Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity File Number | 001-15985 | |
Entity Registrant Name | UNION BANKSHARES, INC. | |
Entity Incorporation, State or Country Code | VT | |
Entity Tax Identification Number | 03-0283552 | |
Entity Address, Address Line One | 20 LOWER MAIN STREET, P.O. BOX 667 | |
Entity Address, City or Town | MORRISVILLE | |
Entity Address, State or Province | VT | |
Entity Address, Postal Zip Code | 05661 | |
City Area Code | 802 | |
Local Phone Number | 888-6600 | |
Title of 12(b) Security | Common Stock, $2.00 par value | |
Trading Symbol | UNB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,495,672 | |
Entity Central Index Key | 0000706863 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 5,047 | $ 4,659 |
Federal funds sold and overnight deposits | 45,755 | 61,263 |
Cash and cash equivalents | 50,802 | 65,922 |
Interest bearing deposits in banks | 14,192 | 13,196 |
Investment securities available-for-sale | 272,151 | 267,819 |
Other investments | 1,273 | 1,132 |
Total investments | 273,424 | 268,951 |
Loans held for sale | 2,349 | 13,829 |
Loans | 827,607 | 787,050 |
Allowance for loan losses | (8,336) | (8,336) |
Net deferred loan costs | 1,007 | 705 |
Net loans | 820,278 | 779,419 |
Premises and equipment, net | 21,320 | 21,615 |
Company-owned life insurance | 18,192 | 18,764 |
Other assets | 32,986 | 23,677 |
Total assets | 1,233,543 | 1,205,373 |
Deposits | ||
Noninterest bearing | 303,077 | 264,888 |
Interest bearing | 726,864 | 723,479 |
Time | 104,303 | 106,715 |
Total deposits | 1,134,244 | 1,095,082 |
Subordinated notes | 16,179 | 16,171 |
Accrued interest and other liabilities | 13,703 | 9,779 |
Total liabilities | 1,164,126 | 1,121,032 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Common stock, $2.00 par value; 7,500,000 shares authorized; 4,968,692 shares issued at March 31, 2022 and 4,967,093 shares issued at December 31, 2021 | 9,937 | 9,934 |
Additional paid-in capital | 1,878 | 1,769 |
Retained earnings | 79,259 | 78,350 |
Treasury stock at cost; 475,522 shares at March 31, 2022 and 473,438 shares at December 31, 2021 | (4,231) | (4,160) |
Accumulated other comprehensive loss | (17,426) | (1,552) |
Total stockholders' equity | 69,417 | 84,341 |
Total liabilities and stockholders' equity | $ 1,233,543 | $ 1,205,373 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 2 | $ 2 |
Common stock, shares authorized (in shares) | 7,500,000 | 7,500,000 |
Common stock, shares issued (in shares) | 4,968,692 | 4,967,093 |
Treasury stock, shares (in shares) | 475,522 | 473,438 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and dividend income | ||
Interest and fees on loans | $ 8,474 | $ 8,885 |
Interest on debt securities: | ||
Taxable | 972 | 404 |
Tax exempt | 222 | 151 |
Dividends | 6 | 4 |
Interest on federal funds sold and overnight deposits | 19 | 19 |
Interest on interest bearing deposits in banks | 33 | 37 |
Total interest and dividend income | 9,726 | 9,500 |
Interest expense | ||
Interest on deposits | 621 | 1,047 |
Interest on borrowed funds | 0 | 54 |
Interest on subordinated notes | 142 | 0 |
Total interest expense | 763 | 1,101 |
Net interest income | 8,963 | 8,399 |
Provision for loan losses | 0 | 150 |
Net interest income after provision for loan losses | 8,963 | 8,249 |
Noninterest income | ||
Trust income | 209 | 185 |
Service fees | 1,635 | 1,523 |
Net gains on sales of investment securities available-for-sale | 26 | 0 |
Net gains on sales of loans held for sale | 14 | 894 |
Net gains on other investments | 82 | 44 |
Other income (loss) | 89 | (25) |
Total noninterest income | 2,055 | 2,621 |
Noninterest expenses | ||
Salaries and wages | 3,410 | 3,083 |
Employee benefits | 1,305 | 1,169 |
Occupancy expense, net | 527 | 477 |
Equipment expense | 916 | 798 |
Other expenses | 1,956 | 1,926 |
Total noninterest expenses | 8,114 | 7,453 |
Income before provision for income taxes | 2,904 | 3,417 |
Provision for income taxes | 422 | 541 |
Net income | $ 2,482 | $ 2,876 |
Basic earnings per common share (in usd per share) | $ 0.55 | $ 0.64 |
Weighted average number of common shares outstanding (in shares) | 4,494,871 | 4,480,339 |
Dividends per common share (in usd per share) | $ 0.35 | $ 0.33 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 2,482 | $ 2,876 |
Investment securities available-for-sale: | ||
Net unrealized holding losses arising during the period on investment securities available-for-sale | (15,853) | (2,555) |
Reclassification adjustment for net gains on sales of investment securities available-for-sale realized in net income | (21) | 0 |
Total other comprehensive loss | (15,874) | (2,555) |
Total comprehensive (loss) income | $ (13,392) | $ 321 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in capital | Retained earnings | Treasury stock | Accumulated other comprehensive (loss) income |
Beginning balance (in shares) at Dec. 31, 2020 | 4,480,100 | |||||
Beginning balances at Dec. 31, 2020 | $ 80,867 | $ 9,910 | $ 1,393 | $ 71,097 | $ (4,169) | $ 2,636 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 2,876 | 2,876 | ||||
Other comprehensive loss | (2,555) | (2,555) | ||||
Dividend reinvestment plan (in shares) | 451 | |||||
Dividend reinvestment plan | 12 | 8 | 4 | |||
Cash dividends declared | (1,479) | (1,479) | ||||
Stock based compensation expense | 92 | 92 | ||||
Exercise of stock options (in shares) | 500 | |||||
Exercise of stock options | 12 | $ 1 | 11 | |||
Purchase of treasury stock (in shares) | (97) | |||||
Purchase of treasury stock | (2) | (2) | ||||
Ending balance (in shares) at Mar. 31, 2021 | 4,480,954 | |||||
Ending balances at Mar. 31, 2021 | 79,823 | $ 9,911 | 1,504 | 72,494 | (4,167) | 81 |
Beginning balance (in shares) at Dec. 31, 2021 | 4,493,655 | |||||
Beginning balances at Dec. 31, 2021 | 84,341 | $ 9,934 | 1,769 | 78,350 | (4,160) | (1,552) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 2,482 | 2,482 | ||||
Other comprehensive loss | (15,874) | (15,874) | ||||
Dividend reinvestment plan (in shares) | 416 | |||||
Dividend reinvestment plan | 13 | 9 | 4 | |||
Cash dividends declared | (1,573) | (1,573) | ||||
Stock based compensation expense (in shares) | 1,599 | |||||
Stock based compensation expense | 103 | $ 3 | 100 | |||
Purchase of treasury stock (in shares) | (2,500) | |||||
Purchase of treasury stock | (75) | (75) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 4,493,170 | |||||
Ending balances at Mar. 31, 2022 | $ 69,417 | $ 9,937 | $ 1,878 | $ 79,259 | $ (4,231) | $ (17,426) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (in usd per share) | $ 0.35 | $ 0.33 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows From Operating Activities | ||
Net income | $ 2,482 | $ 2,876 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 459 | 459 |
Provision for loan losses | 0 | 150 |
Deferred income tax provision | 11 | 14 |
Net amortization of premiums on investment securities | 160 | 168 |
Equity in losses of limited partnerships | 256 | 262 |
Stock based compensation expense | 103 | 92 |
Net (increase) decrease in unamortized loan costs | (302) | 619 |
Proceeds from sales of loans held for sale | 16,430 | 30,574 |
Origination of loans held for sale | (4,936) | (37,704) |
Net gains on sales of loans held for sale | (14) | (894) |
Net gains on sales of investment securities available-for-sale | (26) | 0 |
Net gains on sales of other real estate owned | 0 | (11) |
Net gains on other investments | (82) | (44) |
Increase in accrued interest receivable | (49) | (95) |
Amortization of core deposit intangible | 0 | 43 |
Amortization of debt issuance costs | 8 | 0 |
Increase in other assets | (436) | (412) |
Increase (decrease) in other liabilities | 704 | (873) |
Net cash provided by (used in) operating activities | 14,768 | (4,776) |
Interest bearing deposits in banks | ||
Proceeds from maturities and redemptions | 1,992 | 498 |
Purchases | (2,988) | (2,490) |
Investment securities available-for-sale | ||
Proceeds from sales | 6,827 | 0 |
Proceeds from maturities, calls and paydowns | 7,304 | 7,310 |
Purchases | (38,691) | (46,880) |
Net purchases of other investments | (59) | (41) |
Net decrease in nonmarketable stock | 276 | 0 |
Net increase in loans | (40,558) | (31,085) |
Recoveries of loans charged off | 1 | 8 |
Net purchases of premises and equipment | (164) | (302) |
Investments in limited partnerships | (1,355) | (700) |
Proceeds from sales of other real estate owned | 0 | 61 |
Net cash used in investing activities | (67,415) | (73,621) |
Cash Flows From Financing Activities | ||
Net increase in noninterest bearing deposits | 38,189 | 16,747 |
Net increase in interest bearing deposits | 3,385 | 11,591 |
Net decrease in time deposits | (2,412) | (14,749) |
Exercise of stock options | 0 | 12 |
Purchase of treasury stock | (75) | (2) |
Dividends paid | (1,560) | (1,467) |
Net cash provided by financing activities | 37,527 | 12,132 |
Net decrease in cash and cash equivalents | (15,120) | (66,265) |
Cash and cash equivalents | ||
Beginning of period | 65,922 | 122,771 |
End of period | 50,802 | 56,506 |
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 911 | 1,122 |
Supplemental Schedule of Noncash Investing Activities | ||
Investment in limited partnerships acquired by capital contributions payable | 3,494 | 0 |
Dividends paid on Common Stock: | ||
Dividends declared | 1,573 | 1,479 |
Dividends reinvested | (13) | (12) |
Dividends paid | $ 1,560 | $ 1,467 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements of Union Bankshares, Inc. and Subsidiary (together, the Company) as of March 31, 2022, and for the three months ended March 31, 2022 and 2021, have been prepared in conformity with GAAP for interim financial information, general practices within the banking industry, and the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as amended by Amendment No. 1 on Form 10-K/A (2021 Annual Report). The Company's sole subsidiary is Union Bank. In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments and disclosures necessary for a fair presentation of the information contained herein, have been made. This information should be read in conjunction with the Company’s 2021 Annual Report. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2022, or any future interim period. The Company is a “smaller reporting company” and as permitted under the rules and regulations of the SEC, has elected to provide its consolidated statements of income, comprehensive income, cash flows and changes in stockholders’ equity for a two year, rather than three year, period. The Company has also elected to provide certain other scaled disclosures in this report, as permitted for smaller reporting companies. In addition to the definitions set forth elsewhere in this report, the acronyms, abbreviations and capitalized terms identified below are used throughout this Form 10-Q, including Part I. "Financial Information" and Part II. "Other Information". The following is provided to aid the reader and provide a reference page when reviewing this Form 10-Q. AFS: Available-for-sale ICS: Insured Cash Sweeps of the Promontory Interfinancial Network ALCO: Asset Liability Committee IRS: Internal Revenue Service ALL: Allowance for loan losses MBS: Mortgage-backed security ASC: Accounting Standards Codification MSRs: Mortgage servicing rights ASU: Accounting Standards Update OAO: Other assets owned Board: Board of Directors OCI: Other comprehensive income (loss) bp or bps: Basis point(s) OFAC: U.S. Office of Foreign Assets Control CARES Act: Coronavirus Aid, Relief and Economic Security Act OREO: Other real estate owned CDARS: Certificate of Deposit Accounts Registry Service of the Promontory Interfinancial Network OTTI: Other-than-temporary impairment Company: Union Bankshares, Inc. and Subsidiary OTT: Other-than-temporary COVID-19: Novel Coronavirus PPP: Paycheck Protection Program Dodd-Frank Act: The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 PPPLF: PPP Liquidity Facility of the FRB DRIP: Dividend Reinvestment Plan RD: USDA Rural Development FASB: Financial Accounting Standards Board RSU: Restricted Stock Unit FDIC: Federal Deposit Insurance Corporation SBA: U.S. Small Business Administration FHA: U.S. Federal Housing Administration SEC: U.S. Securities and Exchange Commission FHLB: Federal Home Loan Bank of Boston TDR: Troubled-debt restructuring FRB: Federal Reserve Board Union: Union Bank, the sole subsidiary of Union Bankshares, Inc FHLMC/Freddie Mac: Federal Home Loan Mortgage Corporation USDA: U.S. Department of Agriculture GAAP: Generally Accepted Accounting Principles in the United States VA: U.S. Veterans Administration HTM: Held-to-maturity 2014 Equity Plan: 2014 Equity Incentive Plan HUD: U.S. Department of Housing and Urban Development 2021 Annual Report Annual Report on Form 10-K for the year ended December 31, 2021, as amended by Amendment No. 1 on Form 10-K/A |
Legal Contingencies
Legal Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Contingencies | Legal ContingenciesIn the normal course of business, the Company is involved in various legal and other proceedings. In the opinion of management, any liability resulting from such proceedings is not expected to have a material adverse effect on the Company’s consolidated financial condition or results of operations. |
Per Share Information
