted Stock Awards Granted (in shares) | 1,000 | |||||||||||||
Stock-Based Compensation Expense | 149 | 149 | ||||||||||||
Treasury stock purchased, at cost | (605) | (605) | ||||||||||||
Dividends Paid | (1,236) | (1,236) | ||||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 5,702,433 | |||||||||||||
Ending balance at Jun. 30, 2022 | 113,772 | $ 2,376 | 83,614 | 58,225 | (13,015) | (17,428) | ||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 5,708,433 | 5,708,433 | ||||||||||||
Beginning balance at Dec. 31, 2022 | 110,155 | $ 2,092 | $ 112,247 | $ 2,379 | $ 2,379 | 83,953 | $ 83,953 | 63,861 | $ 2,092 | $ 65,953 | (13,797) | $ (13,797) | (26,241) | $ (26,241) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 6,915 | 6,915 | ||||||||||||
Other Comprehensive Loss | (98) | (98) | ||||||||||||
Restricted Stock Awards Forfeited | 0 | 21 | (21) | |||||||||||
Restricted Stock Awards Granted (in shares) | 24,975 | |||||||||||||
Restricted Stock Awards Granted | 0 | $ 10 | (10) | |||||||||||
Stock-Based Compensation Expense | 361 | 361 | ||||||||||||
Exercise of Stock Options | 45 | 0 | 45 | |||||||||||
Treasury stock purchased, at cost | (327) | (327) | ||||||||||||
Dividends Paid | (2,554) | (2,554) | ||||||||||||
Ending balance (in shares) at Jun. 30, 2023 | 5,733,408 | |||||||||||||
Ending balance at Jun. 30, 2023 | 116,589 | $ 2,389 | 84,325 | 70,314 | (14,100) | (26,339) | ||||||||
Beginning balance (in shares) at Mar. 31, 2023 | 5,730,908 | |||||||||||||
Beginning balance at Mar. 31, 2023 | 117,195 | $ 2,388 | 84,118 | 68,834 | (13,927) | (24,218) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 2,757 | 2,757 | ||||||||||||
Other Comprehensive Loss | (2,121) | (2,121) | ||||||||||||
Restricted Stock Awards Forfeited | 0 | 21 | (21) | |||||||||||
Restricted Stock Awards Granted (in shares) | 2,500 | |||||||||||||
Restricted Stock Awards Granted | 0 | $ 1 | (1) | |||||||||||
Stock-Based Compensation Expense | 187 | 187 | ||||||||||||
Exercise of Stock Options | 45 | 45 | ||||||||||||
Treasury stock purchased, at cost | (197) | (197) | ||||||||||||
Dividends Paid | (1,277) | (1,277) | ||||||||||||
Ending balance (in shares) at Jun. 30, 2023 | 5,733,408 | |||||||||||||
Ending balance at Jun. 30, 2023 | $ 116,589 | $ 2,389 | $ 84,325 | $ 70,314 | $ (14,100) | $ (26,339) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Purchase of common stock (in shares) | 8,792 | 27,439 | 14,478 | 159,279 |
Dividends paid, per share (in dollars per share) | $ 0.25 | $ 0.24 | $ 0.50 | $ 0.48 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net Income | $ 6,915 | $ 3,165 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities | ||
Net Amortization on Securities | 40 | 36 |
Depreciation and Amortization | 1,420 | 1,282 |
Provision (Recovery) for Credit Losses | 3,784 | |
Loss on Securities | 332 | 206 |
Gain on Purchased Tax Credits | (14) | (28) |
Income from Bank-Owned Life Insurance | (280) | (278) |
Proceeds From Mortgage Loans Sold | 269 | 0 |
Originations of Mortgage Loans for Sale | (266) | 0 |
Loss on Sale of Loans | 3 | 0 |
Gain on Sale of Other Real Estate Owned and Repossessed Assets | 0 | (1) |
Noncash Expense for Stock-Based Compensation | 361 | 279 |
(Increase) Decrease in Accrued Interest Receivable | (561) | 36 |
Net (Gain) Loss on Disposal of Fixed Assets | (11) | 8 |
Decrease in Taxes Payable | (839) | (2,462) |
Increase (Decrease) in Accrued Interest Payable | 963 | (42) |
Other, Net | (308) | (725) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 8,536 | 5,260 |
Investment Securities Available for Sale: | ||
Proceeds From Principal Repayments and Maturities | 8,135 | 17,021 |
Purchases of Securities | 0 | (26,826) |
Net Increase in Loans | (45,113) | (9,576) |
Purchase of Premises and Equipment | (1,345) | (262) |
Proceeds from Disposal of Premises and Equipment | 36 | 0 |
Proceeds From a Claim on Bank-Owned Life Insurance | 731 | 0 |
Proceeds From Sale of Other Real Estate Owned | 0 | 37 |
(Increase) Decrease in Restricted Equity Securities | (503) | 599 |
NET CASH USED IN INVESTING ACTIVITIES | (38,059) | (19,007) |
FINANCING ACTIVITIES | ||
Net Decrease in Deposits | (5,188) | (11,423) |
Net Decrease in Short-Term Borrowings | (8,060) | (7,088) |
Proceeds From Other Borrowed Funds | 20,000 | 0 |
Cash Dividends Paid | (2,554) | (2,474) |
Treasury Stock, Purchases at Cost | (327) | (3,988) |
Exercise of Stock Options | 45 | 167 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 3,916 | (24,806) |
DECREASE IN CASH AND CASH EQUIVALENTS | (25,607) | (38,553) |
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR | 103,700 | 119,674 |
CASH AND DUE FROM BANKS AT END OF PERIOD | 78,093 | 81,121 |
Cash Paid For: | ||
Interest on Deposits and Borrowings (Including Interest Credited to Deposits of $5,462 and $1,166, Respectively) | 5,781 | 1,560 |
SUPPLEMENTAL NONCASH DISCLOSURE: | ||
Proceeds receivable from claims on bank-owned life insurance | 664 | 0 |
Other Real Estate Acquired in Settlement of Loans | 166 | 0 |
Syndicated Loans Purchased and Sold not Settled, net | 6,976 | 0 |
Right of Use Asset Recognized | 0 | 1,284 |
Lease Liability Recognized | 0 | 1,284 |
Loans | ||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities | ||
Provision (Recovery) for Credit Losses | 572 | 3,784 |
Unfunded Commitments | ||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities | ||
Provision (Recovery) for Credit Losses | $ (60) | $ 0 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Interest credit to deposit accounts | $ 5,462 | $ 1,166 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of CB Financial Services, Inc. (“CB Financial”) and its wholly owned subsidiary, Community Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, Exchange Underwriters, Inc. (“Exchange Underwriters”). CB Financial, the Bank and Exchange Underwriters are collectively referred to as the “Company”. All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with general practice within the banking industry. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading in any material respect. In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statements of Financial Condition and income and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for credit losses on loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, impairment evaluations of securities, goodwill and intangible assets impairment, and the valuation of deferred tax assets. In the opinion of management, the accompanying unaudited interim financial statements include all adjustments considered necessary for a fair presentation of the Company’s financial position and results of operations at the dates and for the periods presented. All these adjustments are of a normal, recurring nature, and they are the only adjustments included in the accompanying unaudited interim financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Interim results are not necessarily indicative of results for a full year. Nature of Operations The Company derives substantially all its income from banking and bank-related services which include interest income on commercial, commercial mortgage, residential real estate and consumer loan financing, as well as interest and dividend income on securities, insurance commissions, and fees generated from deposit services to its customers. The Company provides banking services through its subsidiary, Community Bank, a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank is a community-oriented institution offering residential and commercial real estate loans, commercial and industrial loans, and consumer loans as well as a variety of deposit products for individuals and businesses in its market area. The Bank operates 10 branches in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania, and three branches in Marshall and Ohio Counties in West Virginia. Property and casualty, commercial liability, surety and other insurance products are offered through Exchange Underwriters, a full-service, independent insurance agency. Critical Accounting Policies; Use of Critical Accounting Estimates The disclosures below supplement the accounting policies previously disclosed in Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. The updates reflect the adoption of Financial Accounting Standard Board ("FASB") ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , referred to as ASC 326 or, more commonly, referred to as Current Expected Credit Losses (CECL). Allowance for Credit Losses (ACL) On January 1, 2023, the Company adopted ASU 2016-13, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss methodology. The Company adopted ASU 2016-13 using a modified retrospective approach. Results for reporting periods beginning after January 1, 2023 are presented under Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The adoption resulted in a decrease of $3.4 million to the Company’s ACL related to loans receivable (ACL - Loans) and an increase of $718,000 in ACL for unfunded commitments (ACL - Unfunded Commitments). The net impact resulted in a $2.1 million increase to retained earnings, net of deferred taxes. The ACL represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded ACL. The ACL is reported separately as a contra-asset on the consolidated statement of financial condition. The expected credit loss for unfunded loan commitments is reported on the Consolidated Statement of Financial Condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in provision for credit losses - unfunded commitments in the Consolidated Statements of Income. ACL on Loans Receivable The ACL on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether loans within a pool continue to exhibit similar risk characteristics. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The Company evaluates the pooling methodology at least annually. Loans are charged off against the ACL when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Such segments include residential mortgage, commercial real estate mortgages, construction, commercial business, consumer and other. For most segments, the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to the aggregated discounted cash flow of each individual loan within the segment. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount. The Company estimates the ACL on loans via a quantitative analysis which considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. After the reasonable and supportable forecast period, the Company reverts, on a straight-line basis, to average historical losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a restructuring will be executed with an individual borrower or the renewal option is included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Also included in the ACL on loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative analysis or the forecasts described above. Factors that the Company considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans, and the effect of external factors such as competition, legal and regulatory requirements, among others. Furthermore, the Company considers the inherent uncertainty in quantitative models that are built upon historical data. Individually Evaluated Loans On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less estimated costs to sell at the reporting date, and the amortized cost basis of the loan. ACL on Off-Balance Sheet Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancellable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. As noted above, the ACL on unfunded loan commitments is included in other liabilities on the Consolidated Statement of Financial Condition and the related credit expense is recorded in provision for credit losses - unfunded commitments in the Consolidated Statements of Income. ACL on Available for Sale Securities For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income (loss), net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies and have a long history of no credit losses. Changes in the ACL are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued Interest Receivable The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans and available for sale securities. Accrued interest receivable on loans is reported as a component of accrued interest receivable and other assets on the Consolidated Statement of Financial Condition, totaled $4.0 million at June 30, 2023 and is excluded from the estimate of credit losses. Accrued interest receivable on available of sale securities, also a component of accrued interest receivable and other assets on the Consolidated Statement of Financial Condition, totaled $534,000, at June 30, 2023 and is excluded from the estimate of credit losses. Recent Accounting Standards In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 that extends the period of time preparers can utilize the reference rate reform relief guidance. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended. This ASU provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The elective guidance in the ASU applies to modifications of contract terms that will directly replace, or have the potential to replace, an affected rate with another interest rate index, as well as certain contemporaneous modifications of other contract terms related to the replacement of an affected rate. The ASU notes that changes in contract terms that are made to effect the reference rate reform transition are considered related to the replacement of a reference rate if they are not the result of a business decision that is separate from or in addition to changes to the terms of a contract to effect that transition. The optional expedient allows companies to account for the modification as if it was not substantial (i.e., do not treat as an extinguishment of debt). To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. For all entities, the amendments in ASU 2022-06 are effective upon issuance. As of June 30, 2023, the Company has identified approximately $16.2 million in outstanding loan balances and a $5.0 million corporate debt security tied to the LIBOR reference rate. The Company has not yet made any contract modifications. The Company is currently evaluating the potential impact of this guidance on its consolidated statements of financial statements and results of operations. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share There are no convertible securities which would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statements of Income is used as the numerator. The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Dollars in thousands, except share and per share data) Net Income $ 2,757 $ 118 $ 6,915 $ 3,165 Weighted-Average Basic Common Shares Outstanding 5,111,987 5,147,846 5,110,799 5,172,881 Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock) 4,147 9,129 7,597 16,263 Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding 5,116,134 5,156,975 5,118,396 5,189,144 Earnings Per Share: Basic $ 0.54 $ 0.02 $ 1.35 $ 0.61 Diluted 0.54 0.02 1.35 0.61 The dilutive effect on weighted average diluted common shares outstanding is the result of outstanding stock options and nonvested restricted stock. The following table presents for the periods indicated (a) options to purchase shares of common stock that were outstanding but not included in the computation of earnings per share because the options’ exercise price was greater than the average market price of the common shares for the period, and (b) shares of restricted stock awards that were not included in the computation of diluted earnings per share because the hypothetical repurchase of shares under the treasury stock method exceeded the weighted average nonvested restricted awards, therefore the effects would be anti-dilutive. Three Months Ended Six Months Ended 2023 2022 2023 2022 Stock Options 339,123 156,118 339,123 156,118 Restricted Stock 58,527 37,940 51,727 37,940 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following table presents the amortized cost and fair value of securities available-for-sale at the dates indicated: June 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-Sale Debt Securities: U.S. Government Agencies $ 53,994 $ — $ (8,612) $ 45,382 Obligations of States and Political Subdivisions 13,810 — (598) 13,212 Mortgage-Backed Securities - Government-Sponsored Enterprises 43,226 — (4,818) 38,408 Collateralized Mortgage Obligations - Government Sponsored Enterprises 92,117 — (17,418) 74,699 Corporate Debt 9,486 — (2,126) 7,360 Total Available-for-Sale Debt Securities 212,633 — (33,572) 179,061 Equity Securities: Mutual Funds 875 Other 1,491 Total Equity Securities 2,366 Total Securities $ 181,427 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-Sale Debt Securities: U.S. Government Agencies $ 53,993 $ — $ (9,359) $ 44,634 Obligations of States and Political Subdivisions 14,053 — (711) 13,342 Mortgage-Backed Securities - Government-Sponsored Enterprises 46,345 — (4,918) 41,427 Collateralized Mortgage Obligations - Government Sponsored Enterprises 96,930 — (17,288) 79,642 Corporate Debt 9,487 — (1,172) 8,315 Total Available-for-Sale Debt Securities 220,808 — (33,448) 187,360 Equity Securities: Mutual Funds 875 Other 1,823 Total Equity Securities 2,698 Total Securities $ 190,058 The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at the dates indicated: June 30, 2023 Less than 12 months 12 Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) U.S. Government Agencies — $ — $ — 13 $ 45,382 $ (8,612) 13 $ 45,382 $ (8,612) Obligations of States and Political Subdivisions 23 9,343 (413) 10 3,869 (185) 33 13,212 (598) Mortgage Backed Securities- Government Sponsored Enterprises 24 13,333 (781) 18 25,075 (4,037) 42 38,408 (4,818) Collateralized Mortgage Obligations - Government Sponsored Enterprises 1 59 (1) 20 74,640 (17,417) 21 74,699 (17,418) Corporate Debt — — — 3 7,360 (2,126) 3 7,360 (2,126) Total 48 $ 22,735 $ (1,195) 64 $ 156,326 $ (32,377) 112 $ 179,061 $ (33,572) December 31, 2022 Less than 12 months 12 Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) U.S. Government Agencies 1 $ 2,600 $ (400) 12 $ 42,034 $ (8,959) 13 $ 44,634 $ (9,359) Obligations of States and Political Subdivisions 34 13,342 (711) — — — 34 13,342 (711) Mortgage Backed Securities- Government Sponsored Enterprises 34 19,433 (1,018) 8 21,994 (3,900) 42 41,427 (4,918) Collateralized Mortgage Obligations - Government Sponsored Enterprises 12 25,395 (3,393) 10 54,247 (13,895) 22 79,642 (17,288) Corporate Debt 1 1,665 (335) 2 6,650 (837) 3 8,315 (1,172) Total 82 $ 62,435 $ (5,857) 32 $ 124,925 $ (27,591) 114 $ 187,360 $ (33,448) For debt securities, the Company does not believe that any individual unrealized loss as of June 30, 2023 or December 31, 2022, represents a credit related impairment. The Company performs a review of the entire securities portfolio on a quarterly basis to identify securities that may indicate a credit related impairment. The unrealized losses on securities at June 30, 2023 and December 31, 2022 relate principally to changes in market interest rates subsequent to the acquisition of the specific securities. The Company does not intend to sell, and it is more likely than not that it will be required to sell any of the securities in an unrealized loss position before recovery of its amortized cost or maturity of the security. Total securities available to be pledged have a fair value of $171.7 million at June 30, 2023 and $179.0 million at December 31, 2022 of which securities with a fair value of $171.4 million and $175.6 million at June 30, 2023 and December 31, 2022, respectively, were pledged to secure uninsured public deposits, short-term borrowings and for other purposes as required or permitted by law. The following table presents the scheduled maturities of debt securities as of the date indicated: June 30, 2023 Amortized Cost Fair Value (Dollars in thousands) Due in One Year or Less $ — $ — Due after One Year through Five Years 26,527 23,478 Due after Five Years through Ten Years 57,391 49,177 Due after Ten Years 128,715 106,406 Total $ 212,633 $ 179,061 The following table presents the gain and loss on equity securities from both realized sales and unrealized market adjustments for the periods indicated. There were no realized gain or loss on sales of debt securities for the periods indicated. All gains and losses presented in the table below are reported in Net Loss on Securities on the Consolidated Statements of Income. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Dollars in thousands) Equity Securities Net Unrealized Loss Recognized on Securities Held $ (100) $ (199) $ (332) $ (206) Net Realized Gain Recognized on Securities Sold — — — — Net Loss on Equity Securities $ (100) $ (199) $ (332) $ (206) Net Loss on Securities $ (100) $ (199) $ (332) $ (206) |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses The Company’s loan portfolio is segmented to enable management to monitor risk and performance. Real estate loans are further segregated into three classes. Residential mortgages include those secured by residential properties and include home equity loans, while commercial mortgages consist of loans to commercial borrowers secured by commercial real estate. Construction loans typically consist of loans to build commercial buildings and acquire and develop residential real estate. The commercial and industrial segment consists of loans to finance the activities of commercial customers. The consumer segment consists primarily of indirect auto loans as well as personal installment loans and personal or overdraft lines of credit. Residential mortgage loans are typically longer-term loans and, therefore, generally present greater interest rate risk than the consumer and commercial loans. Under certain economic conditions, housing values may decline, which may increase the risk that the collateral values are not sufficient. Commercial real estate loans generally present a higher level of credit risk than loans secured by residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income-producing properties, and the increased difficulty in evaluating and monitoring these types of loans. Furthermore, the repayment of commercial real estate loans is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower’s ability to repay the loan may be impaired. Construction loans are originated to individuals to finance the construction of residential dwellings and are also originated for the construction of commercial properties, including hotels, apartment buildings, housing developments, and owner-occupied properties used for businesses. Construction loans generally provide for the payment of interest only during the construction phase, which is usually 12 to 18 months. At the end of the construction phase, the loan generally converts to a permanent residential or commercial mortgage loan. Construction loan risks include overfunding in comparison to the plans, untimely completion of work, and leasing and stabilization after project completion. Commercial and industrial loans are generally secured by inventories, accounts receivable, and other business assets, which present collateral risk. Consumer loans generally have higher interest rates and shorter terms than residential mortgage loans; however, they have additional credit risk due to the type of collateral securing the loan. The following table presents the classifications of loans as of the dates indicated. June 30, 2023 December 31, 2022 (Dollars in thousands) Real Estate: Residential $ 338,493 $ 330,725 Commercial 458,614 436,805 Construction 44,523 44,923 Commercial and Industrial 102,266 70,044 Consumer 134,788 146,927 Other 22,470 20,449 Total Loans 1,101,154 1,049,873 Allowance for Credit Losses (10,666) (12,819) Loans, Net $ 1,090,488 $ 1,037,054 Net unamortized PPP loan origination fees as of June 30, 2023 and December 31, 2022 were $1,000 and $5,000, respectively. Additionally, $1,000 and $4,000 of net PPP loan origination fees were earned for the three and six months ended June 30, 2023, respectively, compared to $130,000 and $534,000 for the three and six months ended June 30, 2022, respectively. All PPP loans are classified as commercial and industrial loans held for investment. No allowance for credit loss was allocated to the PPP loan portfolio due to the Bank complying with the lender obligations that ensure SBA guarantee. Total unamortized net deferred loan fees were $1.1 million and $1.2 million at June 30, 2023 and December 31, 2022, respectively. The Company uses an eight-point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first four categories are not considered criticized and are aggregated as “pass” rated. The criticized rating categories used by management generally follow bank regulatory definitions. The special mention category includes assets that are currently protected but are below average quality, resulting in an undue credit risk, but not to the point of justifying a substandard classification. Loans in the substandard category have well-defined weaknesses that jeopardize the liquidation of the debt and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as Loss are considered uncollectible and of such little value that continuance as an asset is not warranted. The following table presents the Company’s loans by year of origination, loan segmentation and risk indicator summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of June 30, 2023. There were no loans in the criticized category of loss. Classified Loans by Origination Year (as of June 30, 2023) (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Real Estate: Residential Pass $ 18,613 $ 45,643 $ 43,464 $ 60,025 $ 40,379 $ 113,249 $ 14,213 $ 335,586 Special Mention — — 514 — — 411 — 925 Substandard — — 154 — — 1,828 — 1,982 Doubtful — — — — — — — — Loss — — — — — — — — Total 18,613 45,643 44,132 60,025 40,379 115,488 14,213 338,493 Commercial Pass 33,675 76,166 92,455 50,075 49,195 116,799 1,732 420,097 Special Mention — — 1,496 2,970 5,576 15,509 — 25,551 Substandard — — — — 4,521 8,445 — 12,966 Doubtful — — — — — — — — Loss — — — — — — — — Total 33,675 76,166 93,951 53,045 59,292 140,753 1,732 458,614 Construction Pass 7,694 15,531 10,184 7,784 — — 937 42,130 Special Mention — 1,249 850 — — 1 — 2,100 Substandard — — — — — 293 — 293 Doubtful — — — — — — — — Loss — — — — — — — — Total 7,694 16,780 11,034 7,784 — 294 937 44,523 Commercial and Industrial Pass 22,732 17,719 9,665 6,188 3,756 930 30,027 91,017 Special Mention — — — 18 5 3,314 3,533 6,870 Substandard — — — — — 4,012 — 4,012 Doubtful — — — — — 367 — 367 Loss — — — — — — — — Total 22,732 17,719 9,665 6,206 3,761 8,623 33,560 102,266 Consumer Pass 14,617 57,770 31,372 13,857 5,940 6,939 4,091 134,586 Special Mention — — — — — — — — Substandard — 77 20 2 — 103 — 202 Doubtful — — — — — — — — Loss — — — — — — — — Total 14,617 57,847 31,392 13,859 5,940 7,042 4,091 134,788 Other Pass — 15,312 47 685 1,337 4,189 851 22,421 Special Mention — — — — — 49 — 49 Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total — 15,312 47 685 1,337 4,238 851 22,470 Total Loans $ 97,331 $ 229,467 $ 190,221 $ 141,604 $ 110,709 $ 276,438 $ 55,384 $ 1,101,154 Gross Charge Offs $ — $ 92 $ 21 $ — $ — $ 105 $ 16 $ 234 The following table presents the Company’s loan segmentation and risk indicator summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of December 31, 2022, prior to the adoption of ASU 2016-13: December 31, 2022 Pass Special Mention Substandard Doubtful Total (Dollars in Thousands) Real Estate: Residential $ 327,531 $ 1,180 $ 2,014 $ — $ 330,725 Commercial 395,168 29,680 11,957 — 436,805 Construction 42,693 1,912 318 — 44,923 Commercial and Industrial 58,562 10,977 90 415 70,044 Consumer 146,807 — 120 — 146,927 Other 20,394 55 — — 20,449 Total Loans $ 991,155 $ 43,804 $ 14,499 $ 415 $ 1,049,873 The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of the dates indicated. June 30, 2023 Loans Current 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Non- Accrual Total Loans (Dollars in Thousands) Real Estate: Residential $ 334,719 $ 2,155 $ 144 $ — $ 2,299 $ 1,475 $ 338,493 Commercial 456,563 — — — — 2,051 458,614 Construction 44,105 418 — — 418 — 44,523 Commercial and Industrial 101,899 — — — — 367 102,266 Consumer 133,915 590 81 — 671 202 134,788 Other 22,470 — — — — — 22,470 Total Loans $ 1,093,671 $ 3,163 $ 225 $ — $ 3,388 $ 4,095 $ 1,101,154 December 31, 2022 Loans Current 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Non- Accrual Total Loans (Dollars in Thousands) Real Estate: Residential $ 325,591 $ 3,451 $ 34 $ — $ 3,485 $ 1,649 $ 330,725 Commercial 434,933 58 — — 58 1,814 436,805 Construction 44,923 — — — — — 44,923 Commercial and Industrial 69,621 8 — — 8 415 70,044 Consumer 145,887 854 66 — 920 120 146,927 Other 20,449 — — — — — 20,449 Total Loans $ 1,041,404 $ 4,371 $ 100 $ — $ 4,471 $ 3,998 $ 1,049,873 The following table sets forth the amounts for amortized cost basis of loans on nonaccrual status, loans past due 90 days still accruing, and categories of nonperforming assets at the date indicated. June 30, 2023 Nonaccrual With No ACL Nonaccrual With ACL Loans Past Due 90 Days Still Accruing Total Nonperforming Assets (Dollars in Thousands) Nonaccrual Loans: Real Estate: Residential $ 1,475 $ — $ — $ 1,475 Commercial 2,051 — — 2,051 Commercial and Industrial 367 — — 367 Consumer 202 — — 202 Total Nonaccrual Loans $ 4,095 $ — $ — 4,095 Other Real Estate Owned: Residential 129 Commercial 37 Total Other Real Estate Owned 166 Total Nonperforming Assets $ 4,261 No interest income on nonaccrual loans was recognized during the three and six months ended June 30, 2023. In conjunction with the adoption of ASU 2016-13, ASU 2022-02 was adopted and eliminates the troubled debt restructurings ("TDR") recognition and measurement. With the elimination of TDRs, ASU 2022-02 requires that all modifications and refinancing, including those with borrowers that are experiencing financial difficulty are subject to the modification guidance in ASC 310-20. Loan modifications could meet the definition of a new loan if certain terms of the loan are modified to the benefit of the lender and the modification to the terms of the loan are more than minor. Both of these criteria have to be met to define the modification as a new loan. If a loan modification meets the criteria of new loan, then the new loan should include the remaining net investment in the original loan, additional funds advanced, fees received, and direct loan origination costs with the refinancing or restructuring. Additionally, the effective interest rate should be recalculated based on the amortized cost basis of the new loan and reassess contractual cash flow. For the three and six months ended June 30, 2023, there were no new loan modifications to borrowers experiencing financial difficulty in the past 12 months under the current guidance. The following table sets forth the amounts and categories of nonperforming assets at the dates indicated as of December 31, 2022, prior to the adoption of ASU 2016-13. Included in nonperforming loans and assets are TDRs, which are loans whose contractual terms have been restructured in a manner which grants a concession to a borrower experiencing financial difficulties. Nonaccrual TDRs are included in their specific loan category in the nonaccrual loans section. December 31, (Dollars in Thousands) Nonaccrual Loans: Real Estate: Residential $ 1,649 Commercial 1,814 Commercial and Industrial 415 Consumer 120 Total Nonaccrual Loans 3,998 Accruing Loans Past Due 90 Days or More: Total Accruing Loans Past Due 90 Days or More — Total Nonaccrual Loans and Accruing Loans Past Due 90 Days or More 3,998 Troubled Debt Restructurings, Accruing: Real Estate Residential 534 Commercial 1,260 Commercial and Industrial 7 Total Troubled Debt Restructurings, Accruing 1,801 Total Nonperforming Loans 5,799 Total Nonperforming Assets $ 5,799 The recorded investment of residential real estate loans for which formal foreclosure proceedings were in process according to applicable requirements of the local jurisdiction was $756,000 and $1.4 million at June 30, 2023 and December 31, 2022, respectively. The activity in the ACL - Loans is summarized below by primary segments for the periods indicated: Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) March 31, 2023 $ 2,156 $ 3,056 $ 805 $ 1,997 $ 2,098 $ 158 $ — $ 10,270 Charge-offs (97) — — — (51) — — (148) Recoveries 1 23 — 8 20 — — 52 Provision (Recovery) for Credit Losses - Loans 296 137 133 135 (219) 10 — 492 June 30, 2023 $ 2,356 $ 3,216 $ 938 $ 2,140 $ 1,848 $ 168 $ — $ 10,666 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) December 31, 2022 $ 2,074 $ 5,810 $ 502 $ 2,313 $ 1,517 $ — $ 603 $ 12,819 Impact of ASC 326 - Loans 137 (3,244) 488 (1,057) 774 120 (603) (3,385) Charge-offs (97) — — — (104) — — (201) Recoveries 14 23 — 766 58 — — 861 Provision (Recovery) for Credit Losses - Loans 228 627 (52) 118 (397) 48 — 572 June 30, 2023 $ 2,356 $ 3,216 $ 938 $ 2,140 $ 1,848 $ 168 $ — $ 10,666 The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (accrued interest payable and other liabilities on the Consolidated Statement of Financial Condition), with adjustments to the reserve recognized in provision for credit losses - unfunded commitments on the Consolidated Statement of Income. The Company’s activity in the allowance for credit losses on unfunded commitments for the periods ended was as follows: (in thousands) Allowance for Credit Losses Balance at March 31, 2023 $ 718 Impact of CECL adoption — Recovery for credit losses - unfunded commitments (60) Balance at June 30, 2023 $ 658 (in thousands) Allowance for Credit Losses Balance at December 31, 2022 $ — Impact of CECL adoption 718 Recovery for credit losses - unfunded commitments (60) Balance at June 30, 2023 $ 658 value of the collateral and the amortized cost basis of the asset as of the measurement date. During the three and six months ended June 30, 2023, there were no loans that required a credit loss to be individually assigned. The following tables present the activity in the allowance for credit losses summarized by primary segments and segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for potential impairment at the dates and for the periods indicated, prior to the adoption of ASU 2016-13. December 31, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 21 $ — $ 3 $ — $ — $ — $ 24 Collectively Evaluated for Potential Impairment $ 2,074 $ 5,789 $ 502 $ 2,310 $ 1,517 $ — $ 603 $ 12,795 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) March 31, 2022 $ 1,472 $ 6,326 $ 704 $ 1,130 $ 1,292 $ — $ 671 $ 11,595 Charge-offs (15) — — (2,712) (20) — — (2,747) Recoveries 126 — — 57 18 — — 201 Provision (Recovery) 71 (303) (233) 3,874 212 — 163 3,784 June 30, 2022 $ 1,654 $ 6,023 $ 471 $ 2,349 $ 1,502 $ — $ 834 $ 12,833 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) December 31, 2021 $ 1,420 $ 5,960 $ 1,249 $ 1,151 $ 1,050 $ — $ 752 $ 11,582 Charge-offs (32) — — (2,712) (40) — — (2,784) Recoveries 128 — — 68 55 — — 251 Provision (Recovery) 138 63 (778) 3,842 437 — 82 3,784 June 30, 2022 $ 1,654 $ 6,023 $ 471 $ 2,349 $ 1,502 $ — $ 834 $ 12,833 June 30, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 86 $ — $ 244 $ — $ — $ — $ 330 Collectively Evaluated for Potential Impairment $ 1,654 $ 5,937 $ 471 $ 2,105 $ 1,502 $ — $ 834 $ 12,503 The following table presents the major classifications of loans summarized by individually evaluated for impairment and collectively evaluated for potential impairment as of the dates indicated, prior to the adoption of ASU 2016-13. December 31, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Total (Dollars in thousands) Individually Evaluated for Impairment $ 1,042 $ 13,217 $ 318 $ 512 $ — $ — $ 15,089 Collectively Evaluated for Potential Impairment 329,683 423,588 44,605 69,532 146,927 20,449 1,034,784 Total Loans $ 330,725 $ 436,805 $ 44,923 $ 70,044 $ 146,927 $ 20,449 $ 1,049,873 The following table presents changes in the accretable discount on the loans acquired at fair value at the dates indicated. Accretable Discount (Dollars in Thousands) December 31, 2022 $ 487 Accretable Yield (122) June 30, 2023 $ 365 Pre Adoption of ASC 326 – Impaired Loans December 31, 2022 Recorded Investment Related Allowance Unpaid Principal Balance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With No Related Allowance Recorded: Real Estate: Residential $ 1,042 $ — $ 1,047 $ 1,085 $ 51 Commercial 11,609 — 11,766 10,928 549 Construction 318 — 318 403 19 Commercial and Industrial 505 — 777 734 35 Total With No Related Allowance Recorded $ 13,474 $ — $ 13,908 $ 13,150 $ 654 With A Related Allowance Recorded: Real Estate: Commercial $ 1,608 $ 21 $ 1,608 $ 954 $ 79 Construction — — — 830 36 Commercial and Industrial 7 3 7 253 1 Total With A Related Allowance Recorded $ 1,615 $ 24 $ 1,615 $ 2,037 $ 116 Total Impaired Loans Real Estate: Residential $ 1,042 $ — $ 1,047 $ 1,085 $ 51 Commercial 13,217 21 13,374 11,882 628 Construction 318 — 318 1,233 55 Commercial and Industrial 512 3 784 987 36 Total Impaired Loans $ 15,089 $ 24 $ 15,523 $ 15,187 $ 770 |