Per Share Information | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Per Share Information | Per Share InformationEarnings per common share are computed based on the weighted average number of shares of common stock outstanding during the period and reduced for shares held in treasury. The dilutive effect of outstanding stock-based awards, consisting of RSUs with respect to 11,893 shares for the three months ended March 31, 2022, and both RSUs and stock options with respect to 17,697 shares for the same period last year, did not result in material dilution and is not included in the calculation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Under the new guidance, which will replace the existing incurred loss model for recognizing credit losses, banks and other lending institutions will be required to recognize the full amount of expected credit losses. The new guidance, which is referred to as the current expected credit loss model ("CECL"), requires that expected credit losses for financial assets held at the reporting date that are accounted for at amortized cost be measured and recognized based on historical experience and current and reasonably supportable forecasted conditions to reflect the full amount of expected credit losses. A modified version of these requirements also applies to debt securities classified as AFS. As initially proposed, the ASU was to become effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption was permitted for fiscal years beginning after December 15, 2018, including interim periods within such years. In October 2019, the FASB approved amendments to delay the effective date of the ASU to fiscal years beginning after December 31, 2022, including interim periods within those fiscal years, for smaller reporting companies, as defined by the SEC, and other non-SEC reporting entities. The Company did not choose to early adopt the ASU. As the Company is a smaller reporting company, the ASU will become effective for the Company beginning with the 2023 fiscal year. The Company has established a CECL implementation team and developed a transition project plan. The Company utilizes a software package for its current calculation of the allowance for loan losses that will also be utilized for CECL implementation. Historical data has been compiled and training on utilizing the software for the existing incurred loss model has been completed. The Company continues the collection of historical data and training is ongoing surrounding CECL implementation and methodologies. In addition, the Company is conducting parallel calculations under the existing incurred loss model and the CECL model throughout 2022. The measures will facilitate the eventual implementation process and management's evaluation of the potential impact of the ASU on the Company's consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , and has issued subsequent amendments thereto, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The transition away from LIBOR is not expected to have a material impact on the Company's consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures which eliminates the accounting guidance for TDRs, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also requires disclosure of current period charge offs by year of origination for loans and leases. ASU No. 2022-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. ASU No. 2022-02 is not expected to have a material impact on the Company’s consolidated financial statements. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Debt securities AFS as of the balance sheet dates consisted of the following: March 31, 2022 Amortized Gross Gross Fair (Dollars in thousands) U.S. Government-sponsored enterprises $ 45,993 $ — $ (2,683) $ 43,310 Agency mortgage-backed 197,776 38 (16,214) 181,600 State and political subdivisions 43,611 148 (3,427) 40,332 Corporate 6,829 114 (34) 6,909 Total $ 294,209 $ 300 $ (22,358) $ 272,151 December 31, 2021 Amortized Gross Gross Fair (Dollars in thousands) U.S. Government-sponsored enterprises $ 37,176 $ 55 $ (593) $ 36,638 Agency mortgage-backed 181,216 574 (3,540) 178,250 State and political subdivisions 44,068 1,293 (107) 45,254 Corporate 7,323 381 (27) 7,677 Total $ 269,783 $ 2,303 $ (4,267) $ 267,819 There were no investment securities HTM at March 31, 2022 or December 31, 2021. Investment securities AFS with a carrying amount of $551 thousand and $589 thousand were pledged as collateral for public unit deposits or for other purposes as required or permitted by law at March 31, 2022 and December 31, 2021, respectively. The amortized cost and estimated fair value of debt securities by contractual scheduled maturity as of March 31, 2022 were as follows: Amortized Fair Available-for-sale (Dollars in thousands) Due from one to five years $ 10,246 $ 10,008 Due from five to ten years 39,883 37,834 Due after ten years 46,304 42,709 96,433 90,551 Agency mortgage-backed 197,776 181,600 Total debt securities available-for-sale $ 294,209 $ 272,151 Actual maturities may differ for certain debt securities that may be called by the issuer prior to the contractual maturity. Actual maturities usually differ from contractual maturities on agency MBS because the mortgages underlying the securities may be prepaid, usually without any penalties. Therefore, these agency MBS are shown separately and are not included in the contractual maturity categories in the above maturity summary. Information pertaining to all debt securities AFS with gross unrealized losses as of the balance sheet dates, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: March 31, 2022 Less Than 12 Months 12 Months and over Total Number Fair Gross Number Fair Gross Number Fair Gross (Dollars in thousands) U.S. Government- 26 $ 38,477 $ (2,146) 10 $ 4,833 $ (537) 36 $ 43,310 $ (2,683) Agency mortgage-backed 61 132,852 (10,717) 25 44,787 (5,497) 86 177,639 (16,214) State and political 56 34,049 (3,427) — — — 56 34,049 (3,427) Corporate 4 1,980 (20) 1 486 (14) 5 2,466 (34) Total 147 $ 207,358 $ (16,310) 36 $ 50,106 $ (6,048) 183 $ 257,464 $ (22,358) December 31, 2021 Less Than 12 Months 12 Months and over Total Number Fair Gross Number Fair Gross Number Fair Gross (Dollars in thousands) U.S. Government- 18 $ 29,754 $ (464) 14 $ 3,885 $ (129) 32 $ 33,639 $ (593) Agency mortgage-backed 41 130,742 (2,252) 17 32,955 (1,288) 58 163,697 (3,540) State and political 17 17,483 (107) — — — 17 17,483 (107) Corporate 2 985 (15) 1 488 (12) 3 1,473 (27) Total 78 $ 178,964 $ (2,838) 32 $ 37,328 $ (1,429) 110 $ 216,292 $ (4,267) The Company evaluates all investment securities on a quarterly basis, and more frequently when economic conditions warrant, to determine if an OTTI exists . A security is considered impaired if the fair value is lower than its amortized cost basis at the report date. If impaired, management then assesses whether the unrealized loss is OTT. An unrealized loss on a debt security is generally deemed to be OTT and a credit loss is deemed to exist if the present value of the expected future cash flows is less than the amortized cost basis of the debt security. The credit loss component of OTTI write-down is recorded, net of tax effect, through net income as a component of net OTTI losses in the consolidated statements of income, while the remaining portion of the impairment loss is recognized in OCI, provided the Company does not intend to sell the underlying debt security and it is "more likely than not" that the Company will not have to sell the debt security prior to recovery. Management considers the following factors in determining whether OTTI exists and the period over which the security is expected to recover: • The length of time, and extent to which, the fair value has been less than the amortized cost; • Adverse conditions specifically related to the security, industry, or geographic area; • The historical and implied volatility of the fair value of the security; • The payment structure of the debt security and the likelihood of the issuer being able to make payments that may increase in the future; • Failure of the issuer of the security to make scheduled interest or principal payments; • Any changes to the rating of the security by a rating agency; • Recoveries or additional declines in fair value subsequent to the balance sheet date; and • The nature of the issuer, including whether it is a private company, public entity or government-sponsored enterprise, and the existence or likelihood of any government or third party guaranty. The Company has the ability to hold the investment securities that had unrealized losses at March 31, 2022 and December 31, 2021 for the foreseeable future. The decline in value is the result of market conditions and not attributable to credit quality in the investment securities and no declines were deemed by management to be OTT. The following table presents the proceeds, gross realized gains and gross realized losses from the sales of AFS securities for the three months ended March 31, 2022: For The Three Months Ended March 31, 2022 (Dollars in thousands) Proceeds $ 6,827 Gross gains 76 Gross losses (50) Net gains on sales of investment securities AFS $ 26 There were no sales of AFS securities during the three months ended March 31, 2021. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans | Loans Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their unpaid principal balances, adjusted for any charge-offs, the ALL, and any deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Loan interest income is accrued daily on outstanding balances. The following accounting policies, related to accrual and nonaccrual loans, apply to all portfolio segments and loan classes, which the Company considers to be the same. The accrual of interest is normally discontinued when a loan is specifically determined to be impaired and/or management believes, after considering collection efforts and other factors, that the borrower's financial condition is such that collection of interest is doubtful. Generally, any unpaid interest previously accrued on those loans is reversed against current period interest income. A loan may be restored to accrual status when its financial status has significantly improved and there is no principal or interest past due. A loan may also be restored to accrual status if the borrower makes six consecutive monthly payments or the lump sum equivalent. Income on nonaccrual loans is generally not recognized unless a loan is returned to accrual status or after all principal has been collected. Interest income generally is not recognized on impaired loans unless the likelihood of further loss is remote. Interest payments received on such loans are generally applied as a reduction of the loan principal balance. Delinquency status is determined based on contractual terms for all portfolio segments and loan classes. Loans past due 30 days or more are considered delinquent. Loans are considered in process of foreclosure when a judgment of foreclosure has been issued by the court. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of the related loan's yield using methods that approximate the interest method. The Company generally amortizes these amounts over the estimated average life of the related loans. The composition of Net loans as of the balance sheet dates was as follows: March 31, December 31, (Dollars in thousands) Residential real estate $ 282,662 $ 246,827 Construction real estate 68,730 65,149 Commercial real estate 348,378 344,816 Commercial 44,808 49,788 Consumer 2,241 2,376 Municipal 80,788 78,094 Gross loans 827,607 787,050 Allowance for loan losses (8,336) (8,336) Net deferred loan costs 1,007 705 Net loans $ 820,278 $ 779,419 There were 80 and 154 PPP loans totaling $6.8 million and $13.6 million classified as commercial loans as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, remaining PPP deferred origination fees of $271 thousand and $558 thousand, respectively, will be amortized into interest income over the lives of the respective loans. PPP loan origination fees of $287 thousand and $668 thousand were recognized in earnings during the three months ended March 31, 2022 and 2021, respectively. Qualifying residential first mortgage loans and certain commercial real estate loans with an aggregate carrying value of $172.5 million and $224.4 million were pledged as collateral for borrowings from the FHLB under a blanket lien at March 31, 2022 and December 31, 2021, respectively. A summary of current, past due and nonaccrual loans as of the balance sheet dates follows: March 31, 2022 Current 30-59 Days 60-89 Days 90 Days and Over and Accruing Nonaccrual Total (Dollars in thousands) Residential real estate $ 281,011 $ 1,361 $ 88 $ 80 $ 122 $ 282,662 Construction real estate 68,550 45 — — 135 68,730 Commercial real estate 344,137 93 — — 4,148 348,378 Commercial 44,644 13 2 149 — 44,808 Consumer 2,223 18 — — — 2,241 Municipal 80,788 — — — — 80,788 Total $ 821,353 $ 1,530 $ 90 $ 229 $ 4,405 $ 827,607 December 31, 2021 Current 30-59 Days 60-89 Days 90 Days and Over and Accruing Nonaccrual Total (Dollars in thousands) Residential real estate $ 245,169 $ 1,328 $ 130 $ 53 $ 147 $ 246,827 Construction real estate 64,939 72 — — 138 65,149 Commercial real estate 340,209 242 — — 4,365 344,816 Commercial 49,699 36 8 45 — 49,788 Consumer 2,376 — — — — 2,376 Municipal 78,094 — — — — 78,094 Total $ 780,486 $ 1,678 $ 138 $ 98 $ 4,650 $ 787,050 There was one residential real estate loan totaling $118 thousand in process of foreclosure at March 31, 2022 and no loans in process of foreclosure at December 31, 2021. Aggregate interest on nonaccrual loans not recognized was $527 thousand as of March 31, 2022 and $504 thousand as of December 31, 2021. |
Allowance for Loan Losses and C
Allowance for Loan Losses and Credit Quality | 3 Months Ended |
Mar. 31, 2022 | |
Credit Loss [Abstract] | |
Allowance for Loan Losses and Credit Quality | Allowance for Loan Losses and Credit Quality The ALL is established for estimated losses in the loan portfolio through a provision for loan losses charged to earnings. For all loan classes, loan losses are charged against the ALL when management believes the loan balance is uncollectible or in accordance with federal guidelines. Subsequent recoveries, if any, are credited to the ALL. The ALL is maintained at a level believed by management to be appropriate to absorb probable credit losses inherent in the loan portfolio as of the balance sheet date. The amount of the ALL is based on management's periodic evaluation of the collectability of the loan portfolio, including the nature, volume and risk characteristics of the portfolio, credit concentrations, trends in historical loss experience, estimated value of any underlying collateral, specific impaired loans and economic conditions. There was no change to the methodology used to estimate the ALL during the first quarter of 2022. While management uses available information to recognize losses on loans, future additions to the ALL may be necessary based on changes in economic conditions or other relevant factors. In addition, various regulatory agencies, as an integral part of their examination process, regularly review the Company's ALL. Such agencies may require the Company to recognize additions to the ALL, with a corresponding charge to earnings, based on their judgments about information available to them at the time of their examination, which may not be currently available to management. The ALL consists of specific, general and unallocated components. The specific component relates to the loans that are classified as impaired. Loans are evaluated for impairment and may be classified as impaired when management believes it is probable that the Company will not collect all the contractual interest and principal payments as scheduled in the loan agreement. Impaired loans may also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that would otherwise not be granted. A TDR classification may result from the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan's terms (such as reduction of stated interest rates below market rates, extension of maturity that does not conform to the Company's policies, reduction of the face amount of the loan, reduction of accrued interest, or reduction or deferment of loan payments), or a combination. A specific reserve amount is allocated to the ALL for individual loans that have been classified as impaired based on management's estimate of the fair value of the collateral for collateral dependent loans, an observable market price, or the present value of anticipated future cash flows. The Company accounts for the change in present value attributable to the passage of time in the loan loss reserve. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer, real estate or small balance commercial loans for impairment evaluation, unless such loans are subject to a restructuring agreement or have been identified as impaired as part of a larger customer relationship. Based on an evaluation of the Company's historical loss experience on substandard commercial loans, management has established the commercial loan threshold for individual impairment evaluation as commercial loan relationships with aggregate balances greater than $500 thousand. The general component represents the level of ALL allocable to each loan portfolio segment with similar risk characteristics and is determined based on historical loss experience, adjusted for qualitative factors, for each class of loan. Management deems a five year average to be an appropriate time frame on which to base historical losses for each portfolio segment. Qualitative factors considered include underwriting, economic and market conditions, portfolio composition, collateral values, delinquencies, lender experience and legal issues. The qualitative factors are determined based on the various risk characteristics of each portfolio segment. Risk characteristics relevant to each portfolio segment are as follows: • Residential real estate - Loans in this segment are collateralized by owner-occupied 1-4 family residential real estate, second and vacation homes, 1-4 family investment properties, home equity and second mortgage loans. Repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, could have an effect on the credit quality of this segment. • Construction real estate - Loans in this segment include residential and commercial construction properties, commercial real estate development loans (while in the construction phase of the projects), land and land development loans. Repayment is dependent on the credit quality of the individual borrower and/or the underlying cash flows generated by the properties being constructed. The overall health of the economy, including unemployment rates, housing prices, vacancy rates and material costs, could have an effect on the credit quality of this segment. • Commercial real estate - Loans in this segment are primarily properties occupied by businesses or income-producing properties. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by a general slowdown in business or increased vacancy rates which, in turn, could have an effect on the credit quality of this segment. Management requests business financial statements at least annually and monitors the cash flows of these loans. • Commercial - Loans in this segment are made to businesses and are generally secured by non-real estate assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer or business spending, could have an effect on the credit quality of this segment. • Consumer - Loans in this segment are made to individuals for personal expenditures, such as an automobile purchase, and include unsecured loans. Repayment is primarily dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment, could have an effect on the credit quality of this segment. • Municipal - Loans in this segment are made to municipalities located within the Company's service area. Repayment is primarily dependent on taxes or other funds collected by the municipalities. Management considers there to be minimal risk surrounding the credit quality of this segment. Management increased certain economic qualitative factors utilized to estimate the ALL during 2020 at the onset of the COVID-19 pandemic. During 2021, the economic qualitative reserve factor assigned to each loan portfolio in the ALL estimate was decreased due to continued indications of economic improvement. COVID-19 restrictions were lifted in June 2021 and the majority of borrowers that had executed loan modifications due to COVID-19 were no longer subject to modified terms. Based on these continued improving economic trends, the economic qualitative reserve factor assigned to all loan portfolios, except the municipal loan portfolio, was decreased 5 bps during the first quarter of 2022. An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the ALL reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All evaluations are inherently subjective as they require estimates that are susceptible to significant revision as more information becomes available or as changes occur in economic conditions or other relevant factors. Despite the allocation shown in the tables below, the ALL is general in nature and is available to absorb losses from any class of loan. Changes in the ALL, by class of loans, for the three months ended March 31, 2022 and 2021 were as follows: For The Three Months Ended March 31, 2022 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, December 31, 2021 $ 2,068 $ 837 $ 4,122 $ 275 $ 11 $ 86 $ 937 $ 8,336 Provision (credit) for loan losses 156 6 (125) 14 (1) 2 (52) — Recoveries of amounts charged off — — — — 1 — — 1 2,224 843 3,997 289 11 88 885 8,337 Amounts charged off — — — — (1) — — (1) Balance, March 31, 2022 $ 2,224 $ 843 $ 3,997 $ 289 $ 10 $ 88 $ 885 $ 8,336 For The Three Months Ended March 31, 2021 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, December 31, 2020 $ 1,776 $ 763 $ 4,199 $ 458 $ 15 $ 214 $ 846 $ 8,271 Provision (credit) for loan losses 212 118 (66) (15) (2) (15) (82) 150 Recoveries of amounts charged off 8 — — — — — — 8 1,996 881 4,133 443 13 199 764 8,429 Amounts charged off — — — — — — — — Balance, March 31, 2021 $ 1,996 $ 881 $ 4,133 $ 443 $ 13 $ 199 $ 764 $ 8,429 The allocation of the ALL, summarized on the basis of the Company's impairment methodology by class of loan, as of the balance sheet dates, was as follows: March 31, 2022 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Individually evaluated $ 24 $ — $ 20 $ — $ — $ — $ — $ 44 Collectively evaluated 2,200 843 3,977 289 10 88 885 8,292 Total allocated $ 2,224 $ 843 $ 3,997 $ 289 $ 10 $ 88 $ 885 $ 8,336 December 31, 2021 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Individually evaluated $ 26 $ — $ 20 $ — $ — $ — $ — $ 46 Collectively evaluated 2,042 837 4,102 275 11 86 937 8,290 Total allocated $ 2,068 $ 837 $ 4,122 $ 275 $ 11 $ 86 $ 937 $ 8,336 The recorded investment in loans, summarized on the basis of the Company's impairment methodology by class of loan, as of the balance sheet dates, was as follows: March 31, 2022 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Individually evaluated $ 1,728 $ 193 $ 4,601 $ 8 $ — $ — $ 6,530 Collectively evaluated 280,934 68,537 343,777 44,800 2,241 80,788 821,077 Total $ 282,662 $ 68,730 $ 348,378 $ 44,808 $ 2,241 $ 80,788 $ 827,607 December 31, 2021 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Individually evaluated $ 1,750 $ 198 $ 4,819 $ 9 $ — $ — $ 6,776 Collectively evaluated 245,077 64,951 339,997 49,779 2,376 78,094 780,274 Total $ 246,827 $ 65,149 $ 344,816 $ 49,788 $ 2,376 $ 78,094 $ 787,050 Risk and collateral ratings are assigned to loans and are subject to ongoing monitoring by lending and credit personnel with such ratings updated annually or more frequently if warranted. The following is an overview of the Company's loan rating system: 1-3 Rating - Pass Risk-rating grades "1" through "3" comprise those loans ranging from those with lower than average credit risk, defined as borrowers with high liquidity, excellent financial condition, strong management, favorable industry trends or loans secured by highly liquid assets, through those with marginal credit risk, defined as borrowers that, while creditworthy, exhibit some characteristics requiring special attention by the account officer. 4-4.5 Rating - Satisfactory/Monitor Borrowers exhibit potential credit weaknesses or downward trends warranting management's attention. While potentially weak, these borrowers are currently marginally acceptable; no loss of principal or interest is envisioned. When warranted, these credits may be monitored on the watch list. 5-7 Rating - Substandard Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. The loan may be inadequately protected by the net worth and paying capacity of the obligor and/or the underlying collateral is inadequate. The following tables summarize the loan ratings applied by management to the Company's loans by class as of the balance sheet dates: March 31, 2022 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Pass $ 263,222 $ 39,536 $ 214,846 $ 40,217 $ 2,236 $ 80,788 $ 640,845 Satisfactory/Monitor 17,115 29,001 128,492 4,524 5 — 179,137 Substandard 2,325 193 5,040 67 — — 7,625 Total $ 282,662 $ 68,730 $ 348,378 $ 44,808 $ 2,241 $ 80,788 $ 827,607 December 31, 2021 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Pass $ 227,684 $ 39,135 $ 191,902 $ 45,407 $ 2,371 $ 78,094 $ 584,593 Satisfactory/Monitor 16,820 25,816 147,645 4,301 5 — 194,587 Substandard 2,323 198 5,269 80 — — 7,870 Total $ 246,827 $ 65,149 $ 344,816 $ 49,788 $ 2,376 $ 78,094 $ 787,050 The following tables provide information with respect to impaired loans by class of loan as of and for the three months ended March 31, 2022 and March 31, 2021: As of March 31, 2022 For The Three Months Ended March 31, 2022 Recorded Investment Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) Residential real estate $ 197 $ 207 $ 24 Commercial real estate 1,587 1,762 20 With an allowance recorded 1,784 1,969 44 Residential real estate 1,531 2,028 — Construction real estate 193 216 — Commercial real estate 3,014 3,120 — Commercial 8 8 — With no allowance recorded 4,746 5,372 — Residential real estate 1,728 2,235 24 $ 1,739 $ 30 Construction real estate 193 216 — 195 1 Commercial real estate 4,601 4,882 20 4,710 7 Commercial 8 8 — 9 — Total $ 6,530 $ 7,341 $ 44 $ 6,653 $ 38 ____________________ (1) Does not reflect government guaranties on impaired loans as of March 31, 2022 totaling $420 thousand. As of March 31, 2021 For The Three Months Ended March 31, 2021 Recorded Investment Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) Residential real estate $ 1,740 $ 2,333 $ 27 $ 1,761 $ 55 Construction real estate 210 230 — 210 1 Commercial real estate 5,275 5,532 31 3,849 13 Commercial 170 173 — 184 5 Total $ 7,395 $ 8,268 $ 58 $ 6,004 $ 74 ____________________ (1) Does not reflect government guaranties on impaired loans as of March 31, 2021 totaling $489 thousand. The following table provides information with respect to impaired loans by class of loan as of December 31, 2021: December 31, 2021 Recorded Investment Principal Balance Related Allowance (Dollars in thousands) Residential real estate $ 199 $ 209 $ 26 Commercial real estate 1,591 1,764 20 With an allowance recorded 1,790 1,973 46 Residential real estate 1,551 2,043 — Construction real estate 198 218 — Commercial real estate 3,228 3,274 — Commercial 9 9 — With no allowance recorded 4,986 5,544 — Residential real estate 1,750 2,252 26 Construction real estate 198 218 — Commercial real estate 4,819 5,038 20 Commercial 9 9 — Total $ 6,776 $ 7,517 $ 46 ____________________ (1) Does not reflect government guaranties on impaired loans as of December 31, 2021 totaling $423 thousand. The following is a summary of TDR loans by class of loan as of the balance sheet dates: March 31, 2022 December 31, 2021 Number of Loans Principal Balance Number of Loans Principal Balance (Dollars in thousands) Residential real estate 29 $ 1,728 29 $ 1,750 Construction real estate 2 75 2 81 Commercial real estate 3 370 3 375 Commercial 1 8 1 9 Total 35 $ 2,181 35 $ 2,215 The TDR loans above represent loan modifications in which a concession was provided to the borrower, including due date extensions, maturity date extensions, interest rate reductions or the forgiveness of accrued interest. Troubled loans that are restructured and meet established thresholds are classified as impaired and a specific reserve amount is allocated to the ALL on the basis of the fair value of the collateral for collateral dependent loans, an observable market price, or the present value of anticipated future cash flows. There was no new TDR activity for the three months ended March 31, 2022 or 2021. There were no TDR loans modified within the previous twelve months that subsequently defaulted during the three months ended March 31, 2022 or 2021. TDR loans are considered defaulted at 90 days past due. In March 2020, the federal banking agencies issued guidance, confirmed by the FASB, that certain short-term modifications made to loans to borrowers affected by the COVID-19 pandemic and government shutdown orders would not be considered TDRs under specified circumstances. As of March 31, 2022, four loans with outstanding loan balances of $545 thousand remained subject to modified terms and carried accrued interest of $10 thousand. At March 31, 2022 and December 31, 2021, the Company was not committed to lend any additional funds to borrowers whose loans were nonperforming, impaired or restructured. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation Under the Union Bankshares, Inc. 2014 Equity Incentive Plan, 50,000 shares of the Company’s common stock were reserved for equity awards of incentive stock options, nonqualified stock options, restricted stock and RSUs to eligible officers and (except for awards of incentive stock options) nonemployee directors. Shares available for issuance of awards under the 2014 Equity Plan consist of unissued shares of the Company’s common stock and/or shares held in treasury. As of March 31, 2022, there were outstanding grants of RSUs under the 2014 Equity Plan as noted in the table below. RSUs. Each outstanding RSU represents the right to receive one share of the Company's common stock upon satisfaction of applicable vesting conditions. The general terms of the awards are described in the Company's 2021 Annual Report. Prior to vesting, the RSUs do not earn dividends or dividend equivalents, nor do they bear any voting rights. The following table summarizes the RSUs awarded to Company executives in 2020, 2021 and 2022, and the number of such RSUs remaining unvested as of March 31, 2022: Number of RSUs Granted Weighted Average Grant Date Fair Value Number of Unvested RSUs 2020 Award 8,918 $ 36.26 1,355 2021 Award 17,685 26.73 10,051 2022 Award 1,407 31.99 1,407 Total 28,010 12,813 Unrecognized compensation expense related to the unvested RSUs as of March 31, 2022 was $288 thousand and was $317 thousand as of December 31, 2021. |
Subordinated Notes
Subordinated Notes | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Subordinated Notes | Subordinated Notes In August 2021, the Company completed the private placement of $16.5 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2031 (the "Notes") to certain qualified institutional buyers and accredited investors. The Notes initially bear interest, payable semi-annually, at the rate of 3.25% per annum, until September 1, 2026. From and including September 1, 2026, the interest rate applicable to the outstanding principal amount due will reset quarterly to the then current three-month secured overnight financing rate (SOFR) plus 263 basis points. The Company may, at its option, beginning with the interest payment date of September 1, 2026 but not generally prior thereto, and on any scheduled interest payment date thereafter, redeem the Notes, in whole or in part. The Notes qualify as Tier 2 capital instruments for the Company under bank regulatory guidelines. The Company used the proceeds to provide additional capital support to the Company's wholly-owned subsidiary, Union Bank, to support growth and for other general corporate purposes. The unamortized issuance costs of the Notes were $321 thousand and $329 thousand at March 31, 2022 and December 31, 2021, respectively. For the three months ended March 31, 2022, $8 thousand in issuance costs were recorded in interest expense. The Notes are presented net of unamortized issuance costs in the consolidated balance sheets. |