Fair Value Disclosure
Fair Value Disclosure | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure | Fair Value Disclosure FASB ASC 820 “Fair Value Measurement” defines fair value and provides the framework for measuring fair value and required disclosures about fair value measurements. Fair value is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability at the transaction date. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used in valuation methods to determine fair value. The three levels of fair value hierarchy are as follows: Level 1 – Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets. These generally provide the most reliable evidence and are used to measure fair value whenever available. Level 2 – Fair value is based on significant inputs, other than Level 1 inputs, that are observable either directly or indirectly for substantially the full term of the asset through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets, quoted market prices in markets that are not active for identical or similar assets, and other observable inputs. Level 3 – Fair value is based on significant unobservable inputs. Examples of valuation methodologies that would result in Level 3 classification include option pricing models, discounted cash flows, and other similar techniques. This hierarchy requires the use of observable market data when available. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The following table presents the financial assets measured at fair value on a recurring basis and reported on the Consolidated Statements of Financial Condition as of the dates indicated, by level within the fair value hierarchy. The majority of the Company’s securities are included in Level 2 of the fair value hierarchy. Fair values for Level 2 securities were primarily determined by a third-party pricing service using both quoted prices for similar assets, when available, and model-based valuation techniques that derive fair value based on market-corroborated data, such as instruments with similar prepayment speeds and default interest rates. The standard inputs that are normally used include benchmark yields of like securities, reportable trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. There were no transfers into or out of Level 3 during the six months ended June 30, 2023 or year ended December 31, 2022. Fair Value Hierarchy June 30, 2023 December 31, 2022 (Dollars in thousands) Securities: Available-for-Sale Debt Securities U.S. Government Agencies Level 2 $ 45,382 $ 44,634 Obligations of States and Political Subdivisions Level 2 13,212 13,342 Mortgage-Backed Securities - Government-Sponsored Enterprises Level 2 38,408 41,427 Collateralized Mortgage Obligations - Government Sponsored Enterprises Level 2 74,699 79,642 Corporate Debt Level 2 7,360 8,315 Total Available-for-Sale Debt Securities 179,061 187,360 Equity Securities Mutual Funds Level 1 875 875 Other Level 1 1,491 1,823 Total Equity Securities 2,366 2,698 Total Securities $ 181,427 $ 190,058 The following table presents the financial assets on the Consolidated Statements of Financial Condition measured at fair value on a nonrecurring basis as of the dates indicated by level within the fair value hierarchy for only those nonrecurring assets that had a fair value below the carrying amount. The table also presents the significant unobservable inputs used in the fair value measurements. Financial Asset Fair Value Hierarchy June 30, Valuation Significant Unobservable Inputs Range Weighted Average (Dollars in thousands) OREO Level 3 $ 122 Appraisal of Collateral (1) Liquidation Expenses (2) 10 % to 50 % 36.6% Financial Asset Fair Value Hierarchy December 31, Valuation Significant Unobservable Inputs Range Weighted Average (Dollars in thousands) Individually Evaluated Loans Level 3 $ 1,591 Appraisal of Collateral (1) Appraisal Adjustments (2) 0 % to 8 % 7.2% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include various Level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal. Expected credit losses on individually evaluated loans deemed to be collateral dependent are valued based upon the lower of amortized cost or fair value of the underlying collateral less costs to sell. Fair value is measured based on the value of the collateral securing these loans and is classified as Level 3 in the fair value hierarchy. At June 30, 2023, the Company did not have any loans that would be required to be remeasured. At December 31, 2022, the fair value of individually evaluated loans consisted of loan balances of $1.6 million less their specific valuation allowances of $24,000. The fair value of mortgage servicing rights ("MSRs") is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. Since the valuation model includes significant unobservable inputs as listed above, MSRs are classified as Level 3. MSRs are reported in Other Assets in the Consolidated Statements of Financial Condition and are amortized into mortgage servicing income in Other Income in the Consolidated Statements of Income. At June 30, 2023 and December 31, 2022, the Company did not have any MSRs that would be required to be remeasured. OREO properties are evaluated at the time of acquisition and recorded at fair value, less estimated selling costs. After acquisition, OREO is recorded at the lower of cost or fair value, less estimated selling costs. The fair value of an OREO property is determined from a qualified independent appraisal and is classified as Level 3 in the fair value hierarchy. Financial instruments are defined as cash, evidence of an ownership in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from/to a second entity on potentially favorable or unfavorable terms. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If no readily available market exists, the fair value estimates for financial instruments should be based upon management’s judgment regarding current economic conditions, interest rate risk, expected cash flows, future estimated losses and other factors, as determined through various option pricing formulas or simulation modeling. As many of these assumptions result from judgments made by management based upon estimates which are inherently uncertain, the resulting estimated fair values may not be indicative of the amount realizable in the sale of a particular financial instrument. In addition, changes in the assumptions on which the estimated fair values are based may have significant impact on the resulting estimated fair values. As certain assets such as deferred tax assets and premises and equipment are not considered financial instruments, the estimated fair value of financial instruments would not represent the full value of the Company. The following table presents the estimated fair values of the Company’s financial instruments at the dates indicated. June 30, 2023 December 31, 2022 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Financial Assets: Cash and Due From Banks: Interest-Earning Level 1 $ 60,287 $ 60,287 $ 82,957 $ 82,957 Noninterest-Earning Level 1 17,806 17,806 20,743 20,743 Securities See Above 181,427 181,427 190,058 190,058 Loans, Net Level 3 1,090,488 1,051,815 1,037,054 1,011,098 Restricted Stock Level 2 3,252 3,252 2,749 2,749 Mortgage Servicing Rights Level 3 585 998 633 1,000 Accrued Interest Receivable Level 2 4,544 4,544 3,983 3,983 Financial Liabilities: Deposits Level 2 1,263,315 1,259,640 1,268,503 1,264,846 Short-Term Borrowings Level 2 — — 8,060 8,060 Other Borrowed Funds FHLB Borrowings Level 2 20,000 19,922 — — Subordinated Debt Level 2 14,658 12,355 14,638 13,490 Accrued Interest Payable Level 2 1,318 1,318 355 355 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business primarily to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and performance letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and performance letters of credit written is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following table presents the unused and available credit balances of financial instruments whose contracts represent credit risk at the dates indicated. June 30, December 31, (Dollars in thousands) Standby Letters of Credit $ 110 $ 110 Performance Letters of Credit 838 1,064 Construction Mortgages 43,464 45,722 Personal Lines of Credit 7,355 6,824 Overdraft Protection Lines 4,947 5,241 Home Equity Lines of Credit 23,459 22,784 Commercial Lines of Credit 65,250 74,921 Total Commitments $ 145,423 $ 156,666 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. Performance letters of credit represent conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These instruments are issued primarily to support bid or performance-related contracts. The coverage period for these instruments is typically a one-year period with an annual renewal option subject to prior approval by management. Fees earned from the issuance of these letters are recognized upon expiration of the letter. For secured letters of credit, the collateral is typically Company deposit instruments or customer business assets. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | LeasesThe Company evaluates contracts at commencement to determine if a lease is present. The Company’s lease contracts are all classified as operating leases and create operating right-of-use (“ROU”) assets and corresponding lease liabilities on the Consolidated Statements of Financial Condition. The leases are primarily ROU assets of land and building for branch and loan production locations. ROU assets lease liabilities The following tables present the lease expense, ROU assets, weighted average term, discount rate and maturity analysis of lease liabilities for operating leases for the periods and dates indicated. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Dollars in thousands) Operating Lease Expense $ 77 $ 89 $ 154 $ 171 Short-Term Lease Expense — 1 — 1 Variable Lease Expense 8 7 15 14 Total Lease Expense $ 85 $ 97 $ 169 $ 186 June 30, December 31, (Dollars in thousands) Operating Leases: ROU Assets $ 1,801 $ 1,926 Weighted Average Lease Term in Years 7.80 8.13 Weighted Average Discount Rate 2.87 % 2.87 % June 30, (Dollars in thousands) Maturity Analysis: Due in One Year $ 360 Due After One Year to Two Years 331 Due After Two Years to Three Years 233 Due After Three Years to Four Years 236 Due After Four to Five Years 225 Due After Five Years 776 Total $ 2,161 Less: Present Value Discount 223 Lease Liabilities $ 1,938 There were no new lease agreements entered into during the six months ended June 30, 2023. During the six months ended June 30, 2022, the Company entered into a new lease agreement for the McMurray, PA branch, for a 10-year term ending March 31, 2032, as well as a new lease agreement for the Waynesburg branch, for a 5-year term ending July 31, 2027. |
Other Noninterest Expense
Other Noninterest Expense | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other Noninterest Expense | Other Noninterest Expense The details of other noninterest expense for the Company’s Consolidated Statements of Income for the periods indicated are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 (Dollars in thousands) Non-Employee Compensation $ 151 $ 139 $ 302 $ 270 Printing and Supplies 70 46 124 127 Postage 59 33 162 137 Telephone 124 119 268 258 Charitable Contributions 24 39 58 80 Dues and Subscriptions 43 39 121 97 Loan Expenses 90 124 147 250 Meals and Entertainment 27 38 41 68 Travel 52 34 106 73 Training 17 13 51 31 Bank Assessment 46 47 98 94 Insurance 83 69 156 131 Miscellaneous 109 98 207 221 Total Other Noninterest Expense $ 895 $ 838 $ 1,841 $ 1,837 |
Segment and Related Information
Segment and Related Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Segment and Related InformationAt June 30, 2023, the Company’s business activities were comprised of two operating segments, which are community banking and insurance brokerage services. CB Financial is the parent company of the Bank and Exchange Underwriters, a wholly owned subsidiary of the Bank. Exchange Underwriters has an independent board of directors from the Company and is managed separately from the banking and related financial services that the Company offers. Exchange Underwriters is an independent insurance agency that offers property, casualty, commercial liability, surety and other insurance products. The following is a table of selected financial data for the Company’s subsidiaries and consolidated results at the dates and for the periods indicated. Community Bank Exchange Underwriters, Inc. CB Financial Services, Inc. Net Eliminations Consolidated (Dollars in thousands) June 30, 2023 Assets $ 1,432,181 $ 5,576 $ 131,258 $ (136,282) $ 1,432,733 Liabilities 1,317,617 2,337 14,669 (18,479) 1,316,144 Stockholders' Equity 114,564 3,239 116,589 (117,803) 116,589 December 31, 2022 Assets $ 1,409,510 $ 5,585 $ 124,879 $ (131,036) $ 1,408,938 Liabilities 1,301,783 1,996 14,724 (19,720) 1,298,783 Stockholders' Equity 107,727 3,589 110,155 (111,316) 110,155 Three Months Ended June 30, 2023 Interest and Dividend Income $ 15,182 $ 2 $ 1,297 $ (1,278) $ 15,203 Interest Expense 3,926 — 157 — 4,083 Net Interest and Dividend Income 11,256 2 1,140 (1,278) 11,120 Provision for Credit Losses - Loans 492 — — — 492 Recovery for Credit Losses - Unfunded Commitments (60) — — — (60) Net Interest and Dividend Income After Provision for Credit Losses 10,824 2 1,140 (1,278) 10,688 Noninterest Income (Loss) 810 1,545 (86) — 2,269 Noninterest Expense 8,457 1,044 — — 9,501 Undistributed Net Income of Subsidiary 357 — 1,656 (2,013) — Income Before Income Tax Expense (Benefit) 3,534 503 2,710 (3,291) 3,456 Income Tax Expense (Benefit) 600 146 (47) — 699 Net Income $ 2,934 $ 357 $ 2,757 $ (3,291) $ 2,757 Six Months Ended June 30, 2023 Interest and Dividend Income $ 29,405 $ 3 $ 2,593 $ (2,553) $ 29,448 Interest Expense 6,433 — 311 — 6,744 Net Interest and Dividend Income 22,972 3 2,282 (2,553) 22,704 Provision for Credit Losses - Loans 572 — — — 572 Recovery for Credit Losses - Unfunded Commitments (60) — — — (60) Net Interest and Dividend Income After Provision for Credit Losses 22,460 3 2,282 (2,553) 22,192 Noninterest Income (Loss) 1,911 3,501 (332) — 5,080 Noninterest Expense 16,382 2,143 5 — 18,530 Undistributed Net Income of Subsidiary 965 — 4,842 (5,807) — Income Before Income Tax Expense (Benefit) 8,954 1,361 6,787 (8,360) 8,742 Income Tax Expense (Benefit) 1,559 396 (128) — 1,827 Net Income $ 7,395 $ 965 $ 6,915 $ (8,360) $ 6,915 Community Bank Exchange Underwriters, Inc. CB Financial Services, Inc. Net Eliminations Consolidated (Dollars in thousands) Three Months Ended June 30, 2022 Interest and Dividend Income $ 10,940 $ 2 $ 1,255 $ (1,239) $ 10,958 Interest Expense 640 — 155 — 795 Net Interest and Dividend Income 10,300 2 1,100 (1,239) 10,163 Provision for Credit Losses 3,784 — — — 3,784 Net Interest and Dividend Income After Provision for Credit Losses 6,516 2 1,100 (1,239) 6,379 Noninterest Income (Loss) 903 1,369 (167) — 2,105 Noninterest Expense 7,420 985 5 — 8,410 Undistributed Net Income (Loss) of Subsidiary 273 — (897) 624 — Income Before Income Tax (Benefit) Expense 272 386 31 (615) 74 Income Tax (Benefit) Expense (70) 113 (87) — (44) Net Income $ 342 $ 273 $ 118 $ (615) $ 118 Six Months Ended June 30, 2022 Interest and Dividend Income $ 21,535 $ 3 $ 2,534 $ (2,498) $ 21,574 Interest Expense 1,208 — 310 — 1,518 Net Interest and Dividend Income 20,327 3 2,224 (2,498) 20,056 Provision for Loan Losses 3,784 — — — 3,784 Net Interest and Dividend Income After Provision for Loan Losses 16,543 3 2,224 (2,498) 16,272 Noninterest Income 1,680 3,166 (128) — 4,718 Noninterest Expense 15,065 1,992 9 — 17,066 Undistributed Net Income of Subsidiary 834 — 955 (1,789) — Income Before Income Tax Expense (Benefit) 3,992 1,177 3,042 (4,287) 3,924 Income Tax Expense (Benefit) 540 343 (124) — 759 Net Income $ 3,452 $ 834 $ 3,166 $ (4,287) $ 3,165 |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation The following table presents stock option information for the period indicated. Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Outstanding Options at December 31, 2022 283,748 $ 24.52 5.6 Granted 68,975 21.63 Exercised (2,000) 22.25 Forfeited (2,600) 25.25 Outstanding Options at June 30, 2023 348,123 $ 23.95 6.0 Exercisable Options at June 30, 2023 189,549 $ 24.54 3.5 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Nonvested Options at June 30, 2023 158,574 $ 23.25 9.1 Summary of Significant Assumptions for Newly Issued Stock Options Expected Term in Years 6.5 Expected Volatility 29.5 % Expected Dividends $ 1.00 Risk Free Rate of Return 3.63 % Weighted Average Grant Date Fair Value (per share) $ 4.37 The following table presents restricted stock award information for the period indicated Number of Shares Weighted Average Grant Date Fair Value Price Weighted Average Remaining Service Period in Years Nonvested Restricted Stock at December 31, 2022 64,125 $ 24.32 4.3 Granted 24,975 21.66 Vested (4,408) 26.00 Forfeited (860) 24.36 Nonvested Restricted Stock at June 30, 2023 83,832 $ 23.44 4.1 The Company recognizes expense over a five-year vesting period for the restricted stock awards and stock options. Stock-based compensation expense related to restricted stock awards and stock options was $187,000 and $149,000 for the three months ended June 30, 2023 and 2022. Stock based compensation was $361,000 and $279,000 for the six months ended June 30, 2023 and 2022. As of June 30, 2023 and December 31, 2022, total unrecognized compensation expense was $650,000 and $430,000, respectively, related to stock options, and $1.7 million and $1.4 million, respectively, related to restricted stock awards. Intrinsic value represents the amount by which the fair value of the underlying stock at June 30, 2023 and December 31, 2022 exceeds the exercise price of the stock options. The intrinsic value of stock options was $35,000 and $25,000 at June 30, 2023 and December 31, 2022, respectively. At June 30, 2023 and December 31, 2022, respectively, there were 203,775 and 333,335 shares available under the Plan to be issued in connection with the exercise of stock options, and 81,510 and 133,334 shares that may be issued as restricted stock awards or units. Restricted stock awards or units may be issued above this amount provided that the number of shares reserved for stock options is reduced by two and one-half shares for each restricted stock award or unit share granted. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company evaluated subsequent events through the date the consolidated financial statements were filed with the SEC and incorporated into the consolidated financial statements the effect of all material known events determined by Accounting Standards Codification ("ASC") 855, Subsequent Events |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income | $ 2,757 | $ 118 | $ 6,915 | $ 3,165 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of CB Financial Services, Inc. (“CB Financial”) and its wholly owned subsidiary, Community Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, Exchange Underwriters, Inc. (“Exchange Underwriters”). CB Financial, the Bank and Exchange Underwriters are collectively referred to as the “Company”. All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with general practice within the banking industry. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading in any material respect. In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statements of Financial Condition and income and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for credit losses on loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, impairment evaluations of securities, goodwill and intangible assets impairment, and the valuation of deferred tax assets. In the opinion of management, the accompanying unaudited interim financial statements include all adjustments considered necessary for a fair presentation of the Company’s financial position and results of operations at the dates and for the periods presented. All these adjustments are of a normal, recurring nature, and they are the only adjustments included in the accompanying unaudited interim financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Interim results are not necessarily indicative of results for a full year. |
Nature of Operations | Nature of Operations The Company derives substantially all its income from banking and bank-related services which include interest income on commercial, commercial mortgage, residential real estate and consumer loan financing, as well as interest and dividend income on securities, insurance commissions, and fees generated from deposit services to its customers. The Company provides banking services through its subsidiary, Community Bank, a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank is a community-oriented institution offering residential and commercial real estate loans, commercial and industrial loans, and consumer loans as well as a variety of deposit products for individuals and businesses in its market area. The Bank operates 10 branches in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania, and three branches in Marshall and Ohio Counties in West Virginia. Property and casualty, commercial liability, surety and other insurance products are offered through Exchange Underwriters, a full-service, independent insurance agency. |
Recent Accounting Standards | Recent Accounting Standards In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 that extends the period of time preparers can utilize the reference rate reform relief guidance. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended. This ASU provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The elective guidance in the ASU applies to modifications of contract terms that will directly replace, or have the potential to replace, an affected rate with another interest rate index, as well as certain contemporaneous modifications of other contract terms related to the replacement of an affected rate. The ASU notes that changes in contract terms that are made to effect the reference rate reform transition are considered related to the replacement of a reference rate if they are not the result of a business decision that is separate from or in addition to changes to the terms of a contract to effect that transition. The optional expedient allows companies to account for the modification as if it was not substantial (i.e., do not treat as an extinguishment of debt). To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. For all entities, the amendments in ASU 2022-06 are effective upon issuance. As of June 30, 2023, the Company has identified approximately $16.2 million in outstanding loan balances and a $5.0 million corporate debt security tied to the LIBOR reference rate. The Company has not yet made any contract modifications. The Company is currently evaluating the potential impact of this guidance on its consolidated statements of financial statements and results of operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Dollars in thousands, except share and per share data) Net Income $ 2,757 $ 118 $ 6,915 $ 3,165 Weighted-Average Basic Common Shares Outstanding 5,111,987 5,147,846 5,110,799 5,172,881 Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock) 4,147 9,129 7,597 16,263 Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding 5,116,134 5,156,975 5,118,396 5,189,144 Earnings Per Share: Basic $ 0.54 $ 0.02 $ 1.35 $ 0.61 Diluted 0.54 0.02 1.35 0.61 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share | The following table presents for the periods indicated (a) options to purchase shares of common stock that were outstanding but not included in the computation of earnings per share because the options’ exercise price was greater than the average market price of the common shares for the period, and (b) shares of restricted stock awards that were not included in the computation of diluted earnings per share because the hypothetical repurchase of shares under the treasury stock method exceeded the weighted average nonvested restricted awards, therefore the effects would be anti-dilutive. Three Months Ended Six Months Ended 2023 2022 2023 2022 Stock Options 339,123 156,118 339,123 156,118 Restricted Stock 58,527 37,940 51,727 37,940 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Debt Securities, Available-for-sale and Unrealized Loss on Investments | The following table presents the amortized cost and fair value of securities available-for-sale at the dates indicated: June 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-Sale Debt Securities: U.S. Government Agencies $ 53,994 $ — $ (8,612) $ 45,382 Obligations of States and Political Subdivisions 13,810 — (598) 13,212 Mortgage-Backed Securities - Government-Sponsored Enterprises 43,226 — (4,818) 38,408 Collateralized Mortgage Obligations - Government Sponsored Enterprises 92,117 — (17,418) 74,699 Corporate Debt 9,486 — (2,126) 7,360 Total Available-for-Sale Debt Securities 212,633 — (33,572) 179,061 Equity Securities: Mutual Funds 875 Other 1,491 Total Equity Securities 2,366 Total Securities $ 181,427 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-Sale Debt Securities: U.S. Government Agencies $ 53,993 $ — $ (9,359) $ 44,634 Obligations of States and Political Subdivisions 14,053 — (711) 13,342 Mortgage-Backed Securities - Government-Sponsored Enterprises 46,345 — (4,918) 41,427 Collateralized Mortgage Obligations - Government Sponsored Enterprises 96,930 — (17,288) 79,642 Corporate Debt 9,487 — (1,172) 8,315 Total Available-for-Sale Debt Securities 220,808 — (33,448) 187,360 Equity Securities: Mutual Funds 875 Other 1,823 Total Equity Securities 2,698 Total Securities $ 190,058 The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at the dates indicated: June 30, 2023 Less than 12 months 12 Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) U.S. Government Agencies — $ — $ — 13 $ 45,382 $ (8,612) 13 $ 45,382 $ (8,612) Obligations of States and Political Subdivisions 23 9,343 (413) 10 3,869 (185) 33 13,212 (598) Mortgage Backed Securities- Government Sponsored Enterprises 24 13,333 (781) 18 25,075 (4,037) 42 38,408 (4,818) Collateralized Mortgage Obligations - Government Sponsored Enterprises 1 59 (1) 20 74,640 (17,417) 21 74,699 (17,418) Corporate Debt — — — 3 7,360 (2,126) 3 7,360 (2,126) Total 48 $ 22,735 $ (1,195) 64 $ 156,326 $ (32,377) 112 $ 179,061 $ (33,572) December 31, 2022 Less than 12 months 12 Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) U.S. Government Agencies 1 $ 2,600 $ (400) 12 $ 42,034 $ (8,959) 13 $ 44,634 $ (9,359) Obligations of States and Political Subdivisions 34 13,342 (711) — — — 34 13,342 (711) Mortgage Backed Securities- Government Sponsored Enterprises 34 19,433 (1,018) 8 21,994 (3,900) 42 41,427 (4,918) Collateralized Mortgage Obligations - Government Sponsored Enterprises 12 25,395 (3,393) 10 54,247 (13,895) 22 79,642 (17,288) Corporate Debt 1 1,665 (335) 2 6,650 (837) 3 8,315 (1,172) Total 82 $ 62,435 $ (5,857) 32 $ 124,925 $ (27,591) 114 $ 187,360 $ (33,448) |
Investments Classified by Contractual Maturity Date | The following table presents the scheduled maturities of debt securities as of the date indicated: June 30, 2023 Amortized Cost Fair Value (Dollars in thousands) Due in One Year or Less $ — $ — Due after One Year through Five Years 26,527 23,478 Due after Five Years through Ten Years 57,391 49,177 Due after Ten Years 128,715 106,406 Total $ 212,633 $ 179,061 |
Schedule of Realized Gain (Loss) | The following table presents the gain and loss on equity securities from both realized sales and unrealized market adjustments for the periods indicated. There were no realized gain or loss on sales of debt securities for the periods indicated. All gains and losses presented in the table below are reported in Net Loss on Securities on the Consolidated Statements of Income. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Dollars in thousands) Equity Securities Net Unrealized Loss Recognized on Securities Held $ (100) $ (199) $ (332) $ (206) Net Realized Gain Recognized on Securities Sold — — — — Net Loss on Equity Securities $ (100) $ (199) $ (332) $ (206) Net Loss on Securities $ (100) $ (199) $ (332) $ (206) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the classifications of loans as of the dates indicated. June 30, 2023 December 31, 2022 (Dollars in thousands) Real Estate: Residential $ 338,493 $ 330,725 Commercial 458,614 436,805 Construction 44,523 44,923 Commercial and Industrial 102,266 70,044 Consumer 134,788 146,927 Other 22,470 20,449 Total Loans 1,101,154 1,049,873 Allowance for Credit Losses (10,666) (12,819) Loans, Net $ 1,090,488 $ 1,037,054 |
Financing Receivable Credit Quality Indicators | The following table presents the Company’s loans by year of origination, loan segmentation and risk indicator summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of June 30, 2023. There were no loans in the criticized category of loss. Classified Loans by Origination Year (as of June 30, 2023) (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Real Estate: Residential Pass $ 18,613 $ 45,643 $ 43,464 $ 60,025 $ 40,379 $ 113,249 $ 14,213 $ 335,586 Special Mention — — 514 — — 411 — 925 Substandard — — 154 — — 1,828 — 1,982 Doubtful — — — — — — — — Loss — — — — — — — — Total 18,613 45,643 44,132 60,025 40,379 115,488 14,213 338,493 Commercial Pass 33,675 76,166 92,455 50,075 49,195 116,799 1,732 420,097 Special Mention — — 1,496 2,970 5,576 15,509 — 25,551 Substandard — — — — 4,521 8,445 — 12,966 Doubtful — — — — — — — — Loss — — — — — — — — Total 33,675 76,166 93,951 53,045 59,292 140,753 1,732 458,614 Construction Pass 7,694 15,531 10,184 7,784 — — 937 42,130 Special Mention — 1,249 850 — — 1 — 2,100 Substandard — — — — — 293 — 293 Doubtful — — — — — — — — Loss — — — — — — — — Total 7,694 16,780 11,034 7,784 — 294 937 44,523 Commercial and Industrial Pass 22,732 17,719 9,665 6,188 3,756 930 30,027 91,017 Special Mention — — — 18 5 3,314 3,533 6,870 Substandard — — — — — 4,012 — 4,012 Doubtful — — — — — 367 — 367 Loss — — — — — — — — Total 22,732 17,719 9,665 6,206 3,761 8,623 33,560 102,266 Consumer Pass 14,617 57,770 31,372 13,857 5,940 6,939 4,091 134,586 Special Mention — — — — — — — — Substandard — 77 20 2 — 103 — 202 Doubtful — — — — — — — — Loss — — — — — — — — Total 14,617 57,847 31,392 13,859 5,940 7,042 4,091 134,788 Other Pass — 15,312 47 685 1,337 4,189 851 22,421 Special Mention — — — — — 49 — 49 Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total — 15,312 47 685 1,337 4,238 851 22,470 Total Loans $ 97,331 $ 229,467 $ 190,221 $ 141,604 $ 110,709 $ 276,438 $ 55,384 $ 1,101,154 Gross Charge Offs $ — $ 92 $ 21 $ — $ — $ 105 $ 16 $ 234 The following table presents the Company’s loan segmentation and risk indicator summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of December 31, 2022, prior to the adoption of ASU 2016-13: December 31, 2022 Pass Special Mention Substandard Doubtful Total (Dollars in Thousands) Real Estate: Residential $ 327,531 $ 1,180 $ 2,014 $ — $ 330,725 Commercial 395,168 29,680 11,957 — 436,805 Construction 42,693 1,912 318 — 44,923 Commercial and Industrial 58,562 10,977 90 415 70,044 Consumer 146,807 — 120 — 146,927 Other 20,394 55 — — 20,449 Total Loans $ 991,155 $ 43,804 $ 14,499 $ 415 $ 1,049,873 |
Financing Receivable, Past Due | The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of the dates indicated. June 30, 2023 Loans Current 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Non- Accrual Total Loans (Dollars in Thousands) Real Estate: Residential $ 334,719 $ 2,155 $ 144 $ — $ 2,299 $ 1,475 $ 338,493 Commercial 456,563 — — — — 2,051 458,614 Construction 44,105 418 — — 418 — 44,523 Commercial and Industrial 101,899 — — — — 367 102,266 Consumer 133,915 590 81 — 671 202 134,788 Other 22,470 — — — — — 22,470 Total Loans $ 1,093,671 $ 3,163 $ 225 $ — $ 3,388 $ 4,095 $ 1,101,154 December 31, 2022 Loans Current 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Non- Accrual Total Loans (Dollars in Thousands) Real Estate: Residential $ 325,591 $ 3,451 $ 34 $ — $ 3,485 $ 1,649 $ 330,725 Commercial 434,933 58 — — 58 1,814 436,805 Construction 44,923 — — — — — 44,923 Commercial and Industrial 69,621 8 — — 8 415 70,044 Consumer 145,887 854 66 — 920 120 146,927 Other 20,449 — — — — — 20,449 Total Loans $ 1,041,404 $ 4,371 $ 100 $ — $ 4,471 $ 3,998 $ 1,049,873 |
Financing Receivable, Nonaccrual | The following table sets forth the amounts for amortized cost basis of loans on nonaccrual status, loans past due 90 days still accruing, and categories of nonperforming assets at the date indicated. June 30, 2023 Nonaccrual With No ACL Nonaccrual With ACL Loans Past Due 90 Days Still Accruing Total Nonperforming Assets (Dollars in Thousands) Nonaccrual Loans: Real Estate: Residential $ 1,475 $ — $ — $ 1,475 Commercial 2,051 — — 2,051 Commercial and Industrial 367 — — 367 Consumer 202 — — 202 Total Nonaccrual Loans $ 4,095 $ — $ — 4,095 Other Real Estate Owned: Residential 129 Commercial 37 Total Other Real Estate Owned 166 Total Nonperforming Assets $ 4,261 No interest income on nonaccrual loans was recognized during the three and six months ended June 30, 2023. In conjunction with the adoption of ASU 2016-13, ASU 2022-02 was adopted and eliminates the troubled debt restructurings ("TDR") recognition and measurement. With the elimination of TDRs, ASU 2022-02 requires that all modifications and refinancing, including those with borrowers that are experiencing financial difficulty are subject to the modification guidance in ASC 310-20. Loan modifications could meet the definition of a new loan if certain terms of the loan are modified to the benefit of the lender and the modification to the terms of the loan are more than minor. Both of these criteria have to be met to define the modification as a new loan. If a loan modification meets the criteria of new loan, then the new loan should include the remaining net investment in the original loan, additional funds advanced, fees received, and direct loan origination costs with the refinancing or restructuring. Additionally, the effective interest rate should be recalculated based on the amortized cost basis of the new loan and reassess contractual cash flow. For the three and six months ended June 30, 2023, there were no new loan modifications to borrowers experiencing financial difficulty in the past 12 months under the current guidance. The following table sets forth the amounts and categories of nonperforming assets at the dates indicated as of December 31, 2022, prior to the adoption of ASU 2016-13. Included in nonperforming loans and assets are TDRs, which are loans whose contractual terms have been restructured in a manner which grants a concession to a borrower experiencing financial difficulties. Nonaccrual TDRs are included in their specific loan category in the nonaccrual loans section. December 31, (Dollars in Thousands) Nonaccrual Loans: Real Estate: Residential $ 1,649 Commercial 1,814 Commercial and Industrial 415 Consumer 120 Total Nonaccrual Loans 3,998 Accruing Loans Past Due 90 Days or More: Total Accruing Loans Past Due 90 Days or More — Total Nonaccrual Loans and Accruing Loans Past Due 90 Days or More 3,998 Troubled Debt Restructurings, Accruing: Real Estate Residential 534 Commercial 1,260 Commercial and Industrial 7 Total Troubled Debt Restructurings, Accruing 1,801 Total Nonperforming Loans 5,799 Total Nonperforming Assets $ 5,799 |
Financing Receivable, Allowance for Credit Loss | The activity in the ACL - Loans is summarized below by primary segments for the periods indicated: Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) March 31, 2023 $ 2,156 $ 3,056 $ 805 $ 1,997 $ 2,098 $ 158 $ — $ 10,270 Charge-offs (97) — — — (51) — — (148) Recoveries 1 23 — 8 20 — — 52 Provision (Recovery) for Credit Losses - Loans 296 137 133 135 (219) 10 — 492 June 30, 2023 $ 2,356 $ 3,216 $ 938 $ 2,140 $ 1,848 $ 168 $ — $ 10,666 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) December 31, 2022 $ 2,074 $ 5,810 $ 502 $ 2,313 $ 1,517 $ — $ 603 $ 12,819 Impact of ASC 326 - Loans 137 (3,244) 488 (1,057) 774 120 (603) (3,385) Charge-offs (97) — — — (104) — — (201) Recoveries 14 23 — 766 58 — — 861 Provision (Recovery) for Credit Losses - Loans 228 627 (52) 118 (397) 48 — 572 June 30, 2023 $ 2,356 $ 3,216 $ 938 $ 2,140 $ 1,848 $ 168 $ — $ 10,666 (in thousands) Allowance for Credit Losses Balance at March 31, 2023 $ 718 Impact of CECL adoption — Recovery for credit losses - unfunded commitments (60) Balance at June 30, 2023 $ 658 (in thousands) Allowance for Credit Losses Balance at December 31, 2022 $ — Impact of CECL adoption 718 Recovery for credit losses - unfunded commitments (60) Balance at June 30, 2023 $ 658 value of the collateral and the amortized cost basis of the asset as of the measurement date. During the three and six months ended June 30, 2023, there were no loans that required a credit loss to be individually assigned. The following tables present the activity in the allowance for credit losses summarized by primary segments and segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for potential impairment at the dates and for the periods indicated, prior to the adoption of ASU 2016-13. December 31, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 21 $ — $ 3 $ — $ — $ — $ 24 Collectively Evaluated for Potential Impairment $ 2,074 $ 5,789 $ 502 $ 2,310 $ 1,517 $ — $ 603 $ 12,795 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) March 31, 2022 $ 1,472 $ 6,326 $ 704 $ 1,130 $ 1,292 $ — $ 671 $ 11,595 Charge-offs (15) — — (2,712) (20) — — (2,747) Recoveries 126 — — 57 18 — — 201 Provision (Recovery) 71 (303) (233) 3,874 212 — 163 3,784 June 30, 2022 $ 1,654 $ 6,023 $ 471 $ 2,349 $ 1,502 $ — $ 834 $ 12,833 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) December 31, 2021 $ 1,420 $ 5,960 $ 1,249 $ 1,151 $ 1,050 $ — $ 752 $ 11,582 Charge-offs (32) — — (2,712) (40) — — (2,784) Recoveries 128 — — 68 55 — — 251 Provision (Recovery) 138 63 (778) 3,842 437 — 82 3,784 June 30, 2022 $ 1,654 $ 6,023 $ 471 $ 2,349 $ 1,502 $ — $ 834 $ 12,833 June 30, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Unallocated Total (Dollars in thousands) Individually Evaluated for Impairment $ — $ 86 $ — $ 244 $ — $ — $ — $ 330 Collectively Evaluated for Potential Impairment $ 1,654 $ 5,937 $ 471 $ 2,105 $ 1,502 $ — $ 834 $ 12,503 |
Allowance for Credit Loss Individually Collectively Evaluated for Impairment | The following table presents the major classifications of loans summarized by individually evaluated for impairment and collectively evaluated for potential impairment as of the dates indicated, prior to the adoption of ASU 2016-13. December 31, 2022 Real Estate Residential Real Estate Commercial Real Estate Construction Commercial and Industrial Consumer Other Total (Dollars in thousands) Individually Evaluated for Impairment $ 1,042 $ 13,217 $ 318 $ 512 $ — $ — $ 15,089 Collectively Evaluated for Potential Impairment 329,683 423,588 44,605 69,532 146,927 20,449 1,034,784 Total Loans $ 330,725 $ 436,805 $ 44,923 $ 70,044 $ 146,927 $ 20,449 $ 1,049,873 |
Schedule of Accretable Discount on Loans Acquired at Fair Value | The following table presents changes in the accretable discount on the loans acquired at fair value at the dates indicated. Accretable Discount (Dollars in Thousands) December 31, 2022 $ 487 Accretable Yield (122) June 30, 2023 $ 365 |
Impaired Financing Receivables | The following table presents a summary of the loans considered to be impaired as of the date indicated. December 31, 2022 Recorded Investment Related Allowance Unpaid Principal Balance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With No Related Allowance Recorded: Real Estate: Residential $ 1,042 $ — $ 1,047 $ 1,085 $ 51 Commercial 11,609 — 11,766 10,928 549 Construction 318 — 318 403 19 Commercial and Industrial 505 — 777 734 35 Total With No Related Allowance Recorded $ 13,474 $ — $ 13,908 $ 13,150 $ 654 With A Related Allowance Recorded: Real Estate: Commercial $ 1,608 $ 21 $ 1,608 $ 954 $ 79 Construction — — — 830 36 Commercial and Industrial 7 3 7 253 1 Total With A Related Allowance Recorded $ 1,615 $ 24 $ 1,615 $ 2,037 $ 116 Total Impaired Loans Real Estate: Residential $ 1,042 $ — $ 1,047 $ 1,085 $ 51 Commercial 13,217 21 13,374 11,882 628 Construction 318 — 318 1,233 55 Commercial and Industrial 512 3 784 987 36 Total Impaired Loans $ 15,089 $ 24 $ 15,523 $ 15,187 $ 770 |
Fair Value Disclosure (Tables)
Fair Value Disclosure (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the financial assets measured at fair value on a recurring basis and reported on the Consolidated Statements of Financial Condition as of the dates indicated, by level within the fair value hierarchy. The majority of the Company’s securities are included in Level 2 of the fair value hierarchy. Fair values for Level 2 securities were primarily determined by a third-party pricing service using both quoted prices for similar assets, when available, and model-based valuation techniques that derive fair value based on market-corroborated data, such as instruments with similar prepayment speeds and default interest rates. The standard inputs that are normally used include benchmark yields of like securities, reportable trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. There were no transfers into or out of Level 3 during the six months ended June 30, 2023 or year ended December 31, 2022. Fair Value Hierarchy June 30, 2023 December 31, 2022 (Dollars in thousands) Securities: Available-for-Sale Debt Securities U.S. Government Agencies Level 2 $ 45,382 $ 44,634 Obligations of States and Political Subdivisions Level 2 13,212 13,342 Mortgage-Backed Securities - Government-Sponsored Enterprises Level 2 38,408 41,427 Collateralized Mortgage Obligations - Government Sponsored Enterprises Level 2 74,699 79,642 Corporate Debt Level 2 7,360 8,315 Total Available-for-Sale Debt Securities 179,061 187,360 Equity Securities Mutual Funds Level 1 875 875 Other Level 1 1,491 1,823 Total Equity Securities 2,366 2,698 Total Securities $ 181,427 $ 190,058 |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the financial assets on the Consolidated Statements of Financial Condition measured at fair value on a nonrecurring basis as of the dates indicated by level within the fair value hierarchy for only those nonrecurring assets that had a fair value below the carrying amount. The table also presents the significant unobservable inputs used in the fair value measurements. Financial Asset Fair Value Hierarchy June 30, Valuation Significant Unobservable Inputs Range Weighted Average (Dollars in thousands) OREO Level 3 $ 122 Appraisal of Collateral (1) Liquidation Expenses (2) 10 % to 50 % 36.6% Financial Asset Fair Value Hierarchy December 31, Valuation Significant Unobservable Inputs Range Weighted Average (Dollars in thousands) Individually Evaluated Loans Level 3 $ 1,591 Appraisal of Collateral (1) Appraisal Adjustments (2) 0 % to 8 % 7.2% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include various Level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal. |
Fair Value, by Balance Sheet Grouping | The following table presents the estimated fair values of the Company’s financial instruments at the dates indicated. June 30, 2023 December 31, 2022 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Financial Assets: Cash and Due From Banks: Interest-Earning Level 1 $ 60,287 $ 60,287 $ 82,957 $ 82,957 Noninterest-Earning Level 1 17,806 17,806 20,743 20,743 Securities See Above 181,427 181,427 190,058 190,058 Loans, Net Level 3 1,090,488 1,051,815 1,037,054 1,011,098 Restricted Stock Level 2 3,252 3,252 2,749 2,749 Mortgage Servicing Rights Level 3 585 998 633 1,000 Accrued Interest Receivable Level 2 4,544 4,544 3,983 3,983 Financial Liabilities: Deposits Level 2 1,263,315 1,259,640 1,268,503 1,264,846 Short-Term Borrowings Level 2 — — 8,060 8,060 Other Borrowed Funds FHLB Borrowings Level 2 20,000 19,922 — — Subordinated Debt Level 2 14,658 12,355 14,638 13,490 Accrued Interest Payable Level 2 1,318 1,318 355 355 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks | The following table presents the unused and available credit balances of financial instruments whose contracts represent credit risk at the dates indicated. June 30, December 31, (Dollars in thousands) Standby Letters of Credit $ 110 $ 110 Performance Letters of Credit 838 1,064 Construction Mortgages 43,464 45,722 Personal Lines of Credit 7,355 6,824 Overdraft Protection Lines 4,947 5,241 Home Equity Lines of Credit 23,459 22,784 Commercial Lines of Credit 65,250 74,921 Total Commitments $ 145,423 $ 156,666 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Lease, Cost | The following tables present the lease expense, ROU assets, weighted average term, discount rate and maturity analysis of lease liabilities for operating leases for the periods and dates indicated. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Dollars in thousands) Operating Lease Expense $ 77 $ 89 $ 154 $ 171 Short-Term Lease Expense — 1 — 1 Variable Lease Expense 8 7 15 14 Total Lease Expense $ 85 $ 97 $ 169 $ 186 June 30, December 31, (Dollars in thousands) Operating Leases: ROU Assets $ 1,801 $ 1,926 Weighted Average Lease Term in Years 7.80 8.13 Weighted Average Discount Rate 2.87 % 2.87 % |
Lessee, Operating Lease, Liability, Maturity | June 30, (Dollars in thousands) Maturity Analysis: Due in One Year $ 360 Due After One Year to Two Years 331 Due After Two Years to Three Years 233 Due After Three Years to Four Years 236 Due After Four to Five Years 225 Due After Five Years 776 Total $ 2,161 Less: Present Value Discount 223 Lease Liabilities $ 1,938 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | The details of other noninterest expense for the Company’s Consolidated Statements of Income for the periods indicated are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 (Dollars in thousands) Non-Employee Compensation $ 151 $ 139 $ 302 $ 270 Printing and Supplies 70 46 124 127 Postage 59 33 162 137 Telephone 124 119 268 258 Charitable Contributions 24 39 58 80 Dues and Subscriptions 43 39 121 97 Loan Expenses 90 124 147 250 Meals and Entertainment 27 38 41 68 Travel 52 34 106 73 Training 17 13 51 31 Bank Assessment 46 47 98 94 Insurance 83 69 156 131 Miscellaneous 109 98 207 221 Total Other Noninterest Expense $ 895 $ 838 $ 1,841 $ 1,837 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following is a table of selected financial data for the Company’s subsidiaries and consolidated results at the dates and for the periods indicated. Community Bank Exchange Underwriters, Inc. CB Financial Services, Inc. Net Eliminations Consolidated (Dollars in thousands) June 30, 2023 Assets $ 1,432,181 $ 5,576 $ 131,258 $ (136,282) $ 1,432,733 Liabilities 1,317,617 2,337 14,669 (18,479) 1,316,144 Stockholders' Equity 114,564 3,239 116,589 (117,803) 116,589 December 31, 2022 Assets $ 1,409,510 $ 5,585 $ 124,879 $ (131,036) $ 1,408,938 Liabilities 1,301,783 1,996 14,724 (19,720) 1,298,783 Stockholders' Equity 107,727 3,589 110,155 (111,316) 110,155 Three Months Ended June 30, 2023 Interest and Dividend Income $ 15,182 $ 2 $ 1,297 $ (1,278) $ 15,203 Interest Expense 3,926 — 157 — 4,083 Net Interest and Dividend Income 11,256 2 1,140 (1,278) 11,120 Provision for Credit Losses - Loans 492 — — — 492 Recovery for Credit Losses - Unfunded Commitments (60) — — — (60) Net Interest and Dividend Income After Provision for Credit Losses 10,824 2 1,140 (1,278) 10,688 Noninterest Income (Loss) 810 1,545 (86) — 2,269 Noninterest Expense 8,457 1,044 — — 9,501 Undistributed Net Income of Subsidiary 357 — 1,656 (2,013) — Income Before Income Tax Expense (Benefit) 3,534 503 2,710 (3,291) 3,456 Income Tax Expense (Benefit) 600 146 (47) — 699 Net Income $ 2,934 $ 357 $ 2,757 $ (3,291) $ 2,757 Six Months Ended June 30, 2023 Interest and Dividend Income $ 29,405 $ 3 $ 2,593 $ (2,553) $ 29,448 Interest Expense 6,433 — 311 — 6,744 Net Interest and Dividend Income 22,972 3 2,282 (2,553) 22,704 Provision for Credit Losses - Loans 572 — — — 572 Recovery for Credit Losses - Unfunded Commitments (60) — — — (60) Net Interest and Dividend Income After Provision for Credit Losses 22,460 3 2,282 (2,553) 22,192 Noninterest Income (Loss) 1,911 3,501 (332) — 5,080 Noninterest Expense 16,382 2,143 5 — 18,530 Undistributed Net Income of Subsidiary 965 — 4,842 (5,807) — Income Before Income Tax Expense (Benefit) 8,954 1,361 6,787 (8,360) 8,742 Income Tax Expense (Benefit) 1,559 396 (128) — 1,827 Net Income $ 7,395 $ 965 $ 6,915 $ (8,360) $ 6,915 Community Bank Exchange Underwriters, Inc. CB Financial Services, Inc. Net Eliminations Consolidated (Dollars in thousands) Three Months Ended June 30, 2022 Interest and Dividend Income $ 10,940 $ 2 $ 1,255 $ (1,239) $ 10,958 Interest Expense 640 — 155 — 795 Net Interest and Dividend Income 10,300 2 1,100 (1,239) 10,163 Provision for Credit Losses 3,784 — — — 3,784 Net Interest and Dividend Income After Provision for Credit Losses 6,516 2 1,100 (1,239) 6,379 Noninterest Income (Loss) 903 1,369 (167) — 2,105 Noninterest Expense 7,420 985 5 — 8,410 Undistributed Net Income (Loss) of Subsidiary 273 — (897) 624 — Income Before Income Tax (Benefit) Expense 272 386 31 (615) 74 Income Tax (Benefit) Expense (70) 113 (87) — (44) Net Income $ 342 $ 273 $ 118 $ (615) $ 118 Six Months Ended June 30, 2022 Interest and Dividend Income $ 21,535 $ 3 $ 2,534 $ (2,498) $ 21,574 Interest Expense 1,208 — 310 — 1,518 Net Interest and Dividend Income 20,327 3 2,224 (2,498) 20,056 Provision for Loan Losses 3,784 — — — 3,784 Net Interest and Dividend Income After Provision for Loan Losses 16,543 3 2,224 (2,498) 16,272 Noninterest Income 1,680 3,166 (128) — 4,718 Noninterest Expense 15,065 1,992 9 — 17,066 Undistributed Net Income of Subsidiary 834 — 955 (1,789) — Income Before Income Tax Expense (Benefit) 3,992 1,177 3,042 (4,287) 3,924 Income Tax Expense (Benefit) 540 343 (124) — 759 Net Income $ 3,452 $ 834 $ 3,166 $ (4,287) $ 3,165 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Options Roll Forward | The following table presents stock option information for the period indicated. Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Outstanding Options at December 31, 2022 283,748 $ 24.52 5.6 Granted 68,975 21.63 Exercised (2,000) 22.25 Forfeited (2,600) 25.25 Outstanding Options at June 30, 2023 348,123 $ 23.95 6.0 Exercisable Options at June 30, 2023 189,549 $ 24.54 3.5 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Nonvested Options at June 30, 2023 158,574 $ 23.25 9.1 Summary of Significant Assumptions for Newly Issued Stock Options Expected Term in Years 6.5 Expected Volatility 29.5 % Expected Dividends $ 1.00 Risk Free Rate of Return 3.63 % Weighted Average Grant Date Fair Value (per share) $ 4.37 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table presents stock option information for the period indicated. Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Outstanding Options at December 31, 2022 283,748 $ 24.52 5.6 Granted 68,975 21.63 Exercised (2,000) 22.25 Forfeited (2,600) 25.25 Outstanding Options at June 30, 2023 348,123 $ 23.95 6.0 Exercisable Options at June 30, 2023 189,549 $ 24.54 3.5 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Nonvested Options at June 30, 2023 158,574 $ 23.25 9.1 Summary of Significant Assumptions for Newly Issued Stock Options Expected Term in Years 6.5 Expected Volatility 29.5 % Expected Dividends $ 1.00 Risk Free Rate of Return 3.63 % Weighted Average Grant Date Fair Value (per share) $ 4.37 |