Other Comprehensive Loss
Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Other Comprehensive Loss | Other Comprehensive LossAccounting principles generally require recognized revenue, expenses, gains and losses be included in net income or loss. Certain changes in assets and liabilities, such as the after tax effect of unrealized gains and losses on investment securities AFS that are not OTTI, are not reflected in the consolidated statements of income. The cumulative effect of such items, net of tax effect, is reported as a separate component of the equity section of the consolidated balance sheets (Accumulated OCI). OCI, along with net income, comprises the Company's total comprehensive income or loss. As of the balance sheet dates, the components of Accumulated OCI, net of tax, were: March 31, 2022 December 31, 2021 (Dollars in thousands) Net unrealized losses on investment securities AFS $ (17,426) $ (1,552) The following tables disclose the tax effects allocated to each component of OCI for the three months ended March 31: Three Months Ended March 31, 2022 March 31, 2021 Before-Tax Amount Tax Benefit Net-of-Tax Amount Before-Tax Amount Tax Benefit Net-of-Tax Amount Investment securities AFS: (Dollars in thousands) Net unrealized holding losses arising during the period on investment securities AFS $ (20,067) $ 4,214 $ (15,853) $ (3,234) $ 679 $ (2,555) Reclassification adjustment for net gains on investment securities AFS realized in net income (26) 5 (21) — — — Total other comprehensive loss $ (20,093) $ 4,219 $ (15,874) $ (3,234) $ 679 $ (2,555) The following table discloses information concerning reclassification adjustments from OCI for the three months ended March 31, 2022 and 2021: Three Months Ended Reclassification Adjustment Description March 31, 2022 March 31, 2021 Affected Line Item in (Dollars in thousands) Investment securities AFS: Net gains on investment securities AFS (26) — Net gains on sales of investment securities available-for-sale Tax benefit 5 — Provision for income taxes Total reclassifications $ (21) $ — Net income |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The Company utilizes FASB ASC Topic 820, Fair Value Measurement , as guidance for accounting for assets and liabilities carried at fair value. This standard defines fair value as the price that would be received, without adjustment for transaction costs, to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance in FASB ASC Topic 820 establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are: • Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following is a description of the valuation methodologies used for the Company’s assets that are measured on a recurring basis at estimated fair value: Investment securities AFS : Certain U.S. Treasury notes have been valued using unadjusted quoted prices from active markets and therefore have been classified as Level 1. However, the majority of the Company’s AFS securities have been valued utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. Mutual funds : Mutual funds have been valued using unadjusted quoted prices from active markets and therefore have been classified as Level 1. Assets measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021, segregated by fair value hierarchy level, are summarized below: Fair Value Measurements Fair Quoted Prices in Significant Significant March 31, 2022: (Dollars in thousands) Debt securities AFS: U.S. Government-sponsored enterprises $ 43,310 $ 2,711 $ 40,599 $ — Agency mortgage-backed 181,600 — 181,600 — State and political subdivisions 40,332 — 40,332 — Corporate 6,909 — 6,909 — Total debt securities $ 272,151 $ 2,711 $ 269,440 $ — Other investments: Mutual funds $ 1,273 $ 1,273 $ — $ — December 31, 2021: Debt securities AFS: U.S. Government-sponsored enterprises $ 36,638 $ 2,875 $ 33,763 $ — Agency mortgage-backed 178,250 — 178,250 — State and political subdivisions 45,254 — 45,254 — Corporate 7,677 — 7,677 — Total debt securities $ 267,819 $ 2,875 $ 264,944 $ — Other investments: Mutual funds $ 1,132 $ 1,132 $ — $ — There were no transfers in or out of Levels 1 and 2 during the three months ended March 31, 2022 or the year ended December 31, 2021, nor were there any Level 3 assets at any time during either period. Certain other assets and liabilities are measured at fair value on a nonrecurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets and liabilities measured at fair value on a nonrecurring basis in periods after initial recognition, such as collateral-dependent impaired loans, MSRs and OREO, were not considered material at March 31, 2022 or December 31, 2021. The Company has not elected to apply the fair value method to any financial assets or liabilities other than those situations where other accounting pronouncements require fair value measurements. FASB ASC Topic 825 , Financial Instruments, requires disclosure of the estimated fair value of financial instruments. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Management’s estimates and assumptions are inherently subjective and involve uncertainties and matters of significant judgment. Changes in assumptions could dramatically affect the estimated fair values. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Certain financial instruments and all nonfinancial instruments may be excluded from disclosure requirements. Thus, the aggregate fair value amounts presented may not necessarily represent the actual underlying fair value of such instruments of the Company. As of the balance sheet dates, the estimated fair values and related carrying amounts of the Company's significant financial instruments were as follows: March 31, 2022 Fair Value Measurements Carrying Estimated Fair Quoted Prices Significant Significant (Dollars in thousands) Financial assets Cash and cash equivalents $ 50,802 $ 50,802 $ 50,802 $ — $ — Interest bearing deposits in banks 14,192 14,192 — 14,192 — Investment securities 273,424 273,424 3,984 269,440 — Loans held for sale 2,349 2,398 — 2,398 — Loans, net Residential real estate 280,781 271,384 — — 271,384 Construction real estate 67,971 68,104 — — 68,104 Commercial real estate 343,920 345,769 — — 345,769 Commercial 44,574 43,754 — — 43,754 Consumer 2,234 2,222 — — 2,222 Municipal 80,798 81,782 — — 81,782 Accrued interest receivable 3,248 3,248 — 837 2,411 Nonmarketable equity securities 1,164 N/A N/A N/A N/A Financial liabilities Deposits Noninterest bearing $ 303,077 $ 303,077 $ 303,077 $ — $ — Interest bearing 726,864 726,864 726,864 — — Time 104,303 103,028 — 103,028 — Subordinated notes 16,179 15,448 — 15,448 — Accrued interest payable 76 76 — 76 — December 31, 2021 Fair Value Measurements Carrying Estimated Fair Quoted Prices Significant Significant (Dollars in thousands) Financial assets Cash and cash equivalents $ 65,922 $ 65,922 $ 65,922 $ — $ — Interest bearing deposits in banks 13,196 13,196 — 13,196 — Investment securities 268,951 268,951 4,007 264,944 — Loans held for sale 13,829 14,088 — 14,088 — Loans, net Residential real estate 244,980 246,573 — — 246,573 Construction real estate 64,370 64,539 — — 64,539 Commercial real estate 340,066 341,451 — — 341,451 Commercial 49,558 48,682 — — 48,682 Consumer 2,367 2,350 — — 2,350 Municipal 78,078 78,748 — — 78,748 Accrued interest receivable 3,248 3,248 — 734 2,514 Nonmarketable equity securities 1,164 N/A N/A N/A N/A Financial liabilities Deposits Noninterest bearing $ 264,888 $ 264,888 $ 264,888 $ — $ — Interest bearing 723,479 723,479 723,479 — — Time 106,715 106,588 — 106,588 — Subordinated notes 16,171 16,179 — 16,179 — Accrued interest payable 225 225 — 225 — The carrying amounts in the preceding tables are included in the consolidated balance sheets under the applicable captions. Accrued interest receivable and nonmarketable equity securities are included in Other assets in the consolidated balance sheets. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent events represent events or transactions occurring after the balance sheet date but before the financial statements are issued. Financial statements are considered “issued” when they are widely distributed to shareholders and others for general use and reliance in a form and format that complies with GAAP. Events occurring subsequent to March 31, 2022 have been evaluated as to their potential impact to the consolidated financial statements. On April 20, 2022, the Company declared a regular quarterly cash dividend of $0.35 per share, payable May 5, 2022, to stockholders of record on April 30, 2022. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements of Union Bankshares, Inc. and Subsidiary (together, the Company) as of March 31, 2022, and for the three months ended March 31, 2022 and 2021, have been prepared in conformity with GAAP for interim financial information, general practices within the banking industry, and the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as amended by Amendment No. 1 on Form 10-K/A (2021 Annual Report). The Company's sole subsidiary is Union Bank. In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments and disclosures necessary for a fair presentation of the information contained herein, have been made. This information should be read in conjunction with the Company’s 2021 Annual Report. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2022, or any future interim period. The Company is a “smaller reporting company” and as permitted under the rules and regulations of the SEC, has elected to provide its consolidated statements of income, comprehensive income, cash flows and changes in stockholders’ equity for a two year, rather than three year, period. The Company has also elected to provide certain other scaled disclosures in this report, as permitted for smaller reporting companies. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Under the new guidance, which will replace the existing incurred loss model for recognizing credit losses, banks and other lending institutions will be required to recognize the full amount of expected credit losses. The new guidance, which is referred to as the current expected credit loss model ("CECL"), requires that expected credit losses for financial assets held at the reporting date that are accounted for at amortized cost be measured and recognized based on historical experience and current and reasonably supportable forecasted conditions to reflect the full amount of expected credit losses. A modified version of these requirements also applies to debt securities classified as AFS. As initially proposed, the ASU was to become effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption was permitted for fiscal years beginning after December 15, 2018, including interim periods within such years. In October 2019, the FASB approved amendments to delay the effective date of the ASU to fiscal years beginning after December 31, 2022, including interim periods within those fiscal years, for smaller reporting companies, as defined by the SEC, and other non-SEC reporting entities. The Company did not choose to early adopt the ASU. As the Company is a smaller reporting company, the ASU will become effective for the Company beginning with the 2023 fiscal year. The Company has established a CECL implementation team and developed a transition project plan. The Company utilizes a software package for its current calculation of the allowance for loan losses that will also be utilized for CECL implementation. Historical data has been compiled and training on utilizing the software for the existing incurred loss model has been completed. The Company continues the collection of historical data and training is ongoing surrounding CECL implementation and methodologies. In addition, the Company is conducting parallel calculations under the existing incurred loss model and the CECL model throughout 2022. The measures will facilitate the eventual implementation process and management's evaluation of the potential impact of the ASU on the Company's consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , and has issued subsequent amendments thereto, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The transition away from LIBOR is not expected to have a material impact on the Company's consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures which eliminates the accounting guidance for TDRs, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also requires disclosure of current period charge offs by year of origination for loans and leases. ASU No. 2022-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. ASU No. 2022-02 is not expected to have a material impact on the Company’s consolidated financial statements. |
Investment Securities | The Company evaluates all investment securities on a quarterly basis, and more frequently when economic conditions warrant, to determine if an OTTI exists . A security is considered impaired if the fair value is lower than its amortized cost basis at the report date. If impaired, management then assesses whether the unrealized loss is OTT. An unrealized loss on a debt security is generally deemed to be OTT and a credit loss is deemed to exist if the present value of the expected future cash flows is less than the amortized cost basis of the debt security. The credit loss component of OTTI write-down is recorded, net of tax effect, through net income as a component of net OTTI losses in the consolidated statements of income, while the remaining portion of the impairment loss is recognized in OCI, provided the Company does not intend to sell the underlying debt security and it is "more likely than not" that the Company will not have to sell the debt security prior to recovery. Management considers the following factors in determining whether OTTI exists and the period over which the security is expected to recover: • The length of time, and extent to which, the fair value has been less than the amortized cost; • Adverse conditions specifically related to the security, industry, or geographic area; • The historical and implied volatility of the fair value of the security; • The payment structure of the debt security and the likelihood of the issuer being able to make payments that may increase in the future; • Failure of the issuer of the security to make scheduled interest or principal payments; • Any changes to the rating of the security by a rating agency; • Recoveries or additional declines in fair value subsequent to the balance sheet date; and • The nature of the issuer, including whether it is a private company, public entity or government-sponsored enterprise, and the existence or likelihood of any government or third party guaranty. |