Nonvested Restricted Stock Shares Activity | The following table presents restricted stock award information for the period indicated Number of Shares Weighted Average Grant Date Fair Value Price Weighted Average Remaining Service Period in Years Nonvested Restricted Stock at December 31, 2022 64,125 $ 24.32 4.3 Granted 24,975 21.66 Vested (4,408) 26.00 Forfeited (860) 24.36 Nonvested Restricted Stock at June 30, 2023 83,832 $ 23.44 4.1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | Jun. 30, 2023 USD ($) branch | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Real Estate Properties [Line Items] | ||||||
Allowance for credit losses related to loans receivable | $ 10,666 | $ 10,270 | $ 12,819 | $ 12,833 | $ 11,595 | $ 11,582 |
Retained earnings, net of deferred taxes | 116,589 | $ 117,195 | 110,155 | $ 113,772 | $ 122,156 | $ 133,124 |
Corporate debt security | 179,061 | 187,360 | ||||
Loans | Debt Securities | ||||||
Real Estate Properties [Line Items] | ||||||
Accrued interest receivable | 4,000 | |||||
Available-for-Sale Securities | Debt Securities | ||||||
Real Estate Properties [Line Items] | ||||||
Accrued interest receivable | 534 | |||||
Accounting Standards Update 2020-06 | ||||||
Real Estate Properties [Line Items] | ||||||
Outstanding loan balances | 16,200 | |||||
Corporate debt security | $ 5,000 | |||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Real Estate Properties [Line Items] | ||||||
Retained earnings, net of deferred taxes | 2,092 | |||||
Cumulative Effect, Period of Adoption, Adjustment | Adoption of Accounting Standard ASU 2016-13 | ||||||
Real Estate Properties [Line Items] | ||||||
Allowance for credit losses related to loans receivable | (3,385) | |||||
Allowance for credit losses for unfunded commitments | 718 | |||||
Retained earnings, net of deferred taxes | $ 2,100 | |||||
Pennsylvania | ||||||
Real Estate Properties [Line Items] | ||||||
Number of branches | branch | 10 | |||||
West Virginia | ||||||
Real Estate Properties [Line Items] | ||||||
Number of branches | branch | 3 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net Income | $ 2,757 | $ 118 | $ 6,915 | $ 3,165 |
Weighted-Average Basic Common Shares Outstanding (in shares) | 5,111,987 | 5,147,846 | 5,110,799 | 5,172,881 |
Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock) (in shares) | 4,147 | 9,129 | 7,597 | 16,263 |
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding (in shares) | 5,116,134 | 5,156,975 | 5,118,396 | 5,189,144 |
Earnings Per Share: | ||||
Basic (in dollars per share) | $ 0.54 | $ 0.02 | $ 1.35 | $ 0.61 |
Diluted (in dollars per share) | $ 0.54 | $ 0.02 | $ 1.35 | $ 0.61 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Diluted Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 339,123 | 156,118 | 339,123 | 156,118 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 58,527 | 37,940 | 51,727 | 37,940 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Investment Securities Available-for-sale (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Available-for-Sale Debt Securities: | ||
Amortized Cost | $ 212,633 | $ 220,808 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (33,572) | (33,448) |
Fair Value | 179,061 | 187,360 |
Equity Securities: | ||
Total Equity Securities | 2,366 | 2,698 |
Total Securities | 181,427 | 190,058 |
U.S. Government Agencies | ||
Available-for-Sale Debt Securities: | ||
Amortized Cost | 53,994 | 53,993 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (8,612) | (9,359) |
Fair Value | 45,382 | 44,634 |
Obligations of States and Political Subdivisions | ||
Available-for-Sale Debt Securities: | ||
Amortized Cost | 13,810 | 14,053 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (598) | (711) |
Fair Value | 13,212 | 13,342 |
Mortgage-Backed Securities - Government-Sponsored Enterprises | ||
Available-for-Sale Debt Securities: | ||
Amortized Cost | 43,226 | 46,345 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4,818) | (4,918) |
Fair Value | 38,408 | 41,427 |
Collateralized Mortgage Obligations - Government Sponsored Enterprises | ||
Available-for-Sale Debt Securities: | ||
Amortized Cost | 92,117 | 96,930 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (17,418) | (17,288) |
Fair Value | 74,699 | 79,642 |
Corporate Debt | ||
Available-for-Sale Debt Securities: | ||
Amortized Cost | 9,486 | 9,487 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2,126) | (1,172) |
Fair Value | 7,360 | 8,315 |
Mutual Funds | ||
Equity Securities: | ||
Total Equity Securities | 875 | 875 |
Other | ||
Equity Securities: | ||
Total Equity Securities | $ 1,491 | $ 1,823 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value by Investment Category and Continuous Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Less than 12 months | ||
Number of Securities | security | 48 | 82 |
Fair Value | $ 22,735 | $ 62,435 |
Gross Unrealized Losses | $ (1,195) | $ (5,857) |
12 Months or Greater | ||
Number of Securities | security | 64 | 32 |
Fair Value | $ 156,326 | $ 124,925 |
Gross Unrealized Losses | $ (32,377) | $ (27,591) |
Total | ||
Number of Securities | security | 112 | 114 |
Fair Value | $ 179,061 | $ 187,360 |
Gross Unrealized Losses | $ (33,572) | $ (33,448) |
U.S. Government Agencies | ||
Less than 12 months | ||
Number of Securities | security | 0 | 1 |
Fair Value | $ 0 | $ 2,600 |
Gross Unrealized Losses | $ 0 | $ (400) |
12 Months or Greater | ||
Number of Securities | security | 13 | 12 |
Fair Value | $ 45,382 | $ 42,034 |
Gross Unrealized Losses | $ (8,612) | $ (8,959) |
Total | ||
Number of Securities | security | 13 | 13 |
Fair Value | $ 45,382 | $ 44,634 |
Gross Unrealized Losses | $ (8,612) | $ (9,359) |
Obligations of States and Political Subdivisions | ||
Less than 12 months | ||
Number of Securities | security | 23 | 34 |
Fair Value | $ 9,343 | $ 13,342 |
Gross Unrealized Losses | $ (413) | $ (711) |
12 Months or Greater | ||
Number of Securities | security | 10 | 0 |
Fair Value | $ 3,869 | $ 0 |
Gross Unrealized Losses | $ (185) | $ 0 |
Total | ||
Number of Securities | security | 33 | 34 |
Fair Value | $ 13,212 | $ 13,342 |
Gross Unrealized Losses | $ (598) | $ (711) |
Mortgage-Backed Securities - Government-Sponsored Enterprises | ||
Less than 12 months | ||
Number of Securities | security | 24 | 34 |
Fair Value | $ 13,333 | $ 19,433 |
Gross Unrealized Losses | $ (781) | $ (1,018) |
12 Months or Greater | ||
Number of Securities | security | 18 | 8 |
Fair Value | $ 25,075 | $ 21,994 |
Gross Unrealized Losses | $ (4,037) | $ (3,900) |
Total | ||
Number of Securities | security | 42 | 42 |
Fair Value | $ 38,408 | $ 41,427 |
Gross Unrealized Losses | $ (4,818) | $ (4,918) |
Collateralized Mortgage Obligations - Government Sponsored Enterprises | ||
Less than 12 months | ||
Number of Securities | security | 1 | 12 |
Fair Value | $ 59 | $ 25,395 |
Gross Unrealized Losses | $ (1) | $ (3,393) |
12 Months or Greater | ||
Number of Securities | security | 20 | 10 |
Fair Value | $ 74,640 | $ 54,247 |
Gross Unrealized Losses | $ (17,417) | $ (13,895) |
Total | ||
Number of Securities | security | 21 | 22 |
Fair Value | $ 74,699 | $ 79,642 |
Gross Unrealized Losses | $ (17,418) | $ (17,288) |
Corporate Debt | ||
Less than 12 months | ||
Number of Securities | security | 0 | 1 |
Fair Value | $ 0 | $ 1,665 |
Gross Unrealized Losses | $ 0 | $ (335) |
12 Months or Greater | ||
Number of Securities | security | 3 | 2 |
Fair Value | $ 7,360 | $ 6,650 |
Gross Unrealized Losses | $ (2,126) | $ (837) |
Total | ||
Number of Securities | security | 3 | 3 |
Fair Value | $ 7,360 | $ 8,315 |
Gross Unrealized Losses | $ (2,126) | $ (1,172) |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Public Deposits, Short Term Borrowings and Other | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Investment securities, available-for-sale, pledged | $ 171.4 | $ 175.6 |
Public Funds and Sweep Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Investment securities, available-for-sale, pledged | $ 171.7 | $ 179 |
Securities - Maturities of Inve
Securities - Maturities of Investment Securities Available-for-sale and Held-to-maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in One Year or Less | $ 0 | |
Due after One Year through Five Years | 26,527 | |
Due after Five Years through Ten Years | 57,391 | |
Due after Ten Years | 128,715 | |
Amortized Cost | 212,633 | $ 220,808 |
Fair Value | ||
Due in One Year or Less | 0 | |
Due after One Year through Five Years | 23,478 | |
Due after Five Years through Ten Years | 49,177 | |
Due after Ten Years | 106,406 | |
Total | $ 179,061 | $ 187,360 |
Securities - Gains (Losses) of
Securities - Gains (Losses) of Sales of Available-for-sale Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity Securities | ||||
Net Unrealized Loss Recognized on Securities Held | $ (100) | $ (199) | $ (332) | $ (206) |
Net Realized Gain Recognized on Securities Sold | 0 | 0 | 0 | 0 |
Net Loss on Equity Securities | (100) | (199) | (332) | (206) |
Net Loss on Securities | $ (100) | $ (199) | $ (332) | $ (206) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Classification of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | $ 1,101,154 | $ 1,049,873 | ||||
Allowance for Credit Losses | (10,666) | $ (10,270) | (12,819) | $ (12,833) | $ (11,595) | $ (11,582) |
Loans, Net | 1,090,488 | 1,037,054 | ||||
Real Estate | Residential | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | 338,493 | 330,725 | ||||
Allowance for Credit Losses | (2,356) | (2,156) | (2,074) | (1,654) | (1,472) | (1,420) |
Real Estate | Commercial | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | 458,614 | 436,805 | ||||
Allowance for Credit Losses | (3,216) | (3,056) | (5,810) | (6,023) | (6,326) | (5,960) |
Real Estate | Construction | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | 44,523 | 44,923 | ||||
Allowance for Credit Losses | (938) | (805) | (502) | (471) | (704) | (1,249) |
Commercial and Industrial | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | 102,266 | 70,044 | ||||
Allowance for Credit Losses | (2,140) | (1,997) | (2,313) | (2,349) | (1,130) | (1,151) |
Consumer | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | 134,788 | 146,927 | ||||
Allowance for Credit Losses | (1,848) | (2,098) | (1,517) | (1,502) | (1,292) | (1,050) |
Other | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans | 22,470 | 20,449 | ||||
Allowance for Credit Losses | $ (168) | $ (158) | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Net unamortized loan fees | $ 1,100,000 | $ 1,100,000 | $ 1,200,000 | ||
Financing receivable, nonaccrual, interest income | 61,000 | $ 43,000 | 86,000 | $ 94,000 | |
Mortgage loans in process of foreclosure, amount | 756,000 | 756,000 | 1,400,000 | ||
Decrease in impaired financing receivable, recorded investment | (15,100,000) | (15,100,000) | |||
Commercial | Paycheck Protection Program, CARES Act | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Net unamortized loan fees | 1,000 | 1,000 | $ 5,000 | ||
Amortization of deferred loan origination fees, net | $ 1,000 | $ 130,000 | $ 4,000 | $ 534,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of Loans by Year of Origination (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Total Loans | |
2023 | $ 97,331 |
2022 | 229,467 |
2021 | 190,221 |
2020 | 141,604 |
2019 | 110,709 |
Prior | 276,438 |
Revolving Loans Amortized Cost Basis | 55,384 |
Total | 1,101,154 |
Gross Charge Offs | |
2023 | 0 |
2022 | 92 |
2021 | 21 |
2020 | 0 |
2019 | 0 |
Prior | 105 |
Revolving Loans Amortized Cost Basis | 16 |
Total | 234 |
Residential | |
Total Loans | |
2023 | 18,613 |
2022 | 45,643 |
2021 | 44,132 |
2020 | 60,025 |
2019 | 40,379 |
Prior | 115,488 |
Revolving Loans Amortized Cost Basis | 14,213 |
Total | 338,493 |
Commercial | |
Total Loans | |
2023 | 33,675 |
2022 | 76,166 |
2021 | 93,951 |
2020 | 53,045 |
2019 | 59,292 |
Prior | 140,753 |
Revolving Loans Amortized Cost Basis | 1,732 |
Total | 458,614 |
Commercial | Construction | |
Total Loans | |
2023 | 7,694 |
2022 | 16,780 |
2021 | 11,034 |
2020 | 7,784 |
2019 | 0 |
Prior | 294 |
Revolving Loans Amortized Cost Basis | 937 |
Total | 44,523 |
Commercial and Industrial | |
Total Loans | |
2023 | 22,732 |
2022 | 17,719 |
2021 | 9,665 |
2020 | 6,206 |
2019 | 3,761 |
Prior | 8,623 |
Revolving Loans Amortized Cost Basis | 33,560 |
Total | 102,266 |
Consumer | |
Total Loans | |
2023 | 14,617 |
2022 | 57,847 |
2021 | 31,392 |
2020 | 13,859 |
2019 | 5,940 |
Prior | 7,042 |
Revolving Loans Amortized Cost Basis | 4,091 |
Total | 134,788 |
Other | |
Total Loans | |
2023 | 0 |
2022 | 15,312 |
2021 | 47 |
2020 | 685 |
2019 | 1,337 |
Prior | 4,238 |
Revolving Loans Amortized Cost Basis | 851 |
Total | 22,470 |
Pass | Residential | |
Total Loans | |
2023 | 18,613 |
2022 | 45,643 |
2021 | 43,464 |
2020 | 60,025 |
2019 | 40,379 |
Prior | 113,249 |
Revolving Loans Amortized Cost Basis | 14,213 |
Total | 335,586 |
Pass | Commercial | |
Total Loans | |
2023 | 33,675 |
2022 | 76,166 |
2021 | 92,455 |
2020 | 50,075 |
2019 | 49,195 |
Prior | 116,799 |
Revolving Loans Amortized Cost Basis | 1,732 |
Total | 420,097 |
Pass | Commercial | Construction | |
Total Loans | |
2023 | 7,694 |
2022 | 15,531 |
2021 | 10,184 |
2020 | 7,784 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 937 |
Total | 42,130 |
Pass | Commercial and Industrial | |
Total Loans | |
2023 | 22,732 |
2022 | 17,719 |
2021 | 9,665 |
2020 | 6,188 |
2019 | 3,756 |
Prior | 930 |
Revolving Loans Amortized Cost Basis | 30,027 |
Total | 91,017 |
Pass | Consumer | |
Total Loans | |
2023 | 14,617 |
2022 | 57,770 |
2021 | 31,372 |
2020 | 13,857 |
2019 | 5,940 |
Prior | 6,939 |
Revolving Loans Amortized Cost Basis | 4,091 |
Total | 134,586 |
Pass | Other | |
Total Loans | |
2023 | 0 |
2022 | 15,312 |
2021 | 47 |
2020 | 685 |
2019 | 1,337 |
Prior | 4,189 |
Revolving Loans Amortized Cost Basis | 851 |
Total | 22,421 |
Special Mention | Residential | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 514 |
2020 | 0 |
2019 | 0 |
Prior | 411 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 925 |
Special Mention | Commercial | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 1,496 |
2020 | 2,970 |
2019 | 5,576 |
Prior | 15,509 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 25,551 |
Special Mention | Commercial | Construction | |
Total Loans | |
2023 | 0 |
2022 | 1,249 |
2021 | 850 |
2020 | 0 |
2019 | 0 |
Prior | 1 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 2,100 |
Special Mention | Commercial and Industrial | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 18 |
2019 | 5 |
Prior | 3,314 |
Revolving Loans Amortized Cost Basis | 3,533 |
Total | 6,870 |
Special Mention | Consumer | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Special Mention | Other | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 49 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 49 |
Substandard | Residential | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 154 |
2020 | 0 |
2019 | 0 |
Prior | 1,828 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 1,982 |
Substandard | Commercial | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 4,521 |
Prior | 8,445 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 12,966 |
Substandard | Commercial | Construction | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 293 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 293 |
Substandard | Commercial and Industrial | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 4,012 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 4,012 |
Substandard | Consumer | |
Total Loans | |
2023 | 0 |
2022 | 77 |
2021 | 20 |
2020 | 2 |
2019 | 0 |
Prior | 103 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 202 |
Substandard | Other | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Doubtful | Residential | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Doubtful | Commercial | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Doubtful | Commercial | Construction | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Doubtful | Commercial and Industrial | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 367 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 367 |
Doubtful | Consumer | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Doubtful | Other | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Loss | Residential | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Loss | Commercial | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Loss | Commercial | Construction | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Loss | Commercial and Industrial | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Loss | Consumer | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | 0 |
Loss | Other | |
Total Loans | |
2023 | 0 |
2022 | 0 |
2021 | 0 |
2020 | 0 |
2019 | 0 |
Prior | 0 |
Revolving Loans Amortized Cost Basis | 0 |
Total | $ 0 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Internal Risk Rating System (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 1,101,154 | $ 1,049,873 |
Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 991,155 | |
Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 43,804 | |
Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 14,499 | |
Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 415 | |
Real Estate | Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 338,493 | 330,725 |
Real Estate | Residential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 327,531 | |
Real Estate | Residential | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,180 | |
Real Estate | Residential | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,014 | |
Real Estate | Residential | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | |
Real Estate | Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 458,614 | 436,805 |
Real Estate | Commercial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 395,168 | |
Real Estate | Commercial | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 29,680 | |
Real Estate | Commercial | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 11,957 | |
Real Estate | Commercial | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | |
Real Estate | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 44,523 | 44,923 |
Real Estate | Construction | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 42,693 | |
Real Estate | Construction | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,912 | |
Real Estate | Construction | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 318 | |
Real Estate | Construction | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | |
Commercial and Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 102,266 | 70,044 |
Commercial and Industrial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 58,562 | |
Commercial and Industrial | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 10,977 | |
Commercial and Industrial | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 90 | |
Commercial and Industrial | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 415 | |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 134,788 | 146,927 |
Consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 146,807 | |
Consumer | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | |
Consumer | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 120 | |
Consumer | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | |
Other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 22,470 | 20,449 |
Other | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 20,394 | |
Other | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 55 | |
Other | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | |
Other | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 0 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Loans by Aging Categories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 1,101,154 | $ 1,049,873 |
Non- Accrual | 4,095 | 3,998 |
Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,093,671 | 1,041,404 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,388 | 4,471 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,163 | 4,371 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 225 | 100 |
90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 338,493 | 330,725 |
Non- Accrual | 1,475 | 1,649 |
Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 458,614 | 436,805 |
Non- Accrual | 2,051 | 1,814 |
Real Estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 44,523 | 44,923 |
Non- Accrual | 0 | 0 |
Real Estate | Loans Current | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 334,719 | 325,591 |
Real Estate | Loans Current | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 456,563 | 434,933 |
Real Estate | Loans Current | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 44,105 | 44,923 |
Real Estate | Total Past Due | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,299 | 3,485 |
Real Estate | Total Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 58 |
Real Estate | Total Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 418 | 0 |
Real Estate | 30-59 Days Past Due | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,155 | 3,451 |
Real Estate | 30-59 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 58 |
Real Estate | 30-59 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 418 | 0 |
Real Estate | 60-89 Days Past Due | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 144 | 34 |
Real Estate | 60-89 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 60-89 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 90 Days Or More Past Due | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 90 Days Or More Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 90 Days Or More Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 102,266 | 70,044 |
Non- Accrual | 367 | 415 |
Commercial and Industrial | Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 101,899 | 69,621 |
Commercial and Industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 8 |
Commercial and Industrial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 8 |
Commercial and Industrial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial and Industrial | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 134,788 | 146,927 |
Non- Accrual | 202 | 120 |
Consumer | Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 133,915 | 145,887 |
Consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 671 | 920 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 590 | 854 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 81 | 66 |
Consumer | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 22,470 | 20,449 |
Non- Accrual | 0 | 0 |
Other | Loans Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 22,470 | 20,449 |
Other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Other | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Nonaccrual TDRs (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual With ACL | $ 4,095 | $ 3,998 |
Total Loans | 1,101,154 | 1,049,873 |
TOTAL ASSETS | 1,432,733 | 1,408,938 |
Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual With No ACL | 4,095 | |
Nonaccrual With ACL | 0 | 3,998 |
Total Accruing Loans Past Due 90 Days or More | 0 | 0 |
Total Nonaccrual Loans and Accruing Loans Past Due 90 Days or More | 3,998 | |
Total Troubled Debt Restructurings, Accruing | 1,801 | |
Total Loans | 4,095 | 5,799 |
Total Other Real Estate Owned | 166 | |
TOTAL ASSETS | 4,261 | 5,799 |
Real Estate | Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual With ACL | 1,475 | 1,649 |
Total Loans | 338,493 | 330,725 |
Real Estate | Residential | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual With No ACL | 1,475 | |
Nonaccrual With ACL | 0 | 1,649 |
Total Accruing Loans Past Due 90 Days or More | 0 | |
Total Troubled Debt Restructurings, Accruing | 534 | |
Total Loans | 1,475 | |
Total Other Real Estate Owned | 129 | |
Real Estate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual With ACL | 2,051 | 1,814 |
Total Loans | 458,614 | 436,805 |
Real Estate | Commercial | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual With No ACL | 2,051 | |
Nonaccrual With ACL | 0 | 1,814 |
Total Accruing Loans Past Due 90 Days or More | 0 | |
Total Troubled Debt Restructurings, Accruing | 1,260 | |
Total Loans | 2,051 | |
Total Other Real Estate Owned | 37 | |
Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual With ACL | 367 | 415 |
Total Loans | 102,266 | 70,044 |
Commercial and Industrial | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual With No ACL | 367 | |
Nonaccrual With ACL | 0 | 415 |
Total Accruing Loans Past Due 90 Days or More | 0 | |
Total Troubled Debt Restructurings, Accruing | 7 | |
Total Loans | 367 | |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual With ACL | 202 | 120 |
Total Loans | 134,788 | 146,927 |
Consumer | Nonperforming Financial Instruments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual With No ACL | 202 | |
Nonaccrual With ACL | 0 | $ 120 |
Total Accruing Loans Past Due 90 Days or More | 0 | |
Total Loans | $ 202 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | $ 10,270 | $ 11,595 | $ 12,819 | $ 11,582 | |
Charge-offs | (148) | (2,747) | (201) | (2,784) | |
Recoveries | 52 | 201 | 861 | 251 | |
Provision (Recovery) for Credit Losses - Loans | 3,784 | 3,784 | |||
Ending balance | 10,666 | 12,833 | 10,666 | 12,833 | |
Individually Evaluated for Impairment | 330 | 330 | $ 24 | ||
Collectively Evaluated for Potential Impairment | 12,503 | 12,503 | 12,795 | ||
Cumulative Effect, Period of Adoption, Adjustment | Adoption of Accounting Standard ASU 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | (3,385) | ||||
Loans | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses - Loans | 492 | 3,784 | 572 | 3,784 | |
Real Estate | Residential | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 2,156 | 1,472 | 2,074 | 1,420 | |
Charge-offs | (97) | (15) | (97) | (32) | |
Recoveries | 1 | 126 | 14 | 128 | |
Provision (Recovery) for Credit Losses - Loans | 296 | 71 | 228 | 138 | |
Ending balance | 2,356 | 1,654 | 2,356 | 1,654 | |
Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Collectively Evaluated for Potential Impairment | 1,654 | 1,654 | 2,074 | ||
Real Estate | Residential | Cumulative Effect, Period of Adoption, Adjustment | Adoption of Accounting Standard ASU 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 137 | ||||
Real Estate | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 3,056 | 6,326 | 5,810 | 5,960 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 23 | 0 | 23 | 0 | |
Provision (Recovery) for Credit Losses - Loans | 137 | (303) | 627 | 63 | |
Ending balance | 3,216 | 6,023 | 3,216 | 6,023 | |
Individually Evaluated for Impairment | 86 | 86 | 21 | ||
Collectively Evaluated for Potential Impairment | 5,937 | 5,937 | 5,789 | ||
Real Estate | Commercial | Cumulative Effect, Period of Adoption, Adjustment | Adoption of Accounting Standard ASU 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | (3,244) | ||||
Real Estate | Construction | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 805 | 704 | 502 | 1,249 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (Recovery) for Credit Losses - Loans | 133 | (233) | (52) | (778) | |
Ending balance | 938 | 471 | 938 | 471 | |
Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Collectively Evaluated for Potential Impairment | 471 | 471 | 502 | ||
Real Estate | Construction | Cumulative Effect, Period of Adoption, Adjustment | Adoption of Accounting Standard ASU 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 488 | ||||
Commercial and Industrial | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 1,997 | 1,130 | 2,313 | 1,151 | |
Charge-offs | 0 | (2,712) | 0 | (2,712) | |
Recoveries | 8 | 57 | 766 | 68 | |
Provision (Recovery) for Credit Losses - Loans | 3,874 | 3,842 | |||
Ending balance | 2,140 | 2,349 | 2,140 | 2,349 | |
Individually Evaluated for Impairment | 244 | 244 | 3 | ||
Collectively Evaluated for Potential Impairment | 2,105 | 2,105 | 2,310 | ||
Commercial and Industrial | Cumulative Effect, Period of Adoption, Adjustment | Adoption of Accounting Standard ASU 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | (1,057) | ||||
Commercial and Industrial | Loans | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses - Loans | 135 | 118 | |||
Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 2,098 | 1,292 | 1,517 | 1,050 | |
Charge-offs | (51) | (20) | (104) | (40) | |
Recoveries | 20 | 18 | 58 | 55 | |
Provision (Recovery) for Credit Losses - Loans | 212 | 437 | |||
Ending balance | 1,848 | 1,502 | 1,848 | 1,502 | |
Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Collectively Evaluated for Potential Impairment | 1,502 | 1,502 | 1,517 | ||
Consumer | Cumulative Effect, Period of Adoption, Adjustment | Adoption of Accounting Standard ASU 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 774 | ||||
Consumer | Loans | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses - Loans | (219) | (397) | |||
Other | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 158 | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (Recovery) for Credit Losses - Loans | 0 | 0 | |||
Ending balance | 168 | 0 | 168 | 0 | |
Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Collectively Evaluated for Potential Impairment | 0 | 0 | 0 | ||
Other | Cumulative Effect, Period of Adoption, Adjustment | Adoption of Accounting Standard ASU 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 120 | ||||
Other | Loans | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses - Loans | 10 | 48 | |||
Unallocated | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 0 | 671 | 603 | 752 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (Recovery) for Credit Losses - Loans | 163 | 82 | |||
Ending balance | 0 | 834 | 0 | 834 | |
Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Collectively Evaluated for Potential Impairment | $ 834 | $ 834 | $ 603 | ||
Unallocated | Cumulative Effect, Period of Adoption, Adjustment | Adoption of Accounting Standard ASU 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | (603) | ||||
Unallocated | Loans | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses - Loans | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of Finance Receivable Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Beginning balance | $ 10,270 | $ 11,595 | $ 12,819 | $ 11,582 |
Provision (Recovery) for Credit Losses - Loans | 3,784 | 3,784 | ||
Ending balance | 10,666 | 12,833 | 10,666 | 12,833 |
Unfunded Commitments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Beginning balance | 718 | 0 | ||
Provision (Recovery) for Credit Losses - Loans | (60) | $ 0 | (60) | $ 0 |
Ending balance | 658 | 658 | ||
Cumulative Effect, Period of Adoption, Adjustment | Adoption of Accounting Standard ASU 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Beginning balance | (3,385) | |||
Cumulative Effect, Period of Adoption, Adjustment | Adoption of Accounting Standard ASU 2016-13 | Unfunded Commitments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Beginning balance | $ 0 | $ 718 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Loans Summarized by Individually Evaluated for Impairment and Collectively Evaluated for Potential Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | $ 15,089 | |
Collectively Evaluated for Potential Impairment | 1,034,784 | |
Total Loans | $ 1,101,154 | 1,049,873 |
Real Estate | Residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 1,042 | |
Collectively Evaluated for Potential Impairment | 329,683 | |
Total Loans | 338,493 | 330,725 |
Real Estate | Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 13,217 | |
Collectively Evaluated for Potential Impairment | 423,588 | |
Total Loans | 458,614 | 436,805 |
Real Estate | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 318 | |
Collectively Evaluated for Potential Impairment | 44,605 | |
Total Loans | 44,523 | 44,923 |
Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 512 | |
Collectively Evaluated for Potential Impairment | 69,532 | |
Total Loans | 102,266 | 70,044 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 0 | |
Collectively Evaluated for Potential Impairment | 146,927 | |
Total Loans | 134,788 | 146,927 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually Evaluated for Impairment | 0 | |
Collectively Evaluated for Potential Impairment | 20,449 | |
Total Loans | $ 22,470 | $ 20,449 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Accretable Discount on Loans Acquired at Fair Value (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Beginning balance | $ 487 |
Accretable Yield | (122) |
Ending balance | $ 365 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Impaired Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
With No Related Allowance Recorded: | |
Recorded Investment | $ 13,474 |
Unpaid Principal Balance | 13,908 |
Average Recorded Investment | 13,150 |
Interest Income Recognized | 654 |
With A Related Allowance Recorded: | |
Recorded Investment | 1,615 |
Related Allowance | 24 |
Unpaid Principal Balance | 1,615 |
Average Recorded Investment | 2,037 |
Interest Income Recognized | 116 |
Total Impaired Loans | |
Recorded Investment | 15,089 |
Related Allowance | 24 |
Unpaid Principal Balance | 15,523 |
Average Recorded Investment | 15,187 |
Interest Income Recognized | 770 |
Real Estate | Residential | |
With No Related Allowance Recorded: | |
Recorded Investment | 1,042 |
Unpaid Principal Balance | 1,047 |
Average Recorded Investment | 1,085 |
Interest Income Recognized | 51 |
With A Related Allowance Recorded: | |
Related Allowance | 0 |
Total Impaired Loans | |
Recorded Investment | 1,042 |
Related Allowance | 0 |
Unpaid Principal Balance | 1,047 |
Average Recorded Investment | 1,085 |
Interest Income Recognized | 51 |
Real Estate | Commercial | |
With No Related Allowance Recorded: | |
Recorded Investment | 11,609 |
Unpaid Principal Balance | 11,766 |
Average Recorded Investment | 10,928 |
Interest Income Recognized | 549 |
With A Related Allowance Recorded: | |
Recorded Investment | 1,608 |
Related Allowance | 21 |
Unpaid Principal Balance | 1,608 |
Average Recorded Investment | 954 |
Interest Income Recognized | 79 |
Total Impaired Loans | |
Recorded Investment | 13,217 |
Related Allowance | 21 |
Unpaid Principal Balance | 13,374 |
Average Recorded Investment | 11,882 |
Interest Income Recognized | 628 |
Real Estate | Construction | |
With No Related Allowance Recorded: | |
Recorded Investment | 318 |
Unpaid Principal Balance | 318 |
Average Recorded Investment | 403 |
Interest Income Recognized | 19 |
With A Related Allowance Recorded: | |
Recorded Investment | 0 |
Related Allowance | 0 |
Unpaid Principal Balance | 0 |
Average Recorded Investment | 830 |
Interest Income Recognized | 36 |
Total Impaired Loans | |
Recorded Investment | 318 |
Related Allowance | 0 |
Unpaid Principal Balance | 318 |
Average Recorded Investment | 1,233 |
Interest Income Recognized | 55 |
Commercial and Industrial | |
With No Related Allowance Recorded: | |
Recorded Investment | 505 |
Unpaid Principal Balance | 777 |
Average Recorded Investment | 734 |
Interest Income Recognized | 35 |
With A Related Allowance Recorded: | |
Recorded Investment | 7 |