Loans | Loans Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their unpaid principal balances, adjusted for any charge-offs, the ALL, and any deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Loan interest income is accrued daily on outstanding balances. The following accounting policies, related to accrual and nonaccrual loans, apply to all portfolio segments and loan classes, which the Company considers to be the same. The accrual of interest is normally discontinued when a loan is specifically determined to be impaired and/or management believes, after considering collection efforts and other factors, that the borrower's financial condition is such that collection of interest is doubtful. Generally, any unpaid interest previously accrued on those loans is reversed against current period interest income. A loan may be restored to accrual status when its financial status has significantly improved and there is no principal or interest past due. A loan may also be restored to accrual status if the borrower makes six consecutive monthly payments or the lump sum equivalent. Income on nonaccrual loans is generally not recognized unless a loan is returned to accrual status or after all principal has been collected. Interest income generally is not recognized on impaired loans unless the likelihood of further loss is remote. Interest payments received on such loans are generally applied as a reduction of the loan principal balance. Delinquency status is determined based on contractual terms for all portfolio segments and loan classes. Loans past due 30 days or more are considered delinquent. Loans are considered in process of foreclosure when a judgment of foreclosure has been issued by the court. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of the related loan's yield using methods that approximate the interest method. The Company generally amortizes these amounts over the estimated average life of the related loans. |
Allowance for Loan Losses and Credit Quality | Allowance for Loan Losses and Credit Quality The ALL is established for estimated losses in the loan portfolio through a provision for loan losses charged to earnings. For all loan classes, loan losses are charged against the ALL when management believes the loan balance is uncollectible or in accordance with federal guidelines. Subsequent recoveries, if any, are credited to the ALL. The ALL is maintained at a level believed by management to be appropriate to absorb probable credit losses inherent in the loan portfolio as of the balance sheet date. The amount of the ALL is based on management's periodic evaluation of the collectability of the loan portfolio, including the nature, volume and risk characteristics of the portfolio, credit concentrations, trends in historical loss experience, estimated value of any underlying collateral, specific impaired loans and economic conditions. There was no change to the methodology used to estimate the ALL during the first quarter of 2022. While management uses available information to recognize losses on loans, future additions to the ALL may be necessary based on changes in economic conditions or other relevant factors. In addition, various regulatory agencies, as an integral part of their examination process, regularly review the Company's ALL. Such agencies may require the Company to recognize additions to the ALL, with a corresponding charge to earnings, based on their judgments about information available to them at the time of their examination, which may not be currently available to management. The ALL consists of specific, general and unallocated components. The specific component relates to the loans that are classified as impaired. Loans are evaluated for impairment and may be classified as impaired when management believes it is probable that the Company will not collect all the contractual interest and principal payments as scheduled in the loan agreement. Impaired loans may also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that would otherwise not be granted. A TDR classification may result from the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan's terms (such as reduction of stated interest rates below market rates, extension of maturity that does not conform to the Company's policies, reduction of the face amount of the loan, reduction of accrued interest, or reduction or deferment of loan payments), or a combination. A specific reserve amount is allocated to the ALL for individual loans that have been classified as impaired based on management's estimate of the fair value of the collateral for collateral dependent loans, an observable market price, or the present value of anticipated future cash flows. The Company accounts for the change in present value attributable to the passage of time in the loan loss reserve. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer, real estate or small balance commercial loans for impairment evaluation, unless such loans are subject to a restructuring agreement or have been identified as impaired as part of a larger customer relationship. Based on an evaluation of the Company's historical loss experience on substandard commercial loans, management has established the commercial loan threshold for individual impairment evaluation as commercial loan relationships with aggregate balances greater than $500 thousand. The general component represents the level of ALL allocable to each loan portfolio segment with similar risk characteristics and is determined based on historical loss experience, adjusted for qualitative factors, for each class of loan. Management deems a five year average to be an appropriate time frame on which to base historical losses for each portfolio segment. Qualitative factors considered include underwriting, economic and market conditions, portfolio composition, collateral values, delinquencies, lender experience and legal issues. The qualitative factors are determined based on the various risk characteristics of each portfolio segment. Risk characteristics relevant to each portfolio segment are as follows: • Residential real estate - Loans in this segment are collateralized by owner-occupied 1-4 family residential real estate, second and vacation homes, 1-4 family investment properties, home equity and second mortgage loans. Repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, could have an effect on the credit quality of this segment. • Construction real estate - Loans in this segment include residential and commercial construction properties, commercial real estate development loans (while in the construction phase of the projects), land and land development loans. Repayment is dependent on the credit quality of the individual borrower and/or the underlying cash flows generated by the properties being constructed. The overall health of the economy, including unemployment rates, housing prices, vacancy rates and material costs, could have an effect on the credit quality of this segment. • Commercial real estate - Loans in this segment are primarily properties occupied by businesses or income-producing properties. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by a general slowdown in business or increased vacancy rates which, in turn, could have an effect on the credit quality of this segment. Management requests business financial statements at least annually and monitors the cash flows of these loans. • Commercial - Loans in this segment are made to businesses and are generally secured by non-real estate assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer or business spending, could have an effect on the credit quality of this segment. • Consumer - Loans in this segment are made to individuals for personal expenditures, such as an automobile purchase, and include unsecured loans. Repayment is primarily dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment, could have an effect on the credit quality of this segment. • Municipal - Loans in this segment are made to municipalities located within the Company's service area. Repayment is primarily dependent on taxes or other funds collected by the municipalities. Management considers there to be minimal risk surrounding the credit quality of this segment. Management increased certain economic qualitative factors utilized to estimate the ALL during 2020 at the onset of the COVID-19 pandemic. During 2021, the economic qualitative reserve factor assigned to each loan portfolio in the ALL estimate was decreased due to continued indications of economic improvement. COVID-19 restrictions were lifted in June 2021 and the majority of borrowers that had executed loan modifications due to COVID-19 were no longer subject to modified terms. Based on these continued improving economic trends, the economic qualitative reserve factor assigned to all loan portfolios, except the municipal loan portfolio, was decreased 5 bps during the first quarter of 2022. An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the ALL reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All evaluations are inherently subjective as they require estimates that are susceptible to significant revision as more information becomes available or as changes occur in economic conditions or other relevant factors. Despite the allocation shown in the tables below, the ALL is general in nature and is available to absorb losses from any class of loan. |
Other Comprehensive Income | Other Comprehensive LossAccounting principles generally require recognized revenue, expenses, gains and losses be included in net income or loss. Certain changes in assets and liabilities, such as the after tax effect of unrealized gains and losses on investment securities AFS that are not OTTI, are not reflected in the consolidated statements of income. The cumulative effect of such items, net of tax effect, is reported as a separate component of the equity section of the consolidated balance sheets (Accumulated OCI). OCI, along with net income, comprises the Company's total comprehensive income or loss. |
Fair Value Measurement | Fair Value Measurement The Company utilizes FASB ASC Topic 820, Fair Value Measurement , as guidance for accounting for assets and liabilities carried at fair value. This standard defines fair value as the price that would be received, without adjustment for transaction costs, to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance in FASB ASC Topic 820 establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are: • Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
Fair Value Measurement | The following is a description of the valuation methodologies used for the Company’s assets that are measured on a recurring basis at estimated fair value: Investment securities AFS : Certain U.S. Treasury notes have been valued using unadjusted quoted prices from active markets and therefore have been classified as Level 1. However, the majority of the Company’s AFS securities have been valued utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. Mutual funds : Mutual funds have been valued using unadjusted quoted prices from active markets and therefore have been classified as Level 1. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Acronyms, Abbreviations and Capitalized Terms | In addition to the definitions set forth elsewhere in this report, the acronyms, abbreviations and capitalized terms identified below are used throughout this Form 10-Q, including Part I. "Financial Information" and Part II. "Other Information". The following is provided to aid the reader and provide a reference page when reviewing this Form 10-Q. AFS: Available-for-sale ICS: Insured Cash Sweeps of the Promontory Interfinancial Network ALCO: Asset Liability Committee IRS: Internal Revenue Service ALL: Allowance for loan losses MBS: Mortgage-backed security ASC: Accounting Standards Codification MSRs: Mortgage servicing rights ASU: Accounting Standards Update OAO: Other assets owned Board: Board of Directors OCI: Other comprehensive income (loss) bp or bps: Basis point(s) OFAC: U.S. Office of Foreign Assets Control CARES Act: Coronavirus Aid, Relief and Economic Security Act OREO: Other real estate owned CDARS: Certificate of Deposit Accounts Registry Service of the Promontory Interfinancial Network OTTI: Other-than-temporary impairment Company: Union Bankshares, Inc. and Subsidiary OTT: Other-than-temporary COVID-19: Novel Coronavirus PPP: Paycheck Protection Program Dodd-Frank Act: The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 PPPLF: PPP Liquidity Facility of the FRB DRIP: Dividend Reinvestment Plan RD: USDA Rural Development FASB: Financial Accounting Standards Board RSU: Restricted Stock Unit FDIC: Federal Deposit Insurance Corporation SBA: U.S. Small Business Administration FHA: U.S. Federal Housing Administration SEC: U.S. Securities and Exchange Commission FHLB: Federal Home Loan Bank of Boston TDR: Troubled-debt restructuring FRB: Federal Reserve Board Union: Union Bank, the sole subsidiary of Union Bankshares, Inc FHLMC/Freddie Mac: Federal Home Loan Mortgage Corporation USDA: U.S. Department of Agriculture GAAP: Generally Accepted Accounting Principles in the United States VA: U.S. Veterans Administration HTM: Held-to-maturity 2014 Equity Plan: 2014 Equity Incentive Plan HUD: U.S. Department of Housing and Urban Development 2021 Annual Report Annual Report on Form 10-K for the year ended December 31, 2021, as amended by Amendment No. 1 on Form 10-K/A |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-sale | Debt securities AFS as of the balance sheet dates consisted of the following: March 31, 2022 Amortized Gross Gross Fair (Dollars in thousands) U.S. Government-sponsored enterprises $ 45,993 $ — $ (2,683) $ 43,310 Agency mortgage-backed 197,776 38 (16,214) 181,600 State and political subdivisions 43,611 148 (3,427) 40,332 Corporate 6,829 114 (34) 6,909 Total $ 294,209 $ 300 $ (22,358) $ 272,151 December 31, 2021 Amortized Gross Gross Fair (Dollars in thousands) U.S. Government-sponsored enterprises $ 37,176 $ 55 $ (593) $ 36,638 Agency mortgage-backed 181,216 574 (3,540) 178,250 State and political subdivisions 44,068 1,293 (107) 45,254 Corporate 7,323 381 (27) 7,677 Total $ 269,783 $ 2,303 $ (4,267) $ 267,819 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities by contractual scheduled maturity as of March 31, 2022 were as follows: Amortized Fair Available-for-sale (Dollars in thousands) Due from one to five years $ 10,246 $ 10,008 Due from five to ten years 39,883 37,834 Due after ten years 46,304 42,709 96,433 90,551 Agency mortgage-backed 197,776 181,600 Total debt securities available-for-sale $ 294,209 $ 272,151 |