Related Allowance | 3 |
Unpaid Principal Balance | 7 |
Average Recorded Investment | 253 |
Interest Income Recognized | 1 |
Total Impaired Loans | |
Recorded Investment | 512 |
Related Allowance | 3 |
Unpaid Principal Balance | 784 |
Average Recorded Investment | 987 |
Interest Income Recognized | $ 36 |
Fair Value Disclosure - Assets
Fair Value Disclosure - Assets and Liabilities Reported Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 179,061 | $ 187,360 |
Total Equity Securities | 2,366 | 2,698 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 179,061 | 187,360 |
Total Equity Securities | 2,366 | 2,698 |
Total Securities | 181,427 | 190,058 |
U.S. Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 45,382 | 44,634 |
Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 13,212 | 13,342 |
Mortgage-Backed Securities - Government-Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 38,408 | 41,427 |
Collateralized Mortgage Obligations - Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 74,699 | 79,642 |
Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 7,360 | 8,315 |
Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Equity Securities | 875 | 875 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Equity Securities | 1,491 | 1,823 |
Level 2 | U.S. Government Agencies | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 45,382 | 44,634 |
Level 2 | Obligations of States and Political Subdivisions | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 13,212 | 13,342 |
Level 2 | Mortgage-Backed Securities - Government-Sponsored Enterprises | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 38,408 | 41,427 |
Level 2 | Collateralized Mortgage Obligations - Government Sponsored Enterprises | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 74,699 | 79,642 |
Level 2 | Corporate Debt | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 7,360 | 8,315 |
Level 1 | Mutual Funds | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Equity Securities | 875 | 875 |
Level 1 | Other | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Equity Securities | $ 1,491 | $ 1,823 |
Fair Value Disclosure - Signifi
Fair Value Disclosure - Significant Unobservable Inputs Used in the Fair Value Measurements (Details) - Level 3 - Fair Value, Nonrecurring $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Financial Assets: | ||
OREO | $ 122 | |
Individually Evaluated Loans | $ 1,591 | |
Measurement Input, Comparability Adjustment | Weighted Average | ||
Range | ||
Individually Evaluated Loans | 0.072 | |
Measurement Input, Cost to Sell | Weighted Average | ||
Range | ||
OREO | 0.366 | |
Appraisal of Collateral | Appraisal Adjustments | Minimum | ||
Range | ||
OREO | 0.10 | |
Individually Evaluated Loans | 0 | |
Appraisal of Collateral | Appraisal Adjustments | Maximum | ||
Range | ||
OREO | 0.50 | |
Individually Evaluated Loans | 0.08 |
Fair Value Disclosure - Narrati
Fair Value Disclosure - Narrative (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Fair Value Disclosures [Abstract] | |
Recorded Investment | $ 1,615 |
Related Allowance | $ 24 |
Fair Value Disclosure - Estimat
Fair Value Disclosure - Estimated Fair Value of the Company's Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Fair Value | $ 179,061 | $ 187,360 |
Carrying Value | ||
Financial Assets: | ||
Fair Value | 181,427 | 190,058 |
Fair Value | ||
Financial Assets: | ||
Fair Value | 181,427 | 190,058 |
Level 1 | Carrying Value | ||
Financial Assets: | ||
Interest-Earning | 60,287 | 82,957 |
Noninterest-Earning | 17,806 | 20,743 |
Level 1 | Fair Value | ||
Financial Assets: | ||
Interest-Earning | 60,287 | 82,957 |
Noninterest-Earning | 17,806 | 20,743 |
Level 3 | Carrying Value | ||
Financial Assets: | ||
Loans, Net | 1,090,488 | 1,037,054 |
Mortgage Servicing Rights | 585 | 633 |
Level 3 | Fair Value | ||
Financial Assets: | ||
Loans, Net | 1,051,815 | 1,011,098 |
Mortgage Servicing Rights | 998 | 1,000 |
Level 2 | Carrying Value | ||
Financial Assets: | ||
Restricted Stock | 3,252 | 2,749 |
Accrued Interest Receivable | 4,544 | 3,983 |
Financial Liabilities: | ||
Deposits | 1,263,315 | 1,268,503 |
Short-Term Borrowings | 0 | 8,060 |
Other Borrowed Funds | ||
FHLB Borrowings | 20,000 | 0 |
Subordinated Debt | 14,658 | 14,638 |
Accrued Interest Payable | 1,318 | 355 |
Level 2 | Fair Value | ||
Financial Assets: | ||
Restricted Stock | 3,252 | 2,749 |
Accrued Interest Receivable | 4,544 | 3,983 |
Financial Liabilities: | ||
Deposits | 1,259,640 | 1,264,846 |
Short-Term Borrowings | 0 | 8,060 |
Other Borrowed Funds | ||
FHLB Borrowings | 19,922 | 0 |
Subordinated Debt | 12,355 | 13,490 |
Accrued Interest Payable | $ 1,318 | $ 355 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Unused and Available Credit Balances of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Total Commitments | $ 145,423 | $ 156,666 |
Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 110 | 110 |
Performance Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 838 | 1,064 |
Construction Mortgages | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 43,464 | 45,722 |
Personal Lines of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 7,355 | 6,824 |
Overdraft Protection Lines | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 4,947 | 5,241 |
Home Equity Lines of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | 23,459 | 22,784 |
Commercial Lines of Credit | ||
Loss Contingencies [Line Items] | ||
Total Commitments | $ 65,250 | $ 74,921 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Jun. 30, 2023 |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Accrued Interest Receivable and Other Assets |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Interest Payable and Other Liabilities |
McMurray, PA | |
Lessee, Lease, Description [Line Items] | |
Lease term | 10 years |
Waynesburg | |
Lessee, Lease, Description [Line Items] | |
Lease term | 5 years |
Leases - Operating Leases (Deta
Leases - Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Leases [Abstract] | |||||
Operating Lease Expense | $ 77 | $ 89 | $ 154 | $ 171 | |
Short-Term Lease Expense | 0 | 1 | 0 | 1 | |
Variable Lease Expense | 8 | 7 | 15 | 14 | |
Total Lease Expense | 85 | $ 97 | 169 | $ 186 | |
Operating Leases: | |||||
ROU Assets | $ 1,801 | $ 1,801 | $ 1,926 | ||
Weighted Average Lease Term in Years | 7 years 9 months 18 days | 7 years 9 months 18 days | 8 years 1 month 17 days | ||
Weighted Average Discount Rate | 2.87% | 2.87% | 2.87% |
Leases - Maturity of Operating
Leases - Maturity of Operating Lease (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Leases [Abstract] | |
Due in One Year | $ 360 |
Due After One Year to Two Years | 331 |
Due After Two Years to Three Years | 233 |
Due After Three Years to Four Years | 236 |
Due After Four to Five Years | 225 |
Due After Five Years | 776 |
Total | 2,161 |
Less: Present Value Discount | 223 |
Lease Liabilities | $ 1,938 |
Other Noninterest Expense - Com
Other Noninterest Expense - Components of Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Non-Employee Compensation | $ 151 | $ 139 | $ 302 | $ 270 |
Printing and Supplies | 70 | 46 | 124 | 127 |
Postage | 59 | 33 | 162 | 137 |
Telephone | 124 | 119 | 268 | 258 |
Charitable Contributions | 24 | 39 | 58 | 80 |
Dues and Subscriptions | 43 | 39 | 121 | 97 |
Loan Expenses | 90 | 124 | 147 | 250 |
Meals and Entertainment | 27 | 38 | 41 | 68 |
Travel | 52 | 34 | 106 | 73 |
Training | 17 | 13 | 51 | 31 |
Bank Assessment | 46 | 47 | 98 | 94 |
Insurance | 83 | 69 | 156 | 131 |
Miscellaneous | 109 | 98 | 207 | 221 |
Total Other Noninterest Expense | $ 895 | $ 838 | $ 1,841 | $ 1,837 |
Segment and Related Informati_3
Segment and Related Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment and Related Informati_4
Segment and Related Information - Reconciliation of Financial Data from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||||||
Assets | $ 1,432,733 | $ 1,432,733 | $ 1,408,938 | |||||
Liabilities | 1,316,144 | 1,316,144 | 1,298,783 | |||||
Stockholders' Equity | 116,589 | $ 113,772 | 116,589 | $ 113,772 | $ 117,195 | 110,155 | $ 122,156 | $ 133,124 |
Interest and Dividend Income | 15,203 | 10,958 | 29,448 | 21,574 | ||||
Interest Expense | 4,083 | 795 | 6,744 | 1,518 | ||||
NET INTEREST AND DIVIDEND INCOME | 11,120 | 10,163 | 22,704 | 20,056 | ||||
Provision (Recovery) for Credit Losses | 3,784 | 3,784 | ||||||
Net Interest and Dividend Income After Provision for Credit Losses | 10,688 | 6,379 | 22,192 | 16,272 | ||||
Noninterest Income (Loss) | 2,269 | 2,105 | 5,080 | 4,718 | ||||
Noninterest Expense | 9,501 | 8,410 | 18,530 | 17,066 | ||||
Undistributed Net Income of Subsidiary | 0 | 0 | 0 | 0 | ||||
Income Before Income Tax Expense (Benefit) | 3,456 | 74 | 8,742 | 3,924 | ||||
Income Tax Expense (Benefit) | 699 | (44) | 1,827 | 759 | ||||
Net Income | 2,757 | 118 | 6,915 | 3,165 | ||||
Loans | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Provision (Recovery) for Credit Losses | 492 | 3,784 | 572 | 3,784 | ||||
Unfunded Commitments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Provision (Recovery) for Credit Losses | (60) | 0 | (60) | 0 | ||||
Operating Segments | CB Financial Services, Inc. | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Undistributed Net Income of Subsidiary | 1,656 | (897) | 4,842 | |||||
Operating Segments | Community Bank | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 1,432,181 | 1,432,181 | 1,409,510 | |||||
Liabilities | 1,317,617 | 1,317,617 | 1,301,783 | |||||
Stockholders' Equity | 114,564 | 114,564 | 107,727 | |||||
Interest and Dividend Income | 15,182 | 10,940 | 29,405 | 21,535 | ||||
Interest Expense | 3,926 | 640 | 6,433 | 1,208 | ||||
NET INTEREST AND DIVIDEND INCOME | 11,256 | 10,300 | 22,972 | 20,327 | ||||
Provision (Recovery) for Credit Losses | 3,784 | 3,784 | ||||||
Net Interest and Dividend Income After Provision for Credit Losses | 10,824 | 6,516 | 22,460 | 16,543 | ||||
Noninterest Income (Loss) | 810 | 903 | 1,911 | 1,680 | ||||
Noninterest Expense | 8,457 | 7,420 | 16,382 | 15,065 | ||||
Undistributed Net Income of Subsidiary | 357 | 273 | 965 | 834 | ||||
Income Before Income Tax Expense (Benefit) | 3,534 | 272 | 8,954 | 3,992 | ||||
Income Tax Expense (Benefit) | 600 | (70) | 1,559 | 540 | ||||
Net Income | 2,934 | 342 | 7,395 | 3,452 | ||||
Operating Segments | Community Bank | Loans | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Provision (Recovery) for Credit Losses | 492 | 572 | ||||||
Operating Segments | Community Bank | Unfunded Commitments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Provision (Recovery) for Credit Losses | (60) | (60) | ||||||
Operating Segments | Insurance Brokerage Services Segment | Exchange Underwriters, Inc. | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 5,576 | 5,576 | 5,585 | |||||
Liabilities | 2,337 | 2,337 | 1,996 | |||||
Stockholders' Equity | 3,239 | 3,239 | 3,589 | |||||
Interest and Dividend Income | 2 | 2 | 3 | 3 | ||||
Interest Expense | 0 | 0 | 0 | 0 | ||||
NET INTEREST AND DIVIDEND INCOME | 2 | 2 | 3 | 3 | ||||
Provision (Recovery) for Credit Losses | 0 | 0 | ||||||
Net Interest and Dividend Income After Provision for Credit Losses | 2 | 2 | 3 | 3 | ||||
Noninterest Income (Loss) | 1,545 | 1,369 | 3,501 | 3,166 | ||||
Noninterest Expense | 1,044 | 985 | 2,143 | 1,992 | ||||
Undistributed Net Income of Subsidiary | 0 | 0 | 0 | 0 | ||||
Income Before Income Tax Expense (Benefit) | 503 | 386 | 1,361 | 1,177 | ||||
Income Tax Expense (Benefit) | 146 | 113 | 396 | 343 | ||||
Net Income | 357 | 273 | 965 | 834 | ||||
Operating Segments | Insurance Brokerage Services Segment | Exchange Underwriters, Inc. | Loans | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Provision (Recovery) for Credit Losses | 0 | 0 | ||||||
Operating Segments | Insurance Brokerage Services Segment | Exchange Underwriters, Inc. | Unfunded Commitments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Provision (Recovery) for Credit Losses | 0 | 0 | ||||||
Operating Segments | Insurance Brokerage Services Segment | CB Financial Services, Inc. | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 131,258 | 131,258 | 124,879 | |||||
Liabilities | 14,669 | 14,669 | 14,724 | |||||
Stockholders' Equity | 116,589 | 116,589 | 110,155 | |||||
Interest and Dividend Income | 1,297 | 1,255 | 2,593 | 2,534 | ||||
Interest Expense | 157 | 155 | 311 | 310 | ||||
NET INTEREST AND DIVIDEND INCOME | 1,140 | 1,100 | 2,282 | 2,224 | ||||
Provision (Recovery) for Credit Losses | 0 | 0 | ||||||
Net Interest and Dividend Income After Provision for Credit Losses | 1,140 | 1,100 | 2,282 | 2,224 | ||||
Noninterest Income (Loss) | (86) | (167) | (332) | (128) | ||||
Noninterest Expense | 0 | 5 | 5 | 9 | ||||
Undistributed Net Income of Subsidiary | 955 | |||||||
Income Before Income Tax Expense (Benefit) | 2,710 | 31 | 6,787 | 3,042 | ||||
Income Tax Expense (Benefit) | (47) | (87) | (128) | (124) | ||||
Net Income | 2,757 | 118 | 6,915 | 3,166 | ||||
Operating Segments | Insurance Brokerage Services Segment | CB Financial Services, Inc. | Loans | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Provision (Recovery) for Credit Losses | 0 | 0 | ||||||
Operating Segments | Insurance Brokerage Services Segment | CB Financial Services, Inc. | Unfunded Commitments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Provision (Recovery) for Credit Losses | 0 | 0 | ||||||
Net Eliminations | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | (136,282) | (136,282) | (131,036) | |||||
Liabilities | (18,479) | (18,479) | (19,720) | |||||
Stockholders' Equity | (117,803) | (117,803) | $ (111,316) | |||||
Interest and Dividend Income | (1,278) | (1,239) | (2,553) | (2,498) | ||||
Interest Expense | 0 | 0 | 0 | 0 | ||||
NET INTEREST AND DIVIDEND INCOME | (1,278) | (1,239) | (2,553) | (2,498) | ||||
Provision (Recovery) for Credit Losses | 0 | 0 | ||||||
Net Interest and Dividend Income After Provision for Credit Losses | (1,278) | (1,239) | (2,553) | (2,498) | ||||
Noninterest Income (Loss) | 0 | 0 | 0 | 0 | ||||
Noninterest Expense | 0 | 0 | 0 | 0 | ||||
Undistributed Net Income of Subsidiary | (2,013) | 624 | (5,807) | (1,789) | ||||
Income Before Income Tax Expense (Benefit) | (3,291) | (615) | (8,360) | (4,287) | ||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||||
Net Income | (3,291) | $ (615) | (8,360) | $ (4,287) | ||||
Net Eliminations | Loans | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Provision (Recovery) for Credit Losses | 0 | 0 | ||||||
Net Eliminations | Unfunded Commitments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Provision (Recovery) for Credit Losses | $ 0 | $ 0 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Number of Shares | ||
Beginning balance (in shares) | 283,748 | |
Granted (in shares) | 68,975 | |
Exercised (in shares) | (2,000) | |
Forfeited (in shares) | (2,600) | |
Ending balance (in shares) | 348,123 | 283,748 |
Exercisable (in shares) | 189,549 | |
Weighted Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 24.52 | |
Granted (in dollars per share) | 21.63 | |
Exercised (in dollars per share) | 22.25 | |
Forfeited (in dollars per share) | 25.25 | |
Ending balance (in dollars per share) | 23.95 | $ 24.52 |
Exercisable (in dollars per share) | $ 24.54 | |
Weighted Average Remaining Contractual Life in Years | ||
Outstanding | 6 years | 5 years 7 months 6 days |
Exercisable | 3 years 6 months |
Stock Based Compensation - Nonv
Stock Based Compensation - Nonvested Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Number of Shares | |
Nonvested (in shares) | shares | 158,574 |
Weighted Average Exercise Price | |
Nonvested (in dollars per share) | $ / shares | $ 23.25 |
Weighted Average Remaining Contractual Life in Years | |
Nonvested (in years) | 9 years 1 month 6 days |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Significant Assumptions for Newly Issued Stock Options (Details) - Stock Options | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected Term in Years | 6 years 6 months |
Expected Volatility | 29.50% |
Expected Dividends | $ | $ 1 |
Risk Free Rate of Return | 3.63% |
Weighted Average Grant Date Fair Value (per share) | $ / shares | $ 4.37 |
Share Based Compensation - Rest
Share Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Number of Shares | ||
Beginning balance (in shares) | 64,125 | |
Granted (in shares) | 24,975 | |
Vested (in shares) | (4,408) | |
Forfeited (in shares) | (860) | |
Ending balance (in shares) | 83,832 | 64,125 |
Weighted Average Grant Date Fair Value Price | ||
Beginning balance (in dollars per share) | $ 24.32 | |
Granted (in dollars per share) | 21.66 | |
Vested (in dollars per share) | 26 | |
Forfeited (in dollars per share) | 24.36 | |
Ending balance (in dollars per share) | $ 23.44 | $ 24.32 |
Weighted Average Remaining Contractual Life in Years | ||
Nonvested | 4 years 1 month 6 days | 4 years 3 months 18 days |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount | $ 650,000 | $ 650,000 | $ 430,000 | ||
Share-based Payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | 1,700,000 | 1,700,000 | 1,400,000 | ||
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value | 35,000 | $ 35,000 | $ 25,000 | ||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 5 years | ||||
Stock-based compensation expense | $ 187,000 | $ 149,000 | $ 361,000 | $ 279,000 | |
Number of shares authorized (in shares) | 203,775 | 203,775 | 333,335 | ||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 5 years | ||||
Stock-based compensation expense | $ 187,000 | $ 149,000 | $ 361,000 | $ 279,000 | |
Number of shares authorized (in shares) | 81,510 | 81,510 | 133,334 | ||
Reduction of shares over threshold (in shares) | 2.5 | 2.5 |