Schedule of Unrealized Loss on Investments | Information pertaining to all debt securities AFS with gross unrealized losses as of the balance sheet dates, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: March 31, 2022 Less Than 12 Months 12 Months and over Total Number Fair Gross Number Fair Gross Number Fair Gross (Dollars in thousands) U.S. Government- 26 $ 38,477 $ (2,146) 10 $ 4,833 $ (537) 36 $ 43,310 $ (2,683) Agency mortgage-backed 61 132,852 (10,717) 25 44,787 (5,497) 86 177,639 (16,214) State and political 56 34,049 (3,427) — — — 56 34,049 (3,427) Corporate 4 1,980 (20) 1 486 (14) 5 2,466 (34) Total 147 $ 207,358 $ (16,310) 36 $ 50,106 $ (6,048) 183 $ 257,464 $ (22,358) December 31, 2021 Less Than 12 Months 12 Months and over Total Number Fair Gross Number Fair Gross Number Fair Gross (Dollars in thousands) U.S. Government- 18 $ 29,754 $ (464) 14 $ 3,885 $ (129) 32 $ 33,639 $ (593) Agency mortgage-backed 41 130,742 (2,252) 17 32,955 (1,288) 58 163,697 (3,540) State and political 17 17,483 (107) — — — 17 17,483 (107) Corporate 2 985 (15) 1 488 (12) 3 1,473 (27) Total 78 $ 178,964 $ (2,838) 32 $ 37,328 $ (1,429) 110 $ 216,292 $ (4,267) |
Schedule of Realized Gain (Loss) | The following table presents the proceeds, gross realized gains and gross realized losses from the sales of AFS securities for the three months ended March 31, 2022: For The Three Months Ended March 31, 2022 (Dollars in thousands) Proceeds $ 6,827 Gross gains 76 Gross losses (50) Net gains on sales of investment securities AFS $ 26 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Composition of Net Loans | The composition of Net loans as of the balance sheet dates was as follows: March 31, December 31, (Dollars in thousands) Residential real estate $ 282,662 $ 246,827 Construction real estate 68,730 65,149 Commercial real estate 348,378 344,816 Commercial 44,808 49,788 Consumer 2,241 2,376 Municipal 80,788 78,094 Gross loans 827,607 787,050 Allowance for loan losses (8,336) (8,336) Net deferred loan costs 1,007 705 Net loans $ 820,278 $ 779,419 |
Financing Receivable, Past Due | A summary of current, past due and nonaccrual loans as of the balance sheet dates follows: March 31, 2022 Current 30-59 Days 60-89 Days 90 Days and Over and Accruing Nonaccrual Total (Dollars in thousands) Residential real estate $ 281,011 $ 1,361 $ 88 $ 80 $ 122 $ 282,662 Construction real estate 68,550 45 — — 135 68,730 Commercial real estate 344,137 93 — — 4,148 348,378 Commercial 44,644 13 2 149 — 44,808 Consumer 2,223 18 — — — 2,241 Municipal 80,788 — — — — 80,788 Total $ 821,353 $ 1,530 $ 90 $ 229 $ 4,405 $ 827,607 December 31, 2021 Current 30-59 Days 60-89 Days 90 Days and Over and Accruing Nonaccrual Total (Dollars in thousands) Residential real estate $ 245,169 $ 1,328 $ 130 $ 53 $ 147 $ 246,827 Construction real estate 64,939 72 — — 138 65,149 Commercial real estate 340,209 242 — — 4,365 344,816 Commercial 49,699 36 8 45 — 49,788 Consumer 2,376 — — — — 2,376 Municipal 78,094 — — — — 78,094 Total $ 780,486 $ 1,678 $ 138 $ 98 $ 4,650 $ 787,050 |
Allowance for Loan Losses and_2
Allowance for Loan Losses and Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Credit Loss [Abstract] | |
Allowance For Loan Losses, By Class | Changes in the ALL, by class of loans, for the three months ended March 31, 2022 and 2021 were as follows: For The Three Months Ended March 31, 2022 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, December 31, 2021 $ 2,068 $ 837 $ 4,122 $ 275 $ 11 $ 86 $ 937 $ 8,336 Provision (credit) for loan losses 156 6 (125) 14 (1) 2 (52) — Recoveries of amounts charged off — — — — 1 — — 1 2,224 843 3,997 289 11 88 885 8,337 Amounts charged off — — — — (1) — — (1) Balance, March 31, 2022 $ 2,224 $ 843 $ 3,997 $ 289 $ 10 $ 88 $ 885 $ 8,336 For The Three Months Ended March 31, 2021 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, December 31, 2020 $ 1,776 $ 763 $ 4,199 $ 458 $ 15 $ 214 $ 846 $ 8,271 Provision (credit) for loan losses 212 118 (66) (15) (2) (15) (82) 150 Recoveries of amounts charged off 8 — — — — — — 8 1,996 881 4,133 443 13 199 764 8,429 Amounts charged off — — — — — — — — Balance, March 31, 2021 $ 1,996 $ 881 $ 4,133 $ 443 $ 13 $ 199 $ 764 $ 8,429 |
Allocation of Allowance for Loan Losses by Impairment Methodology | The allocation of the ALL, summarized on the basis of the Company's impairment methodology by class of loan, as of the balance sheet dates, was as follows: March 31, 2022 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Individually evaluated $ 24 $ — $ 20 $ — $ — $ — $ — $ 44 Collectively evaluated 2,200 843 3,977 289 10 88 885 8,292 Total allocated $ 2,224 $ 843 $ 3,997 $ 289 $ 10 $ 88 $ 885 $ 8,336 December 31, 2021 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Individually evaluated $ 26 $ — $ 20 $ — $ — $ — $ — $ 46 Collectively evaluated 2,042 837 4,102 275 11 86 937 8,290 Total allocated $ 2,068 $ 837 $ 4,122 $ 275 $ 11 $ 86 $ 937 $ 8,336 |
Allocation of Investment in Loans by Impairment Methodology | The recorded investment in loans, summarized on the basis of the Company's impairment methodology by class of loan, as of the balance sheet dates, was as follows: March 31, 2022 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Individually evaluated $ 1,728 $ 193 $ 4,601 $ 8 $ — $ — $ 6,530 Collectively evaluated 280,934 68,537 343,777 44,800 2,241 80,788 821,077 Total $ 282,662 $ 68,730 $ 348,378 $ 44,808 $ 2,241 $ 80,788 $ 827,607 December 31, 2021 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Individually evaluated $ 1,750 $ 198 $ 4,819 $ 9 $ — $ — $ 6,776 Collectively evaluated 245,077 64,951 339,997 49,779 2,376 78,094 780,274 Total $ 246,827 $ 65,149 $ 344,816 $ 49,788 $ 2,376 $ 78,094 $ 787,050 |
Financing Receivable Credit Quality Indicators | The following tables summarize the loan ratings applied by management to the Company's loans by class as of the balance sheet dates: March 31, 2022 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Pass $ 263,222 $ 39,536 $ 214,846 $ 40,217 $ 2,236 $ 80,788 $ 640,845 Satisfactory/Monitor 17,115 29,001 128,492 4,524 5 — 179,137 Substandard 2,325 193 5,040 67 — — 7,625 Total $ 282,662 $ 68,730 $ 348,378 $ 44,808 $ 2,241 $ 80,788 $ 827,607 December 31, 2021 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Pass $ 227,684 $ 39,135 $ 191,902 $ 45,407 $ 2,371 $ 78,094 $ 584,593 Satisfactory/Monitor 16,820 25,816 147,645 4,301 5 — 194,587 Substandard 2,323 198 5,269 80 — — 7,870 Total $ 246,827 $ 65,149 $ 344,816 $ 49,788 $ 2,376 $ 78,094 $ 787,050 |
Impaired Financing Receivables | The following tables provide information with respect to impaired loans by class of loan as of and for the three months ended March 31, 2022 and March 31, 2021: As of March 31, 2022 For The Three Months Ended March 31, 2022 Recorded Investment Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) Residential real estate $ 197 $ 207 $ 24 Commercial real estate 1,587 1,762 20 With an allowance recorded 1,784 1,969 44 Residential real estate 1,531 2,028 — Construction real estate 193 216 — Commercial real estate 3,014 3,120 — Commercial 8 8 — With no allowance recorded 4,746 5,372 — Residential real estate 1,728 2,235 24 $ 1,739 $ 30 Construction real estate 193 216 — 195 1 Commercial real estate 4,601 4,882 20 4,710 7 Commercial 8 8 — 9 — Total $ 6,530 $ 7,341 $ 44 $ 6,653 $ 38 ____________________ (1) Does not reflect government guaranties on impaired loans as of March 31, 2022 totaling $420 thousand. As of March 31, 2021 For The Three Months Ended March 31, 2021 Recorded Investment Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) Residential real estate $ 1,740 $ 2,333 $ 27 $ 1,761 $ 55 Construction real estate 210 230 — 210 1 Commercial real estate 5,275 5,532 31 3,849 13 Commercial 170 173 — 184 5 Total $ 7,395 $ 8,268 $ 58 $ 6,004 $ 74 ____________________ (1) Does not reflect government guaranties on impaired loans as of March 31, 2021 totaling $489 thousand. The following table provides information with respect to impaired loans by class of loan as of December 31, 2021: December 31, 2021 Recorded Investment Principal Balance Related Allowance (Dollars in thousands) Residential real estate $ 199 $ 209 $ 26 Commercial real estate 1,591 1,764 20 With an allowance recorded 1,790 1,973 46 Residential real estate 1,551 2,043 — Construction real estate 198 218 — Commercial real estate 3,228 3,274 — Commercial 9 9 — With no allowance recorded 4,986 5,544 — Residential real estate 1,750 2,252 26 Construction real estate 198 218 — Commercial real estate 4,819 5,038 20 Commercial 9 9 — Total $ 6,776 $ 7,517 $ 46 ____________________ (1) Does not reflect government guaranties on impaired loans as of December 31, 2021 totaling $423 thousand. |
Financing Receivable, Troubled Debt Restructuring | The following is a summary of TDR loans by class of loan as of the balance sheet dates: March 31, 2022 December 31, 2021 Number of Loans Principal Balance Number of Loans Principal Balance (Dollars in thousands) Residential real estate 29 $ 1,728 29 $ 1,750 Construction real estate 2 75 2 81 Commercial real estate 3 370 3 375 Commercial 1 8 1 9 Total 35 $ 2,181 35 $ 2,215 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Summary of RSUs | The following table summarizes the RSUs awarded to Company executives in 2020, 2021 and 2022, and the number of such RSUs remaining unvested as of March 31, 2022: Number of RSUs Granted Weighted Average Grant Date Fair Value Number of Unvested RSUs 2020 Award 8,918 $ 36.26 1,355 2021 Award 17,685 26.73 10,051 2022 Award 1,407 31.99 1,407 Total 28,010 12,813 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | As of the balance sheet dates, the components of Accumulated OCI, net of tax, were: March 31, 2022 December 31, 2021 (Dollars in thousands) Net unrealized losses on investment securities AFS $ (17,426) $ (1,552) |
Schedule of Comprehensive Income (Loss) | The following tables disclose the tax effects allocated to each component of OCI for the three months ended March 31: Three Months Ended March 31, 2022 March 31, 2021 Before-Tax Amount Tax Benefit Net-of-Tax Amount Before-Tax Amount Tax Benefit Net-of-Tax Amount Investment securities AFS: (Dollars in thousands) Net unrealized holding losses arising during the period on investment securities AFS $ (20,067) $ 4,214 $ (15,853) $ (3,234) $ 679 $ (2,555) Reclassification adjustment for net gains on investment securities AFS realized in net income (26) 5 (21) — — — Total other comprehensive loss $ (20,093) $ 4,219 $ (15,874) $ (3,234) $ 679 $ (2,555) |
Reclassification Out of Accumulated Other Comprehensive Income | The following table discloses information concerning reclassification adjustments from OCI for the three months ended March 31, 2022 and 2021: Three Months Ended Reclassification Adjustment Description March 31, 2022 March 31, 2021 Affected Line Item in (Dollars in thousands) Investment securities AFS: Net gains on investment securities AFS (26) — Net gains on sales of investment securities available-for-sale Tax benefit 5 — Provision for income taxes Total reclassifications $ (21) $ — Net income |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Assets measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021, segregated by fair value hierarchy level, are summarized below: Fair Value Measurements Fair Quoted Prices in Significant Significant March 31, 2022: (Dollars in thousands) Debt securities AFS: U.S. Government-sponsored enterprises $ 43,310 $ 2,711 $ 40,599 $ — Agency mortgage-backed 181,600 — 181,600 — State and political subdivisions 40,332 — 40,332 — Corporate 6,909 — 6,909 — Total debt securities $ 272,151 $ 2,711 $ 269,440 $ — Other investments: Mutual funds $ 1,273 $ 1,273 $ — $ — December 31, 2021: Debt securities AFS: U.S. Government-sponsored enterprises $ 36,638 $ 2,875 $ 33,763 $ — Agency mortgage-backed 178,250 — 178,250 — State and political subdivisions 45,254 — 45,254 — Corporate 7,677 — 7,677 — Total debt securities $ 267,819 $ 2,875 $ 264,944 $ — Other investments: Mutual funds $ 1,132 $ 1,132 $ — $ — |
Fair Values and Carrying Amounts, Significant Financial Instruments | As of the balance sheet dates, the estimated fair values and related carrying amounts of the Company's significant financial instruments were as follows: March 31, 2022 Fair Value Measurements Carrying Estimated Fair Quoted Prices Significant Significant (Dollars in thousands) Financial assets Cash and cash equivalents $ 50,802 $ 50,802 $ 50,802 $ — $ — Interest bearing deposits in banks 14,192 14,192 — 14,192 — Investment securities 273,424 273,424 3,984 269,440 — Loans held for sale 2,349 2,398 — 2,398 — Loans, net Residential real estate 280,781 271,384 — — 271,384 Construction real estate 67,971 68,104 — — 68,104 Commercial real estate 343,920 345,769 — — 345,769 Commercial 44,574 43,754 — — 43,754 Consumer 2,234 2,222 — — 2,222 Municipal 80,798 81,782 — — 81,782 Accrued interest receivable 3,248 3,248 — 837 2,411 Nonmarketable equity securities 1,164 N/A N/A N/A N/A Financial liabilities Deposits Noninterest bearing $ 303,077 $ 303,077 $ 303,077 $ — $ — Interest bearing 726,864 726,864 726,864 — — Time 104,303 103,028 — 103,028 — Subordinated notes 16,179 15,448 — 15,448 — Accrued interest payable 76 76 — 76 — December 31, 2021 Fair Value Measurements Carrying Estimated Fair Quoted Prices Significant Significant (Dollars in thousands) Financial assets Cash and cash equivalents $ 65,922 $ 65,922 $ 65,922 $ — $ — Interest bearing deposits in banks 13,196 13,196 — 13,196 — Investment securities 268,951 268,951 4,007 264,944 — Loans held for sale 13,829 14,088 — 14,088 — Loans, net Residential real estate 244,980 246,573 — — 246,573 Construction real estate 64,370 64,539 — — 64,539 Commercial real estate 340,066 341,451 — — 341,451 Commercial 49,558 48,682 — — 48,682 Consumer 2,367 2,350 — — 2,350 Municipal 78,078 78,748 — — 78,748 Accrued interest receivable 3,248 3,248 — 734 2,514 Nonmarketable equity securities 1,164 N/A N/A N/A N/A Financial liabilities Deposits Noninterest bearing $ 264,888 $ 264,888 $ 264,888 $ — $ — Interest bearing 723,479 723,479 723,479 — — Time 106,715 106,588 — 106,588 — Subordinated notes 16,171 16,179 — 16,179 — Accrued interest payable 225 225 — 225 — |
Per Share Information (Details)
Per Share Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Dilutive effect of stock-based awards (in shares) | 17,697 | |
Restricted Stock Units (RSUs) | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Dilutive effect of stock-based awards (in shares) | 11,893 |
Investment Securities - Schedul
Investment Securities - Schedule Of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-sale | ||
Amortized Cost | $ 294,209 | $ 269,783 |
Gross Unrealized Gains | 300 | 2,303 |
Gross Unrealized Losses | (22,358) | (4,267) |
Fair Value | 272,151 | 267,819 |
U.S. Government-sponsored enterprises | ||
Available-for-sale | ||
Amortized Cost | 45,993 | 37,176 |
Gross Unrealized Gains | 0 | 55 |
Gross Unrealized Losses | (2,683) | (593) |
Fair Value | 43,310 | 36,638 |
Agency mortgage-backed | ||
Available-for-sale | ||
Amortized Cost | 197,776 | 181,216 |
Gross Unrealized Gains | 38 | 574 |
Gross Unrealized Losses | (16,214) | (3,540) |
Fair Value | 181,600 | 178,250 |
State and political subdivisions | ||
Available-for-sale | ||
Amortized Cost | 43,611 | 44,068 |
Gross Unrealized Gains | 148 | 1,293 |
Gross Unrealized Losses | (3,427) | (107) |
Fair Value | 40,332 | 45,254 |
Corporate | ||
Available-for-sale | ||
Amortized Cost | 6,829 | 7,323 |
Gross Unrealized Gains | 114 | 381 |
Gross Unrealized Losses | (34) | (27) |
Fair Value | $ 6,909 | $ 7,677 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Investment securities HTM | $ 0 | $ 0 |
Investment securities pledged as collateral | 551,000 | 589,000 |
Other than temporary declines in investment securities | $ 0 | $ 0 |
Investment Securities - Sched_2
Investment Securities - Schedule Of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due from one to five years | $ 10,246 | |
Due from five to ten years | 39,883 | |
Due after ten years | 46,304 | |
Debt securities with single maturity date, amortized cost | 96,433 | |
Agency mortgage-backed | 197,776 | |
Total debt securities available-for-sale | 294,209 | |
Fair Value | ||
Due from one to five years | 10,008 | |
Due from five to ten years | 37,834 | |
Due after ten years | 42,709 | |
Debt securities with single maturity date, fair value | 90,551 | |
Agency mortgage-backed | 181,600 | |
Total debt securities available-for-sale | $ 272,151 | $ 267,819 |
Investment Securities - Sched_3
Investment Securities - Schedule of Unrealized Loss on Investments (Details) $ in Thousands | Mar. 31, 2022USD ($)securities | Dec. 31, 2021USD ($)securities |
Less Than 12 Months | ||
Number of Securities | securities | 147 | 78 |
Fair Value | $ 207,358 | $ 178,964 |
Gross Unrealized Losses | $ (16,310) | $ (2,838) |
12 Months and over | ||
Number of Securities | securities | 36 | 32 |
Fair Value | $ 50,106 | $ 37,328 |
Gross Unrealized Losses | $ (6,048) | $ (1,429) |
Total | ||
Number of Securities | securities | 183 | 110 |
Fair Value | $ 257,464 | $ 216,292 |
Gross Unrealized Losses | $ (22,358) | $ (4,267) |
U.S. Government-sponsored enterprises | ||
Less Than 12 Months | ||
Number of Securities | securities | 26 | 18 |
Fair Value | $ 38,477 | $ 29,754 |
Gross Unrealized Losses | $ (2,146) | $ (464) |
12 Months and over | ||
Number of Securities | securities | 10 | 14 |
Fair Value | $ 4,833 | $ 3,885 |
Gross Unrealized Losses | $ (537) | $ (129) |
Total | ||
Number of Securities | securities | 36 | 32 |
Fair Value | $ 43,310 | $ 33,639 |
Gross Unrealized Losses | $ (2,683) | $ (593) |
Agency mortgage-backed | ||
Less Than 12 Months | ||
Number of Securities | securities | 61 | 41 |
Fair Value | $ 132,852 | $ 130,742 |
Gross Unrealized Losses | $ (10,717) | $ (2,252) |
12 Months and over | ||
Number of Securities | securities | 25 | 17 |
Fair Value | $ 44,787 | $ 32,955 |
Gross Unrealized Losses | $ (5,497) | $ (1,288) |
Total | ||
Number of Securities | securities | 86 | 58 |
Fair Value | $ 177,639 | $ 163,697 |
Gross Unrealized Losses | $ (16,214) | $ (3,540) |
State and political subdivisions | ||
Less Than 12 Months | ||
Number of Securities | securities | 56 | 17 |
Fair Value | $ 34,049 | $ 17,483 |
Gross Unrealized Losses | $ (3,427) | $ (107) |
12 Months and over | ||
Number of Securities | securities | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Gross Unrealized Losses | $ 0 | $ 0 |
Total | ||
Number of Securities | securities | 56 | 17 |
Fair Value | $ 34,049 | $ 17,483 |
Gross Unrealized Losses | $ (3,427) | $ (107) |
Corporate | ||
Less Than 12 Months | ||
Number of Securities | securities | 4 | 2 |
Fair Value | $ 1,980 | $ 985 |
Gross Unrealized Losses | $ (20) | $ (15) |
12 Months and over | ||
Number of Securities | securities | 1 | 1 |
Fair Value | $ 486 | $ 488 |
Gross Unrealized Losses | $ (14) | $ (12) |
Total | ||
Number of Securities | securities | 5 | 3 |
Fair Value | $ 2,466 | $ 1,473 |
Gross Unrealized Losses | $ (34) | $ (27) |
Investment Securities - Sched_4
Investment Securities - Schedule of Realized Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 6,827 | $ 0 |
Gross gains | 76 | |
Gross losses | (50) | |
Net gains on sales of investment securities AFS | $ 26 | $ 0 |
Loans - Composition of Net Loan
Loans - Composition of Net Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 827,607 | $ 787,050 | ||
Allowance for loan losses | (8,336) | (8,336) | $ (8,429) | $ (8,271) |
Net deferred loan costs | 1,007 | 705 | ||
Net loans | 820,278 | 779,419 | ||
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 282,662 | 246,827 | ||
Allowance for loan losses | (2,224) | (2,068) | (1,996) | (1,776) |
Construction real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 68,730 | 65,149 | ||
Allowance for loan losses | (843) | (837) | (881) | (763) |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 348,378 | 344,816 | ||
Allowance for loan losses | (3,997) | (4,122) | (4,133) | (4,199) |
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 44,808 | 49,788 | ||
Allowance for loan losses | (289) | (275) | (443) | (458) |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,241 | 2,376 | ||
Allowance for loan losses | (10) | (11) | (13) | (15) |
Municipal | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 80,788 | 78,094 | ||
Allowance for loan losses | $ (88) | $ (86) | $ (199) | $ (214) |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)loan | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)loan | |
Receivables [Abstract] | |||
Number of PPP loans | loan | 80 | 154 | |
Total amount of PPP loans | $ 6,800 | $ 13,600 | |
Total origination fees on PPP loans | 271 | 558 | |
Origination fees recognized on PPP loans | 287 | $ 668 | |
Loans pledged as collateral | $ 172,500 | $ 224,400 | |
Number of residential real estate loans in process of foreclosure | loan | 1 | 0 | |
Recorded investment in residential real estate loans in process of foreclosure | $ 118 | ||
Aggregate interest on nonaccrual loans not recognized | $ 527 | $ 504 |
Loans - Past Due Loans (Details
Loans - Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 827,607 | $ 787,050 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 821,353 | 780,486 |
30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,530 | 1,678 |
60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 90 | 138 |
90 Days and Over and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 229 | 98 |
Nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,405 | 4,650 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 282,662 | 246,827 |
Residential real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 281,011 | 245,169 |
Residential real estate | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,361 | 1,328 |
Residential real estate | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 88 | 130 |
Residential real estate | 90 Days and Over and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 80 | 53 |
Residential real estate | Nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 122 | 147 |
Construction real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 68,730 | 65,149 |
Construction real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 68,550 | 64,939 |
Construction real estate | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 45 | 72 |
Construction real estate | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction real estate | 90 Days and Over and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction real estate | Nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 135 | 138 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 348,378 | 344,816 |
Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 344,137 | 340,209 |
Commercial real estate | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 93 | 242 |
Commercial real estate | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | 90 Days and Over and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,148 | 4,365 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 44,808 | 49,788 |
Commercial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 44,644 | 49,699 |
Commercial | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 13 | 36 |
Commercial | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2 | 8 |
Commercial | 90 Days and Over and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 149 | 45 |
Commercial | Nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,241 | 2,376 |
Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,223 | 2,376 |
Consumer | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 18 | 0 |
Consumer | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | 90 Days and Over and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | Nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Municipal | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 80,788 | 78,094 |
Municipal | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 80,788 | 78,094 |
Municipal | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Municipal | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Municipal | 90 Days and Over and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Municipal | Nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 0 | $ 0 |
Allowance for Loan Losses and_3
Allowance for Loan Losses and Credit Quality - Narrative (Details) $ in Thousands | Mar. 31, 2022USD ($)loan | Dec. 31, 2021loan | Mar. 31, 2022USD ($)loanRate | Mar. 31, 2021loan |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Individually evaluated for impairment, aggregate balances (greater than) | $ | $ 500 | $ 500 | ||
Appropriate time frame on which to base historical losses for each portfolio segment | 5 years | |||
Portfolios decreased percent | Rate | 0.05% | |||
New TDR loans | 0 | 0 | ||
Number of TDR loans modified within the previous twelve months that had subsequently defaulted | 0 | 0 | ||
Number of payment deferral modifications | 35 | 35 | ||
Payment Deferral | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of payment deferral modifications | 4 | |||
Outstanding balance of loans receiving payment deferrals subject to modification terms | $ | $ 545 | $ 545 | ||
Outstanding accrued interest balance of loans receiving payment deferrals, subject to modification terms | $ | $ 10 | $ 10 |
Allowance for Loan Losses and_4
Allowance for Loan Losses and Credit Quality - Allowance for Loan Losses, by Class of Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | $ 8,336 | $ 8,271 |
Provision (credit) for loan losses | 0 | 150 |
Recoveries of amounts charged off | 1 | 8 |
Balance, before amounts charged off | 8,337 | 8,429 |
Amounts charged off | (1) | 0 |
Balance end of period | 8,336 | 8,429 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 2,068 | 1,776 |
Provision (credit) for loan losses | 156 | 212 |
Recoveries of amounts charged off | 0 | 8 |
Balance, before amounts charged off | 2,224 | 1,996 |
Amounts charged off | 0 | 0 |
Balance end of period | 2,224 | 1,996 |
Construction real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 837 | 763 |
Provision (credit) for loan losses | 6 | 118 |
Recoveries of amounts charged off | 0 | 0 |
Balance, before amounts charged off | 843 | 881 |
Amounts charged off | 0 | 0 |
Balance end of period | 843 | 881 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 4,122 | 4,199 |
Provision (credit) for loan losses | (125) | (66) |
Recoveries of amounts charged off | 0 | 0 |
Balance, before amounts charged off | 3,997 | 4,133 |
Amounts charged off | 0 | 0 |
Balance end of period | 3,997 | 4,133 |
Commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 275 | 458 |
Provision (credit) for loan losses | 14 | (15) |
Recoveries of amounts charged off | 0 | 0 |
Balance, before amounts charged off | 289 | 443 |
Amounts charged off | 0 | 0 |
Balance end of period | 289 | 443 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 11 | 15 |
Provision (credit) for loan losses | (1) | (2) |
Recoveries of amounts charged off | 1 | 0 |
Balance, before amounts charged off | 11 | 13 |
Amounts charged off | (1) | 0 |
Balance end of period | 10 | 13 |
Municipal | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 86 | 214 |
Provision (credit) for loan losses | 2 | (15) |
Recoveries of amounts charged off | 0 | 0 |
Balance, before amounts charged off | 88 | 199 |
Amounts charged off | 0 | 0 |
Balance end of period | 88 | 199 |
Unallocated | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance beginning of period | 937 | 846 |
Provision (credit) for loan losses | (52) | (82) |
Recoveries of amounts charged off | 0 | 0 |
Balance, before amounts charged off | 885 | 764 |
Amounts charged off | 0 | 0 |
Balance end of period | $ 885 | $ 764 |
Allowance for Loan Losses and_5
Allowance for Loan Losses and Credit Quality - Allocation of the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | $ 44 | $ 46 | ||
Collectively evaluated for impairment | 8,292 | 8,290 | ||
Total allocated | 8,336 | 8,336 | $ 8,429 | $ 8,271 |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 24 | 26 | ||
Collectively evaluated for impairment | 2,200 | 2,042 | ||
Total allocated | 2,224 | 2,068 | 1,996 | 1,776 |
Construction real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 843 | 837 | ||
Total allocated | 843 | 837 | 881 | 763 |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 20 | 20 | ||
Collectively evaluated for impairment | 3,977 | 4,102 | ||
Total allocated | 3,997 | 4,122 | 4,133 | 4,199 |
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 289 | 275 | ||
Total allocated | 289 | 275 | 443 | 458 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 10 | 11 | ||
Total allocated | 10 | 11 | 13 | 15 |
Municipal | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 88 | 86 | ||
Total allocated | 88 | 86 | 199 | 214 |
Unallocated | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 885 | 937 | ||
Total allocated | $ 885 | $ 937 | $ 764 | $ 846 |
Allowance for Loan Losses and_6
Allowance for Loan Losses and Credit Quality - Allocation of Investment in Loans, by Impairment Methodology (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | $ 6,530 | $ 6,776 |
Collectively evaluated for impairment | 821,077 | 780,274 |
Total | 827,607 | 787,050 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 1,728 | 1,750 |
Collectively evaluated for impairment | 280,934 | 245,077 |
Total | 282,662 | 246,827 |
Construction real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 193 | 198 |
Collectively evaluated for impairment | 68,537 | 64,951 |
Total | 68,730 | 65,149 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 4,601 | 4,819 |
Collectively evaluated for impairment | 343,777 | 339,997 |
Total | 348,378 | 344,816 |
Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 8 | 9 |
Collectively evaluated for impairment | 44,800 | 49,779 |
Total | 44,808 | 49,788 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 2,241 | 2,376 |
Total | 2,241 | 2,376 |
Municipal | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 80,788 | 78,094 |
Total | $ 80,788 | $ 78,094 |
Allowance for Loan Losses and_7
Allowance for Loan Losses and Credit Quality - Loan Ratings by Class (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 827,607 | $ 787,050 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 640,845 | 584,593 |
Satisfactory/Monitor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 179,137 | 194,587 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7,625 | 7,870 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 282,662 | 246,827 |
Residential real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 263,222 | 227,684 |
Residential real estate | Satisfactory/Monitor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 17,115 | 16,820 |
Residential real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,325 | 2,323 |
Construction real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 68,730 | 65,149 |
Construction real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 39,536 | 39,135 |
Construction real estate | Satisfactory/Monitor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 29,001 | 25,816 |
Construction real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 193 | 198 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 348,378 | 344,816 |
Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 214,846 | 191,902 |
Commercial real estate | Satisfactory/Monitor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 128,492 | 147,645 |
Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5,040 | 5,269 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 44,808 | 49,788 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 40,217 | 45,407 |
Commercial | Satisfactory/Monitor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,524 | 4,301 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 67 | 80 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,241 | 2,376 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,236 | 2,371 |
Consumer | Satisfactory/Monitor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5 | 5 |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Municipal | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 80,788 | 78,094 |
Municipal | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 80,788 | 78,094 |
Municipal | Satisfactory/Monitor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Municipal | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 0 | $ 0 |
Allowance for Loan Losses and_8
Allowance for Loan Losses and Credit Quality - Impaired Loans by Class (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $ 1,784 | $ 1,790 | |
Principal Balance | 1,969 | 1,973 | |
Related Allowance | 44 | $ 58 | 46 |
With no allowance recorded, recorded investment | 4,746 | 4,986 | |
With no allowance recorded, principal balance | 5,372 | 5,544 | |
Total, recorded investment | 6,530 | 7,395 | 6,776 |
Total, principal balance | 7,341 | 8,268 | 7,517 |
Average Recorded Investment | 6,653 | 6,004 | |
Interest Income Recognized | 38 | 74 | |
Government guarantees on impaired loans | 420 | 489 | 423 |
Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 197 | 199 | |
Principal Balance | 207 | 209 | |
Related Allowance | 24 | 27 | 26 |
With no allowance recorded, recorded investment | 1,531 | 1,551 | |
With no allowance recorded, principal balance | 2,028 | 2,043 | |
Total, recorded investment | 1,728 | 1,740 | 1,750 |
Total, principal balance | 2,235 | 2,333 | 2,252 |
Average Recorded Investment | 1,739 | 1,761 | |
Interest Income Recognized | 30 | 55 | |
Construction real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 0 | 0 | 0 |
With no allowance recorded, recorded investment | 193 | 198 | |
With no allowance recorded, principal balance | 216 | 218 | |
Total, recorded investment | 193 | 210 | 198 |
Total, principal balance | 216 | 230 | 218 |
Average Recorded Investment | 195 | 210 | |
Interest Income Recognized | 1 | 1 | |
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 1,587 | 1,591 | |
Principal Balance | 1,762 | 1,764 | |
Related Allowance | 20 | 31 | 20 |
With no allowance recorded, recorded investment | 3,014 | 3,228 | |
With no allowance recorded, principal balance | 3,120 | 3,274 | |
Total, recorded investment | 4,601 | 5,275 | 4,819 |
Total, principal balance | 4,882 | 5,532 | 5,038 |
Average Recorded Investment | 4,710 | 3,849 | |
Interest Income Recognized | 7 | 13 | |
Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 0 | 0 | 0 |
With no allowance recorded, recorded investment | 8 | 9 | |
With no allowance recorded, principal balance | 8 | 9 | |
Total, recorded investment | 8 | 170 | 9 |
Total, principal balance | 8 | 173 | $ 9 |
Average Recorded Investment | 9 | 184 | |
Interest Income Recognized | $ 0 | $ 5 |
Allowance for Loan Losses and_9
Allowance for Loan Losses and Credit Quality - Troubled Debt Restructured Loans (Details) $ in Thousands | Mar. 31, 2022USD ($)loan | Dec. 31, 2021USD ($)loan |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 35 | 35 |
Principal Balance | $ | $ 2,181 | $ 2,215 |
Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 29 | 29 |
Principal Balance | $ | $ 1,728 | $ 1,750 |
Construction real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 2 | 2 |
Principal Balance | $ | $ 75 | $ 81 |
Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 3 | 3 |
Principal Balance | $ | $ 370 | $ 375 |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 1 |
Principal Balance | $ | $ 8 | $ 9 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - 2014 Equity Plan - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | May 19, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized for equity awards (in shares) | 50,000 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares common stock upon satisfaction of applicable vesting conditions (in shares) | 1 | 1 | |
Unrecognized compensation expense, unvested RSUs | $ 288 | $ 317 | |
RSUs granted to non-employee directors (in shares) | 1,220 | ||
Unrecognized director compensation expense, unvested RSUs | $ 7 |
Stock Based Compensation - RSUs
Stock Based Compensation - RSUs Granted and Unvested (Details) - 2014 Equity Plan - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of RSUs Granted (in shares) | 28,010 |
Number of Unvested RSUs (in shares) | 12,813 |
2020 Award | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of RSUs Granted (in shares) | 8,918 |
Weighted Average Grant Date Fair Value (in usd per share) | $ / shares | $ 36.26 |
Number of Unvested RSUs (in shares) | 1,355 |
2021 Award | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of RSUs Granted (in shares) | 17,685 |
Weighted Average Grant Date Fair Value (in usd per share) | $ / shares | $ 26.73 |
Number of Unvested RSUs (in shares) | 10,051 |
2022 Award | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of RSUs Granted (in shares) | 1,407 |
Weighted Average Grant Date Fair Value (in usd per share) | $ / shares | $ 31.99 |
Number of Unvested RSUs (in shares) | 1,407 |
Subordinated Notes (Details)
Subordinated Notes (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Aug. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ 321,000 | $ 329,000 | ||
Amortization of debt issuance costs | $ 8,000 | $ 0 | ||
Subordinated Notes Due 2031 | Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 16,500,000 | |||
Interest rate | 3.25% | |||
Subordinated Notes Due 2031 | Subordinated Debt | SOFR | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.63% |
Other Comprehensive Loss - Comp
Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Net unrealized losses on investment securities AFS | $ (17,426) | $ (1,552) |
Other Comprehensive Loss- Tax E
Other Comprehensive Loss- Tax Effects Allocated to Each Component of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Before-Tax Amount | ||
Net unrealized holding losses arising during the period on investment securities AFS | $ (20,067) | $ (3,234) |
Reclassification adjustment for net gains on investment securities AFS realized in net income | (26) | 0 |
Total other comprehensive loss | (20,093) | (3,234) |
Tax Benefit | ||
Net unrealized holding losses arising during the period on investment securities AFS | 4,214 | 679 |
Reclassification adjustment for net gains on investment securities AFS realized in net income | 5 | 0 |
Total other comprehensive loss | 4,219 | 679 |
Net-of-Tax Amount | ||
Net unrealized holding losses arising during the period on investment securities AFS | (15,853) | (2,555) |
Reclassification adjustment for net gains on investment securities AFS realized in net income | (21) | 0 |
Total other comprehensive loss | $ (15,874) | $ (2,555) |
Other Comprehensive Loss- Recla
Other Comprehensive Loss- Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net gains on sales of investment securities available-for-sale | $ (2,904) | $ (3,417) |
Provision for income taxes | 422 | 541 |
Net income | (2,482) | (2,876) |
Reclassification out of Accumulated Other Comprehensive Income | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net gains on sales of investment securities available-for-sale | (26) | 0 |
Provision for income taxes | 5 | 0 |
Net income | $ (21) | $ 0 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 272,151 | $ 267,819 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,711 | 2,875 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 269,440 | 264,944 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
U.S. Government-sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 43,310 | 36,638 |
U.S. Government-sponsored enterprises | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,711 | 2,875 |
U.S. Government-sponsored enterprises | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 40,599 | 33,763 |
U.S. Government-sponsored enterprises | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 181,600 | 178,250 |
Agency mortgage-backed | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Agency mortgage-backed | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 181,600 | 178,250 |
Agency mortgage-backed | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 40,332 | 45,254 |
State and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
State and political subdivisions | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 40,332 | 45,254 |
State and political subdivisions | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6,909 | 7,677 |
Corporate | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Corporate | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6,909 | 7,677 |
Corporate | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Mutual Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 1,273 | 1,132 |
Mutual Fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 1,273 | 1,132 |
Mutual Fund | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 0 | 0 |
Mutual Fund | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | $ 0 | $ 0 |
Fair Value Measurement - Fair_2
Fair Value Measurement - Fair Values and Carrying Amounts, Significant Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing deposits in banks | $ 14,192 | $ 13,196 |
Loans held for sale | 2,349 | 13,829 |
Deposits | ||
Noninterest bearing | 303,077 | 264,888 |
Interest bearing | 726,864 | 723,479 |
Time | 104,303 | 106,715 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 50,802 | 65,922 |
Interest bearing deposits in banks | 0 | 0 |
Investment securities | 3,984 | 4,007 |
Loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | ||
Noninterest bearing | 303,077 | 264,888 |
Interest bearing | 726,864 | 723,479 |
Time | 0 | 0 |
Borrowed funds | ||
Subordinated notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Construction real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Interest bearing deposits in banks | 14,192 | 13,196 |
Investment securities | 269,440 | 264,944 |
Loans held for sale | 2,398 | 14,088 |
Accrued interest receivable | 837 | 734 |
Deposits | ||
Noninterest bearing | 0 | 0 |
Interest bearing | 0 | 0 |
Time | 103,028 | 106,588 |
Borrowed funds | ||
Subordinated notes | 15,448 | 16,179 |
Accrued interest payable | 76 | 225 |
Significant Other Observable Inputs (Level 2) | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Construction real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Interest bearing deposits in banks | 0 | 0 |
Investment securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Accrued interest receivable | 2,411 | 2,514 |
Deposits | ||
Noninterest bearing | 0 | 0 |
Interest bearing | 0 | 0 |
Time | 0 | 0 |
Borrowed funds | ||
Subordinated notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 271,384 | 246,573 |
Significant Unobservable Inputs (Level 3) | Construction real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 68,104 | 64,539 |
Significant Unobservable Inputs (Level 3) | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 345,769 | 341,451 |
Significant Unobservable Inputs (Level 3) | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 43,754 | 48,682 |
Significant Unobservable Inputs (Level 3) | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 2,222 | 2,350 |
Significant Unobservable Inputs (Level 3) | Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 81,782 | 78,748 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 50,802 | 65,922 |
Interest bearing deposits in banks | 14,192 | 13,196 |
Investment securities | 273,424 | 268,951 |
Loans held for sale | 2,349 | 13,829 |
Accrued interest receivable | 3,248 | 3,248 |
Nonmarketable equity securities | 1,164 | 1,164 |
Deposits | ||
Noninterest bearing | 303,077 | 264,888 |
Interest bearing | 726,864 | 723,479 |
Time | 104,303 | 106,715 |
Borrowed funds | ||
Subordinated notes | 16,179 | 16,171 |
Accrued interest payable | 76 | 225 |
Carrying Amount | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 280,781 | 244,980 |
Carrying Amount | Construction real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 67,971 | 64,370 |
Carrying Amount | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 343,920 | 340,066 |
Carrying Amount | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 44,574 | 49,558 |
Carrying Amount | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 2,234 | 2,367 |
Carrying Amount | Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 80,798 | 78,078 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 50,802 | 65,922 |
Interest bearing deposits in banks | 14,192 | 13,196 |
Investment securities | 273,424 | 268,951 |
Loans held for sale | 2,398 | 14,088 |
Accrued interest receivable | 3,248 | 3,248 |
Deposits | ||
Noninterest bearing | 303,077 | 264,888 |
Interest bearing | 726,864 | 723,479 |
Time | 103,028 | 106,588 |
Borrowed funds | ||
Subordinated notes | 15,448 | 16,179 |
Accrued interest payable | 76 | 225 |
Estimated Fair Value | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 271,384 | 246,573 |
Estimated Fair Value | Construction real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 68,104 | 64,539 |
Estimated Fair Value | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 345,769 | 341,451 |
Estimated Fair Value | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 43,754 | 48,682 |
Estimated Fair Value | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 2,222 | 2,350 |
Estimated Fair Value | Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | $ 81,782 | $ 78,748 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - $ / shares | May 05, 2022 | Apr. 20, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Subsequent Event [Line Items] | ||||
Dividends per common share (in usd per share) | $ 0.35 | $ 0.33 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends per common share (in usd per share) | $ 0.35 | |||
Dividends cash paid (in usd per share) | $ 0.35 |